Brazil’s central bank gains powers to license foreign-based banks

The Central Bank of Brazil
Central Bank of Brazil

Brazil’s government has given the country’s central bank new powers to allow foreign firms to participate in the financial system.

A presidential decree signed on September 27 transferred this authority from the presidency to the central bank.

Up until now, the central bank reviewed applications of international actors to participate in Brazil’s financial system. But then the law required it to send its work to the National Monetary Council. Ultimately, the presidency of the republic had the

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