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:

Ads

You May Also Like

Brazil and South America Lead Planet’s Deforestation

Each year about 13 million hectares of the world’s forests are lost due to ...

Brazilian Sweets Popular in More than 50 Countries

Sales to new markets, especially to countries in the Middle East and North Africa, ...

Brazil: The Media Is Not Beyond Suspicion

With the inevitable outcome, it is safe to say that the Federal Council of ...

Alston's unit in São Paulo, Brazil

Iron Industry Draws French Alston to Eco Projects in Brazil

French company Alstom specialized in power generation and railway infrasctucture is going to install ...

Brazilian Government Agency Helps Exporters Earn US$ 8.8 Billion

The companies that are participating in the Brazilian Export and Investment Promotion Agency (Apex-Brasil) ...

Indian Airline Orders Five Jets from Brazil’s Embraer

Embraer announced today at the Paris Air Show that Indian start-up airline Paramount Airways ...

Kicking Some Ass

It all started as a joke. Cartoonist Ziraldo made a drawing for a magazine ...

Brazil: Dengue Situation Critical in Rio. Three Have Died.

During the first two months of 2005 there were over 33,000 cases of dengue ...

28% of Brazil’s Urban Population Have no Public Water or Sewage

Scarce supply and high prices are Brazil’s chief problems in the housing sector, according ...

Cuba Asks Brazilian President’s Help to End US Embargo

Cuba's interim president Raul Castro requested advise and help from Brazil's President, Luiz Inácio ...