Description

The Brazilian real (BRL) is the official currency of Brazil. It is divided into 100 centavos. The symbol of the Brazilian real is R$.

Economy

• The country is rated as an advanced emerging economy, ranking as the world’s 13th largest economy by GDP in 2020.
• In 2020, unemployment was estimated at almost 15 percent.
• The main industries include aircraft, textiles, iron ore, steel, cement, shoes and chemicals.
• Export products include aircraft, coffee, soybeans, cotton, sugar cane, tobacco, bananas, oranges, steel, iron ore, machinery, transport equipment, automotive parts and machinery.
• Import products include chemical products, electronics, machinery, oil and transport equipment.

History

• In 1994, the Brazilian real replaced the cruzeiro real at the rate of 1 Brazilian real to 2,750 cruzeiro reals, the average exchange rate of the US dollar. It was done to stabilise the country’s economy.
• From 1996 to 1998, the Central Bank of Brazil controlled the exchange rate of the Brazilian real and the US dollar.
• In 1999, the Brazilian real became a floating currency, experiencing a significant devaluation amounting to 1 USD = 2 BRL.