Looking to stockpile dollars in Brazil? Not so fast

russia The Brazilian Central Bank's proposal to modernize the country’s foreign currency regulations is business-friendly, but could take time to come into force
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Getting involved in the modernizing reformist agenda established in previous years, Brazil’s Central Bank presented a bill to the House of Representatives aiming to replace century-old norms regarding the market of trading foreign currency in Brazil. 

If Congress agrees with the plan of bank chairman Roberto Campos Neto, Brazil will unify over 40 regulations about foreign currency exchange into one law, simplifying processes and allowing the Brazilian Real to become a convertible currency in the future. But, after all, what impacts would this measure have on the Brazilian economy? 

The changes were drafted to increase competition in Brazil’s concentrated...

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