The Brazilian Real (BRL) is the country's currency. Brazil, the largest country in South America and one of the BRIC nations (Brazil, Russia, India, and China), is often regarded as having one of the most significant developing economies.
As part of a bigger push to boost economic growth in Brazil, the cruzeiro real was phased out in favour of the Brazilian real in 1994. The exchange rate was 1:1 when it was originally introduced. There was a lot of scrutiny and regulation over how much Brazil's currency could be traded for foreign currencies while it was connected to the dollar until 1999. By 2022, the currency rate will have risen to 4.99 Brazilian reals per US dollar. Because of the severe consequences of the COVID-19 outbreak, the Brazilian real has dropped to a level never seen before.