Brazilians traveling abroad reduce spending amid recession
SAO PAULO, Jumada II 15, 1437, March 24, 2016, SPA — Brazil’s Central Bank says Brazilians traveling abroad in February reduced their spending more than 40 percent compared to the same month one year earlier, according to AP.
The bank said Wednesday on its website that Brazilian travelers spent $841 million last month. That’s 43.5 percent less than the $1.49 billion spent in February 2015.
A contracting economy and the declining value of the Brazilian real, which last year fell almost 50 percent against the dollar, help explain the spending reduction. A devalued currency makes foreign air fares, hotel fees and products more expensive.
–SPA
02:15 LOCAL TIME 23:15 GMT
