Brazil Logged Its Second-Biggest Net Dollar Outflow On Record In 2025 — Yet The Real Strengthened

Key Points Brazil posted a net FX outflow of $33.316 billion in 2025, the second-largest since 1982. The drain came from the financial channel (-$82.467 billion), not trade (+$49.151 billion). High local rates and a softer global dollar helped the real strengthen despite spot outflows. Brazil ended 2025 with one of its starkest net dollar […]