Reported about 1 year ago
Brazil's top decision-maker on currency intervention, Gabriel Galipolo, indicated he would only take action in the foreign exchange market after obtaining full support from the central bank board. Galipolo's cautious stance is seen as an attempt to avoid appearing susceptible to political pressure amid demands from President Luiz Inacio Lula da Silva to combat currency speculation. The real has depreciated over 10% this year, prompting calls for central bank intervention, but Galipolo aims to maintain consensus before any such moves.
Source: YAHOO