21
September
Brazil's central bank president says no country can hold dollar up
21 September 2010 Bloomberg.com
Brazilian central bank President Henrique Meirelles said the dollar is weakening because of problems in the U.S. economy and there’s very little policy makers can do about it.
“No country in the world can hold the dollar,” Meirelles said today during a speech in the city of Curitiba. He said his comments weren’t specifically tied to the Brazilian currency’s value.
Brazil’s real has gained 34 percent against the dollar since the beginning of last year, the second-best performer among the world’s 16 most-traded currencies. A stronger real makes the country’s exports more expensive in dollar terms, cutting into companies’ profits.
