Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.730

-1.3%

3:59 PM EST

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To: David Petty who wrote (11709)	1/14/1999 3:58:00 PM
From: Steve Fancy	of 22640

Brazil seen losing $1 bln in forex markts Thursday Reuters, Thursday, January 14, 1999 at 15:41 SAO PAULO, Jan 14 (Reuters) - Brazil should see net dollar outflows of about $1 billion through foreign exchange markets on Thursday, traders said, as the nation's currency devaluation continued to rattle markets. The Central Bank implemented on Wednesday a new, wider trading band and the currency quickly tumbled 8 percent against the dollar. For the past two days, the Central Bank has been forced to sell dollars to keep the real within the new trading band set at between 1.20 and 1.32 to the dollar. As of 1810 local/2010 GMT at net $720 million had flowed out of foreign exchange markets, traders said. Copyright 1999, Reuters News Service

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