Brazil’s 70-year-old foreign exchange laws have always been a headache for exporters. Lawmakers backing a bill to overhaul the complex rules say companies such as Brazilian aircraft maker Embraer lose up to 4% of their annual revenues because they are obliged to convert US dollar-denominated earnings from exports into reais and then back again to pay for imported components. Now two leading Brazilian senators, with the support of the country’s powerful industrialists, aim to dismantle the tough regulations, which date back to...
