Brazil central bank faces contradictions in global economy's 'new reality'
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
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