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lowing the October 18 to improve the financial operation for the foreign tariff rate to 6%, the Brazilian government on the 20th and then out of intervention, announced a ban on foreign investment in servant financial creations to invest services to the futures market to curb the influx of hot money to push the local currency real exchange rate. Data show, the real against the U.S. USD since 2008 has heaved almost 38%. In addition, the Brazilian Ministry of Finance recently issued a total of 10 billion reais (about 597 million U.S. dollars) in international bonds, foreign investment in the country to ease the demand for bonds, a migrate to Brazil for the first period since 2007.
Large digit of multinational peppery money inflow for the control of the country's money, the clash of financial and economic stability, the Brazilian government had taken a array of fathom for intervention and restrictions, merely these measures are still tough to curb the fast real acquisitions, leading the Brazilian administration into monetary policy quandary position. 20 nightfall, the Brazilian chief bank announced its benchmark interest rate 10.75% the same, in order apt avoid spreads lead to extra hot money inflows. Brazilian President Lula phoned on the same date, the Group of Twenty (G20) leaders should discuss by the summit next month, a "rate war" complete solution.
Intervention extended to derivatives
Brazil's National Monetary Council on the 20th that would prohibit banks and securities brokers in the country for foreign investors in futures markets, leasing, lending and wealth swaps, and other affair services. On the same daytime, the Brazilian central bank lawful confirmed that the current regulations with momentary efficacy, but does not affect the yet existing trade compact due distribution date. In counting, the Brazilian Securities and Futures Exchange also said it would prohibit the bank letter of vouch to foreign buyers, to restrict foreign capital inflows to the country's financial derivatives mart. Thus, the scope of intervention from the Brazilian government bonds and the stock mall, and inflate to the derivatives mart.
Last week, Brazil's Finance Minister Mantega once said that to limit the real's appreciation,[link widoczny dla zalogowanych], the government is closely emulating the futures market and the introduction of control measures such for risk positions and leverage. He also advised that the new investors in the Brazilian futures market to 100 billion Brazilian reais "leveraging" of up to 100 billion reais in derivatives trading.
21, Bloomberg reported that the Brazilian Ministry of Finance has in the international market, sold a total of about 10 billion reais of local currency bonds,[link widoczny dla zalogowanych], which for the first time in Brazil since 2007, production it this year, retinue Colombia, Chile and the Philippines after the issue of international Bonds new members. The issuance of bonds for the 2028 maturity date, coupon rate of 10.25%, 8.85% yield to maturity, and underwriters for the Barclays Bank and Deutsche Bank. In this regard, Oppenheimer Fund, a fund director remarked Sarah Wadsworth, Brazil The timing issue international bonds quite well, which ambition encounter the foreign investment demand for local currency bonds in Brazil.
To curb the inflow of international hot money to move the currency, the Brazilian government in October has been raised twice since the bond rate to 6% of financial operations, and the diplomatic exchange rate derivatives trading from 0.38% to 6%, it is still difficult to hot money pouring off sought behind assets in Brazil. According to the Brazilian central bank data released earlier this annual in September a aggregate of 1.7 billion inflow of Brazil, is the bank since 1982, the statistics were the highest monthly inflow since.
To keep the benchmark interest rate unchanged
Brazil's central bank monetary policy council determined the night of 20 to retain 10.75% of the benchmark interest rate unchanged, which is the second time this year to maint