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Brazil’s government posts $11.5 billion surplus

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Staff Writer | November 29, 2016
After five monthly deficits, Brazil’s federal, states and local governments swung back to a primary surplus in October.28.stu.2016 22:50
Brazilian central bank
LatAm   The largest monthly primary surplus since December 2001
The surplus reached $11.561 billion at current exchange rates), the Brazilian Central Bank reported.

It was the largest monthly primary surplus since the Central Bank began keeping records in December 2001.

Last month’s result was driven by a program for regularization of non-stated assets held abroad, known as the Repatriation Law.

Taxpayers were required to pay 15% Income Tax and a 15% fine, totaling 30% of inbound assets.

From January to October, Brazil posted a primary deficit of $13.4 billion. The comparable period in 2015 saw a $5.826 billion deficit.