As of January 1999, the differentiation between the two then existing foreign exchange markets (Fre

According to the Brazilian exchange history, remember Gustavo Loyola, former president of the Central Bank of Brazil (Value, São Paulo, February 9th., 2004, p. A9) until the late 1980s, lived in the country two markets exchange: al la carte 1) the "official" market, with operations subject to strict control by the authorities; and 2) the black market ("black"), totally outside of legality, with the inability to identify the holders al la carte of operations. From the gradual liberalization of the exchange, which began with the creation of the "floating rate market" through Resolution No. 1552 of 22 December 1988 CMN, the opportunity arose to individuals and legal entities transact, in daylight, with foreign currency in a lawful manner, identifying, without al la carte being subject to the constraint of operating with the "blequistas". The "floating rate market" allowed the Brazilians, since 1991, the ownership of credit cards with international validity.
As of January 1999, the differentiation between the two then existing foreign exchange markets (Free Rate Market, introduced by Resolution No. 1690 of 18 March 1990 and Floating Rate Market, introduced by Resolution No. 1,552, of December 22 . 1988 CMN) just happened al la carte to be normative, as the exchange now has the same price in both markets, evaluated Gustavo Loyola (Value, Sao Paulo, 17.nov.2003, p. A11).
The exchange al la carte rate is the relative price of most important al la carte factor of an economy. The occurrence of any exchange disparity can result in serious structural imbalances of competitiveness al la carte and balance of payments, especially if such a disparity persists for long periods, as in the case of exchange rate appreciation that occurred in 1994 and 1998. Brazil The introduction of the floating exchange rate regime in January 1999, began a new phase of the Brazilian economy. The exchange rate is no longer held by the Central Bank and came to be defined by market forces. These market forces act within the rationality of free supply and demand of currencies. One of inappropriate rules on the floating exchange rate regime is the sale of the obligation export exchange to the Central Bank within a specified period. The entry of foreign al la carte currency should continue to be guaranteed, but without the mandatory convertible into real within a specified period. The time of convertibility in real would be dictated by the cash flow and the opportunity cost of Brazilian exporters. Currencies, yet convertibility in real, should remain in current accounts denominated in dollars, opened in financial institutions and titrated by legal entities registered as an exporter or importer SISCOMEX, concludes al la carte Roberto Giannetti da Fonseca, president of the Center of Studies Foundation Foreign Trade - FUNCEX (Folha de S. Paulo, São Paulo 19 mar 2005, p A3..).
The Brazilian legislation on capital movements, notably the Law no. 4131, it is appropriate to our situation of external fragility and is based on the principle that they are entitled to output only entered the foreign al la carte capital. The foreign exchange market is a government monopoly and it can operate private institutions only by delegation. al la carte The BCB is cautious in speech, when he says seek only to simplify, reduce costs and provide transparency to the exchange market, but in fact clearly is aiming to dismantle the last mechanisms of movement of capital regulation. The capital controls, as the control al la carte of residents of remittances in Brazil or maintain the requirement of exchange coverage of exports, must be maintained. al la carte The foreign exchange market is full of externalities, concludes Fernando Cardim, professor of economics at the UFRJ (id.).