President Jair Bolsonaro’s administration revealed Tuesday a “foreign exchange liberalization” bill, to be presented to the Brazilian Congress, which paves the way to the dollarization of the Brazilian economy. “Bank accounts, wages and prices could be dollarized, burying once and for all national sovereignty. All countries that gave up their currencies and adopted the U.S. dollar have lost their sovereignty,” local media Brasil 247 said reporting on the news. Bolsonaro’s proposal opens space for the Central Bank to authorize a larger number of financial institutions to carry out operations at the foreign exchange market. bill allows foreigners to acquire Brazilian banks. Bolsonaro’s bill allows foreign central banks and clearing houses to open accounts in both local currency and foreign currency. allows local banks to grant loans to non-residents economic agents, which means that Brazilian banks will be able to finance foreign importers of Brazilian products.
— source telesurenglish.net | 8 Oct 2019
Expect a crash and foreign buybacks.
this will extend to other countries. india beware.