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Brazil plans to authorize foreign currency bank accounts

November 1st, 2009

ukbanksBrazil’s Central Bank plans to authorize the opening of bank accounts in foreign currency in a bid to slow the sharp rise of the national currency real against dollar, officials said.

The opening of foreign currency bank accounts would avoid the appreciation of real which resulted from the strong inflow of foreign capital into Brazil’s robust emerging economy, Brazilian newspaper O Globo quoted officials of the Brazilian monetary authority as saying on Saturday.

According to reports, the Brazilian finance ministry is also ready to approve a decree authorizing the Sovereign Fund, sourcing from the budget surplus, to purchase dollars.

The reduction in transaction costs would “lessen the pressure” in the exchange system, authorities said.

Brazil’s currency recorded an appreciation of 0.95 percent in October and a cumulative appreciation of 24.67 percent in 2009. Since Oct. 30, 2008, real has accumulated a gain of 16.62 percent.

Source: Xinhua

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