By IANS,
Rio de Janeiro : Brazilian Finance Minister Guido Mantega said Thursday that the government is committed to halting the appreciation of the Brazilian currency real against the US dollar.
The real’s appreciation has made Brazilian products more expensive in the international market. It not only poses a problem for Brazilian exporters, but also affects the domestic market as imports get cheaper and compete with local products, damaging the local industrial sector, Xinhua reported.
“We will continue to make interventions in the exchange rate to prevent the Real from appreciating,” Mantega said after a meeting with President Dilma Rousseff, some government ministers and several major businessmen.
Mantega said that in addition to monitoring the exchange rate, the Brazilian government will also take steps to reduce the cost of investments in the country and the Brazilian Development Bank will continue to offer credit.
“The challenges can be successfully overcome,” he said, stressing that the government will continue to meet with major businessmen periodically so as to discuss the challenges faced by the industrial sector.