Brazilian central bank president describes the country's economic ambitions
The president of Brazil's central bank has described the country's economic ambitions, emphasising the need to continue attracting investors and sustain growth.
While noting that external competition should not come at the expense of local jobs, Henrique Meirelles said that Brazil's economy should be left open to improve trade.
The bank president told the Reuters news agency that the country would continue to buy dollars to help strengthen Brazil's profile and maintain a flexible currency market, free of any distortions.
Mr Meirelles remarked: "Brazil should keep opening its economy, facilitating capital flows, and taking advantage of the positive aspects of a more competitive and open economy, including imports of intermediary goods as machines and equipment."
He added, however, that it is also the government's policy to protect jobs and respond to the concerns of the workforce - hence an increased import tariff on shoes and clothing.
Recently, Bloomberg reported that economists have cut their consumer price index inflation forecast to 3.7%, down from 3.73%, thanks largely to increased economic competition.
< Back to latest news