June 4, 2014 / 2:00 PM / 4 years ago

Brazil IOF tax cut aims to normalize forex market -Mantega

BRASILIA, June 4 (Reuters) - The Brazilian government’s move to cut taxes on short-term loans aims to normalize the currency market and not tame inflation, Finance Minister Guido Mantega said on Wednesday.

Earlier in the day, the government removed a six-percent IOF financial tax on foreign loans with maturities of between six months and a year. Analysts said the measure could help limit a recent depreciation of the Brazilian real, easing inflation pressure. (Reporting by Luciana Otoni; Writing by Alonso Soto; Editing by Bernadette Baum)

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