Stênio Ribeiro
Reporter - Agência Brasil

Brasília - The Central Bank informed that the unification of the commercial and tourist currency exchange markets (for businesses and individuals, respectively) and the new exchange regulation for exports will go into effect next week, in accordance with the norms approved by the National Monetary Council (CMN) last Friday (4).

Begining next Monday (14), there will no longer be limits on purchases and sales of foreign currencies in Brazil. This will facilitate transactions for people who need to transfer funds abroad. The current laws only permit individuals to conduct these transactions when they are going to travel outside the country and limit business transactions to US$ 5 million per operation.

The new measure, approved in a special meeting of the CMN, will help to deplete the black market exchange, known as the parallel market, which charges an average 20% premium over the official US dollar exchange rate.

Translation: David Silberstein