Brazil’s Central Bank has decided to expand the range of companies and entities allowed to open and operate foreign-currency deposit accounts in the country. Exporters, external debt issuers and companies with foreign shareholders are among the categories covered by the measure. The rule takes effect on October 1.
Current regulations already allow certain economic agents to use these accounts, including financial institutions, embassies, insurers and companies in specific sectors. The measure approved by the Central Bank broadens that list.
Under the new rule, foreign-currency accounts in Brazil may be held by legal entities that export goods, companies with external debt, businesses with foreign ownership stakes in their capital and non-resident entities carrying out external credit transactions or direct investment in the country.
Market participants noted in particular that exporters will be able to hold dollar accounts in Brazil. Large exporting companies may currently be keeping part of their cash abroad precisely because it is held in dollars. Experts say the measure could lead to greater repatriation of capital, although they do not specify how that might affect foreign-exchange flows.
The expansion, the Central Bank said, seeks to “keep pace with the growing integration of the Brazilian economy into the international environment and the evolution of the financial market.”
“The rule does not change the restrictions on the use of foreign currency for payments within the national territory, nor does it interfere with the formation of the exchange rate,” the monetary authority said in a statement.
The Central Bank set specific conditions for the use of these new foreign-currency account options, including a ban on cash withdrawals and deposits. In the case of exporters, the amounts credited must come from export revenue or transfers from abroad.
For transactions related to external credit and foreign investment, proof will have to be provided to the Central Bank, and international capital rules must be followed. The goal is to strengthen security controls.
The regulator also said all requirements related to the prevention of money laundering and terrorist financing remain in force.
(Arthur Cagliari contributed reporting.)
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