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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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