THE monetary policy restriction in Brazil, which began in 2024 and which made the Sélic reaching 15% in 2025, has largely contributed to controlling the inflation throughout this year. But another factor, beyond the more direct control of Central bankeven if it was a channel for transmitting its decisions, was also very relevant: the appreciation of the real against the dollar, according to a study by the economist André Cordeiro, macroeconomic research coordinator at Interbank.
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