First Cruzeiro

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First Cruzeiro

The currency of Brazil between 1942 and 1967. It replaced the reis at a rate of 1,000 reis to one cruzeiro. The cruzeiro began to experience high inflation and as a result was replaced by the second cruzeiro.
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The Brazilian cruzeiro rose fairly strongly in real terms against the dollar, as substantial nominal depreciation of the cruzeiro did not keep pace with the even more rapid domestic inflation in that country.
The Brazilian cruzeiro has been devalued by almost a quarter in the last three months, but exporters complain that it is still overvalued, making foreign sales unprofitable in local currency terms.

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