RIO DE JANEIRO, BRAZIL – The Senate on Wednesday, December 8, passed Bill 5.387/2019, which establishes the new foreign exchange legal framework. Having been passed by the Chamber of Deputies, the bill will now be submitted to the President for ratification.
There are also measures for individuals. The bill proposes an increase in the limit of cash that travelers may take abroad. Instead of the current R$10,000 (US$1,807), Brazilians will be allowed to take US$10,000 or the equivalent in other currencies.
According to the passed bill, banks may use the money raised to allocate, invest, finance or lend in the national or foreign territory – within requirements and limits to be published by the National Monetary Council (CMN) and the Central Bank.
The bill modifies the current rules, freeing individuals to negotiate up to US$500, eliminating the need for identification and taxation if this occurs on a one-time, non-professional basis.