We are not talking about the same thing here. Your graph starts at July 1994, when the Brazilian currency changed into the Real. The central government did try

We are not talking about the same thing here. Your graph starts at July 1994, when the Brazilian currency changed into the Real. The central government did try to keep a stable exchange rate with the US dollar as you said, and that lasted until the late 90s, when they were forced to let the exchange rate float due to the asian financial crisis. But I was talking about the Unidade Real de Valor (URV), which as a temporary meta currency introduced during the Plano Real. In 1993 the currency used everyday on the streets was still the old Cruzeiro Real but all prices and contracts were valued in URV, which was pegged to the US dollar. Every day the government released a table with the conversion rate from Cruzeiro Real to URV. In 1994 they finally converted the URV into an actual currency, which is why that graph you posted starts at 1. https://en.wikipedia.org/wiki/Unidade_real_de_valor https://en.wikipedia.org/wiki/Unidade_real_de_valor