MercoPress. South Atlantic News Agency
Hard times ahead for Lula and Brazilian Real, the most devalued currency in 2024
US dollar expectations in the Brazilian market are beating forecasts having reached R$ 6.30 in December, (from 4.85 in January 2024) making the Brazilian Real one of the largest currencies of emerging countries, as the most devalued during 2024, despite the Central Bank pumping some US$ 17 billion to the market hoping to contain the slide. Read full article
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Disclaimer & comment rulesThe government, now in control of the Central Bank, has begun selling dollars on the market. It has already sold 30 billion dollars on the spot market. The dollars sold came from our foreign exchange reserves account held with the US Treasury.
Posted 5 days ago - Link - Report abuse 0There are still another $350 billion to be sold before we can practically pay off our domestic debt.
Just to clarify that our trade with China and Russia is done in local currency. This means that future contributions to foreign exchange reserves will be made in yuan.
https://www.cnnbrasil.com.br/economia/macroeconomia/brasil-ja-possui-124-bilhoes-de-iuans-em-reservas-internacionais/#:~:text=O%20Brasil%20encerrou%20o%20ano,do%20Banco%20Central%20(BC).
Enjoy the Yuan... ;)
Posted 4 days ago - Link - Report abuse 0Brasshole,
Posted 1 day ago - Link - Report abuse +1Are you nuts ? The government does NOT control the Central Bank - the bank maintains its independence ( necessary in order to control the value of the currency without political interference).
We all know that nine-fingers would love to control it, so much so that when he appointed Galípolo to succeed Roberto Campos Neto as the president of the CB as of January 1st, he had hopes that he would be able to manipulate him.....but, as luck would have it, Galipolo, since becoming a member of the Board of Directors of the CB, has shown that he is a serious financial operator, and has voted in exactly the same way as Roberto Campos Neto at the COPOM meetings (convened once a month to decide the SELIC rate).
Galipolo is not a fool, nor is he prepared to ruin his reputation just to please nine-fingers who, like you, is an ignoramus when it comes down to economics and market forces..
And, just fyi, the reserves of roughly USD 350 billion, are assets (held by CB - not by the US treasury), to act as a kind of insurance, or guarantee, that the country can face its international obligations, and against external shocks such as currency crises and/ or interruptions of the influx of foreign currency.
Also, the reserves are not used, or at least, should not be used, to pay off domesctic debt.
And our trade with China and Russia is still a good way away from being conducted in local currency..
Brasshole, have you no financial education whatsoever ? in one post you have managed to tell 3 lies, or to show how ignorant you are....a typical lefty.
@ Jack, the guy lives in an alternate reality, some crazy nonsensical posts, but good for a laugh, 2025 and still he does not learn. hope he gets better soon,
Posted 1 day ago - Link - Report abuse 0“in one post you have managed to tell 3 lies”
Posted 1 day ago - Link - Report abuse 0Says you who lies about everything you post.
JB “Your insistence that I'm a fascist”
Brazil's corruption scandals reach Lula da Silva: ...
12 Jack Bauer; “..'Military dictatorship', ..history is showing,.. that it was good for Brazil
50 Jack Bauer; “Military taking over again, ….. they did it to prevent Brazil from being handed over to the communists. ... the Military , I hope, would be there again to save Brazil”
Terence Hill,
Posted 1 day ago - Link - Report abuse 0Tell me, Mr. Know It All, what LIES have I told, in the above post and /or in previous ones ?
Are you going to tell me that our CB is not independent ?
Or that Galípolo has not voted in the same way that Roberto Campos Neto has ?
Or that our CB does not control Brazil's foreign reserves ?
Or that the amount of trade between Brazil and China that is conducted in currencies other
than the USD is still insignificant ?
C'mon, or are you going to prove, yet once again, that you and Brasshole are birds of a feather ? (no offence to birds, implied).
Mind you, please be objective, that is, do NOT confuse “opinions” with lies.....We all know that you have a strong tendency to believe that your opinions are the Gospel truth and that every 'n any other opinion that disagrees with yours, in your rather limited brain, is automatically a lie ?...or can't you tell the difference ?
As for your above post, what I said in the past are opinions which I have the right to express, and cannot be classified as lies, even by an ignoramus like you.
But, since you allegedly know all about Brazil (note, I said 'allegedly') what do you think of the latest economic indices, such as inflation, the prime interest rate, the foreign debt, the accumulated internal Federal debt, the debt/GDP ratio, the fiscal target, or the bill we need to pay every year as interest on the Federal debt, due to this leftist government's overspending, corruption, incompetence and inefficiency ?
Answer the questions objectively, don't embarass yourself...again.
what LIES have I told, in the above post and /or in previous ones ?”
Posted 1 day ago - Link - Report abuse 0JB “Your insistence that I'm a fascist”
Brazil's corruption scandals reach Lula da Silva: ...
12 Jack Bauer; “..'Military dictatorship', ..history is showing,.. that it was good for Brazil
50 Jack Bauer; “Military taking over again, ….. they did it to prevent Brazil from being handed over to the communists. ... the Military , I hope, would be there again to save Brazil
http ://en.mercopress.com/2015/01/26/brazil-supportive-of-mercosur-as-long-as-it-does-not-turn-into-a-burden/comments#comment378210
Brazil remembers the 50th anniversary of the coupe…
15 Jack Bauer; “..Am pretty sure that military are accompanying all this … I hope they DO take over...”
JB “The military option was better than the communist”
http ://en.mercopress.com/2017/05/25/brazilian-ex-presidents-discussing-the-outcome-of-the-political-situation/comments#comment467324
“The US can point to nothing even remotely threatening done by the Brazilian Communist Party”
http://www-personal.umich.edu/~lormand/poli/soa/brazil.htm
“The idea that toilet paper cannot be flushed down toilets, is true in only 'parts”
Is absolutely false as besides myself, four other sites have confirmed. While as usual you cannot produce any support for your claim, which therefore confirms your assertion is untrue.
http ://en.mercopress.com/2017/07/20/ex-brazilian-president-assets- and-bank-accounts-frozen/comments#comment471252
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