BRL - Brazilian Real (R$)

The Brazilian real is the official currency of Brazil. It was introduced to fight high inflation; it replaced the cruzeiro on July 1, 1994. The Brazilian real’s currency code is BRL, and its symbol is R$. Its plural is “reais”.

The Brazilian Real (BRL) is the official currency of Brazil. It is divided into 100 centavos. The symbol for the Brazilian Real is R$. Brazil uses the period to separate thousands and the comma to separate decimals. In 1994, the new Real was introduced.

The Brazilian Real is the currency in Brazil (BR, BRA). The Brazilian Real is also known as Reals. The symbol for BRL can be written R$. The Brazilian Real is divided into 100 centavos. The exchange rate for the Brazilian Real was last updated on Today from The International Monetary Fund. The BRL conversion factor has 6 significant digits.

Economy

  • Brazil has a free-market economy.
  • The GDP growth is 5% and is Brazil is rated as a fast-growing economy.
  • Predictions are that Brazil’s economy will be the 5th largest in the world.
  • Unemployment is estimated at 6%.
  • The main industries are coal, airplanes, consumer products, textiles, ore, iron, steel, cement, fertilizers, toys, electronics, and armaments.
  • Export products are footwear, coffee, paper, steel, machinery, transport equipment, automotive parts, and machinery.
  • Import products are chemical products, electronics, machinery, oil, and transport equipment.

History

  • The new modernized Real was introduced in 1994 to stabilize the Brazilian economy. At that stage the exchange rate was 1 Real = 1 USD.
  • The first series of Real coins was launched in 1994 and they were used until 1997.
  • From 1996 to 1998, the Central Bank of Brazil controlled the exchange rate.
  • The second series of real coins were introduced in 1998 and are still being used.
  • In 1999, the new President of the Central Bank decided to release the control over the exchange rate and the real suffered a massive devaluation to 2 Real = 1 USD.
  • In 2002, the real reached its lowest exchange rate against the USD (4 Real = 1 USD).
  • Since 2002, the real has been fluctuating; only in 2007 was it rated higher than the USD, reaching 0.5 Real = 1 USD.
  • In 2004, new polymer banknotes were launched.

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