Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.872

+4.5%

3:59 PM EST

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To: Tony van Werkhooven who wrote (11915)	1/18/1999 10:30:00 AM
From: Steve Fancy	of 22640

Reserves at R$ 36bn with IMF trench, a source says Brasília, 18 - A governmental source close to Brazil's Central Bank decisions and currently participant in a meeting between the bank and the International Monetary Fund in Washington told Agência Estado this morning that the country's reserves are at around US$ 36bn, including the trench already released by the International Monetary Fund of over US$ 5bn. The source also affirmed that the market will have to learn how to live with the new foreign exchange floating regime announced by the bank this morning, see related story. "Everyone will have to live with the new regime." Central Bank president, Franciso Lopes, has returned to Brazil last Sunday. However, Brazil's Finance minister, Pedro Malan, is expected to remain in Washington as he continues Brazil's talks with the fund. Among other important issues -- such as the reviewing of goals for domestic net credit, as well as primary surplus for the following three months -- the meeting's main goal was to decide upon how to conduct the country's forex policy after the announcement of real's free floating regime. (By Beatriz Abreu)

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