Brazil - Foreign Exchange ControlsBrazil - Foreign Exchange
In Brazil, accounts can only be kept in local currency (Brazilian Reais, R$). For a Brazilian importer to remit funds to a seller in the United States, the importer must purchase the corresponding foreign funds by means of an exchange contract at any bank authorized by the Brazilian Central Bank. The exchange rate and related fees are negotiated directly between the purchaser of the foreign currency (the importer) and the bank.
The Brazilian Central Bank is the federal agency entrusted to implement the National Monetary Council’s (Conselho Monetário Nacional) policies to improve and stabilize the national financial system. Its functions include the control of foreign capital flows.
Brazil Market Access Foreign Exchange