The process of reducing interest rates – anchored on a solid tax policy and enabled by the removal of institutional obstacles (such as the rule of remuneration of savings accounts) – was extended to the second half of 2012, leading to a real annual rate under 2%. This resulted in a significant reduction in the interest-rate differential with other countries, which, together with a more active intervention policy in the spot and future markets, brought the exchange rate to a much more competitive level, despite the global currency war.
降低利率的过程——以扎实的税收政策为锚，以消除制度壁垒（如储蓄账户补贴）为手段——在2012年下半年有所扩大，将真实年利率压低到2%以下。这使得巴西于其他国家的利率差显著下降，再加上在现货和期货市场上的积极干预政策，在爆发全球货币战争的情况下将巴西雷亚尔汇率带到了更具竞争力的水平。