Mantega Says Brazil to Buy `Excess Dollars' Amid Worldwide `Currency War'
By - Sep 27, 2010 8:56 PM GMT-0300
Brazilian Finance Minister Guido Mantega said the government will buy all “excess dollars” in the market to curb the real’s appreciation as governments around the world engage in a “currency war.”
Brazil won’t allow the real to appreciate excessively as other countries weaken their currencies to gain market share for exporters, Mantega said today at an event in Sao Paulo.
“We are experiencing a currency war,” Mantega said. “Devaluing currencies artificially is a global strategy.”
The real has gained 35 percent against the U.S. dollar since the beginning of 2009, making Brazilian exports more expensive in dollar terms and cutting into profits for exporters. The comments today echo those Mantega made Sept. 15, when he pledged that Brazil is “not going to lose this game.”
Leia mais
Pontos de discussão: Avalia a estratégia brasileira. Quais são os custos comprando os dolares? O que significa este para a economia brasileira?
Brazil won’t allow the real to appreciate excessively as other countries weaken their currencies to gain market share for exporters, Mantega said today at an event in Sao Paulo.
“We are experiencing a currency war,” Mantega said. “Devaluing currencies artificially is a global strategy.”
The real has gained 35 percent against the U.S. dollar since the beginning of 2009, making Brazilian exports more expensive in dollar terms and cutting into profits for exporters. The comments today echo those Mantega made Sept. 15, when he pledged that Brazil is “not going to lose this game.”
Leia mais
Pontos de discussão: Avalia a estratégia brasileira. Quais são os custos comprando os dolares? O que significa este para a economia brasileira?
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