Medidas em estudo avançado no governo devem permitir maior internacionalização dos bancos que operam no Brasil
A nova rodada de liberalização cambial, em estudo avançado no governo, deve contemplar medidas mais ousadas, que facilitem a saída de poupança doméstica para aplicações no exterior e permitam maior internacionalização dos bancos que operam no Brasil.
As propostas que estão sob avaliação de especialistas do governo são: autorizar os bancos brasileiros a emprestar a empresas no exterior recursos captados no mercado interno; remover entraves para que os bancos no Brasil operem com derivativos no mercado internacional; ampliar ou mesmo extinguir os limites para que os fundos multimercados apliquem no mercado externo; e ampliar o teto de aplicação dos fundos de pensão, recentemente autorizados a investir até 10% do patrimônio líquido em fundos de investimentos no exterior.
Esse conjunto de medidas - que deverá ser acompanhado por uma série de revogações de circulares e resoluções do Conselho Monetário Nacional (CMN) que instituíram regras cambiais próprias de uma economia carente de moeda estrangeira - representa uma segunda etapa no processo de liberalização do mercado de câmbio no país. As primeiras medidas se destinaram, em anos recentes, a facilitar o ingresso de moeda estrangeira no Brasil. Agora, as ações do governo estão dirigidas para a simplificação da saída de recursos.
Para que os bancos que operam no país possam emprestar a empresas no exterior, sejam as nacionais que se internacionalizam ou as estrangeiras, será preciso extinguir os mandamentos da circular nº 24, do Banco Central, que desde fevereiro de 1966 impõe, num só artigo, a proibição para que essas instituições emprestem poupança doméstica fora do país. O artigo diz: ' Comunicamos que é expressamente vedado às instituições financeiras, por qualquer forma, aplicar ou promover a colocação no exterior de recursos coletados no país'.
A circular nº 24 é parte da própria história do Banco Central, criado pela lei nº 4.595, em 1964. Na avaliação de fontes do governo, essa regra não condiz com a necessidade de o sistema financeiro doméstico acompanhar a internacionalização das empresas brasileiras.
Valor Econômico > Impresso > Caderno A
Claudia Safatle, de Brasília
26/11/2009
Governo pretende ousar na liberalização cambial
Nov. 26 (Bloomberg) -- The Brazilian government is planning measures to facilitate private investments abroad and to give local banks more freedom to make international transactions, Valor Economico reported, without saying where it got the information.
Authorities are evaluating proposals such as allowing local banks to lend abroad and to operate derivatives in the international markets, the Sao Paulo-based newspaper said. Other rules under consideration are ending limits for hedge funds to invest abroad and raising the limit for pension funds to buy foreign assets.
The proposals are part of a broader government effort to liberalize foreign-exchange transactions, Valor reported.
Calls by Bloomberg News to the Finance Ministry and the central bank weren’t immediately returned.
To contact the reporter responsible for this story: Camila Fontana in Sao Paulo at cfontana@bloomberg.net
Last Updated: November 26, 2009 05:17 EST
Thursday, November 26, 2009
Wednesday, November 25, 2009
UPDATE: Brazil Boosts Support For IMF Facility To $14 Billion
BRASILIA (Dow Jones)--Brazil will make available a total of $14 billion to the International Monetary Fund's NAB fund, up from the $10 billion originally planned, Finance Minister Guido Mantega said Wednesday.
NAB stands for the IMF's New Arrangements to Borrow and will contain total funding of some $600 billion. The NAB facility is meant to boost the IMF's lending resources during times of global financial stress.
'This money will be available to the IMF and it will be doled out as needed, rather than all at once,' Mantega said at a news conference. 'It's like an expense account.'
The NAB facility was originally planned to hold $500 billion, mainly from industrialized countries. But Brazil, along with a number of other emerging countries, has agreed to participate.
Mantega said, 'Brazil, Russia, China and India, the BRIC countries, will control 15% of the NAB fund. That equals virtually a veto power because decisions on how to use the fund need to be approved by holders of at least 85% of the stakes.'
-By Tom Murphy, Dow Jones Newswires; 55-11-2847-4519; brazil@dowjones.com"
NAB stands for the IMF's New Arrangements to Borrow and will contain total funding of some $600 billion. The NAB facility is meant to boost the IMF's lending resources during times of global financial stress.
'This money will be available to the IMF and it will be doled out as needed, rather than all at once,' Mantega said at a news conference. 'It's like an expense account.'
The NAB facility was originally planned to hold $500 billion, mainly from industrialized countries. But Brazil, along with a number of other emerging countries, has agreed to participate.
Mantega said, 'Brazil, Russia, China and India, the BRIC countries, will control 15% of the NAB fund. That equals virtually a veto power because decisions on how to use the fund need to be approved by holders of at least 85% of the stakes.'
-By Tom Murphy, Dow Jones Newswires; 55-11-2847-4519; brazil@dowjones.com"
Brazil Boosts Support For IMF Facility To $14 Billion
Friday, November 20, 2009
Brazil May Allow Some Funds to Invest 100% Overseas, Folha Says - Bloomberg.com
Brazil May Allow Some Funds to Invest 100% Overseas, Folha Says
Nov. 20 (Bloomberg) -- Brazil’s government may allow so- called multimarket funds to invest entirely in overseas assets, eliminating a 20 percent limit on foreign holdings to help curb the appreciation of the real, Folha de S. Paulo reported, without saying where it got the information.
Multimarket funds are for high-risk investors and can hold fixed-income assets, currency, gold, shares, options and other financial instruments, Folha said.
Finance Ministry spokeswoman Patricia Mesquita declined to comment when contacted by Bloomberg News today.
To contact the reporter on this story: Laura Price in London at lprice3@bloomberg.net
Last Updated: November 20, 2009 05:54 EST"
Nov. 20 (Bloomberg) -- Brazil’s government may allow so- called multimarket funds to invest entirely in overseas assets, eliminating a 20 percent limit on foreign holdings to help curb the appreciation of the real, Folha de S. Paulo reported, without saying where it got the information.
Multimarket funds are for high-risk investors and can hold fixed-income assets, currency, gold, shares, options and other financial instruments, Folha said.
Finance Ministry spokeswoman Patricia Mesquita declined to comment when contacted by Bloomberg News today.
To contact the reporter on this story: Laura Price in London at lprice3@bloomberg.net
Last Updated: November 20, 2009 05:54 EST"
Thursday, November 19, 2009
Brazil Increase of IOF ‘Should Not Be Ruled Out,’ JPMorgan Says - Bloomberg.com
Brazil Increase of IOF ‘Should Not Be Ruled Out,’ JPMorgan Says
Nov. 19 (Bloomberg) -- Brazil’s so-called IOF tax on the purchase of equity and fixed-income assets by foreigners may be expanded further to fight an appreciation in the currency, JPMorgan Chase & Co. said.
The extension of the tax to the creation of new depositary receipts, announced yesterday, shows that the IOF remains the key instrument to fight the real’s appreciation, and therefore IOF brackets that are higher or broader in scope should not be ruled out, wrote Sao Paulo-based Julio C. Callegari in a note.
To contact the reporter on this story: Paulo Winterstein in Sao Paulo at pwinterstein@bloomberg.net.
Last Updated: November 19, 2009 07:31 EST"
Nov. 19 (Bloomberg) -- Brazil’s so-called IOF tax on the purchase of equity and fixed-income assets by foreigners may be expanded further to fight an appreciation in the currency, JPMorgan Chase & Co. said.
The extension of the tax to the creation of new depositary receipts, announced yesterday, shows that the IOF remains the key instrument to fight the real’s appreciation, and therefore IOF brackets that are higher or broader in scope should not be ruled out, wrote Sao Paulo-based Julio C. Callegari in a note.
To contact the reporter on this story: Paulo Winterstein in Sao Paulo at pwinterstein@bloomberg.net.
Last Updated: November 19, 2009 07:31 EST"
Monday, November 16, 2009
JPMorgan Chase Names Berquo to Run Bank’s Businesses in Brazil - Business Exchange
JPMorgan Chase Names Berquo to Run Bank’s Businesses in Brazil
Nov. 16 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank, named Claudio Berquo to run the firm’s investment bank, asset management and treasury and securities services businesses in Brazil.
Berquo, 48, will continue as head of the private bank in Brazil, Latin America’s largest economy, and report to Eduardo Cepeda in that role, according to an internal memo from Mary Erdoes, chief executive officer of the asset management unit, and Nicolas Aguzin, head of Latin America. Tasha Pelio, a spokeswoman for the New York-based bank, confirmed the memo’s contents.
JPMorgan is extending its reach internationally as rivals struggle to return to profitability. The bank is in talks to buy the half of U.K. brokerage Cazenove Group that it doesn’t already own, according to a person familiar with the matter.
“As strong as our business is in Latin America, there is still tremendous opportunity for growth, particularly in Brazil,” Erdoes and Aguzin said in the memo.
Berquo, who has been at JPMorgan for 15 years, was previously responsible for JPMorgan’s wealth management business in Brazil. Prior to that he was a senior executive in the investment bank, the memo said.
JPMorgan ranks fifth in Latin American equity sales this year, according to Bloomberg data. Brazilian economists raised their gross domestic product growth forecast to 5 percent in 2010, from 4.83 percent last week, according to a central bank survey of about 100 professionals.
To contact the reporter on this story: Elizabeth Hester in New York at ehester@bloomberg.net.
Last Updated: November 16, 2009 15:57 EST"
Nov. 16 (Bloomberg) -- JPMorgan Chase & Co., the second- largest U.S. bank, named Claudio Berquo to run the firm’s investment bank, asset management and treasury and securities services businesses in Brazil.
Berquo, 48, will continue as head of the private bank in Brazil, Latin America’s largest economy, and report to Eduardo Cepeda in that role, according to an internal memo from Mary Erdoes, chief executive officer of the asset management unit, and Nicolas Aguzin, head of Latin America. Tasha Pelio, a spokeswoman for the New York-based bank, confirmed the memo’s contents.
JPMorgan is extending its reach internationally as rivals struggle to return to profitability. The bank is in talks to buy the half of U.K. brokerage Cazenove Group that it doesn’t already own, according to a person familiar with the matter.
“As strong as our business is in Latin America, there is still tremendous opportunity for growth, particularly in Brazil,” Erdoes and Aguzin said in the memo.
Berquo, who has been at JPMorgan for 15 years, was previously responsible for JPMorgan’s wealth management business in Brazil. Prior to that he was a senior executive in the investment bank, the memo said.
JPMorgan ranks fifth in Latin American equity sales this year, according to Bloomberg data. Brazilian economists raised their gross domestic product growth forecast to 5 percent in 2010, from 4.83 percent last week, according to a central bank survey of about 100 professionals.
To contact the reporter on this story: Elizabeth Hester in New York at ehester@bloomberg.net.
Last Updated: November 16, 2009 15:57 EST"
Brazil Real 7.2% Undervalued Even After Rally, BofA Says
Nov. 16 (Bloomberg) -- Brazil’s real, the best- performing major currency this year, is undervalued by 7.2 percent against the dollar based on the nation’s rising exports and higher savings, Bank of America Corp. said.
Emerging-market currencies are “broadly undervalued” against the dollar, with Latin America the most undervalued region in the world, Bank of America strategists wrote in a note to clients.
The Brazilian currency, which has gained 35 percent this year, rose 0.6 percent to 1.7126 against the dollar at 11:22 a.m. New York time. The real should appreciate to 1.60 per dollar in two to three years, Benoit Anne, the London-based head of emerging market foreign-currency and debt strategy at Bank of America, said by phone today.
“In nominal terms, the real is still undervalued,” Anne said, citing an improving current account and excess savings. “We think the real should strengthen over the long term based on our model.”
... more: Brazil Real 7.2% Undervalued Even After Rally, BofA Says
Emerging-market currencies are “broadly undervalued” against the dollar, with Latin America the most undervalued region in the world, Bank of America strategists wrote in a note to clients.
The Brazilian currency, which has gained 35 percent this year, rose 0.6 percent to 1.7126 against the dollar at 11:22 a.m. New York time. The real should appreciate to 1.60 per dollar in two to three years, Benoit Anne, the London-based head of emerging market foreign-currency and debt strategy at Bank of America, said by phone today.
“In nominal terms, the real is still undervalued,” Anne said, citing an improving current account and excess savings. “We think the real should strengthen over the long term based on our model.”
... more: Brazil Real 7.2% Undervalued Even After Rally, BofA Says
Friday, November 13, 2009
Dollar Overwhelms Central Banks From Brazil to Korea (Update1) - Bloomberg.com
By Oliver Biggadike and Matthew Brown
Nov. 13 (Bloomberg) -- Brazil, South Korea and Russia are losing the battle among developing nations to reduce gains in their currencies and keep exports competitive as the demand for their financial assets, driven by the slumping dollar, is proving more than central banks can handle."...
‘Suffered Tremendously’
Brazil’s real is up 1.6 percent this month, even after imposing a tax in October on foreign stock and bond investments and increasing foreign reserves by $9.5 billion in October in an effort to curb the currency’s appreciation. The real has risen 33 percent this year.
“We have to be careful that our exchange rate doesn’t appreciate too much as to deindustrialize the country,” Marcos Verissimo, chief of staff at Brazil’s state development bank known as BNDES, said yesterday at a conference in Sao Paulo. “The capital goods industry has suffered tremendously.”....
“The dollar is weakening because the U.S. has the lowest short-term interest rates in the world will be the sell side of the carry trade as long as that remains true,” Chris Low, chief economist at FTN Financial in New York, wrote in a note to clients yesterday.....
‘Hard to Fight’
Brazil’s economy emerged from a recession in the second quarter, swinging to a 1.9 percent expansion after six months of contraction, a Sept. 11 report from the statistics agency showed. Six straight months of job growth, coupled with tax breaks and record low borrowing costs, pushed up consumer spending and helped Latin America’s largest economy rebound from the global financial crisis.
“I hear a lot of noise reflecting the government’s discomfort with the exchange rate, but it is hard to fight this,” said Rodrigo Azevedo, the monetary policy director of Brazil’s central bank from 2004 to 2007. “There is very little Brazil can do,” said Azevedo, who runs $1.8 billion at JGP SA in Rio de Janeiro, in an Oct. 16 interview.
To contact the reporter on this story:
Oliver Biggadike in New York at obiggadike@bloomberg.net
Matthew Brown in London at brown42@bloomberg.net
Last Updated: November 13, 2009 01:34 EST
Dollar Overwhelms Central Banks From Brazil to Korea
Nov. 13 (Bloomberg) -- Brazil, South Korea and Russia are losing the battle among developing nations to reduce gains in their currencies and keep exports competitive as the demand for their financial assets, driven by the slumping dollar, is proving more than central banks can handle."...
‘Suffered Tremendously’
Brazil’s real is up 1.6 percent this month, even after imposing a tax in October on foreign stock and bond investments and increasing foreign reserves by $9.5 billion in October in an effort to curb the currency’s appreciation. The real has risen 33 percent this year.
“We have to be careful that our exchange rate doesn’t appreciate too much as to deindustrialize the country,” Marcos Verissimo, chief of staff at Brazil’s state development bank known as BNDES, said yesterday at a conference in Sao Paulo. “The capital goods industry has suffered tremendously.”....
“The dollar is weakening because the U.S. has the lowest short-term interest rates in the world will be the sell side of the carry trade as long as that remains true,” Chris Low, chief economist at FTN Financial in New York, wrote in a note to clients yesterday.....
‘Hard to Fight’
Brazil’s economy emerged from a recession in the second quarter, swinging to a 1.9 percent expansion after six months of contraction, a Sept. 11 report from the statistics agency showed. Six straight months of job growth, coupled with tax breaks and record low borrowing costs, pushed up consumer spending and helped Latin America’s largest economy rebound from the global financial crisis.
“I hear a lot of noise reflecting the government’s discomfort with the exchange rate, but it is hard to fight this,” said Rodrigo Azevedo, the monetary policy director of Brazil’s central bank from 2004 to 2007. “There is very little Brazil can do,” said Azevedo, who runs $1.8 billion at JGP SA in Rio de Janeiro, in an Oct. 16 interview.
To contact the reporter on this story:
Oliver Biggadike in New York at obiggadike@bloomberg.net
Matthew Brown in London at brown42@bloomberg.net
Last Updated: November 13, 2009 01:34 EST
Dollar Overwhelms Central Banks From Brazil to Korea
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