Time Period: 1750-1833

Currency: 1st Brazilian Real


Timeline

  • 08.03.1694
  • Law on the establishment of a mint in Bahia; effective upon opening of the mint on 22.10.1694
  • 07.08.1747
  • Resolution on a value reduction of the silver coinage, effectively establishing the gold standard: the Portuguese mark silver 11 deniers fine got revalued from 6'374.18 Réis to 7'500 Réis (Portugal) and to 8'250 Réis (Brazil); effective 01.01.1750:
    - Portuguese gold coins were rated 11% above nominal, e.g. the "Dobrão" (double Doubloon) at 14'080 Brazilian Réis and 12'800 Portuguese Réis, a new gold coin "Moidor" of 4000 Brazilian Réis was created.
    - Copper coins were rated at 40 Brazilian Réis per Portuguese ounce
  • 12.09.1748
  • Portuguese ordinance on the issuance of distinct Brazilian coinage
  • 13.03.1752
  • Royal assent of the production of underweighted silver coins of 600, 300, 150, 75 Réis (so-called "series J") for the gold trading in mining areas of Minas Gerais; effective immediately:
    - The coins were issued at a standard of 8'29010⁄11 Réis (?) per Portuguese mark of fine silver.
  • 1809-1833
  • Circulation of counter-stamped silver coinage:
    - 18.04.1809: Allowance for the counter-stamping of the "series J" silver coins of the with the Portuguese coat of arms to increase the face value from 600 to 640 Réis (fractional values accordingly); effective immediately
    - 20.11.1809: Allowance for the re-coinage of Spanish Dollar coins at the face value of 960 Réis (called "Patacão"); effective immediately
  • 1809-1833
  • Circulation of copper coinage:
    - 18.04.1809: Allowance for the counter-stamping of earlier copper coins (at 80 Réis per Portuguese ounce) to double face value; effective immediately
    - 06.08.1818: Ordinance on the production of copper coins at 160 Réis per Portuguese ounce (denominations: 40, 20, 10 Réis for Rio de Janeiro mint; 75, 37½ Réis for Goiás and Minas Gerais mints); effective immediately.
    - around 1823: Production of copper coins at 80 Réis per Portuguese ounce by Rio de Janeiro and Bahia mints.
    - around 1823: Production of copper coins at 120 Réis per Portuguese ounce copper by São Paulo mint
    - around 1823: Production of copper coins at 160 Réis per Portuguese ounce by Goiás and Cuiabá mints.
  • 12.10.1808
  • Royal assent of the establishment of the (first) Bank of Brazil as commercial bank with issuing privilege for paper money; effective upon constitution of the bank on 11.12.1809.
    - 23.09.1829: Law on the dissolution of the Bank of Brazil; effective 11.12.1829.

Valuation Regimes

  • 1750-1833
  • Metallic currency based on circulating gold coins, silver coins were subsidiary. Base weight was the Portuguese mark / 8 ounces / 8 octaves / 72 grains at 229.500 grams.

Rate Arrangements

  • 01.01.1750
  • Metallic
  • Real: 1.87mg AU fine
  • 1'777⅞ Réis at 1 Portuguese octave of 22-carats gold


Time Period: 1833-1942

Currency: 2nd Brazilian Milreis


Timeline

  • 01.06.1833
  • Ordinance on the issuance of paper money by the National Treasury and the exchange of the paper money of the Bank of Brazil; effective immediately (issuance began in 1835)
  • 03.10.1833
  • Law [No. 52] on the demonetization of the copper coinage and exchange into treasury notes; effective immediately:
    - The exchange was effected within two months with different start dates in the provinces.
  • 08.10.1833
  • Law [No. 59] on the revaluation by -28.9% of the accounting unit against gold and the establishment of the (new) Bank of Brazil as state-owned commercial bank with issuing privilege for paper money; effective immediately:
    - Earlier gold coins: "Dobrao" rated at 20'000 Réis (was 14'080 Réis); "Moidor" rated at 5'625 Réis (was 4'000 Réis)
    - Earlier silver coins: Patacão rated at 1'200 Réis (was 960 Réis)
    - The bank did not open for business.
  • 06.10.1835
  • Law [No. 54] on the issuance of counter-stamped copper coins (in standard of 40 Réis per Portuguese ounce); effective immediately
  • 11.09.1846
  • Law [No. 401] on the revaluation by -37.5% of the accounting unit against gold; effective 01.01.1847:
    - Earlier gold coins: "Dobrao" rated at 32'000 Réis (was 20'000 Réis); "Moidor" rated at 9'000 Réis was (5'625 Réis); 10 Milreis 1833 rated at 16'000 Réis (was 10'000 Réis)
    - Earlier silver coins: Patacão rated at 1'960 Réis (was 1'200 Réis).
    - 28.07.1849: Ordinance [No. 625] on the issuance of silver subsidiary coins at a rate of 2'000 Réis per 512 Portuguese grains silver 11 deniers fine; effective immediately.
    - 30.07.1867: Ordinance [No. 3966] on the issuance of silver subsidiary coins at a rate of 2'000 Réis per 25 grams silver 0.900 fine
    - 03.09.1870: Coinage Ordinance [No. 1817] on the issuance of silver subsidiary coins at a rate of 2'000 Réis per 25.64 grams silver 0.917 fine (23.5 grams fine silver).
  • 02.07.1851
  • Ordinance [No. 801] on the establishment of the (second) Bank of Brazil; effective immediately
    - 05.07.1853: Law [No. 683] on the reconstitution of the Bank of Brazil after the merger with the Commercial Bank; effective 31.08.1853 (by ordinance [No. 1223] of that day).
  • 29.01.1890
  • Ordinance [No. 190] on the establishment of the Bank of the Republic of the United States of Brazil as state-owned commercial bank; effective immediately
  • 17.12.1892
  • Ordinance [No. 1167] on the establishment of the Bank of the Republic of Brazil as state-owned commercial bank, following a merger of the (second) Bank of Brazil and the "Bank of the Republic of the United States of Brazil"; effective 31.01.1893 (by ordinance [No. 1253] of that day).
  • 09.12.1896
  • Law [No. 427] on the termination of paper money issuance by commercial banks and exchange of their notes into state paper money; effective immediately.
  • 30.12.1905
  • Ordinance [No. 1455] on the establishment of the (third) Bank of Brazil as state-owned commercial bank and dissolution of the Bank of the Republic of Brazil; effective upon constitution of the bank on 15.06.1906
  • 06.12.1906
  • Ordinance [No. 1575] on the revaluation by -44.3% of the accounting unit against gold and the adoption of the gold standard (without circulating gold coins) and on the establishment of the "Conversion Fund" for the withdrawal of the earlier gold coinage; effective immediately.
    - Earlier gold coins: "Dobrao" rated at 56'886 Réis (was 32'000 Réis); "Moidor" rated at 16'161 Réis was (9'000 Réis); 10 Milreis 1833 rated at 28'730 Réis (was 16'000 Réis), 20 Milreis 1849 rated at 35'913 Réis (was 20'000 Réis).
    - The Conversion Fund ceased its activities after the suspension of the gold standard on 12.12.1914 and got dissolved and integrated into the "Amortization Fund" by ordinance [No. 14066] of 19.02.1920.
  • 31.12.1910
  • Ordinance [No. 2357] on the revaluation by +6.7% of the accounting unit against gold; effective immediately
  • 18.12.1926
  • Ordinance [No. 5108] on the re-establishment of the gold standard and establishment of the "Stabilization Fund" for the withdrawal of the circulating paper money; effective immediately.
    - The ordinance also created the monetary unit "Cruzeiro" of 100 Centavos at 1'000 Réis; the redenomination of the paper money and coins was not done.
    - The Stabilization Fund was constituted by ordinance [No. 17618] of 05.01.1927, it was dissolved on 31.12.1930 by ordinance [No. 19423] of 22.11.1930.

Valuation Regimes

  • 1833-1906
  • Metallic currency based on circulating gold coins, silver coins were subsidiary. Base weight was the Portuguese mark / 8 ounces / 8 octaves / 72 grains at 229.500 grams.
  • 1906-1914
  • Fixed rate against British Pound and gold
  • 1914-1926
  • Variable rate, gold standard suspended on 12.12.1914
  • 1926-1929
  • Fixed rate against gold
  • 1929-1941
  • Variable rate, gold standard abandoned on ??.12.1929
  • 1941-1942
  • Fixed rate against US Dollar, multi-tier exchange rate structure

Rate Arrangements

  • 08.10.1833
  • Metallic
  • Milreis (1'000 Réis): 1'314.84mg AU fine
  • 2'500 Réis at 1 Portuguese octave of 22-carats gold
  • 01.01.1847
  • Metallic
  • Milreis (1'000 Réis): 821.78mg AU fine
  • 4'000 Réis at 1 Portuguese octave of 22-carats gold
  • 06.12.1906
  • Fixed
  • British Pound at 1 : 16 - [Gold parity] 457.65mg AU fine
  • -
  • 31.12.1910
  • Fixed
  • British Pound at 1 : 15 - [Gold parity] 488.16mg AU fine
  • +6.7%
  • 18.12.1926
  • Fixed
  • [Gold parity] 180.00mg AU fine
  • -63.1%
  • ??.12.1929
  • Variable
  • initially: US Dollar at 1 : 8.36
  • ±0.0%
  • ??.01.1941
  • Fixed
  • US Dollar at 1 : 18.50 - Official rate
  • -


Time Period: 1942-1967

Currency: 1st Brazilian Cruzeiro


Timeline

  • 05.10.1942
  • Law [No. 4791] on the renomination of the currency (the unit "Cruzeiro" had already been created in the 1926 currency law); effective 01.11.1942
  • 01.11.1942
  • Start of currency exchange:
    - 01.11.1942: Start of issuance of the new banknotes and coins.
    - The former currency was not demonetized but gradually withdrawn.
  • 02.02.1945
  • Ordinance [No. 7293] on the establishment of the Supervision Authority for Money and Credit (SUMOC), to take over the issuance privilege for paper money from the Bank of Brazil (which continued as pure commercial bank); effective immediately
  • 09.10.1953
  • Instruction [No. 70] of the monetary authority on the introduction of a multi-tier exchange rate structure; effective immediately.
    - 17.01.1955: Instruction [No. 113] of the monetary authority on the revision of the exchange rate structure; effective immediately.
  • 01.12.1964
  • Law [No. 4511] on the stabilization and unification of the exchange rate (and the abolition of the sub-unit); effective immediately
  • 31.12.1964
  • Law [No. 4595] on the establishment of the Central Bank of Brazil, succeeding the monetary authority; effective 01.01.1965

Valuation Regimes

  • 1942-1953
  • Fixed rate against US Dollar
  • 1953-1964
  • Variable rate with multi-tier structure, highly inflationary
  • 1964-1965
  • Fixed rate against US Dollar

Rate Arrangements

  • 01.11.1942
  • Fixed
  • US Dollar at 1 : 18.50 - [Gold parity (14.07.1948)] 48.04mg AU fine
  • ±0.0%
  • 21.02.1953
  • Variable
  • initially: US Dollar at 1 : 38.50
  • -51.9%
  • 01.12.1964
  • Fixed
  • US Dollar at 1 : 1'825
  • -
  • 13.11.1965
  • Fixed
  • US Dollar at 1 : 2'200
  • -17.0%


Time Period: 1966-1986

Currency: 2nd Brazilian (New) Cruzeiro


Timeline

  • 13.11.1965
  • Law [No. 1] on the currency redenomination; effective 01.01.1966
    - 13.05.1966: Law [No. 7] on amending the 1965 currency law; effective immediately.
    - 08.02.1967: Ordinance [No. 60190] on the start of issuance of the new banknotes and coins; effective 13.02.1967
  • 13.02.1967
  • Start of currency exchange:
    - 13.02.1967: Start of issuance of the new banknotes and coins
    - 12.05.1967: Demonetization of the former currency.
  • 31.03.1970
  • Ordinance [No. 144] on the abolition of the designation "new" in the currency name; effective 15.05.1970
  • 15.08.1984
  • Law [No. 7214] on the abolition of the sub-unit; effective immediately

Valuation Regimes

  • 1966-1968
  • Fixed rate against US Dollar
  • 1968-1986
  • Variable rate, highly inflationary

Rate Arrangements

  • 01.01.1966
  • Fixed
  • US Dollar at 1 : 2.20
  • ±0.0%
  • 09.02.1967
  • Fixed
  • US Dollar at 1 : 2.70
  • -18.5%
  • 04.01.1968
  • Variable
  • initially: US Dollar at 1 : 3.20
  • -15.6%


Time Period: 1986-1989

Currency: 1st Brazilian Cruzado


Timeline

  • 27.02.1986
  • Law [No. 2283] on the currency redenomination; effective immediately
    - 10.03.1986: Law [No. 2284] on amending the February 1986 currency law; effective immediately
  • 03.03.1986
  • Start of currency exchange:
    - 03.03.1986: Start of issuance of the new banknotes and coins
    - 28.02.1987: Demonetization of the former currency.

Valuation Regimes

  • 1986-1989
  • Variable rate, highly inflationary

Rate Arrangements

  • 28.02.1986
  • Variable
  • initially: US Dollar at 1 : 13.77
  • ±0.0%


Time Period: 1989-1990

Currency: 2nd Brazilian (New) Cruzado


Timeline

  • 31.01.1989
  • Law [No. 7730] on the currency redenomination, legislating a provisional presidential decree [No. 32] of 15.01.1989; effective 16.01.1989 (retroactive)
  • 16.01.1989
  • Start of currency exchange:
    - 16.01.1989: Start of issuance of the new banknotes and coins
    - 28.02.1989: Demonetization of the former currency.

Valuation Regimes

  • 1989-1990
  • Variable rate

Rate Arrangements

  • 16.01.1989
  • Variable
  • initially: US Dollar at 1 : 0.995
  • -15.1%


Time Period: 1990-1993

Currency: 3rd Brazilian Cruzeiro


Timeline

  • 12.04.1990
  • Law [No. 8024] on the currency redenomination and freeze of deposits, legislating a provisional presidential decree [No. 168] of 15.03.1990; effective 16.03.1990 (retroactive)
  • 16.03.1990
  • Start of currency exchange:
    - 16.03.1990: Start of issuance of the new banknotes and coins
    - The former currency remained in circulation.
    - Deposits above 50'000 Cruzeiros (1990) remained blocked for 18 months and were released in 12 monthly instalments beginning 16.09.1991 (when inflation had reduced the deposits to some percent of the original value).

Valuation Regimes

  • 1990-1993
  • Variable rate, highly inflationary

Rate Arrangements

  • 16.01.1989
  • Variable
  • initially: US Dollar at 1 : 1 : 42.29
  • -9.7%


Time Period: 1993-1994

Currency: Brazilian Cruzeiro Real


Timeline

  • 27.08.1993
  • Law [No. 8697] on the currency redenomination, legislating a provisional presidential decree [No. 336] of 28.07.1993; effective 01.08.1993 (retroactive)
  • 01.08.1993
  • Start of currency exchange:
    - 01.08.1993: Start of issuance of the new banknotes and coins
    - 30.11.1993: Demonetization of the former currency.

Valuation Regimes

  • 1993-1994
  • Variable rate, highly inflationary

Rate Arrangements

  • 01.08.1993
  • Variable
  • initially: US Dollar at 1 : 1 : 72.07
  • ±0.0%


Time Period: 1994-

Currency: 3rd Brazilian Real


Timeline

  • 27.05.1994
  • Law [No. 8880] on the creation of the unit of account "Unidade real de valor (URV)" on par with the US Dollar, legislating a provisional presidential decree [No. 434] of 27.02.1994; effective 01.03.1994 (retroactive).
    - The Cruzado Real fluctuated against the URV, from 1 : 647.289 (01.03.1994) to 1 : 2612.50 (30.06.1994).
  • 29.06.1995
  • Law [No. 9069] on the currency reform (transformation of the accounting unit URV), legislating a provisional presidential decree [No. 542] of 30.06.1994; effective 01.07.1994 (retroactive)
  • 01.07.1994
  • Start of currency exchange:
    - 01.07.1994: Start of issuance of the new banknotes and coins
    - 31.07.1994: Demonetization of the former currency.

Valuation Regimes

  • 1994-
  • Variable rate

Rate Arrangements

  • 01.07.1994
  • Variable
  • initially: US Dollar at 1 : 1 : 0.95
  • ±0.0%


End-year Forex Rates (Units per US Dollar)