Last May, the Brazilian government notified the IMF of its commitment, under the Bretton Woods Agreement of 1944, to lift exchange control regulations and refrain from imposing restrictions on the flow of capital. The commitment is still to be implemented, but certain previous procedures are already being simplified.
Under Ruling 2770 of August 30, 2000, of the National Monetary Council, Brazilian residents of the private sector may receive international transfers resulting from foreign loans or international issue of securities without the prior authorisation of the Central Bank. Also, relending of foreign funds in Brazil is not restricted to certain economic activities any longer. Repayments in foreign currency are still subject to registration of the international transaction with the Central Bank, but the registration procedure is simpler now.
As of September 4, 2000, registration of foreign investment with the Central Bank has been effected electronically.