Brazil's real recovers against US dollar

Friday, December 20th 2024 - 10:30 UTC

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Brazil's Central Bank (BCB) successfully maneuvered Thursday and got the US dollar to fall against the local real after volatility gripped financial markets amid President Luiz Inácio Lula da Silva's planned taxation reforms, Agencia Brasil reported. The US currency closed at R$ 6.12 following Congressional approval of the Government's legal package. Read full article

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FortHay
Wishful thinking: https://www.msn.com/en-us/money/economy/brazil-s-wealthy-lament-political-dysfunction-as-fortunes-tumble/ar-AA1we63Y
As msn (and not this MP article) reports, “. . .the country’s fiscal deficit swelled to nearly 10% of gross domestic product.” Where the issue is appears clear: “the problem is mostly political” and “ . . .lawmakers were dragging their feet and the government has failed to show enough urgency to address the deteriorating fiscal situation.” And while the rich have ways to evade this disaster, it is the core of society that bears the brunt: “A median income earner in Brazil will be far more vulnerable to the depreciation.” Will Brazil be turned into a basket case like Argentina was, before a turnaround? Let's hope not.
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