CANCUN, Mexico -(Dow Jones)- Brazil's Central Bank believes it's better for the country to hold its own foreign exchange reserves than to rely on credit lines from international institutions such as the International Monetary Fund.
"It is better to self-insure even if there is a cost associated with that," Central Bank President Henrique Meirelles said Sunday.
The official was speaking at an event on the sidelines of the annual meeting of the International Development Bank.
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