Brasília – The head of the Brazilian Central Bank’s Department of Economy, Tulio Maciel, believes spending by Brazilians during foreign trips shows signs of slowing down, albeit moderately. In February this year, spending stood at US$ 1.915 billion, the highest amount ever for the month, as against US$ 1.862 billion in 2013.
In the first two months this year, spending reached US$ 4.036 billion, down 1.5% from US$ 4.162 billion in the same period last year. According to Maciel, daily average spending was down 6% in the first two months. On average, the US dollar sold for R$ 2.38 in the first two months this year.
According to Maciel, foreign spending has increased by as much as 20% year-on-year. “The growth used to be fairly consistent. Since mid-last year, the dynamics have changed,” he said. Maciel pondered, however, that the rising income of Brazilians helps increase foreign spending, the high dollar notwithstanding.
*Translated by Gabriel Pomerancblum
