The modernization of the entire foreign exchange market in Brazil is certainly one of the main assets of this reformulation. However, there are a number of relevant changes that have arisen with the new law, including:
Purchase and sale of foreign currency between individuals
Before the new law was enacted, the sale of foreign currency between individuals was prohibited by the Central Bank. In other words, if a person returns from a trip to the United States with dollars left over, for example, and tries to transfer the money to another individual, the transaction would be considered illegal.
Starting in 2023, when the new law will come into effect, this type of south africa mobile database transaction will be authorized. However, there will be a limit of US$500 for the transaction. People who repeatedly attempt to sell amounts higher than the established amount may be classified as “money launderers”, an activity that remains prohibited in the country.
New limits on carrying cash when traveling
Still in the context of travel, the current limit for entering or leaving Brazil without having to declare cash is R$10,000. With the new exchange rate framework, this will be increased to US$10,000 – or the equivalent in another currency. The measure will also come into effect next year.
Accounts in reais abroad
With the new law, the Central Bank will allow the creation of accounts in reais abroad, since the new rule already aligns with one of the functions planned for PIX: international transfers. The possibility of this process being implemented depends, however, on how countries perceive the value of the Real.
Equal treatment for resident and non-resident accounts
Currently, it is difficult to find accounts in reais for Brazilians living abroad. The new law therefore seeks to change this scenario by establishing that accounts in reais held by non-residents will be treated the same as accounts held by residents. The success of the operation, however, also depends on the way in which banks will operate these accounts based on the regulations of the Central Bank.