We thoroughly describe the workings of the Brazilian interbank exchange rate market: agents, products, regulation, operation and risks. We analyse the recent evolution of the exchange rate market and came to a negative evaluation of the current exchange rate trading system, thereby suggesting an...

Routes of the Brazilian financial liberalization. This paper describes the most recent change in the rules of domestic exchange market and emphasizes/explores their consequences to Brazilian macroeconomic. (Rev Econ Polít/GIGA)