| Data |
Number and Kind |
Measure |
Agents |
| Oct./2009 |
10 CC |
The Ministry of Finance implemented a 2% financial transaction tax (IOF) on non-resident equity and fixed income portfolio inflows. |
Non-resident investors |
| Oct./2010 |
20 and 3 CC |
(i) IOF increased from 2 to 4 percent for fixed income portfolio investments and equity funds. (ii) IOF increased to 6 percent for fixed income investments (iii) Limitations were also introduced on the ability of foreign investors to shift investment from equity to fixed income investment |
Non-resident investors |
| Oct./2010 |
10 and 20 FXDR |
(i) IOF on margin requirements on FX derivatives transactions increased from 0.38 percent to 6 per cent (ii) Loopholes for IOF on margin requirements were closed: foreign investors in the futures markets were no longer allowed to meet their margin requirements via locally borrowed securities or guarantees from local banks, which allowed them to avoid payment of the tax |
Resident banks, institutional investors and companies and non-residents investors |
| Jan./2011 |
10 PR |
Non-interest reserve requirement equivalent to 60 percent of bank´s short dollar positions in the FX spot market that exceed US$ 3 billion or their capital base, whichever is smaller (to be implemented over 90 days) |
Resident banks |
| Mar./2011 |
40 CC |
Increased to 6 percent the IOF on new foreign loans (banking loans and securities issued abroad) with maturities of up a year. Companies and banks previously only paid a 5.38 percent IOF on loans up to 90 days. |
Resident banks and companies |
| April/2011 |
50 CC |
(i) 6 percent IOF extended for the renewal of foreign loans with maturities of up a year (ii) 6 percent IOF extended for both new and renewed foreign loans with maturities of up to 2 years |
Resident banks and companies |
| July/2011 |
20 PR |
The Non-interest reserve requirement became mandatory for amounts over USD 1 billion or their capital base (whichever is smaller). |
Resident banks |
| July/2011 |
30 FXDR |
Excessive long positions on BRL off all agents pay a financial tax of 1 percent. This tax can be increased up to 25 per cent |
Resident banks, institutional investors and companies and non-residents investors |
| Dec/2011 |
60 CC |
IOF on equity and fixed income (linked with infrastructure projects) portfolio inflows reduced to 0%. |
Non-resident investors |
| Mar./2012 |
70 CC |
(i) 6 percent IOF extended for both new and renewed foreign loans with maturities of up to 3 years (ii)Export advanced payment transactions with maturities of more than a year prohibited (iii) 6 percent IOF extended for both new and renewed foreign loans with maturities of up to 5 years |
Resident banks and companies |
| Mar./2012 |
40 FXDR |
Exporters hedge operations (up to 1,2 times the exports of the previous year) exempted from the IOF. |
Resident exporters |
| June/2012 |
80 CC |
6 percent IOF only for new and renewed foreign loans with maturities of up to 2 years (namely, the changes adopted in March were reversed) |
Resident banks and companies |
| Dec./2012 |
90 CC |
(i) 6 percent IOF for foreign loans with maturities of up to 1 year (ii)Export advanced payment transactions maturity extended from 1 for 5 years. |
Resident banks and companies |
| Jun./2013 |
100 CC |
IOF on fixed income portfolio inflows reduced to 0 percent. |
Non-resident investors |
| Jun./2013 |
50 FXDR |
IOF of 1 percent on excessive long net positions of FX derivatives of all agents reduced to 0 percent. |
Resident banks, institutional investors and companies and non-residents investors |
| Jul./2013 |
30 PR |
Non-interest reserve requirement on bank´s short dollar positions in the FX spot market reduced from 60 percent to 0 percent |
Resident banks |
Source: Authors’ elaboration with data from Central Bank of Brazil.
Source: MF (2014) - International Financial Statistics.
Source: Authors’ elaboration with data from Central Bank of Brazil.Note: (+) purchase (-) selling
Source: IMF (2014)
Source: ECLAC - Data Bases and Statistical Publications.Note: Annual averages. A country’s overall real effective exchange rate index is calculated by weighting its real bilateral exchange rate indices with each of its trading partners by each partner’s share in the country’s total trade flows in terms of exports and imports. A currency depreciates in real effective terms when this index rises and appreciates when it falls.
Source: Authors’ elaboration with data from Central Bank of Brazil.