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Viewing cable 06BRASILIA366, BRAZIL - THE EVER-RISING REAL AND OTHER MACROECONOMIC
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Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
06BRASILIA366 | 2006-02-21 19:58 | 2011-07-11 00:00 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Embassy Brasilia |
VZCZCXRO4179
PP RUEHRG
DE RUEHBR #0366/01 0521958
ZNR UUUUU ZZH
P 211958Z FEB 06
FM AMEMBASSY BRASILIA
TO RUEHC/SECSTATE WASHDC PRIORITY 4596
INFO RUEHRG/AMCONSUL RECIFE 4370
RUEHRI/AMCONSUL RIO DE JANEIRO 1575
RUEHSO/AMCONSUL SAO PAULO 6424
RUEHAC/AMEMBASSY ASUNCION 5247
RUEHBU/AMEMBASSY BUENOS AIRES 3813
RUEHMN/AMEMBASSY MONTEVIDEO 6073
RUEHSG/AMEMBASSY SANTIAGO 5359
RUEHCV/AMEMBASSY CARACAS 3142
RUEHME/AMEMBASSY MEXICO 1931
RUEHQT/AMEMBASSY QUITO 1741
RUEHPE/AMEMBASSY LIMA 2870
RUEHLP/AMEMBASSY LA PAZ 4393
RUEHBO/AMEMBASSY BOGOTA 3623
RHEHNSC/NSC WASHDC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
UNCLAS SECTION 01 OF 04 BRASILIA 000366
SIPDIS
SENSITIVE
SIPDIS
NSC FOR CRONIN
TREASURY FOR OASIA - DAS LEE, FPARODI
STATE PASS TO FED BOARD OF GOVERNORS FOR ROBITAILLE
USDOC FOR 4332/ITA/MAC/WH/OLAC/JANDERSEN/ADRISCOLL/MWAR D
USDOC FOR 3134/ITA/USCS/OIO/WH/RD/DDEVITO/DANDERSON/EOL SON
STATE PASS USAID FOR LAC
E.O. 12958: N/A
TAGS: ECON EFIN EINV PGOV BR
SUBJECT: BRAZIL - THE EVER-RISING REAL AND OTHER MACROECONOMIC
TIDBITS
REF: A) 05 BRASILIA 3207
B) 05 BRASILIA 3306
C) BRASILIA 0327
¶1. (SBU) Summary: The torrent of dollars entering Brazil, fueled
primarily by the trade surplus (over $44 billion in 2005) but also
by FDI and portfolio investment flows, has created both
opportunities and challenges for Brazilian macroeconomic policy
management. GoB and private debtors are making use of the strong
Real, which is trading at its most appreciated level since 2001, to
pay down external or dollar-linked debt. As of February 9, the GoB
had repurchased US$2.3 billion of its dollar-denominated external
bonds. Investor perceptions of Brazil risk are at record lows
despite the uncertainties associated with presidential elections in
October. Taking advantage of this situation, the GoB has moved to
improve its debt profile further by cutting taxes on foreign
portfolio investment in domestically issued GoB bonds. Industry, on
the other hand, is complaining loudly that the strong Real is
cutting into export competitiveness and profits. They are behind a
bill introduced in Congress which would liberalize the rules for
foreign exchange transactions, eliminating a requirement that all
revenues from exports be converted into Reais (ref C). More
generally, the exchange rate and monetary policy already are shaping
up to be an important point of the economic policy debate in this
election year. End Summary.
The Real is Real Strong
-----------------------
¶2. (SBU) Strong dollar inflows continue to move the Brazilian Real
to record (medium-term) levels. On February 20, the Real traded at
around 2.11 to the dollar, its most appreciated level (in nominal
terms) since 2001. Underpinning this performance are strong trade
and current account balances, the latter reaching US$14.1 billion or
1.4% of GDP in 2005. Foreign Direct Investment (FDI) brought in
another US$15.2 billion or 1.9% of 2005 GDP, reinforced by a further
US$6.6 billion in net portfolio investment inflows, the latter
attracted in part by high real interest rates. (While in September
2005 the Central Bank began to lower nominal interest rates from
their recent peak of 19.75%, market analysts expect that the
benchmark SELIC rate will only reach 15% by year's end -- which
would translate into a still high real interest rate of about 10%,
given inflation expectations of about 4.5% for 2006.)
¶3. (SBU) The Central Bank continues to purchase dollars in both the
spot and futures markets to build up reserves, which stood at
US$57.27 billion on February 20 (even after the December prepayment
of US$17 billion to the IMF). Separately, the Finance Ministry has
pre-purchased US$9 billion to service external debt payments through
June 2006. While a convenient device to brake the Real's upward
momentum, these GoB dollar purchases were never intended to be
full-scale interventions in the currency market and have slowed the
Real's appreciation only marginally and temporarily. Moreover, the
Central Bank expects further appreciation, according to a recent
study -- the contents of which were shared with Econoffs by a Trade
Ministry contact -- which posits that the Real/Dollar exchange rate
will drop below 2 to 1 in the coming weeks/months. According to
that document, the Central Bank did not plan to intervene in the
market to prevent this. Separately, one ex-Finance Ministry
official has predicted publicly that after breaching the R$2 barrier
in March, the Real will drift towards the R$1.90 level -- the next
psychological support point.
Debt Buy Back(s), Brazil Risk to Record Lows
--------------------------------------------
¶4. (U) The GoB is taking advantage of the strong Real to improve its
debt profile in several ways. Along with the December 2005 IMF
BRASILIA 00000366 002 OF 004
pre-payment, the GoB has announced a prepayment of its rescheduled
Paris Club debt (ref B) and revealed that it had repurchased on
secondary markets US$2.3 billion of its international bonds. A
Finance Ministry press statement suggested that the GoB might
repurchase as much as US$20 billion, including all of its Brady bond
debt maturing over the 2006-2010 period. The GoB already has
eliminated its exposure to dollar-linked domestic debt, removing a
vulnerability that plagued Lula's macroeconomic team during the 2002
financial market crisis of confidence. These moves to improve the
debt profile are part of the Finance Ministry's campaign to obtain
an investment grade credit rating, a goal which would substantially
reduce the GoB's financing costs.
¶5. (U) Reflecting the positive external scenario and debt profile
improvements, investor perceptions of Brazil risk have fallen.
Brazil's EMBI+ index, which measures these perceptions, hit an
all-time low of 226 on February 10, 2006.
Tax Cuts for Foreign Portfolio Investment
-----------------------------------------
¶6. (U) On February 15, 2006, the GoB issued Provisional Measure (MP)
281 exempting foreign investment in government securities (and in
venture capital funds) from Brazilian income tax. (Note: MPs are a
peculiar form of executive decree with immediate force of law, but
which nevertheless must be ratified by Congress to become
permanent.) Brazilian Treasury Secretary Joaquim Levy, the primary
force behind the MP, said the principal goal of the measure is to
increase the demand for domestically-issued Real-denominated
government bonds by reducing transactions costs for foreigners. To
date, the GoB has been able to obtain better terms (i.e. longer
maturity, fixed interest rates) on its overseas issuances, including
its Real-denominated bonds launched in the fourth quarter of 2005.
The GoB hopes increased demand will help improve the profile of its
domestic debt. As noted above, while it has eliminated its
dollar-indexed domestic debt from its portfolio (much of which was
replaced with debt linked to the SELIC), the GoB has made only
incremental progress in moving away from SELIC-linked bonds, which
still make up about half of its portfolio of domestically-issued
securities.
¶7. (U) Meanwhile, the sensitivity of the GOB's stock of domestic
debt stock to variations in the benchmark SELIC overnight rate has
complicated fiscal and monetary policy-making as last year's series
of Central Bank interest rate hikes have had a big impact on the
GoB's fiscal accounts. This increased reliance on SELIC-linked debt
meant that 2005 interest expenditures were up significantly (by over
1% of GDP) from 2004 due to the Central Bank's cycle of monetary
tightening in 2005. The GoB hopes an influx of foreign portfolio
investment will help overcome the apparent reluctance of domestic
investors in government bonds to move to inflation-indexed or fixed
rate issues. By limiting the tax exemption to bonds which are not
pledged in repurchase agreements, MP 281 aims to mitigate the risk
of the tax rollback creating additional opportunities for
speculators to bet against the Real during a financial crisis.
Neither does the exemption apply to investment from countries
without income tax (i.e. offshore tax havens) nor those where income
is taxed at a rate of less than 20%.
¶8. (U) Whether the tax cut will indeed attract substantial inflows
of new foreign portfolio investment, as the GoB hopes, is another
story. The February 17 "Folha de Sao Paulo" reported that among
Wall Street analysts the reaction to this move was mixed. One
analysts was quoted as saying that all MP 281 does is to eliminate
Brazilian taxes for investors from those countries, like the U.S.,
which do not have a double-taxation treaty with Brazil. Another
pointed out that as Argentina and Mexico already have adopted
similar measures, Brazil was merely keeping pace with these two
BRASILIA 00000366 003 OF 004
countries.
Industry Unhappy -- Dutch Disease?
----------------------------------
¶9. (SBU) The same influx of foreign portfolio investment that the
GoB hopes to attract with MP 281 worries industry groups, which
already were unhappy with the appreciated Real and prevailing high
interest rates. They have criticized the new tax exemption, noting
that it increases the risk of currency appreciation. They argue
that further strengthening of the Real, which many expect to occur,
will continue to cut into export competitiveness and profit margins.
Some local economists worry that the exchange rate is affecting
investment decisions at the margins by reducing the expected
profitability of new investments in tradable goods -- thus
negatively impacting future economic growth. Raul Velloso, an
economist with links to the opposition PSDB party, suggested to
Econoff that the China-driven growth in commodity exports was
creating a Dutch disease-like effect with respect to Brazilian
industrial production, both of manufactured exports and
import-competing products. Though manufactured exports nevertheless
grew strongly in 2005, he argued they could not continue to do so,
given the unfavorable exchange rate. One potential early sign of
these effects is that, according to one study, many small and medium
businesses stopped exporting in 2005 even as large companies
(Motorola, Nokia, Volvo, Siemens, Alstom, Samsung) with greater
management and financial capabilities boosted their exports strongly
(all by over 100%).
¶10. (U) Industry is sponsoring its own legislative changes, working
through congressional allies to introduce a bill to liberalize the
foreign exchange regime (ref C). The bill would remove requirements
that exporters convert all their foreign currency export proceeds
into Reais, allowing them instead to hold domestic foreign-currency
denominated bank accounts. This would, they hope, both reduce
transaction costs and relieve some of the appreciation pressure on
the Real.
¶11. (SBU) Comment: While the Real's vigor is in many senses a "rich
man's problem," reflecting the underlying strengths of the Brazilian
economy, it is shaping up to be a divisive political issue in this
presidential election year, marking the boundary between Brazil's
more economically interventionist-minded candidates and those who
advocate a hands-off exchange rate policy approximating the status
quo. Finance Minister Palocci has been notable for his absence from
the current controversy over the strength of the Real, letting Levy
be the public face of the ministry in making the case for the tax
exemption to skeptical industry groups. After months of
scandal-dodging and continued rumors about his exit from the
ministry to run for Congress and/or manage Lula's campaign,
Palocci's reticence may simply indicate a desire to adopt a lower
profile for a while.
¶12. (SBU) However, the issue that will receive the most focus among
the press and the candidates is the high prevailing interest rates.
Everyone is in favor of a faster reduction in interest rates --
except, of course, the GoB economic team (i.e. Central Bank Chief
Meirelles and FinMin Palocci). The common refrain is that a
speedier pace of rate cuts would help on the exchange rate side by
slowing the appreciation of the real. Still, Meirelles and Palocci
resist this for fear of reawakening the Brazilian economy's
traditional nemesis: inflation. While decisions on the path forward
will be difficult, in many ways Brazil is fortunate to face such a
choice. Economic success has now provided the country with greater
freedom to choose among available fiscal and monetary policy tools.
The next government's macro-economic team may find, though, that
greater freedom to choose necessarily brings along with it greater
freedom to make mistakes.
BRASILIA 00000366 004 OF 004
LINEHAN