Brazil’s currency rout will continue to escalate unless the country’s central bank steps up its emergency measures and Luiz Inácio Lula da Silva’s government delivers fiscal reforms, investors and analysts have warned.
The Brazilian real has fallen by about 1 per cent this week alone, touching a record low of 6.21 against the dollar on Tuesday despite a barrage of foreign exchange interventions by the country’s central bank.
The Banco Central do Brasil (BCB) sold more than $3bn in back-to-back operations on Tuesday, its third consecutive day of wading into currency markets as policymakers seek to prop up the embattled real. The central bank has sold nearly $6bn this week, according to Financial Times calculations based on BCB disclosures.
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