A growth currency is the currency of a country that is growing rapidly in economic terms. Growth currencies can appreciate rapidly, resulting in large trading gains for investors who hold them.
Many currencies have been growth currencies throughout their history. Brazil's real (BRL) is a recent example. Political stability and market advances in Brazil saw the real go from 4 real to one U.S. dollar to 1.6 BRL to 1 USD from 2002 to 2011.
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