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Central Bank of Brazil

Brazil fights dollar’s devaluation

Published on Oct. 29, 2012

 
Read Brazil fights dollar’s devaluation

Brazil is concerned about dollar’s value, since it is a reference for their own economy. The Brazilian Government set one dollar must be worth at least two reais.

However, this balance has been altered by the US Federal Reserve, who has been issuing dollars lately, and the Brazilian economy, strengthened over the last months.

In order to prevent the devaluation to continue, the Central Bank of Brazil announced that it would buy up to 1,500 million dollars though contracts maturing in December 2012 and January 2013.

Brazil will offer 30,000 inverse exchange rate swap contracts to help the dollar not to reach the limit previously established.

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