This article was last updated on April 16, 2022
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The Central bank of Brazil made a surprising move to save Brazil from economic destruction amid concerns that the Global economic crisis could land Brazil in trouble too.
The Central bank of Brazil sold $2.75 billion in currency exchange. This decision is an unexpected policy shift from the Government who for the past one year has constantly complained of the Currency War.
The real’s enormous and hasty depreciation, which has pressed it down 17 percent in opposition to the U.S. dollar in September to a level not witnessed in the past two years, was according to the grapevine too much for the central bank to put up with.
“Brazil’s economy is well-equipped to face the global crisis but added that the government was prepared to take additional measures to prevent further abrupt moves in the currency. I think things are going to stabilize, but we are ready to take more measures if necessary” said Brazilian President Dilma Rousseff.
The Central bank of Brazil has defended the move by calling it necessary. However people associated with financial markets fear Brazil has turn out to be less committed in its fight against inflation, and they have acted in response by selling the real more belligerently than other up-and-coming market currencies.
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