Brasília, November 6, 2003 (Agência Brasil - ABr) - Twelve of Brazil's biggest entrepreneurs took advantage of a meeting with the Minister of Finance, Antônio Palocci, and the chief of the Presidential Civilian Advisory Staff, Minister José Dirceu, to criticize the current exchange rate. Antônio Érmírio de Moraes, president of the Votorantim group, said that, if the dollar rose to R$ 3.00, "it would be good for Brazil." The entrepreneur is opposed to intervention in the currency exchange, but he said that "the government has instruments to make the exchange rate rise or not rise." According to him, a higher exchange rate would contribute to an increase in production and exports, without the need for the government to offer incentives to exporters.

Exchange rate variations also worry the entrepreneurs. Pedro Piva, president of the Klabin group, asked the government to take a closer look at oscillations in the value of the dollar. In his opinion, the exchange rate should continue to fluctuate, but large readjustments, such as 10% or 15%, can "break" companies. The entrepreneur calls for exchange rate stability, with the dollar at R$ 3.00 or R$ 3.05, which, according to him, is the level already assimilated by industries.

Interest rate reduction was another of the entrepreneurs' demands. Moraes affirmed that only with lower interest rates will there be investment in production and economic growth. "There is already a tendency towards lower rates, and, if they drop another 1% by the end of December, that will be good," he said. Pedro Piva, for his part, was more emphatic, affirming that interest rates must fall "by any means" for the country to resume growth. (DAS)