Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.520

+2.5%

Jan 7 3:59 PM EST

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To: jayray who wrote (9391)	11/4/1998 10:33:00 AM
From: Steve Fancy	of 22640

Brazil dlr outflows slow to net $76 mln on Tuesday Reuters, Wednesday, November 04, 1998 at 07:57 SAO PAULO, Nov 4 (Reuters) - Capital flight from Brazil's foreign exchange market slowed to a net $76 million on Tuesday as traders predicted fewer Eurobonds and foreign loans would come due in November, taking pressure off the market, traders said. Tuesday's net outflow, which was result of a net $90 million inflow in the commercial forex market and a net $166 million outflow from the floating market, compared with a net outflow of $237 million from both markets on the previous trading day. Brazil's currency markets have suffered heavy dollar outflows since Russia defaulted on its debt and devalued its currency in mid-August. Dollar outflows have drained the country's foreign currency reserves to between $43 billion and $44 billion by last week from $70 billion at the end of July. Markets lost a huge amount of dollars as high interest rates also prevented Brazilian players from rolling over their foreign debt. However, traders said the capital flight was slowing down as about $800 million in foreign bonds and loans were seen coming due this month compared to a total $3 billion in October. Copyright 1998, Reuters News Service

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