Brazil's record-low interest rates and exchange rate threaten to accelerate...
RIO DE JANEIRO - Brazil’s record-low interest rates and exchange rate threaten to accelerate Amazon deforestation, which has already risen sharply under Brazil’s farm-friendly President Jair Bolsonaro, economists tell Reuters.
Incentives abound to buy land, invest in machinery, plant crops, raise cattle and — experts warn — chop down the Amazon rainforest, one of the major buffers against climate change. As evidence, they point to the 2004-2012 period, when Brazil cut deforestation by 80% despite high commodity prices. To top it off, Brazil’s real currency has hit its weakest levels ever in recent weeks, while the central bank is expected to chop interest rates to an all-time low on Wednesday.
Farmers’ latest lucky streak began in early 2018, when a volatile election began weakening the real, benefiting exports. Since then, as the currency has slid about 25% against the U.S. dollar, the farm sector has played a crucial role in propping up Brazil’s stuttering economy. In light of that ravenous demand, Brazilian farmers have pushed for the end of a ban by global traders on buying soy from parts of the Amazon deforested after 2008.
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