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Friday, April 19, 2024

Brazil bracing for economic hit as virus spreads

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Brazil bracing for economic hit as virus spreads
Brazil bracing for economic hit as virus spreads

Brazilian Health Minister Luiz Henrique Mandetta spoke to local authorities in Sao Paulo on Thursday (February 27) after the country's first confirmed coronavirus case was found there.

Brazil's Health Minister was in Sao Paulo on Thursday (February 27) to meet with local authorities, after the country's first coronavirus case was confirmed in the country's financial centre.

With more than 12 million people, Sao Paulo is one of the world's most populous cities and a popular entry point to the country.

Following the confirmed diagnosis of coronavirus, Brazil's real took a hit.

The real fell as low as 4.5010 per dollar, cementing its position as one of the worst-performing currencies in the world against the greenback this year, before the central bank intervened in the currency swaps market for the second day in a row to ease the pressure.

The local stock market also took a hit.

Speaking to media, Health Minister Luiz Henrique Mandetta played down fears of the virus, saying Sao Paulo is well-placed to tackle any cases.

This week, authorities diagnosed a 61-year-old man in Sao Paulo who returned recently from Italy with the virus.

Dozens of other patients with symptoms of coronavirus are being treated and reportedly in good health.

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