At the first moment, between July and September of 1994, she was characterized the adoption of a regimen of pure fluctuation. The excess of international liquidity sobrevalorizou the national currency in detriment of not the intervention of the Central banking in the tax. After this period the Central banking starts to intervine in order to keep the fixed tax of exchange to the platform of 0,84 for US$. In March of 1995, with the supply of reserves drastically diminished, due to contraction of the international liquidity, the Central banking is obliged to devaluate the exchange in 5% and to leave then is adopted a broad band of fluctuation for the national currency. A miniband inside of the broad band was established and from the Brazilian currency she starts there to suffer sporadical depreciations in what she was come close to a system of sliding band, characterizing the third phase of the exchange politics. Finally, in October of 1995, a new flexibilizao of the regimen characterizes the fourth phase of the politics, phase this of would be unchanged until the exchange crisis in January of 1999. The depreciations start to be systematic in the order of 0,6% to the month, tracing an almost linear trajectory of the exchange tax. Moreover, the fluctuation interval, that is, the amplitude of the band, also was being gradually increased.
It can be said, then, that the adopted system starts to be of a rastejante band (MODENESI, 2005) the PERIOD AFTER REAL AND the FEAR TO FLOAT With the abandonment of the exchange bands, Brazil starts to adopt the system of floating exchange. As some authors this age the inevitable way and that until he was beside the point delayed (SOUZA, 2005). We will not analyze in this work what he was known as ' ' fear of flutuar' ' (to fear of floating), however, the simple communication of that from now on and until the current days, Brazil comes if being valid a dirty fluctuation, almost rigid, it explains in part this phenomenon sufficiently argued currently.