On Wednesday (8), the Senate approved the bill that establishes a new legal framework for the exchange rate. The framework aims to facilitate, among other things, the opening of a dollar account in Brazil, and reduces barriers that interfere with imports and exports.
It facilitates the opening of an account because the necessary authorization for such, previously given by the National Monetary Council (CMN), now falls under the scope of the Central Bank (BC).
The framework also allows you to take up to US$ 10 thousand for international travel — the limit was previously US$ 10 thousand — and frees up the exchange of up to US$ 500 between individuals or companies.
This specific point may make room for peer-to-peer (person-to-person) exchange platforms, that is, for individuals to exchange dollars and other currencies with each other.
From the point of view of companies, the legal framework allows them to sign contracts in dollars here in Brazil. They will also be able to offset transactions, thereby reducing taxes.
For banks, the legal framework allows them to invest abroad.
Pedro Eroles, a partner in the financial services area of the Mattos Filho office, says that the project facilitates bureaucracy and the use of dollars in our economy. The attitude is seen as another step towards countries like Argentina and Chile, which accept more payments in dollars.
For this reason, there is the question of economists that this facilitation could lead to a dollarization of the economy, especially given our inflation. As in Argentina, for example, the mark could lead to a flight of investors and capital to the dollar.
For Peter, this will not necessarily be the case. “The idea is for the legal framework to be flexible to changes that will arise, over time, in the country’s exchange regulations”, says the expert.
“Some aspects of the bill led us to think that there could be dollarization, but, in fact, this is not the trend that the Bank points out in relation to infra-legal regulation, which will emerge after the law is passed.”
It is worth mentioning that the framework was approved in the Senate, but is now going to presidential approval.
* Posted by Ligia Tuon
Reference: CNN Brasil
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