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Brazil Property News: Bank: FDI suggests "confidence" in Brazil's economy
31st January 2008 12:27
Foreign direct investment (FDI) in Brazil in 2007 was twice that of 2006, the country's bank has reported.
Some $34.616 billion (£18 billion) was invested, a slight shortfall of the United Nations' Conference on Trade and Development (Unctad) forecast of $37.4 billion.
The total FDI for the whole of 2006 was $18.782 billion, making this year's figure almost double what it was.
Head of the central bank's economic department Altemir Lopes told Bloomberg: "The inflows that hinge on confidence, economic fundamentals and the prospects of the Brazilian economy are going well."
Inflation targets, brought in during 1999, are set at 4.5 per cent with a variable of two per cent either way to take into account unexpected price shocks.
The Central Bank of Brazil was created in 1964, is an autonomous federal institution and part of the National Financial System.
Prior to this, the monetary authorities were the Currency and Credit Superintendence the Bank of Brazil and the National Treasury.
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