A Decree published in the Official Gazette on March 12 increases the Tax on Financial Operations (IOF) of 6% from three to five years for settlement of exchange transactions for funds entering the country (foreign loans). The change comes into effect on the date of publication. On the 1st of the month the government had raised the taxation term on foreign loans from two to three years. In practice, this means that money will have to stay in the country for longer to avoid taxation. The Finance Minister, Guido Mantega, warned that the government would take measures to defend the Real, and the economic team will take a more proactive stance in the currency war. According to the Decree, the 6% tax applies to "settlement of exchange transactions from March 12, 2012, for the entry of funds into the country, including through simultaneous operations, related to foreign loans that are subject to registration with the Central Bank contracted directly or through the issue of bonds on international markets with an average minimum terms of up to 1,800 days".