Brazil Fears no US Interest Rate Hike, Says New Finance Minister

Brazil’s Minister of Finance, Guido Mantega, traced a favorable picture of the Brazilian economy, affirming that successive decisions by the Federal Reserve Board to raise interest rates in the United States every time the group meets has no effect on Brazil.

"We have a robust trade surplus and, thus, low vulnerability; the country risk premium is declining, despite the fact that a new minister of Finance has just assumed command; and long-term interest rates, which might indicate some change in the international market, continue to fall," Mantega argued.

The minister spoke after the ceremony to instate the new president of the National Economic and Social Development Bank (BNDES), Demian Fiocca.

According to the Minister of Development, Industry, and Foreign Trade, Luiz Fernando Furlan, "Brazil is serene since it is a solid country that offers exceptional conditions to entrepreneurs, both Brazilian and foreign, who want to come and contribute to the growth and creation of companies and, in so doing, reap their results."

The minister affirmed that the target for this year’s primary surplus – what the government saves to pay interest on the debt – will be met. He even declared himself "cosigner" of this goal.

The growth of the industrial Gross Domestic Product (GDP) in the first two months of the year, in Mantega’s view, indicates that "the Brazilian economy is vigorous, with robust growth, based on the combination of the domestic market and the foreign market, which remains good for Brazilian products."

According to the minister of Finance, industry is growing, inflation and interest rates are declining, and credit has expanded for whoever intends to invest.

Agência Brasil

Tags:

You May Also Like

Made in Brazil: Rio Fashion Exports Grow 13%

The fashion industry in the southeastern Brazilian state of Rio de Janeiro consolidated its ...

Ten Facts Brazil’s President Should Tell the World Including GDP Doesn’t Equal Progress

In a debate at the University of Brasília, Ambassador Correa do Lago asked for ...

Brazilian Media Continues Assault with Damming Stories on Hard-to-Fall Labor Minister

Carlos Lupi, Brazil’s minister of Labor is once again under a barrage of accusations ...

Feel-Good Sentiment in Brazil Boosts Market

Latin American markets finished mostly higher, led by a surge in Brazil as inflation ...

The WTO Battle Lost, Can Brazil Still Win the War?

In a statement made last week by Foreign Minister Celso Amorim, Brazil has withdrawn ...

Brazil Goes for Second Hand Mirage Fighter Jets

Brazil is currently negotiating the purchase of twelve refurbished combat aircraft from France to ...

Brazilian Premium Cachaça Gets Some Heavy Reinforcement in the US

Karate champion, best-selling author, pirate enthusiast, and motivational speaker, former Philadelphia 76ers owner Pat ...

Dollar Falls to a Three-Year Low in Brazil

Brazil’s currency, the real, surged to a three-year high against the US dollar after ...

Stock Market Investors Grow But Investment Shrinks in Brazil

From July to August, the number of natural people investing in the São Paulo ...

Brazil Finds Light Oil Offshore. 150 Million Barrels This Time

Petrobras, the Brazilian state-controlled oil multinational announced this Monday, July 14, that it had ...

WordPress database error: [Table './brazzil3_live/wp_wfHits' is marked as crashed and last (automatic?) repair failed]
SHOW FULL COLUMNS FROM `wp_wfHits`