Pacote cambial: Alguns aspectos da MP 315

Abstract

This text analyzes some aspects of the Provisional Measure (PM) which partially releases exporters from the obligation of converting export dollars to reais. It shows that the only way for the country to obtain dollars without a future obligation of returning them (through amortization, interest or profit) is through exports. Therefore, this action may have negative effects on the country’s external vulnerability, in case of an exchange crisis. It also shows that the largest gain will be by the large companies, which export and import, and that the PM was of little benefit to the agricultural sector and to small companies, which are, in their majority, only exporters, as well as to labor intensive companies. Thus, the following items are highlighted: repatriation limits, the risks of the action to the reserves, the effect on external vulnerability, the changes in the productive chains and concentration of exports.