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Issue #589

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Brazil gives some exporters more time to settle FX contracts

By: | at 02:17 PM | International Trade  

Brazil does not allow companies to keep foreign currency in the country and exporters need to convert their dollars into reais within 750 days of signing a foreign exchange contract related to their exports.

But exporters under special circumstances, such as those filing for bankruptcy protection, will have as many as 1,500 days to settle those contracts, according to a new central bank rule.

The central bank will determine which cases may benefit from the new rules, a bank spokesman told Reuters. (Reuters)