Think the Brazilian real is on track to rise unchecked? Think again.
The Brazilian real closed Monday at its highest level in 12 years against the dollar, and a look at the Brazilian economy suggests the good times are far from over.
But if you think that means the Brazilian real is set to soar, think again. Brazil's finance minister said during a conference today that the government is set to continue taking measures to contain the currency's rise.
"The government will continue to take measures to contain the overvaluation of exchange rate," Guido Mantega, the finance minister, told reporters.
True, Brazil has taken steps to stem the currency's rise many times in the past, with decidedly mixed results. But if Mantega means business this time - well, it was fun while it lasted.
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