BRASILIA: Brazil's central bank will on Tuesday begin the process of rolling over foreign exchange swap contracts worth $11.8 billion maturing on January 4, 2021.

In a statement released late on Monday, the central bank said it "may recalibrate the amount offered, according to market conditions."

Brazil's real has lost around 30% of its value against the dollar this year as official interest rates have been slashed to a record low 2.00% and investor concerns surrounding the government's fiscal outlook have grown.

The central bank has sold billions of dollars in the spot market and via FX swaps this year to help support the local currency.

Central bank economic policy director Fabio Kanczuk said earlier this month that the bank could intervene again soon to ease downward pressure on the real resulting from large year-end outflows related to banks' hedging activities.

The central bank released a statement saying it does not flag any decisions on currency market intervention in advance and rejects any suggestion it does, adding it constantly monitors financial markets to ensure they function smoothly.