Bank President Alexandre Tombini stated that the programs have shown a positive result. The bank now has an inflation target of 4.5%, plus or minus two percentage points. Economists predict inflation will be 5.8% this year and 5.95% in 2014.

The iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) has increased 15.3% since the August low. [Brazil ETFs Rallying on Huge Trading Volume]

For more information on Brazil, visit our Brazil category.

Max Chen contributed to this article.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.