Brazilian Real - BRL

Overview

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.

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.

General Information