Note

April 02, 20 - 7:11 pm - LABS

Trade association says that currency exchange offices won’t last 15 days without government intervention in Brazil

In Brazil, the trading volume of the tourism dollar plummets 95% and the sector is calling out for government aid. Due to the COVID-19 pandemic, the sector prospects that it won’t last 15 days. About 30,000 work in this sector in the country. With closed doors and no prospect of when the travel industry will recover, brokers and exchange offices are going through an unprecedented crisis, according to Exame.

dolar bill
Photo: Shutterstock

Data from Abracam (the Brazilian Exchange Association) show that the drop in import and export operations intermediated by foreign exchange brokers should be around 35%. According to Kelly Massaro, executive president of Abracam, the segment won’t last 15 days without governmental aid. The association claims that besides lower demand, the regulatory impossibility of taking out loans aggravates the scenario.