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Brazil's central bank governor Alexandre Tombini and Finance Minister Joaquim Levy pointed out that the Banco Central (BCB) would use its FX reserves to prevent a further collapse of the real (and thus the deterioration of the sudden stop).
There were no official comments on whether and if so to what tune the BCB intervened, but the exchange rate suggests that several rounds of interventions caused USD-BRL to ease from yesterday's highs around 4.25 to levels around 3.95 now.
The vicious circle of currency depreciation and capital flight that had accelerated precariously recently, seems to have been broken. Of course this is not it. Tonight (European time) the BCB will publish its current reserve levels.
"If the data was to suggest that it has used up a considerable share of its FX reserves of $371bn. we might easily see depreciation pressure re-emerge. Of course the only way to ensure things are not done by half measures is if it is clear that there are sufficient funds to be doing it with. We will only find out tonight whether the BCB meets this requirement", says Commerzbank.
