Brazil's central bank will today embark on a $60B program aimed at supporting the real (BZF), which has dropped 9.1% vs the dollar in this month alone. On Monday-Thursday, the bank will sell $500M worth of foreign-exchange swaps every day, while on Friday it will auction $1B of dollar loans. The program adds to swap and credit-line actions of $45B that the bank has already announced this year, not that they've done much good. The real was at 2.4428 to the dollar at the time of writing.
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