RIO DE JANEIRO, BRAZIL - The Brazilian real (R$) has fallen 9.4% against the dollar in 2021 in nominal terms, the second-worst performance in the world, better only than the Turkish lira, which has lost about 11%.
Commodities measured by the CRB index have jumped 10.2% this year, while inflation measured by the IPCA-15 is 5.52% in the 12 months to March, well above the target of 3.75% this year.
Central Bank president Campos Neto pointed out that it is impossible to discuss any scenario without talking about pandemics and that two things keep him . . .