President of Brazil, Luiz Inacio Lula da Silva, announced on Thursday that he has removed the country's financial transaction tax in a drastic attempt to bolster the country's ailing currency.
The decision to remove the tax - referred to within the country as IOF - was made as a short-term solution to improve the current financial situation within the country. The tax was levied at 1.5% on currency exchange for inflows of foreign capital, and at 0.38% on foreign currency loans.
The President has called upon the country's officials to begin implementing more preventative measures to minimise the impact of the financial crisis on Brazil.
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