Brazilian Senate passes new FX law

Brazil 200 real banknotes

The Senate of Brazil has passed a law liberalising regulations on currency movements and foreign currency accounts. The measure, which was approved by the lower house in February, now goes to the president for his signature.

Jair Bolsonaro’s government introduced the law in late 2019. In a cover letter to Bolsonaro, finance minister Paulo Guedes and Central Bank of Brazil (BCB) governor Roberto Campos Neto explained that the law would codify and modernise Brazil’s laws on foreign currency.

The

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