Student or Learner
I was reading an article from the Economist, and here is an sentence that I found hard to understand.
"Brazilís soaring real is pricing expats paid in foreign currencies out of S„o Pauloís classy restaurants and shopping malls; "
Could you please explain to me what the author is trying to say here?
Some people who live and work in Brazil are paid salaries in their home country's currency, say US dollars. They then have to convert their dollars to reals when they want to spend money in Brazil. Since the Real is rising compared to the dollar, everything becomes more expensive for these expats.