The government will take further measures to stimulate domestic industry, said the Brazilian Minister of Finance, Guido Mantega, who participates on Tuesday in a public hearing on the Economic Affairs Commission (CAE) of the Federal Senate. The measures will be focused on expanding the exemption from payroll, anticipated Mantega, who gave no further details. “We talked about the survival of the industry,” Mantega said to Valor Economico.

“If we had not taken measures to protect the currency, the dollar today would be R$1.40, and the whole Brazilian industry would go broke,” said the minister. “With a highly valued exchange rate of R$1.40, for example, the industry could not export anything, and we’d have lost our competitiveness. Imports would enter the country at an even greater scale,” Mantega said.

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