Brazil's currency hits record low on skepticism about fiscal measures
BRASILIA -Brazil's currency hit an all-time low on Wednesday as investors who had been expecting news on public spending cuts braced for a televised evening address from the finance minister focused on an expanded income tax exemption.
Finance Minister Fernando Haddad was scheduled to speak at 8:30 p.m. local time , with remarks regarding"efficient government" and building a"fair country," according to the Finance Ministry. Marinho also said the package would include measures for taxing the"super-rich" and curbing the pay of the highest-earning public servants, without giving details.
Investors had been focused on measures to curb mandatory spending growth after Haddad himself suggested debate on the tax exemption would likely be postponed until next year.
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