The president of Brazilian bank Bradesco, Luiz Carlos Trabuco Cappi, said today (Nov 17) that the economic uncertainties will remain over the next year. “I think 2012 will not be very different from 2011. It will be a tough year for us,” he told reporters after speaking to investors at forum sponsored by the bank in Manhattan. Trabuco believes next year there will be further reductions to the Selic rate  and he doesn’t expect the BRL volatility seen this year. “I think our exchange rate will not go back to the US$1.50 bottom and should level at around US$1.75, which is a good threshold for domestic exporters.”

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