Brazil’s central bank kept interest rates unchanged on Wednesday, as expected, refraining from hiking even after a sharp currency slide as policymakers highlighted the unclear impact of a nationwide protest by truckers in late May.Add your comment!
Brazil’s competition authority Cade has reached a settlement with Morgan Stanley and Royal Bank of Canada, fining them a combined 42.9 million reals (US$11.6 million) for forming a cartel manipulate FX markets.Add your comment!
Brazilian President Michel Temer said on Thursday there was no risk of a currency crisis in Latin America's largest economy despite sharp falls in the exchange rate, while the central bank chief pledged to maintain the bank's intervention in the market.
The Brazilian currency has fallen to its lowest level against the dollar in more than two years, amid rising investor worries over recent economic and political turmoil. The Real is down 14% this year, near its lowest levels since March 2016. On Wednesday in New York, the dollar bought 3.8534 Reais, versus 3.8087 Reais late Tuesday.
Brazil's economy is going through a mini crisis stemming from global markets turbulence made worse by confusing messages from the US Federal Reserve, complained Finance Minister Guido Mantega.