However, the panel clarified that all these exemptions to non-resident investors through FIIs be restricted to only transactions in listed securities.

The government will also allow faster asset amortization and impose a lower tax rate on dividend payments for non-resident investors, the decree said.

Data from the Institute for International Finance showed non-resident investors had pulled $23 billion from emerging market portfolios since early October.

But non-resident investors still own over 700 billion euros of Italian debt and about 200 billion euros of Spanish debt.

Over the same period, equity holdings by non-resident investors fell from $32 billion to $22 billion, central bank data showed.

Non-resident investors may be behind the surge in short interest for Petrobras common shares, he added.

Non-resident investors sold a net C$1.97 billion ($1.58 billion) in Canadian securities after acquiring C$19.20 billion in November.