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Brazilians May Eventually Hold Dollar Accounts under New Exchange Law

RIO DE JANEIRO, BRAZIL - The bill, passed by a Chamber of Deputies committee late last year, is expected to be endorsed by legislators next week, after voting on proposed amendments. "As the subject has already been widely debated, the Chamber of Deputies should not submit new questions and the law should proceed for approval," says Deputy Otto Alencar Filho (PSD-BA), rapporteur of the bill.

The new legislation, drafted jointly with the Central Bank, the Federal Treasury and financial institutions, will allow a range of foreign exchange and financial operations conducted in Brazil to be made in foreign currency.

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