A considerable amount of money moves between the European Union (EU) and Brazil for personal reasons and trade alike. In 2016, around U.S. $289 million was sent from Brazil to Portugal as remittances, and around U.S. $255 million was sent from Brazil to Spain. In the same year, around U.S. $206 million was sent from Portugal to Spain as remittances. Bilateral trade of goods and services between the EU and Brazil accounted for around €82.1 billion in 2016.
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In April 2016, the euro’s share of the global foreign exchange market turnover stood at 31.4%, making it the second most commonly traded currency in the world. It is also the world’s second most favored reserve currency.
The euro was declared as the official currency of the EU on 1 January, 1999. However, circulation of euro-denominated banknotes and coins did not begin until January 2002. Of the 28 EU member states, the 19 that have adopted the euro as their official currency include:
The euro is also used in Kosovo, Montenegro, Andorra, Andorra, San Marino, and the Vatican. Its use as a trading currency by Cuban began in 1998, and Syria took to the same path in 2006.
|Nicknames||Quid, aereo, pavo, ege|
|Bank notes||EUR 5, EUR 10, EUR 20, EUR 50, |
EUR 100, EUR 200, EUR 500
|Coins||1c, 2c, 5c, 10c, 20c, 50c, EUR 1, EUR 2|
The Brazilian real, in its current form, has been around since 1 July, 1994. The introduction of the new real was part of a larger plan that Brazil implemented to try and boost its ailing economy. Brazil, unlike most countries, uses commas to separate decimals and periods to separate thousands.
The first set of new real coins that Brazil introduced in 1984 stayed in circulation until 1997. The subsequently released coins remain in circulation until now.
In April 2016, the share of the Brazilian real in the global forex market turnover stood at around 1%, which made it the 19th most commonly traded currency internationally.
|Currency symbol||- two vertical strokes, not one, R$|
|Bank notes||R$2, R$5, R$10, R$20, R$50, R$100|
|Coins||5, 10, 25, and 50 centavos, R$1|
Euro / Brazilian Real Historical Rates
Since the introduction of the Brazilian real in 1994, it has faced different challenges. While the real maintained parity with the U.S. dollar in the beginning, the Central Bank of Brazil intervened in the forex market by selling U.S. dollars from its reserve currency. This crawling peg system allowed the real to hold its own against most major currencies.
When the euro was introduced in January 1999, the Brazilian real traded at around R$ 2.39 against the euro. Later in the same year, after spending around U.S. $40 billion from its currency reserves to regulate the real’s exchange rate, the Brazilian government had little choice but to adopt the free floating regimen.
The value of the real maintained some stability against the euro from early 1999 to early 2001, trading largely in between R$ 1.6 and R$ 2.4 against the euro. However, its value then tumbled significantly for a few months, and by February 2003 the real was trading at around R$ 3.85 against the euro. From then until mid 2004, the real received brief moments of respite, not getting below the R$ 3.30 mark.
Then came a period of slight revival for the real, and by February 2006 it was trading at around R$ 2.53 against the euro. From then, until August 2008, it did not trade at over R$ 3 against the euro.
It breached the R$ 3 mark against the euro again in December 2008, only to rise in value to around R$2.20 by June 2010. Since then, the real has largely continued to lose value against the euro, experiencing some relief from early 2016 to early 2017. In mid 2015, the real’s value dropped to over R$ 4 against the euro for the first time. In September 2018, the real was trading at around R$ 4.76 against the euro.
EUR/BRL in the last five years
|EUR 1 =|
|1 July, 2013||NZ $1.6661|
|1 July, 2014||NZ $1.5750|
|1 July, 2015||NZ $1.6667|
|1 July, 2016||NZ $1.5502|
|1 July, 2017||NZ $1.5758|
EUR/BRL in the last five months
|EUR 1 =|
|1 April, 2018||NZ $1.7176|
|1 May, 2018||NZ $1.6704|
|1 June, 2018||NZ $1.7270|
|1 July, 2018||NZ $1.7149|
|1 August 2018||NZ $1.7516|
What Affects EUR/BRL Rates?
While the value of Brazilian real was largely allowed to float against other currencies since its introduction, the Brazilian government kept trying to maintain its exchange rate till early 1999. In the past, the value of the real against the euro has been affected by factors such as political turmoil within the country, its industrial and foreign trade policies, as well as global commodity prices.
Over the years, the Central Bank of Brazil has tried to keep the exchange rate of the real in check by adopting different measures such as selling and buying U.S. dollars, implementing repurchase agreements, and carrying out currency swaps.
Changes in U.S. interest rates tend to have an effect on the EUR/BRL currency pair, mainly because this usually has an impact on the flow of foreign investment to emerging economies such as Brazil. Changes in monetary policies of Brazil’s major trading partners such as China may also have a bearing on how the EUR/BRL pair performs.
Pay close attention to the prevailing EUR/BRL exchange rate if you wish to send money from the European Union to Brazil or the other way around. While comparing exchange rates offered by different overseas money transfer companies is a good idea, aspects such as fees, ease of use, and customer service also require your attention.