The Central Bank wants to allow the opening of US dollar accounts in Brazil. According to the entity’s Director of Regulation, Otávio Damaso, the objective is to facilitate the routine of imports and exports, besides strengthening the Brazilian currency and attracting business with other countries. The measure will probably also apply to individuals who would be allowed to open accounts in US currency.. Conversely, to the extent that other countries show interest, the Central Bank wants to allow accounts in Brazilian Reais abroad.

“The change will improve domestic business environment, which will be more attractive to businesspersons who make foreign exchange operations, fintech companies and foreign investors who face bureaucracy in exchange operations.” Opening US dollar accounts will usher in a more modern era for the Central Bank. The rules of the Brazilian exchange were created in the 1990s and must be renewed,” says Raphael Zaroni, founding partner of Zaroni Advogados.

The full “convertibility” of the Brazilian Real should be possible two or three years from now. In practice, this means the possibility of any agent, who lives in Brazil or not, to directly exchange currency in commercial transactions, without registration processes and settlement by bank intermediaries. The permission requires approval from the National Congress.