BRASILIA, April 20 (Reuters) - Brazil's National
Monetary Council decided on Thursday to simplify procedures of
the local currency payment system (SML), an infrastructure that
brings together the central banks of Brazil, Argentina, Paraguay
and Uruguay, seeking to increase competition and reduce costs in
transactions in local currency.
In a statement, Brazil's central bank said the resolution
approved by the country's top economic policy body expands the
list of institutions eligible to operate in the SML "in order to
make it an additional product for clients of institutions
authorized to operate in foreign exchange by the central bank."
(Reporting by Marcela Ayres; Editing by Leslie Adler)
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