Brazil has already spent 223 billion reais (US$94.8 billion) to boost its economy in the face of the global financial crisis, the country's Central Bank said on Thursday.

Since the crisis started escalating in late September, Brazil has taken a series of measures including selling part of its foreign reserves and releasing compulsory deposits turned in by commercial banks to the Central Bank.

According to the Central Bank, interventions in the exchange market between September 18 and December 16 have cost the country US$53.4 billion, of which US$9.4 billion were auctioned on the spot market, US$28.9 billion in swap contracts, US$10.4 billion auctioned with a buy-back clause, and US$2.4 billion destined for exporters.

With the auctions, the Central Bank intended to halt the devaluation of the Brazilian real, which lost 31 percent of its value against the dollar since late September.

In addition to the selling of its forex reserves, the Central Bank also released 98 billion reais (US$41.7 billion) in compulsory deposits by December 15 in a bid to increase liquidity in the domestic market.

(Xinhua News Agency December 19, 2008)