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.
