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November 11, 2015

Abilio Diniz: ''Brazil is facing a political crisis, not economic''

Original article written by Altamiro Silva Júnior at EXAME on 11/02/2015
Click here for article in Portuguese
Translated by Fernanda Biagini


Image by criscorrea.com


New York - The businessman and president of BRF's board, Abilio Diniz, said on Monday that there isn’t an economic crisis in Brazil, but a political crisis that has affected the confidence of investors, entrepreneurs and consumers. "By the time we overcome the political question, the solution to the economic situation will come very quickly," said Diniz to a news conference prior to attending the BRF Day in New York. The food company celebrates 15 years of listing its shares on the New York Stock Exchange (NYSE).

"No one is investing, because it is lacking confidence. I do not know what will happen in the short term, but I'm sure we’ll overcome this situation. I’m confident about that," said the businessman, noting that due to the current situation, "Brazil is on sale". "The country is now very cheap for foreign investors. It’s time to take advantage of that. We are at a bad time, but it's a matter of time."

Abilio said he thinks that the currency exchange around R$4.00 per US dollar is "exaggerated" and that the current Brazilian economic fundamentals do not justify the US currency at that level. For the entrepreneur, the fairest would be the currency being traded around R$ 3.50 per US dollar.

"Everybody says that Brazil is in crisis. I love the crisis. In my life, I alsways grew up in crisis. There is no economic crisis in Brazil," said the businessman. Abilio said he went through several difficult moments with the Brazilian economy in his life. As an example, He mentioned the debt crisis in the 1990s, when he was in the National Monetary Council (CMN) and participated in the negotiations in New York. "Now, the country has $ 370 billion in cash reserves. It is completely different," he said.

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