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Weekly Report - 24 September 2015 (WR-15-38)
BRAZIL: Real falls to its lowest-ever level
One of the memes doing the rounds of social media in Brazil features a picture of the distinctive pink five-reais note, with the tag-line: “the new one-dollar bill”. Though the Real is yet to sink to that level, the rapidity with which the currency has fallen has prompted many Brazilians to wonder how low it can go, having already fallen by 69.3% against the US dollar in the last 12 months. On 23 September, it fell to R$4.1517 to the dollar, a day after breaching the R$4 threshold. It is the weakest the Real has ever been since its creation in 1994, beating the R$3.99 to the dollar that marked the eve of Lula da Silva’s election in 2002. Most analysts expect it still has further to go.
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