Guido Mantega, Brazil’s finance minister, has admitted the government is closely controlling the level of its exchange rate, breaking with an earlier policy of allowing the market to determine the optimal level of its currency, the real.
Brazil is operating a “dirty float”, in which it allows the currency to move within a tight band that economists estimate at about R$2-R$2.10 to the dollar, a practice common in other emerging markets, such as Colombia or China.
“For us the ideal is a floating currency, without manipulation,” Mr Mantega said in an interview with Valor Econômico, the Brazilian business newspaper. “But if the whole world is going to manipulate their exchange rates, we will too.”
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