Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.750

-14.5%

Dec 5 9:30 AM EST

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To: Steve Fancy who wrote (11721)	1/14/1999 6:07:00 PM
From: Steve Fancy	of 22640

Brazil loses net $1.14 bln in forex markets Thurs Reuters, Thursday, January 14, 1999 at 16:53 SAO PAULO, Jan 14 (Reuters) - Brazil's net dollar outflows on Thursday reached $1.14 billion by 2120 GMT as fallout from the nation's currency devaluation continued, traders said. The figure, which was not seen changing much as remaining transactions were calculated, surpassed earlier market expectation of a $1 billion ceiling on Thursday's outflows, they said. The Central Bank implemented on Wednesday a new, wider trading band and Brazil's 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. Copyright 1999, Reuters News Service

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