Brazil central bank’s $60bn plan to boost real
23 Aug, 2013
Brazil’s currency is set for a much needed boost with a $60 billion plan from the country’s central bank to raise its value.
The Brazilian real currently stands at its lowest point against the US dollar in five years, with many reporting that this is due to higher US interest rates.
The central bank will spend billions on buying reais in the currency markets in ‘interventions’ which will run up to December.
According to the BBC, Andre Perfeito, chief economist at Gradual Investments in Sao Paulo, said: “This shows the firm determination of monetary authorities to keep the exchange rate from slipping further.”