Brazilian Real Hits All-Time Low Amid Market Doubts on Lula’s Budget Cuts

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Economy ข่าว

BRAZILIAN REAL,LULA,SPENDING CUTS

Brazil’s national currency, the Brazilian real, has dropped to an all-time low following the announcement of spending cut plans by President Luiz Inácio Lula da Silva’s administration. Despite the proposed package aimed at reducing government spending and implementing tax reforms, market concerns remain unmitigated.

Brazil’s national currency, the Brazilian real, dropped to an all-time low on Friday morning as the spending cut plans announced by the administration of radical leftist President Luiz Inácio Lula da Silva failed to calm growing market doubts.

“The issue of income tax exemption, although it is everyone’s wish, is not on the agenda for now and can only happen if we have the fiscal conditions for it,” Pacheco said. “If we don’t, it won’t happen. But this is a discussion for the future, which will depend a lot on Brazil’s ability to grow and generate wealth without increasing taxes.”

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