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The Brazilian real (pl. reais; sign: R$; code: BRL) is the official currency of Brazil. It is subdivided into 100 centavos. The Central Bank of Brazil is the central bank and the issuing authority. The real replaced the cruzeiro real in 1994. As of April 2019, the real was the twentieth most traded currency. [1]
Not considering inflation, one modern Brazilian real is equivalent to 2,750,000,000,000,000,000 times the old real, that is, 2.75 × 10 18 (2.75 quintillion) réis. Before leaving Brazil in 1821, the Portuguese royal court withdrew all the bullion currency it could from banks in exchange for what would become worthless bond notes; [12] [13]
Until 1747 the Brazilian real was the same as the Portuguese real, with the gold peça of 13.145 g fine gold worth 6,400 réis or 6 400. After that date, however, the Brazilian real started to become a separate currency unit when the value of the peça was raised by 10% in Brazil (but not in Portugal) to 7,040 réis. [2]
A currency is a kind of money and medium of exchange.Currency includes paper, cotton, or polymer banknotes and metal coins.States generally have a monopoly on the issuing of currency, although some states share currencies with other states.
On 1 November 1942 the real was replaced by a new currency, the "cruzeiro", officially worth Rs 1$000 (mil réis, pronounced mirréis) — which had long been used informally as the currency unit for most retail trades. The old réis banknotes and coins remained in use for a while. [1] Some were overstamped with the amount in cruzeiros.
The cruzeiro was the currency of Brazil between 1990 and 1993. It was the third iteration of a Brazilian currency named "cruzeiro", and replaced the cruzado novo at par. It was used until 1993, when it was replaced by the cruzeiro real at a rate of 1 cruzeiro real = 1000 cruzeiros.
This infobox shows the latest status before this currency was rendered obsolete. The cruzado was the currency of Brazil from 1986 to 1989. It replaced the second cruzeiro (at first called the "cruzeiro novo") in 1986, at a rate of 1 cruzado = 1000 cruzeiros (novos) and was replaced in 1989 by the cruzado novo at a rate of 1000 cruzados = 1 ...
Until the 1960s, banknotes put into circulation in Brazil were, for the most part, made to order abroad, and eventual issues by the Casa da Moeda do Brasil were punctual, the main experiences being the issuance of banknotes in values between 1 mil-réis and 1 conto de réis for National Treasury banknotes in the early 1920s and later, 5 cruzeiros note issued in 1961, called the Indian note ...