BRASILIA, Oct. 7 (Xinhua) -- Brazilian President Jair Bolsonaro on Monday submitted to Congress a bill drafted by the Central Bank of Brazil to modernize the foreign exchange market.
"The objective of the bill is to establish a new, more modern, more concise and legally secure framework for the foreign exchange and capital markets in Brazil and Brazilians abroad," said the bank in a press release.
According to the bank, the bill will reduce the red tape for companies needing foreign currencies for imports and exports, end restrictions on exporters' use of their overseas revenues, and generally make foreign exchange transactions easier.
The bank also said that "the bill should facilitate the participation of foreign investors in the financial and capital markets by making the central bank registration process more efficient."
If approved by Congress, the bill "will allow the improvement of the business environment in the country, bringing simplification and agility to all those dealing with international operations," said the bank.