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Brazil government gives central bank power to approve foreign capital

The Brazilian government has given more powers to Banco Central do Brasil to authorize the entry of foreign capital into financial institutions, according to a decree published Sept. 27 in the country's official gazette.

The central bank may also authorize foreign financial institutions to set up new branches in the country.

Previously, the country's president was solely responsible for authorizing such operations, according to a Valor Econômico report.

The new rules take effect immediately.