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

Transgenic Corn Threatens Brazil’s Biodiversity, Says Commission

Next month, Brazil’s National Technical Commission on Biosecurity (CNTBio) expects to begin its analysis ...

Brazil’s Decoration Fabric Firm Wants to Double Exports

Fabrics produced in Brazil are covering furniture at homes in Saudi Arabia. A company ...

81% of Brazilian Industries Are Investing in R&D This Year

Brazilian companies are expanding investment in innovation. This year, 81.2% of industries intend to ...

Carnaval in the streets of Brazil

The Dance of the Despaired Ones Dreaming of Brazil’s South

The first day of carnival began at an earlier hour each year. The street-children ...

Brazil’s Lula Wants UN to Help Immigrants Send Money Back Home

After participating in the opening ceremony of a United Nations (UN) Security Council meeting, ...

Brazil May Have Suffered Its Worst Plane Accident Ever. There Were 155 Aboard

The Brazilian Air Force (FAB) has located this Saturday morning, September 30, the wreckage ...

Georgia on My Mind

Georgia’s voice combines the softness and vulnerability of Astrud Gilberto, the passion of Elis ...

Ethanol-powered Plane Is Just One Item on Brazil Embraer’s Green Push

Embraer, Brazil's world-famous aircraft manufacturer, has established a board of directors aimed at expanding ...

Brazilian Wine Makers Showcase their Spirit in San Francisco and NY

Leading wineries of Brazil will host their first West Coast tasting on September 12, ...

Rio Never Was Paris

Rio is no longer Brazil’s federal capital and the city has gone to seed. ...