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Brazil Posts Nov 1-20 Forex Inflows Of $1.48 billion

SAO PAULO (Dow Jones)--Brazil posted a much more modest net foreign-exchange inflow in the first 20 days of November, after a month of robust inflows in October, the central bank reported Wednesday.

The bank said net foreign-exchange inflows in the Nov. 1-20 period totaled $1.48 billion. By comparison, for the entire month of October, inflows totaled $14.6 billion. The bank didn't offer Oct. 1-20 figures.

According to foreign-exchange traders, the decline in net inflows was prompted by the government's decision late in October to place a 2% financial transactions tax on incoming foreign investments in fixed-income accounts and stocks.

Net investment inflows during the Nov. 1-20 period totaled $171 million, while the country registered net trade inflows of $1.31 billion, the central bank said.

The central bank said the net trade result for the November period was based on $7.98 billion in export receipts and $6.67 billion in import payments overseas. Incoming investment, meanwhile, totaled $15.3 billion, while investment outflows totaled $15.15 billion.

Wednesday's foreign-exchange flow figures brought Brazil's year-to-date net inflows to $24.3 billion.

In 2008, Brazil posted net foreign exchange outflows of $983 million, compared with a record $87.45 billion in net inflows reported for 2007. The annual net foreign exchange outflows in 2008 were the first posted by the country since 2002.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-2847 4521; rogerio.jelmayer@dowjones.com

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(END) Dow Jones Newswires

November 25, 2009 09:47 ET (14:47 GMT)


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