Brazil’s Central Bank president foresees rise in foreign investment

The president of Brazil’s Central Bank, Henrique Meirelles, predicted on Monday that there will be a rise in the foreign investment into the Brazilian economy.

According to the Central Bank president, the country’s economic scenario is promising for the return of long-term investments, especially in the infrastructure and housing sectors.

Meirelles attributed Brazil’s current situation to several anti-cyclic measures carried out by the government to contain the further spread of the financial crisis in the country. According to the president, Brazil entered the crisis with a solid economy, which allowed it to emerge even stronger from the turmoil.

The Central Bank president said that Brazil has not only a balanced economy, but also a safe legal system and a democratic regime. According to him, all Brazil needs to do now is “administrate its success, which sometimes also has its costs.”

Meirelles also stressed that there was a decrease in the social inequality in the country in the past few years, and that unlike many other countries, Brazil’s foreign exchange reserves increased over the period.

“That made Brazil go from debtor to creditor in the world scenario,” he said.

Meanwhile, Meirelles defended the regime of inflation target adopted in Brazil. He said the system is flexible and has proved to be adequate to deal with financial crises.

The inflation target regime was extremely successful in Brazil, he stressed.