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Since early March...when President Rousseff denounced the 'tsunami' of foreign 'hot money' flooding into her nation...and expanded measures to impose a 6% tax on foreign loans and bonds...the REAL has fallen by 4.8%...to 1.8143 per usd.
Officials say Brasilia may finally be winning the currency war...even as developed nations continue to devalue currencies by printing money and keeping interest rates artificially low...measures that may last a decade.
Until Rousseff acted...in just 2 months...the REAL had appreciated by 8.7% vs usd...with $15.5 billion in new foreign funds pouring in.
Yet...even with its recent benchmark reduction to 9.75%...Brasil owns the highest inflation adjusted interest...4.28%...after Russia.
