Brazil posted a July current account deficit of $4.1 billion, up from $2.5 billion the previous month, the Central Bank said Tuesday. In a further disappointment, net foreign direct investment fell to a miniscule $78 million, down sharply from $3.9 billion in June. FDI declined mainly because of rising disinvestment by multinational companies, the Central Bank said. The July current account deficit widened on high debt-service costs and continued profit and dividend remittances by multinational companies. The 12-month current account gap, however, narrowed somewhat because of a low basis of comparison from 2015. As of July, the 12-month figure was $27.9 billion, down from $29.4 billion as of June.
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