The Central Bank of Brazil (BCB) has continued to intervene in the foreign exchange (forex) markets to support the value of the real – despite comments from a deputy governor that the currency is probably shifting towards a ‘new normal'.
The central bank has intervened a number of times during the past two weeks, offering dollar-denominated swap contracts of up to $2 billion at a time. On one day last week, $1.376 billion was taken up by the market, according to the BCB.
The moves came in the wa
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