Brazilian President Luiz Inácio Lula da Silva said on Friday, May 26, that the market itself will regulate and find an appropriate exchange rate.
According to Lula, the Brazilian economy is solid, and the country should not fear the comments of the head of the United States Federal Reserve Bank.
Last week stock markets around the globe suffered losses after it was reported that the Federal Reserve will continue to raise interest rates to control inflation in the United States.
"Brazil has a solid economy. Brazil need not fear the comments of the head of the Federal Reserve Bank. We don’t have to worry about this, though obviously we must remain attentive."