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Brazil to defend itself in "currency war"-Mantega
March 1, 2012 / 2:00 PM / in 6 years

Brazil to defend itself in "currency war"-Mantega

BRASILIA, March 1 (Reuters) - Finance Minister Guido Mantega said on Thursday the government’s modification of a tax on overseas loans is part of an effort to defend itself in a “global currency war,” and that it will take further steps if necessary to keep the real from strengthening.

The government extended a 6 percent tax known as the IOF on overseas loans with maturities of up to three years. Previously, the tax was only charged when companies in Brazil took out foreign loans maturing in up to two years.

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