Brazilian economy "protected"

The Brazilian economy is not suffering quite as much as the UK, USA, Europe and Japan due to the fact that it was "protected" in recent months, it has been suggested.

Paulo Wrobel, from the commercial section at the Brazilian Embassy in London, said the country - along with other emerging markets such as China - was "a bit protected earlier ... when the credit crunch started, because really the financial systems were not affected."

In news which could be welcomed by those looking to transfer money abroad, perhaps to Brazil, he noted the country's banking system is "quite sound" and that there has been no housing crisis in the region as has occurred in other parts of the world.

Mr Wrobel said the country has been affected by the drying up of international credit as well as the reduction in imports, because the country is probably one of the biggest exporters of commodities.

"It's these two main aspects which have mostly affected the Brazilian economy so far," he concluded.

The country's currency is the real.