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July 19, 2024
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BC raises foreign exchange limit for non-banking institutions to US$500,000

BC raises foreign exchange limit for non-banking institutions to US$500,000

Starting September 2, non-bank financial institutions will be able to carry out foreign exchange transactions of up to US$500,000. The Central Bank (BC) has raised the limit for these transactions, currently at US$300,000.BC raises foreign exchange limit for non-banking institutions to US$500,000

The new ceiling applies to foreign exchange transactions carried out by securities brokerage firms, securities and real estate distribution firms and brokerage firms authorized to operate in the foreign exchange market. According to the Central Bank, there are 76 such institutions in the country.

In a statement, the Central Bank reported that the measure aims to increase the efficiency and competitiveness of the foreign exchange market, creating more channels for carrying out foreign exchange transactions. According to the agency, the new limits will mainly benefit small and medium-sized Brazilian companies that operate in foreign trade.

In 2023, the BC reported, foreign trade operations between US$300,000 and US$500,000 accounted for 5% of the quantity and 3% of the value of export exchange operations, as well as 2.6% of the quantity and 6% of the value of import exchange operations.

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