Brazil ramps up FX interventions to defend real

Governor Campos Neto says fall “is not justified by fundamentals”

Roberto Campos Neto
Photo: Raphael Ribeiro/Central Bank of Brazil

The Central Bank of Brazil has sharply increased its foreign exchange interventions to prevent the real from sliding further against the US dollar.

On March 2, the central bank sold $2.1 billion in the spot FX market as the real hit a three-month low against the US dollar. Since February 25, total foreign currency sales have climbed over $5 billion.

The currency is one of the worst-performing emerging currencies in 2021 so far. Since February 22, it has depreciated by 6.1% against the dollar

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