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LatinNews Regional Monitor: Brazil & Southern Cone - 24 April 2020

In brief: Another historic low for the Brazilian real

* The Brazilian real has fallen below the R$5.50/US$1 mark, closing the day at a new record low of R$5.53/US$1 yesterday (23 April). The US dollar appreciated 2.19% against the real despite an intervention from Brazil's central bank (BCB), which held two auctions for new swap contracts on the futures market, as well as renewing swap contracts due to expire in June. The devaluation of the real was driven by recent comments from BCB president, Roberto Campos Neto, indicating the possibility of another cut in the benchmark interest rate next month, as well as by political tensions and uncertainty in government.  

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