Brazilian update: Brazil simplifies foreign exchange controls
11 April 2005
Brazil has been known for decades to have had strict foreign exchange controls
Brazil has been known for decades to have had strict foreign
exchange controls. The government, through the Central Bank of
Brazil, has maintained the exchange controls by restricting
access to the commercial exchange market to individuals and
companies engaged in international trade transactions,
repatriation of capital, remittances of dividends, profits,
royalties and service fees. Failure to comply with the exchange
controls has, as a general rule, precluded the Brazilian payer
from making remittances abroad in foreign currency.
On March 4 2005, the National Monetary Council (CMN) of the
Brazilian Central Bank issued resolutions 3265 and 3266 setting
forth important modifications to the Brazilian exchange market.
According to the president of the Central Bank, the changes
will turn the Brazilian exchange market into a more flexible
one and, consequently, make the Brazilian market more...
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