What currency did Brazil introduce in 1994 as part of the Plano Real economic plan?

Brazil introduced the Brazilian real in 1994 as part of the Plano Real economic plan.

The plan was designed to end a period of severe inflation that had repeatedly weakened Brazil’s earlier currencies. The real replaced the cruzeiro real on 1 July 1994, initially at a conversion of 2,750 cruzeiros reais to one real.

The currency’s name refers to “real,” a historic monetary term used in Portuguese-speaking countries. Its plural form is “reais,” while the subunit is the centavo, with 100 centavos making one real.

The Brazilian real is sometimes confused with earlier Brazilian currencies such as the cruzeiro and cruzado. Brazil’s currency symbol is R$, and its ISO 4217 code is BRL.