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Europe, Forex

Brazil’s Guedes says weaker currency no sweat, will boost exports

RIO DE JANEIRO, Aug 15 (Reuters) – Brazil’s Economy Minister Paulo Guedes said on Thursday the weakening of the real above 4.00 to the dollar was “absolutely” not a cause for concern and the government was prepared if the currency hits 4.10 or 4.20 to the dollar.

“We are making good use of currency reserves,” and that will help reduce internal indebtedness, Guedes said at an energy conference. He said a weaker currency will spur Brazil’s exports and could help re-industrialize the auto, textile, furniture and shoe industries. (Reporting by Rodrigo Viga Gaier; Editing by Richard Chang)

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