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In late September, Finance Minister Guido Mantega (Pictured) said that he would take measures to curb the REAL’s volatility and limit gains in a global “currency war.” So far he’s failed.
Instead, the REAL is heading toward its eighth straight weekly advance, the longest streak since 2004, and has surged 38 percent since the beginning of 2009. It has gained 111 percent since President Lula da Silva took office in 2003, the most in the world.
Meanwhile central bank president Henrique Meirelles stated that: “Brasil cannot pay an excessive price for the fact it’s doing well while others are doing badly. Many countries started to take measures in this regard and, evidently, Brasil needs to take its measures to protect itself from these imbalances.”
