Brazil’s real declined as investors waited for Congress to vote on a bill that may end up bringing in less revenue for the government than initially expected.
The currency declined 0.5 percent to 3.7662 per U.S. dollar as of 4:38 p.m. in Sao Paulo. It was the worst performer among 16 major currencies tracked by Bloomberg.
Brazil’s government is trying to gather enough support in Congress to approve a bill that allows Brazilians to bring money back into the country by paying a fee while averting tax evasion charges. It is part of Finance Minister Joaquim Levy’s plan to narrow the budget deficit.
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