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Monetary Council Approve Rules For Taxation Of Offshore Funds

BRAZIL
  • On Thursday, rules for the taxation of exclusive and offshore funds that had previously been approved by Congress were approved by Brazil’s monetary council, with these rules coming into effect in 2024. As part of the zero-deficit goal, another bill which sets taxation for on-line betting was approved by the Lower House late on Thursday. There is potential for Congress to also finalise the approval of the 2024 budget today.
  • The final data print before the holidays crossed this morning with the consumer confidence index rising to 93.7 in December, from 93.0, according to FGV. BCB Governor Campos Neto meets with the CEOs of Brazilian largest banks in Sao Paulo at 11am, local time. USDBRL looks set to close the week within the familiar recent range of 4.85-4.95, while maintaining a bearish trend direction.
  • Itaú noted that the December 2023 Inflation Report shows forecasts that are largely consistent with their expectation that the Selic rate should end the monetary easing cycle at around 9.00% p.a., still in contractionary territory.
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