Brazil's currency war: what is it good for? Absolutely nothing
Analysts tell Euromoney that Brazil's staunch stance on controlling its currency and capital inflows could be detrimental to the markets and the economy as a whole
On Thursday, Brazil’s finance minister Guido Mantega revealed that the so-called IOF tax would extend the 6% financial transactions tax to foreign loans with maturities of up to three years, instead of two years.
The latest report from Euromoney's Sao Paulo-based correspondent says:
For the full story, Investors accuse Brazil of “jerry-rigging currency”, click here.
Meanwhile, EuromoneyFXnews has reported that while Brazil declares a currency war, this creates buying opportunity in real.