SÃO PAULO, BRAZIL – This week the exchange rate between the Brazilian real and the US dollar surged, with the Brazilian currency falling by 0.30 percent on Monday to R$4.20/US$1. But as Brazilians planning to travel abroad over the end-of-year holidays worried about the higher dollar, Brazil’s Central Bank remained relatively calm, monitoring how the FX rate will affect the country’s inflation.

"The important thing for us is how the exchange rate affects the inflation channel,” stated Central Bank President Roberto Campos Neto earlier this week to a Congressional committee

“If . . .

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