Tag: Brazilean Central BankBrazilean Central Bank
Brazil recorded in April its third trade deficit in four months, trade ministry data showed on Thursday, another weak result that reflects the deterioration of the country's trade balance due to a sluggish global economy and struggling local industry.
Brazil posted a budget primary surplus of 3.5 billion Reais (1.75bn dollars) in March, recovering after a deficit in February, but still the worst performance in the first quarter of the last four years, according to central bank data released this week.
Brazil’s central bank on Wednesday raised its benchmark rate for the first time since July 2011 as policy makers seek to slow inflation levels. The bank’s board, led by President Alexandre Tombini, voted 6-to-2 to increase the Selic rate 25 basis points to 7.50% from a record low.
The Brazilian economy is expected to grow 3.1% this year while inflation will reach 5.7% according to the latest estimates from the Central bank released in its “Quarterly inflation report”. In the previous report at the end of last year inflation was estimated at 4.8% but there was no figure for growth.
The Brazilian government postponed until next year increases in taxes on the sale of cars and trucks in a bid to stimulate demand for manufactured goods and spur economic growth, announced the Finance Ministry.
Brazil’s inflation will slow in the second half of the year as the country produces a bumper crop of grains and the Real doesn’t weaken as it did last year, central bank President Alexandre Tombini said.
Brazil’s current account deficit surged to a record high in January, outpacing foreign direct investment for the third straight month because of the widening trade gap according to central bank data.
Brazil's economy grew 1.35% in 2012, above the market forecast of 1 percent, according to the Central Bank estimate. The official and final figure will be released by the Brazilian Institute of Geography and Statistics (IBGE) on March 1.
Brazil's exchange rate is at a reasonable level though not totally satisfactory said Finance Minister Guido Mantega on Friday, in an indication that the government is prepared to further weaken the Real to boost a still weak economy.
Police in Sao Paulo said on Monday they had arrested the former head of bankrupt Brazilian lender Banco Cruzeiro do Sul on charges of money laundering and crimes against the country's financial system and capital markets.