In a leaked video, Communications Minister Fábio Faria — one of President Jair Bolsonaro’s closest advisors — is shown joking about how little the Brazilian currency is valued against the U.S. Dollar. Mr. Faria is seen impersonating a TV presenter who hosted Brazil’s version of “Who Wants to Be a Millionaire?” saying that “BRL 1 million isn’t worth anything” as of now.
In 2020, the Brazilian Real was one of the world’s worst-performing currencies, losing 30 percent of its value. Over the course of last year, the foreign exchange rate went from USD 1 : BRL 4.02 up to BRL 5.19. The currency has lost a combined 35 percent in value since the beginning of the Jair Bolsonaro presidency.
Economists blame the steep depreciation of the Real on doubts around the government’s fiscal solvency, the lack of progress in the reform agenda in Congress, international factors — but also to political noise, caused in large part by Mr. Bolsonaro’s constant jabs at democratic institutions.
The city of Rio de Janeiro estimates that a Madonna concert this Saturday on Copacabana…
Latin America’s trend of banning opposition candidates from elections has caught on in an ever-growing…
The São Paulo City Council on Thursday approved legislation authorizing Brazil’s largest city to sign…
The preliminary report on AI regulations presented to Brazil’s Senate last week provides a middle-of-the-road…
In 2000, Formula 1 great Michael Schumacher had just racked up his 41st race win,…
Overall, the worldwide economic outlook has improved according to the Organization for Economic Co-operation and…