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August 20, 2017

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Brazil claims it's committed to weaker real in relation to dollar

BRASILIA -- Brazilian Finance Minister Guido Mantega said Thursday his government would continue to back a weaker real in relation to the dollar to boost the country's economic productivity.

"We will continue to work for a weaker real to boost the competitiveness of Brazilian firms," Mantega told a business event, with President Dilma Rousseff at his side.

He stressed that the national currency had been trading slightly above two to the dollar for the past four months, closing at 2.05 Thursday, up 0.23 percent compared to Wednesday.

"It's a situation which is firming at this level and this greatly boosts the competitiveness of Brazilian companies," Mantega said.

Brazil has been complaining of a "currency war" allegedly waged by countries such as the United States and China that have devalued their currency, thus boosting their exports.

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