Anytime it strengthened to BRL1.65 against the dollar, Finance Minister Guido Mantega would introduce taxes on foreign investments, or other measures designed to keep the currency in check.
As expected, Brazil imposed a 6% financial transactions (IOF) tax on offshore loans as part of a series of planned measure to curb inflation by limiting credit, and keep the local currency in check.
For example, if they don't have bank accounts, they would have to use check-cashing outlets to turn their paychecks into currency, and have to pay a fee for the transaction.