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Financial News: BRAZIL: Exchange Rate Is Floating And Country Is

BRAZIL: Exchange Rate Is Floating And Country Is Net Lender In USD

06/07/2018 - 16:35:00 (RTTNews)

(RTTNews) - The Finance Minister, Eduardo Guardia, affirmed that the exchange rate in Brazil follows a floating regime and that the Central Bank's actions in the market are only aimed at reducing volatility. He added that the Treasury is doing the same in the public debt market.

"We have made some interventions. The exchange rate is fluctuating and Brazil is a net U.S. dollar creditor, contrary to what happened in the past," said the minister. He added that the Treasury is monitoring the volatility in the interest market and that the agency has a "very comfortable" position in the liquidity cushion.

Guardia also said that the appreciation of the U.S. dollar is the result of a global movement and affects several economies, not only Brazil's.

The minister also commented on the public consultation that is being carried out by the Brazilian Agency of Petroleum, Natural Gas and Biofuels (ANP) regarding the pricing policy of Petrobras. Guardia said that this is a proper discussion and that the periodicity of the readjustment of fuel prices was an ongoing discussion.

"The ANP is the regulator and there is a notorious debate about the periodicity of the readjustment. The ANP's attitude is correct in holding a public consultation to discuss the issue," he told reporters.

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