October 7, 2019 / 3:00 PM / 5 months ago

Brazil central bank proposes bill to modernize FX market

BRASILIA, Oct 7 (Reuters) - Brazil’s central bank on Monday sent a bill to Congress which aims to modernize, simplify and increase the flexibility of the country’s foreign exchange market, it said in a press release.

The central bank noted that the bill, which consolidates more than 40 legal provisions dating back to 1920 into one single law, will improve Brazil’s business environment and is also “a fundamental step towards convertibility of the real.” (Reporting by Marcela Ayres and Jamie McGeever; Editing by Catherine Evans)

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