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Brazil committed to weaker real against U.S. dollar

08-31-2012 10:40 BJT

BRASILIA, Aug. 30 (Xinhua) -- Brazil will continue to back a weaker currency against the U.S. dollar to boost the country's economic competitiveness, said Brazilian Finance Minister Guido Mantega on Thursday.

"We will continue working for a weak real to boost competitiveness of Brazilian firms," Mantega told a group of business people in an event which was also attended by President Dilma Rousseff.

He said the real has been trading slightly above two to the dollar for the past four months, closing at 2.05 Thursday.

In recent years, Brazil has complained about being a victim of a "currency war," allegedly launched by countries such as the United Stateswhich has gained trade benefits from a devalued dollar.

The Brazilian government has, over the past several years, adopted a series of measures to rein in the rise of its currency value.


Editor:James |Source: Xinhua

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