Tags: Brazil | Buy | Dollars | Halt | Currency | Rise

Brazil to Buy Dollars, Seeks to Halt Its Currency Rise

Tuesday, 21 Sep 2010 07:36 AM

Brazil's government says it will use its sovereign wealth fund to start buying dollars in an effort to halt the appreciation of the nation's own currency.

The Finance Ministry says in a statement there will be no limit to the amount of purchases the fund will make in trying to hold down the value of Brazil's currency, the real.

The sovereign wealth fund is meant to buffer Brazil from financial crises and help Brazilian companies boost trade and expand abroad.

With the appreciation of the real, the goods exported by Brazil are more expensive and less attractive to foreign buyers.

Last week, the real hit 1.71 against the dollar, its strongest level in a year. On Monday, it closed at 1.72 to the dollar.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Headline
Brazil's government says it will use its sovereign wealth fund to start buying dollars in an effort to halt the appreciation of the nation's own currency. The Finance Ministry says in a statement there will be no limit to the amount of purchases the fund will make in...
Brazil,Buy,Dollars,Halt,Currency,Rise
124
2010-36-21
Tuesday, 21 Sep 2010 07:36 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved