Currency Shift Necessary: Meirelles

Currency Shift Necessary: Meirelles

Brazil Economy & Policy Corporate & Sovereign Strategy

A sharp drop in the Brazilian real has alarmed many observers, but Henrique Meirelles, chairman of the Brazilian unit of Lazard and former head of Brazil’s Central Bank, tells LatinFinance it simply reflects a normal process of rebalancing. The depreciation may be a challenge, it is nevertheless “necessary” and the process “simple,” he says. “The change in the exchange rate reflects the drive towards rebalancing the current account balance to a more sustainable level. With the real moving from 1

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