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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The deteriorating economic situation in the country led many Brazilians to reduce their spending abroad in January, a traditional holiday month for Brazilian families. According to the Central Bank (CB) foreign expenses by Brazilian travelers decreased by 62 percent in January of 2016 in comparison to January of 2015.

The volume spent in January 2016, US$840 million, was the lowest spent by Brazilian travelers abroad since January of 2009, according to the CB. According to Bank officials the overall economic recession, added to the significant appreciation of the US . . .

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