As noted earlier,
arbitrageurs obtain a twofold gain: the margin between Brazil's nearly 12 % yield on its long - term government
bonds and the cost of U.S. credit (1 %), plus the foreign - exchange gain resulting from the fact that the outflow from dollars into reals has pushed up the real's exchange rate some 30 % — from R$ 2.50 at the start of 2009 to $ 1.75 last week.