Brazil's central bank announced on Friday that the country's foreign exchange reserves have reached a record high of 209.5 billion U.S. dollars.
This record was achieved even though the Brazilian government used some reserves for anti-crisis measures over the past few months to stop the devaluation of the Brazilian real.
According to the central bank, about 39 billion U.S. dollars of the reserves were mobilized. Of these, 14.5 billion were sold in dollar auctions, and 24.4 billion were loaned to exporters.
Over half of the money lent has already been paid. Moreover, in the past two months, with the U.S. currency's devaluation and the return of foreign investment, the central bank managed to purchase 6.8 billion U.S. dollars.
However, the Brazilian government believes the reserves are still below the ideal level for the country to ward off the impact of the financial crisis. The government considers the ideal level to be 300 billion U.S. dollars.
Source: Xinhua
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