Currency Comparison: Brazil, Russia, India, China and South Africa

Brazil, Russia, India, China and South Africa

 Overview of BRICS Countries

Are you curious about the BRICS countries and their currencies? Brazil, Russia, India, China, and South Africa have been making headlines in recent years due to their growing influence in the global economy. As these emerging markets continue to gain momentum, it’s essential to understand more about their currencies’ strengths and weaknesses. In this blog post, we’ll take a closer look at each country’s currency and explore how they’re impacting the financial world. Get ready for an exciting journey through the world of BRICS currencies!

Brazil: Brazilian Real (BRL)

The Brazilian real (BRL) is the official currency of Brazil. It is subdivided into 100 centavos. The central bank of Brazil is the Banco Central do Brasil. The real was introduced in 1994, replacing the cruzeiro real. The ISO 4217 code for the Brazilian real is BRL.

Inflation has been a problem for the Brazilian economy for many years, but it has improved in recent years. The inflation rate was 9.87% in 2003, but it fell to 5.84% in 2004 and 3.95% in 2005. The inflation rate remained low in 2006, at 2.47%.

The Brazilian real has been relatively strong since its introduction, despite some periods of volatility. In December 2001, one US dollar was worth about 3 reais. By July 2008, the exchange rate had fallen to about 1.60 reais per US dollar, but it recovered to around 2 reais per dollar by early 2009 as the global financial crisis continued. However, by December 2009, the exchange rate had fallen again to around 1.70 reais per US dollar

Russia: Russian Ruble (RUB)

The Russian Ruble is the official currency of the Russian Federation. The Ruble is subdivided into 100 kopeks. The Central Bank of Russia is the central bank of the Russian Federation and controls the issuance of the currency. The ruble was introduced in 1769 and was used until the outbreak of World War I. It was re-established in 1992 following the collapse of the Soviet Union.

India: Indian Rupee (INR)

The Indian Rupee is the official currency of India. The rupee is subdivided into 100 paise, although as of 2019, coins of denomination of 50 paise or lower are no longer legal tender. The issuance of the currency is controlled by the Reserve Bank of India. The Reserve Bank manages currency in India and derives its role in currency management on the basis of the Reserve Bank of India Act, 1934. In 2012, a new symbol ₹, was officially adopted. It was derived from combining the Devanagari consonant “र” (ra) with the Latin capital letter “R” without its vertical bar (similar to the Rp character used in some Indonesian writings).

brazil russia india china south africa currency

The primary unit of currency in India is the Indian Rupee. As of 2018, there were approximately 1.32 trillion rupees in circulation, making it the 8th most traded currency in the world. The Indian economy is largely cash-based, with approximately 90% of all transactions being conducted in cash. This has led to a high demand for rupees, which has put pressure on the Reserve Bank to print more money. In 2016, the government demonetized ₹500 and ₹1000 banknotes overnight in an attempt to crack down on black money and counterfeit notes. This led to widespread chaos and a shortage of cash across the country.

China: Chinese Yuan (CNY)

The Chinese yuan (CNY) is the official currency of China. It is also sometimes referred to as the Renminbi (RMB), which means “people’s currency” in Mandarin Chinese. The yuan is divided into 10 jiao, and each jiao is divided into 10 fen. One yuan equals 100 fen.

brazil russia india china south africa currency

The yuan was first introduced in China in 1948, replacing the silver dollar. Since then, it has undergone several devaluations and revaluations. Most recently, in 2005, the yuan was pegged to a basket of currencies, including the US dollar, euro, yen and South Korean won. This peg was loosened in 2008, and the yuan has since been allowed to float more freely against other currencies.

As of August 2015, one US dollar equals about 6.22 yuan.

South Africa: South African Rand (ZAR)

The South African Rand is the currency of South Africa. It is abbreviated with the symbol R, and is divided into 100 cents. The Rand is issued by the South African Reserve Bank.

The South African Rand is a legal tender in South Africa, Swaziland, and Lesotho. It is also sometimes accepted in Namibia and Zimbabwe. However, these countries have their own currencies (the Namibian Dollar and the Zimbabwean Dollar, respectively).

The Rand has been a freely traded currency since February 1998. Prior to that date, it was pegged to other currencies (primarily the US Dollar). As of August 2018, one US Dollar is worth approximately 14 South African Rand.

 

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