Underscoring the urgency in senior levels in the Brazilian government to tackle the rising Real, during a prime time televised news conference Mr. Mantega announced the new measure: an extension of a 6% tax on short term foreign-currency loans to longer dated paper, from 360 to 720 days.
It was at least the fourth capital control introduced by Mantega since October.
UPDATE: Reader, site friend, Brazil expert and all-round good egg Drunkeynsian leaves this in the comments section and fwiw it sounds spot on to me:
Brazilian government doesn't want to mess with the level of the currency. Since Central Bank decided not to raise rates aggressively to contain inflation, any help from import prices is welcome. Exporters complain and get some fireworks, but it seems clear to me Brazil is choosing a quite radical Ricardian approach to its future: sell commodities, forget about the rest, and pray for a very long cycle. The other side of that is a net foreign liability of US$ 700 billion, but nobody seems to care about it now.