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Brazil Won’t Let Real Reach 1.6 Per Dollar, Mantega Tells Estado

Brazil won’t let the real foreign exchange rate strengthen to 1.60 per U.S. dollar, Finance Minister Guido Mantega told O Estado de S. Paulo in an interview.

The government won’t let the currency rise as much as in the past, and may double a levy on some short dollar positions in the derivatives market if it sees excessive valuations, the minister said, according to the Sao Paulo-based newspaper.

In a separate interview to Folha de S. Paulo, Mantega said the government may consider additional taxes on imports to protect domestic industries from unfair competition.

To contact the reporter on this story: Fabiola Moura in New York at fdemoura@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net

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