The Central Bank (BC) has announced this Thursday (6) a new measure against the exchange war. To control dollar depreciation, that was costing R$ 1.65 in the beginning of January, the lowest value since September of 2008, BC is going to force the banks to compulsorily deposit 60% of the exchange position sold that exceed the lowest of the following values: US$ 3 billion or the amount equivalent to the bank’s reference assets. The initiative was positively evaluated by deputies connected to the opposition and government economic area.

The aim of the measure is to hold the drop of the dollar and control the speculation, reducing the dollar sale by the banks. Nowadays, with the growth of imports and foreign tourism, the banks are selling more dollars than buying. As it does not have all the sold dollars in cash, the institutions resort to the international market to capture the currency and bet in the depreciation of the dollar to buy for less than they sold to the client and profit with the operation.

The very low dollar prejudices the export sector, as it reduces the price of the goods; and can cause the country’s deindustrialization, as the Brazilian companies cannot compete with the import products price.

Stability

For the 2^nd vice president of the Committee for Economic Development, Industry and Trade, the deputy Evandro Milhomen, this action of the BC is essential to keep the stability achieved by the Brazilian economy. “The dollar still has strong influence on our economy and so it is essential to follow closely the foreign exchange, in order not to have inflation, deflation or loss in the exports. If we do not address this question, we can go back to the previous financial crises”, says Milhomen.

On the other hand, deputy Arnaldo Jardim, member of the committee, stated that the demand of deposit by the BC will prevent that financial institutions and companies "enter in exchange adventures". Jardim alerted, however, that the initiative is not enough to solve the exchange issue in the long term. “They are right measures, but they are not enough, because they will only control the action of banks and companies”, he emphasizes.

The deputy defends that there is a difference between the money that comes to the country for medium and long term investments and the merely speculative capital, with different tax treatment and the establishment of a quarantine period, in which the conversion of dollars to reais could not occur. “Some will say this is capital control and that it is an intervening view, but this procedure is already used for a long time in the country considered reference for Latin America, Chile, which uses quarantine and capital minimum permanence periods to preserve its interests.”

General commission

Evandro Milhomem and Arnaldo Jardim consider that the Congress shall be one of the protagonists of the discussion on the progress of the exchange and economic policy. “This issue cannot stay only in the federal government scope, the Congress has to call all the related parties to debate and evaluate, with the government, which executive and legislative measures shall be taken”, says Milhomen.

Jardim, however, suggests the creation of a general commission. The plenary session of the Chamber can become a general commission to debate pertinent issue, popular initiative project or to listen to State minister. The difference between the debates occurred during the voting of the subjects and the general commission is that, in these occasions, besides the deputies, are invited to speak society representatives related to the debated theme, which the ministers of the economic team would be called to debate with the deputies in the Plenary of the Chamber. “I hope that the general commission is not just the government representative coming to say that everything is ok and some deputies trying to please the government defending the economy leaders. If we have a sincere, deep debate, discussing the alternatives without situation or opposing connotations, the Chamber can contribute a lot to this debate”, he highlights.