Brazil to lift limits on foreign ownership of land

Brazil's government will seek to lift current limits on foreign ownership of agricultural land, Secretary of Investment Moreira Franco, the person behind privatization for the new administration, told Reuters on Wednesday.

Franco called the restriction to sales of agricultural land to foreign individuals and companies "nonsense" and said interim President Michel Temer will reconsider the issue. The restriction was adopted in 2010 by former President Luiz Inacio Lula da Silva.