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$.
Economy
- The country is rated as an advanced emerging economy, ranking as the world’s 13th largest economy by GDP in 2020.
- In 2020, unemployment was estimated at almost 15 percent.
- The main industries include aircraft, textiles, iron ore, steel, cement, shoes and chemicals.
- Export products include aircraft, coffee, soybeans, cotton, sugar cane, tobacco, bananas, oranges, steel, iron ore, machinery, transport equipment, automotive parts and machinery.
- Import products include chemical products, electronics, machinery, oil and transport equipment.
History
- In 1994, the Brazilian real replaced the cruzeiro real at the rate of 1 Brazilian real to 2,750 cruzeiro reals, the average exchange rate of the US dollar. It was done to stabilise the country’s economy.
- From 1996 to 1998, the Central Bank of Brazil controlled the exchange rate of the Brazilian real and the US dollar.
- In 1999, the Brazilian real became a floating currency, experiencing a significant devaluation amounting to 1 USD = 2 BRL.
| Symbols | R$ |
| Nicknames | None |
| ISO 4217 code | BRL |
| Central bank | Central Bank of Brazil |
| Currency subunits | Centavo = 1/100 |
| Denominations | Banknotes: R$2, R$5, R$10, R$20, R$50, R$100, R$200 Coins: 5, 10, 25, 50 centavos, R$1 |
| Countries using this currency | Brazil |
| Currencies pegged to BRL | None |
| BRL is pegged to | None |