Reuters: US Dollar Report: UPDATE 1-Brazil's central bank says forex intervention has worked

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UPDATE 1-Brazil's central bank says forex intervention has worked Sep 24th 2013, 16:02 Tue Sep 24, 2013 12:02pm EDT BRASILIA, Sept 24 (Reuters) - Brazil's foreign exchange market intervention program has effectively reduced volatility for the Brazilian currency, central bank chief Alexandre Tombini said on Tuesday. Tombini told lawmakers in a congressional hearing that the bank has no plans to reduce the scope of the $60 billion intervention program. He reiterated that activity is picking up gradually and that some market players are overly pessimistic about Latin America's largest economy. The U.S.-trained economist said he expects the country's current account deficit to fall closer to 3 percent of gross domestic product. The current account deficit currently stands at around 3.4 percent of GDP.

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