Textile exporters concern over depreciation of dollar
17 May '07
1 min read
Textile, shoe and furniture exporters in the country are alarmed with the depreciation of dollar against Brazilian real.
One dollar could be bought for 1.98 Brazilian reais (below 2 Brazilian reais for the first time in six years). This depreciation is hampering country's exports.
Miguel Jorge, Minister of Development, Industry and Foreign Trade said that Government is also concerned about this situation. It is planning to help textile, shoe and furniture sectors by reducing taxes on the payroll and financing with fast payment by Brazilian Development Bank (BNDES).
The Minister also stated that the authorities are also studying prospects of increasing Import Tax on some articles so that local products can get a boost.
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