São Paulo – Spending by Brazilians in trips to foreign countries amounted to USD 840 million in January, down 62.5% from USD 2.239 billion in January 2015, according to numbers released this Tuesday (23) by the Brazilian Central Bank. On the other hand, spending by foreigners during trips to Brazil climbed 14.44% to USD 650 million. The ensuing travel account deficit was USD 190 million.
Agência Brasil quoted the head of the Central Bank’s Economic Department, Tulio Maciel, as saying the drop in spending stemmed from the end of tax exemption on remittances, slumping economic activity and the strong US dollar.
*Translated by Gabriel Pomerancblum
