Brazil eyes currency convertibility in 2-3 years to boost trade, investment

Brazil aims to make its currency, the real, fully convertible within two to three years, central bank President Roberto Campos Neto said on Wednesday, in an effort to lower the cost of cross-border trade and investment.

Speaking to reporters as he unveiled a range of proposals to simplify regulations and make financial markets more flexible and accessible, Campos Neto said the monetary authority will propose changes to exchange rate legislation in the near future.

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