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Brazilian Real
The Brazilian real (plural, pl. '; currency symbol, sign: R$; ISO 4217, code: BRL) is the official currency of Brazil. It is subdivided into 100 centavos. The Central Bank of Brazil is the central bank and the issuing authority. The real replaced the Brazilian cruzeiro real, cruzeiro real in 1994. As of April 2019, the real was the twentieth most traded currency. History Currencies in use before the current real include: * The ''Portuguese real'' from the 16th to 18th centuries, with 1,000 ''réis'' called the ''milréis''. * The ''Brazilian real (old), old Brazilian real'' from 1747 to 1942, with 1,000 ''réis'' also called the ''milréis''. * The ''Brazilian cruzeiro (1942–1967), first cruzeiro'' from 1942 to 1967, at 1 cruzeiro = 1 ''milréis'' or 1,000 ''réis''. * The ''Brazilian cruzeiro novo, cruzeiro novo'' from 1967 to 1970, at 1 cruzeiro novo = 1,000 first cruzeiros. From 1970 it was simply called the ''Brazilian cruzeiro (1967-1986), (second) cruzeiro'' and was u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Price Index
A consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. Changes in measured CPI track changes in prices over time. Overview A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, being combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the index. It is one of several price indices calculated by most national statistical agencies. The annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index (i.e. adjust for the effect of inflation) the real value of wages, salaries, and pensions; to regulate prices; and to deflate monetary magnitudes to show changes in real values. In most c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brazilian Cruzeiro (1967-1986)
Brazilian cruzeiro refers to any of four distinct Brazilian currencies: * Brazilian cruzeiro (1942–1967), worth 1,000 Brazilian réis * Brazilian cruzeiro (1967–1986), denominated ''cruzeiro novo'' between 1967 and 1970 in the transition from the previous standard banknotes to the new banknotes issued by Casa da Moeda do Brasil to avoid confusion between the old and the new currency. * Brazilian cruzeiro (1990–1993), redenomination of cruzado novo stemming from the Plano Collor. * Brazilian cruzeiro real (1993–1994), currency with a view to facilitating accounting transactions in the transition between cruzeiro and Real, necessary due to the difficulties of accounting values at the time due to inflation. See also * Brazilian cruzado (1986–1989) * Brazilian cruzado novo (1989–1990) * ''O Cruzeiro ''O Cruzeiro'' (initially just ''Cruzeiro'') was a Brazilian illustrated weekly magazine, published in Rio de Janeiro from 1928 until 1985, with the exception of the peri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arminio Fraga
Armínio Fraga Neto (born 20 July 1957, in Rio de Janeiro) is a Brazilian economist who was president of the Central Bank of Brazil from 1999 to 2003. From 1993 until his appointment to the Central Bank, he was Managing Director of Soros Fund Management in New York. Since 2001, he has been a member of the influential Washington-based financial advisory body, the Group of Thirty. Education Fraga received his PhD in economics from Princeton University in 1985. Career In 2003, he founded the Rio de Janeiro based investment company, Gávea Investimentos. Fraga has been called the Alan Greenspan of Latin America for his skillful handling of Brazilian monetary policy during his tenure as CBB president. Fraga worked for both Fernando Henrique Cardoso governments. In 2009, Fraga served on the High Level Commission on the Modernization of World Bank Group Governance, which – under the leadership of Ernesto Zedillo – conducted an external review of the World Bank Group's governance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russian Default
The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the ruble and defaulting on its debt. The crisis had severe impacts on the economies of many neighboring countries. Background and course of events The Russian economy had set up a path for improvement after the Soviet Union had split into different countries. Russia was supposed to provide assistance to the former Soviet states and, as a result, imported heavily from them. In Russia, foreign loans financed domestic investments. When it was unable to pay back those foreign borrowings, the ruble devalued. In mid-1997 Russia had finally found a way out of inflation. The economic supervisors were happy about inflation coming to a standstill. Then the crisis hit and supervisors had to implement a new policy. Both Russia and the countries that exported to it experienced fiscal deficits. The cou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quintillion
Two naming scales for large numbers have been used in English and other European languages since the early modern era: the long and short scales. Most English variants use the short scale today, but the long scale remains dominant in many non-English-speaking areas, including continental Europe and Spanish-speaking countries in Latin America. These naming procedures are based on taking the number ''n'' occurring in 103''n''+3 (short scale) or 106''n'' (long scale) and concatenating Latin roots for its units, tens, and hundreds place, together with the suffix ''-illion''. Names of numbers above a trillion are rarely used in practice; such large numbers have practical usage primarily in the scientific domain, where powers of ten are expressed as ''10'' with a numeric superscript. Indian English does not use millions, but has its own system of large numbers including lakhs and crores. English also has many words, such as "zillion", used informally to mean large but unspecified amoun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unidade Real De Valor
The Daily Unidade Real de Valor, or URV (Portuguese, ''Real Value Unit''), was a non-monetary reference currency (i.e., non-fiat) created in March 1994, as part of the Plano Real in Brazil. It was the most theoretically sophisticated piece of the Plano Real and was based on a previous academic work by Pérsio Arida and André Lara Resende, the "Larida Plan", published in 1984. Its main purpose was to establish a parallel currency to the cruzeiro real, free from the effects of inertial inflation on the latter, which exceeded 1,200% per year prior to the implementation of the new currency, the real. It was conceived as a temporary instrument to break up the "psychological inertia" that had ingrained in the Brazilian mindset and which caused prices to keep rising as a consequence of ''subjective'' estimation of inflation or ''preemptive adjustment'' without cost assessment. These phenomena are among the chief characteristics of hyperinflation, resulting from the erosion of confidenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Tender
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. Some jurisdictions allow contract law to overrule the status of legal tender, allowing (for example) merchants to specify that they will not accept cash payments. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques, credit cards, and similar non-cash methods of payment are usually not. Some jurisdictions may include a specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. Some jurisdictions may forbid or restrict payment made by other than legal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Plano Real
The Plano Real ("Real Plan",The word ''real'' in Portuguese could be translated either to ''real'' or ''royal'' in English. The name of the plan comes from the name of the currency which was chosen to give the idea of a stable and credible purchasing power. in English) was a set of measures taken to stabilize the Brazilian economy in 1994, during the presidency of Itamar Franco. Its architects were led by the Minister of Finance and succeeding president Fernando Henrique Cardoso. The Plano Real was based on an analysis of the root causes of hyperinflation in the '' New Republic'' of Brazil, that concluded that there was both an issue of fiscal policy and severe, widespread inertial inflation. The Plano Real intended to stabilize the domestic currency in nominal terms after a string of failed plans to control inflation. Background According to economists, one of the causes of inflation in Brazil was the inertial inflation phenomenon. Prices were adjusted on a daily basis accord ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Brazil
The economy of Brazil is historically the largest in Latin America and the Southern Hemisphere in nominal terms. The Brazilian economy is the third largest in the Americas. The economy is a middle income developing mixed economy. In 2022, according to International Monetary Fund (IMF), Brazil has the 12th largest gross domestic product expenditure (GDP) and has the 8th largest purchasing power parity. In 2022, according to International Monetary Fund (IMF), Brazilian nominal GDP was US$1.833 trillion, the country has a long history of being among the ten largest economies in the world. The GDP per capita was US$8,570 per inhabitant. The country is rich in natural resources. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%. Its GDP surpassed that of the United Kingdom in 2012, temporarily making Brazil the world's sixth-largest economy. However, Brazil's economic growth decelerated in 2013 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rubens Ricupero
Rubens Ricupero (born March 1, 1937) is a Brazilian academic, economist, bureaucrat and diplomat. He served as the fifth Secretary General of the United Nations Conference on Trade and Development from September 1995 to September 2004. Education Ricupero earned a Bachelor in Law from the University of São Paulo in 1959. He also studied at the Rio Branco Institute, a branch of the Brazilian Ministry of Foreign Relations. Career From 1979 to 1995, Ricupero taught courses in international relations at the University of Brasília; and in the same period, he also taught the history of Brazilian diplomatic relations at the Rio Branco Institute. Ricupero was Chairman of the Finance Committee at the United Nations Conference on Environment and Development which was held in Rio de Janeiro in 1992.Dornbusch, Rüdiger ''et al.'' (1995). He was the Brazilian Minister of the Environment and Amazonian Affairs, before becoming Minister of Finance in 1994. He is credited with providing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Itamar Franco
Itamar Augusto Cautiero Franco (; 28 June 19302 July 2011) was a Brazilian politician who served as the 33rd president of Brazil from 29 December 1992 to 31 December 1994. Previously, he was the 21st vice president of Brazil from 1990 until the resignation of President Fernando Collor de Mello. During his long political career Franco also served as Senator, Mayor, Ambassador and Governor. At the time of his death he was a senator from Minas Gerais, having won the seat in the 2010 election. Early life and family background Franco was born prematurely at sea, aboard a ship traveling between Salvador and Rio de Janeiro, being registered in Salvador. On his father's side he was of partial German descent (the Stiebler family from Minas Gerais), while on the mother's side he was of Italian descent, with both of his maternal grandparents having emigrated to Brazil from Italy. His mother's name was "Itália", which means "Italy" in Portuguese. Franco's father died before his birth. H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brazilian Cruzeiro (1990-1993)
Brazilian cruzeiro refers to any of four distinct Brazilian currencies: * Brazilian cruzeiro (1942–1967), worth 1,000 Brazilian réis * Brazilian cruzeiro (1967–1986), denominated ''cruzeiro novo'' between 1967 and 1970 in the transition from the previous standard banknotes to the new banknotes issued by Casa da Moeda do Brasil to avoid confusion between the old and the new currency. * Brazilian cruzeiro (1990–1993), redenomination of cruzado novo stemming from the Plano Collor. * Brazilian cruzeiro real (1993–1994), currency with a view to facilitating accounting transactions in the transition between cruzeiro and Real, necessary due to the difficulties of accounting values at the time due to inflation. See also * Brazilian cruzado (1986–1989) * Brazilian cruzado novo (1989–1990) * ''O Cruzeiro ''O Cruzeiro'' (initially just ''Cruzeiro'') was a Brazilian illustrated weekly magazine, published in Rio de Janeiro from 1928 until 1985, with the exception of the peri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
