Banco Central do Brasil President Roberto Campos Neto said the entity will file a bill May 29 that will simplify laws on foreign exchange markets and make it easier to do business using the Brazilian real.

Speaking to news website Poder360, Campos Neto said the current laws, which date back to the first half of last century, had to be updated in order to ease business transactions and lower costs. "There is a lot of demand for reais-based accounts in small countries doing business in Brazil," Campos Neto reportedly said.

Furthermore, the central bank president said he considered the law the first step in transforming the real to a convertible currency that could serve as a reference for the Latin American region.

"If we reach maturity, keep inflation under control and interest rates low, we will be able to expand the currency. But for that, it's important to have convertible currency," Campos Neto said in the interview with Poder360.

The measures expected from the central bank aim to make transactions in reais cheaper, easier and more attractive, which Campos Neto has expressed as a priority for Brazilian monetary and exchange policy.