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:

    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    Brazil to Stop Requiring Visa from Americans

    The President of Brazil’s Chamber of Deputies, Severino Cavalcanti (from the Progressive Party of ...

    Brazil is the world's largest beef exporter

    Brazil May Appeal to WTO to Overturn European Ban on Its Beef

    The Brazilian government on Tuesday, February 5, sharply criticized the European Union's decision to ...

    Brazil’s Submarino Widens Its Internet Reach Acquiring Ingresso.com

    Brazilian Internet retailer Submarino S.A. announced the acquisition of 100% of the stock capital ...

    4,000 Foreigners from 65 Countries Come to Brazil’s Leather Fair

    Brazilian shoe producers exported higher added value products last year. The average price of ...

    Presidential candidates McCain and Obama

    In Brazil Obama Gets 41% of the Votes and McCain 10%. The Rest Don’t Care

    A majority of Latin-Americans know little or nothing about the coming US presidential election ...

    Brazilian President Lula with Bush in Camp David

    Brazil’s Lula Doesn’t Get What He Wanted from Bush: End to Subsidies and Tariffs

    The  Camp David meeting, this Saturday, March 31, between American President George W. Bush ...

    Brazilian jet Embraer 175

    Embraer’s Deal with Brazilian Airline Might Go Over US$ 1 Billion

    Brazilian aircraft manufacturer Embraer announced it has signed a contract with Brazil's airline Trip ...

    Brazil’s Brasil Telecom Talks About Banner Year and 2006 Plans

    Brazilian telecommunication company Brasil Telecom Participações presented the firm’s business plan for 2006 to ...

    Brazil’s Oil Industry Is Short 32,000 of Technicians

    Brazil lacks specialized technical personnel to act in some expanding sectors of the economy, ...