Wednesday, April 22, 2009

Another Current Account Deficit in March in Brazil

In March, the current account deficit reached USD1.6bn, well below the USD4.3bn deficit seen in Mar'08 but larger than the $611 deficit posted in February. The key culprit for this worsening was the increase in profit remittances by multinational companies:

“Profit remittances rose to $1.76 billion in March from $1.1 billion in February as multinational subsidiaries sent money home to parent companies to help cover for losses in other parts of the world. “

Brazil's Current Account Showing Effects Of Global Crisis (WSJ)

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