Brazilians' spending abroad up 61.7% in February

The total amount spent by Brazilians abroad added up to $1.36 billion in February this year, the Brazilian Central Bank announced today (Mar. 24) in Brasília. The amount is 61.7% higher than the $841 million posted last year.

In the first two months of the year, the value stood at $2.939 billion—74.8% above the expenditure reported in the first quarter of 2016, $1.681 billion.

As for money spent by foreigners in Brazil, the total reached $535 million in February and $1.196 billion in the first two months of the year, compared to $599 million and $1.249 billion in 2016, respectively.

These figures brought the international travel account to a negative $824 million last month, and $1.743 billion in the first quarter.

The Central Bank's forecast for the negative balance in the travel account this year went up from $10.5 billion to $12.5 billion.

Fernando Rocha, deputy head of the Economic Department at the Central Bank, explained that a cheaper dollar caused international travel costs to slip. He noted that the dollar closed out 2016 at R$3.48, and now stands at R$3.10.

Translated by Fabrício Ferreira