VOLVER

1. Real’s appreciation Against the dollar is among the largest

According to a survey by Elos Ayta, the real was the third most appreciated currency against the dollar up to September, within a group of 27 currencies. The 16.43% increase left the Brazilian currency behind only the Russian ruble, which rose 33.29%, and the Swedish krona, with a 17.22% gain.

The ruble was boosted by record-high interest rates in Russia, while the krona reflected the country’s economic recovery. In Brazil’s case, the real recorded its strongest appreciation since 2016, a result mainly attributed to the interest rate differential between Brazil and the United States, which has attracted investors after U.S. rate cuts.

Folha de S. Paulo: Real é terceira moeda que mais se valorizou no ano ante o dólar

2. Foreign investment in Brazil reaches record high

Brazil closed 2024 with a stock of US$ 1.141 trillion in foreign direct investment, equivalent to 46.6% of Gross Domestic Product. The volume is the highest ever recorded by the Central Bank since the beginning of the historical series. The figures are part of the Foreign Capital Census released by the institution in Brasília. This performance highlights the relevance of international capital in the Brazilian economy, reinforcing the strong presence of foreign investors in the country. The survey is periodically updated by the Central Bank and serves as an indicator of the attractiveness of the domestic market.

When the series began in 1995, foreign investment represented only 6.1% of GDP. By 2000, it had risen to 17.1%, and in 2010 it reached 25.2%. In 2019, the rate surpassed the 30% mark, reaching 34.6%, and in 2023 climbed to 45%. According to a representative of the Central Bank, most companies with foreign capital are controlled by international investors. In many cases, they hold 100% or more than half of the shares, which increases the integration of these companies with the global market.

Agência Brasil: Com US$ 1,1 tri, investimento estrangeiro bate recorde de 46,6% do PIB

3. IOF revenue reaches highest level in history

IOF (Tax on Financial Operations) revenue in August reached the highest monthly value since the historical series began in 1995, according to Brazil’s Federal Revenue Service. The result came after a legal dispute that ended with an increase in the tax on various financial transactions. In August 2025, tax collection totaled R$ 8.45 billion, representing a 42.5% increase compared to the same month in 2024. Adjusted for inflation, the rise was 35.6%.

The IOF adjustment was announced by the government in May as a measure to boost revenue and meet fiscal targets. The decision was confirmed in July, following debates over its legality. The increase aims to support the goal of achieving a zero deficit in 2025 and a surplus in 2026. The higher revenue strengthens the federal treasury at a time of greater budgetary pressure. The strategy is focused on achieving the fiscal balance mandated by law.

G1: Após aumento, arrecadação do IOF bate recorde e atinge maior valor da história em um mês

4. Businessmen confidence in the economy rebounds

The Business Confidence Index (ICE), measured by IBRE/FGV, rose 0.5 point in September, reaching 89.9 points, after three consecutive months of declines. The result comes from the seasonally adjusted series. According to the institute, the increase reflects an improved assessment of the current state of the economy. Despite this, the level remains below the threshold considered optimistic. The index also shows signs of caution among business leaders.

According to IBRE/FGV, the perception of uncertainty has decreased in the short term, but expectations remain negative. The Current Business Situation Index (ISA-E) rose 1.1 point, reaching 93.8 points. Meanwhile, the Business Expectations Index (IE-E) fell 0.3 point, to 85.9 points, the lowest level since June 2020. This data reinforces pessimism for the next three months.

Info Money: Confiança empresarial avança em setembro após três meses de queda, aponta FGV

5. Public debt ends the month higher

Brazil’s Federal Public Debt (DPF) reached R$ 8.145 trillion in August, an increase of 2.59% compared to July, according to the Monthly Debt Report released by the Ministry of Finance. The rise occurred amid the elevated pace of issuances by the National Treasury. The average 12-month cost of the debt stood at 11.65%, slightly above the 11.63% recorded in the previous month. The result shows the continued growth of the debt stock. The report also details the composition of the securities that make up the DPF.

Floating-rate bonds represented 49.29% of the total, compared to 49.25% in July. Fixed-rate bonds rose from 20.16% to 20.95% of the stock. Inflation-linked securities accounted for 26.10%, down from 26.72% in July. Exchange rate-linked bonds represented 3.67%, compared to 3.87% in the previous month. The report highlights small shifts in the debt structure across different types of securities.

Valor Econômico: Dívida pública federal atinge R$ 8,145 trilhões em agosto