Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Lula Says He Is ’Very Worried´ About Strength of Real

Dec. 3 (Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva said he is “very worried´´ about the strength of the real.

“We´re watching the question of the exchange rate,” Lula told foreign journalists in Rio de Janeiro today. “We don’t want to devalue the real but at the same time we don´t want a very strong real because it hurts our trade.´´

The real has gained 7 percent over the past six months, the most among major Latin American economies after the Chilean peso’s 11.1 percent rise. The real fell 0.2 percent to 1.6993 at 7:50 a.m. New York time following a central bank announcement that it will raise reserve requirements.

Lula, who leaves office Dec. 31, said he respects Brazil’s free-floating currency system and that the government can’t set the value of the currency.

The U.S. is acting unilaterally to resolve its economic problems without weighing the consequences of its policies on other nations, Lula said.

To contact the reporter on this story: Joshua Goodman in Rio de Janeiro at jgoodman19@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.