# Brazil denies plans to raise taxes on forex transactions to help meet fiscal target — MercoPress

> Brazil's central bank and finance minister denied a Bloomberg report that the government was considering raising the IOF tax on foreign exchange transactions to help meet the fiscal target. The real weakened as much as 1.9% to 3.1806 per dollar after the report. Strong US jobs data also raised bets on a Federal Reserve rate hike.

- Date: 2017-03-09 · published 2017-03-09T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/72190-brazil-denies-plans-to-raise-taxes-on-forex-transactions-to-help-meet-fiscal
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Fiscal measures that could weaken the real would make Brazilian exports cheaper and affect feed commodity competitiveness. The denial reduces the immediate currency risk, though a stronger dollar from Fed tightening remains a headwind for dollar-priced commodities.

## Read by commodity

- USDBRL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2018-06-29 | [Brazil's currency and stock market recover on Thursday, helped by opinion poll — MercoPress](https://feedsoft.ai/events/64737-brazil-s-currency-and-stock-market-recover-on-thursday-helped-by-opinion-poll.md) | +1.3% | -3.7% |
| USDBRL | 2022-07-07 | [Brazil real to firm, but pre-election fiscal loosening seen as risk - Reuters poll](https://feedsoft.ai/events/40694-brazil-real-to-firm-but-pre-election-fiscal-loosening-seen-as-risk-reuters-poll.md) | -1.5% | -3.4% |
| USDBRL | 2023-04-13 | [Brazil’s New Fiscal Plan Is Boosting the Real, Treasury Secretary Says \| Brazil News Today](https://feedsoft.ai/events/36627-brazil-s-new-fiscal-plan-is-boosting-the-real-treasury-secretary-says-brazil.md) | +2.3% | +0.4% |
| USDBRL | 2023-04-24 | [Brazil woos sceptical foreign investors with new fiscal plan \| Reuters](https://feedsoft.ai/events/36625-brazil-woos-sceptical-foreign-investors-with-new-fiscal-plan-reuters.md) | -0.9% | -1.3% |
| USDBRL | 2026-10-08 | [Election jolt fades as Brazil's fiscal math fails to hold investors' conviction. \| 24EcoNews](https://feedsoft.ai/events/8077-election-jolt-fades-as-brazil-s-fiscal-math-fails-to-hold-investors-conviction.md) | +1.0% | — |

## Sources

- en.mercopress.com: https://en.mercopress.com/2017/03/09/brazil-denies-plans-to-raise-taxes-on-forex-transactions-to-help-meet-fiscal-target

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