By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – A deteriorating economic scenario and the steep depreciation of the Brazilian real in relation to the U.S. dollar discouraged Brazilians from traveling and spending abroad last year, according to the latest data from Brazil’s Central Bank. Now adding to the current trend, Brazil created a new tax over tourism services paid abroad, which will likely reduce spending even further in 2016.

The institution released a report on Tuesday that shows that Brazilians spent 32.1 percent less overseas in 2015, for a total of US$17.357 billion . . .

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