*Brazil’s central bank (BCB) has held auctions to inject more of its US dollar reserves into the international currency market. The two auctions were held yesterday to sell up to US$2bn in total and contained a repurchase condition; the BCB plans to buy back its dollars in November and December this year. The sell-off of US dollars aimed to help stabilise the value of the Brazilian real against the US dollar. Yesterday the BCB’s buy rate for the Brazilian real came to R$6.0492 to the US dollar and its sell rate was R$6.0498, marking an increase in the currency’s value from the buy rate of R$6.0603 and sell rate of R$6.0609 to the dollar registered on 17 January. According to the BCB’s latest data, the central bank still has over US$325bn in its international reserves.
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LatinNews Daily - 21 January 2025
In brief: Brazil’s central bank makes another currency intervention
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