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The Brazilian real (pl. reais; sign: R$; code: BRL) is the official currency of Brazil. It is subdivided into 100 centavos. The Central Bank of Brazil is the central bank and the issuing authority. The real replaced the cruzeiro real in 1994. As of April 2019, the real was the twentieth most traded currency. [1]
Not considering inflation, one modern Brazilian real is equivalent to 2,750,000,000,000,000,000 times the old real, that is, 2.75 × 10 18 (2.75 quintillion) réis. Before leaving Brazil in 1821, the Portuguese royal court withdrew all the bullion currency it could from banks in exchange for what would become worthless bond notes; [12] [13]
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2]; Exchange rate arrangement (Number of countries) Exchange rate anchor
The Brazilian real is considered a strong South American currency; under presidents Luiz Inácio Lula da Silva and Dilma Rousseff, the real almost tripled in value, resulting in a vast change in economics, with many people who were middle class benefiting greatly. [8]
Until 1747 the Brazilian real was the same as the Portuguese real, with the gold peça of 13.145 g fine gold worth 6,400 réis or 6 400. After that date, however, the Brazilian real started to become a separate currency unit when the value of the peça was raised by 10% in Brazil (but not in Portugal) to 7,040 réis . [ 2 ]
The samba effect is a nickname for the financial crisis in Brazil in 1999 where there was a 35% drop in the value of the Brazilian real.The effect was caused by the 1997 Asian financial crisis, which led Brazil to increase interest rates and to institute spending cuts and tax increases in an attempt to maintain the value of its currency. [1]
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As accepted by the International Monetary Fund (IMF), hyperinflation is defined as a period of time in which the average price level of goods and services rise by more than 50% a month. [ 2 ] Brazil experienced over a decade of very high inflation – often double-digit monthly inflation – preceding the hyperinflationary period.