{"id":368492,"date":"2024-06-13T17:26:06","date_gmt":"2024-06-13T20:26:06","guid":{"rendered":"https:\/\/anba.com.br\/?p=368492"},"modified":"2024-06-13T17:26:18","modified_gmt":"2024-06-13T20:26:18","slug":"xp-uses-real-dirham-for-brazil-uae-transactions","status":"publish","type":"post","link":"https:\/\/anba.com.br\/en\/xp-uses-real-dirham-for-brazil-uae-transactions\/","title":{"rendered":"XP uses real, dirham for Brazil-UAE transactions"},"content":{"rendered":"\n

S\u00e3o Paulo \u2013 Since February, Brazilian brokerage XP<\/a>\u2019s wholesale banking brand has offered to its corporate clients the opportunity to conduct direct financial transactions between Brazilian currency real and the United Arab Emirates\u2019 dirham. According to one of the heads of foreign exchange sales at the XP\u2019s wholesale banking business, Bernardo Bigat\u00e1, the company has \u201ctwo chapters\u201d in its history regarding the use of the dirham that came in response to client demands.<\/p>\n\n\n\n

\u201cThe first one was making [dirham] available on our shelf [of currencies]. We spoke with our clients, who explained their demand for the currency. So we managed to make it available to them,\u201d he said about the implementation of the use of dirham around a year and a half ago. Bigat\u00e1, XP\u2019s wholesale banking brand Middle Corporate manager Bruno Gavina and economist Alexandre Maluf participated on Thursday (13) in an event powered by the Arab-Brazilian Chamber of Commerce<\/strong> (ABCC) in S\u00e3o Paulo.<\/p>\n\n\n

\n
\"From
From L to R: Bernardo Bigat\u00e1, Bruno Gavina, Silvia Antibas, and Alexandre Maluf participated in XP\u2019s event at the Arab-Brazilian Chamber<\/figcaption><\/figure>\n<\/div>\n\n\n

\u201cOur second chapter with the currency started earlier this year. We struck a partnership with a leading bank from the UAE, so since February we\u2019ve been able to settle an operation and send funds directly from Brazil to the UAE without the need of a middleperson. This allows the funds to leave S\u00e3o Paulo and reach Dubai without the need to go through any other financial institution or third-party country,\u201d he said. This includes export payments.<\/p>\n\n\n\n

Bigat\u00e1 explained that, before this partnership with the Arab bank, it was necessary to rely on the brokerage of a financial institution based in the United States. The new possibility of conducting transactions enable the companies involved to save time and money. The move also allows dealings between Brazil and other Arab countries to be made via the UAE.<\/p>\n\n\n\n

XP’s economic forecasts<\/h2>\n\n\n\n

The currency basket XP works with also includes: Japanese yen; yuan; euro; Swiss franc; US, Canadian, Australian and New Zealand dollar; pound sterling; Mexican peso, and Sweeden, Norwegian and Danish krone.<\/p>\n\n\n

\n
\"Bruno
Bruno Gavina, of XP\u2019s wholesale banking business, also participated in the meeting<\/figcaption><\/figure>\n<\/div>\n\n\n

At the same event, Maluf shared the institution\u2019s analysis and estimation for the Brazilian economy this year. The company forecast a 2.2% growth of the gross domestic product, an official inflation at 3.7%, and US dollar at BRL 5, below the BRL 5.40 that was registered on Thursday. \u201cIf the political challenges are overcome, US dollar will go back to a BRL 5-level,\u201d said Maluf.<\/p>\n\n\n\n

On the interest rate, Maluf mentioned the global market awaits the next steps of monetary policy of the US\u2019s Federal Reserve Board; The Fed chose on Wednesday to maintain its interest rate at 5.25-5.5%, a level that makes investors put their money on that market instead of countries like Brazil, whose Selic benchmark interest rate is now at 10.5%.<\/p>\n\n\n\n

This reduces the flow of US dollars into the Brazilian market and appreciates it compared to real. \u201cIf the Central Bank [of Brazil] continues to cut the interest rate while the US[\u2018s Fed] remains stationary, US dollar will go up, so does inflation, and the Central Bank will have to raise the interest rate in the future. The side effect is worse,\u201d he said.<\/p>\n\n\n\n

XP\u2019s event was part of a new project by the ABCC, the ABCC Business Breakfast offered to member companies at its headquarters.<\/p>\n\n\n\n

Read more:
Brazil-UAE: 50 years of diplomacy<\/em><\/a>
UAE, Saudi Arabia, Iraq: More poultry from Brazil<\/em><\/a><\/p>\n\n\n\n

Translated by Guilherme Miranda<\/strong><\/p>\n

Marcelo Brammer\/Arab-Brazilian Chamber<\/div>
Marcelo Brammer\/Arab-Brazilian Chamber<\/div>","protected":false},"excerpt":{"rendered":"

Since February, XP\u2019s wholesale banking brand has conducted transactions between Brazil and the UAE using only real and dirham, negating the need for US dollar brokerage.<\/p>\n","protected":false},"author":2317,"featured_media":368478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[48478,9534,24683,15408,13458,2650,49838,10963],"class_list":{"0":"post-368492","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-arab-brazilian-chamber-of-commerce-2","9":"tag-brazil-en","10":"tag-dirham-en","11":"tag-dollar-2","12":"tag-real-en","13":"tag-united-arab-emirates","14":"tag-united-states-euro","15":"tag-xp"},"wps_subtitle":"Since February, XP\u2019s wholesale banking brand has conducted transactions between Brazil and the UAE using only real and dirham, negating the need for US dollar brokerage.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/368492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2317"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=368492"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/368492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media\/368478"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=368492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=368492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=368492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}