The volume of international reserves reached USD 353 billion in early December, an increase of about USD 64 billion compared with the end of 2010.
As we can see from the chart below, we may extract two portions of the period of accumulation of international reserves. First, the period between September 2008 and March 2009, when there was a drop in the level of reserves by approximately USD 20 billion due to subprime crisis. During this period, the dollar reached its maximum value since 2008, almost 2.5. Another period is from September 2011 to today, when the Central Bank stopped accumulating reserves and the exchange rate changed the range levels, from an average of 1.60 to 1.70 ~ 1.80.
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Source: Central Bank of Brazil |
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