# Brazil's finance minister, Congress leaders seek to calm markets on tax change concerns

> Brazil's finance minister and Congressional leaders sought to calm markets after the real hit a record low of 6.11 per dollar during a two-session sell-off. The currency pared losses but still closed at a record of about 6 per dollar, amid concerns over tax changes.

- Date: 2024-11-29 · published 2024-11-29T12:00:00.000Z
- Category: policy · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/12460-brazil-s-finance-minister-congress-leaders-seek-to-calm-markets-on-tax-change
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Persistent currency weakness driven by tax and fiscal doubts raises import costs for feed ingredients and can prompt higher domestic prices in Brazil.

## Read by commodity

- USDBRL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDBRL | 2024-12-02 | 5 | +4.7% | 2.9 | The two-session sell-off to a record low of 6.11 on Nov 29 confirms the fiscal and tax-change concerns drove the real weaker, though official calming efforts partly pared losses. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2021-03-02 | [Brazilian stocks, currency fall as tax hikes spook investors - Markets - Business Recorder](https://feedsoft.ai/events/12206-brazilian-stocks-currency-fall-as-tax-hikes-spook-investors-markets-business.md) | +2.9% | +3.7% |
| USDBRL | 2021-07-07 | [Brazilian Real Stalls on Plans for Dividend Tax Hike, Finds Support on Data](https://feedsoft.ai/events/9911-brazilian-real-stalls-on-plans-for-dividend-tax-hike-finds-support-on-data.md) | -0.5% | +1.1% |
| USDBRL | 2023-06-29 | [Brazil government sets new 2026 inflation target, tweaks fulfillment time frame By Reuters](https://feedsoft.ai/events/35695-brazil-government-sets-new-2026-inflation-target-tweaks-fulfillment-time-frame.md) | +1.7% | -2.6% |
| USDBRL | 2025-05-22 | [(BRL/USD) Real Sells Off as Brazil Taxes Remittances to Boost Budget - Bloomberg](https://feedsoft.ai/events/24891-brl-usd-real-sells-off-as-brazil-taxes-remittances-to-boost-budget-bloomberg.md) | -0.2% | -2.7% |
| USDBRL | 2025-01-22 | [Brazilian government officials renew fiscal balance pledge](https://feedsoft.ai/events/26713-brazilian-government-officials-renew-fiscal-balance-pledge.md) | -2.8% | -5.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/brazils-finance-minister-congress-leaders-seek-calm-markets-tax-change-concerns-2024-11-29/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.