Anyone reading the newspapers in Brazil on Monday could have been forgiven for experiencing a sense of déjà vu.
The government has again extended its dreaded “IOF”, a tax on foreign exchange transactions, this time to overseas borrowings by Brazilian companies maturing in up to five years.
The IOF and the government’s other measures to prevent the real, Brazil’s currency, from appreciating against the dollar, are highly complex. But the intention is simple: to protect Brazilian industry as the strong exchange rate encourages a flood of imports into the country.
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