Brazilian Real | Brazil Currency | BRL | Centavo

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Brazilian real Currency (BRL):

Brazilian real is the official currency of Brazil. One real corresponds to 100 centavos. The Central Bank of Brazil is the central bank and the issuing authority. As of April 2016, the real is the nineteenth most traded currency in the world by value. On 1 July 1994, during the presidency of Itamar Franco, when Rubens Ricupero was the Minister of Finance, the modern real was introduced as part of a broader plan to stabilize the Brazilian economy, known as the Plano Real (real plan).

The first currency of Brazil was the real (old), its symbol was Rs$. The original currency name was given by the Portuguese empire when Brazil was founded as a Portuguese colony in 1500. In 1942 old real was replaced by the cruzeiro real (CR$). Brazil’s currency was traditionally linked to the gold standard, until 1971 when that system was abandoned around the globe.

In 1994, cruzeiro real was replaced by the modern real. The reform included the demonetisation of the cruzeiro real and required a massive banknote replacement. The One modern real is equivalent to 2.75 × 1018 (2.75 quintillion) of the old reis and a rate of 1 real to 2750 cruzeiro real.