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: Bob Howarth who wrote (12040)	1/20/1999 11:42:00 AM
From: Steve Fancy	of 22640

Brazil Ctrl Bk Raises Interbank Rate To 32.5% Vs 32% Tue Dow Jones Newswires SAO PAULO -- Brazil's Central Bank on Wednesday set its overnight interbank market rate at 32.5%, up from 32% the previous day. Dealers said the Central Bank is testing the market following the government's decision on Monday to allow the real (BRR) to float freely against the dollar. "The central bank will have to continue testing the market until it looks like the exchange rate is holding relatively steady," one Sao Paulo dealer said. "It's really impossible to predict what the (central bank) will do now. It all depends on what happens on exchange markets (Wednesday)." The real opened trading Wednesday slightly weaker at BRR1.56/dollar, from BRR1.5580/dollar at the previous close. The real had opened trading Tuesday at BRR1.59/dollar, but strengthened following the government's decision to effectively raise interest rates. Dealers said that the local currency continues to be pressured by heavy net capital outflows, which have totaled about $5 billion in the past six days. Analysts have said that interest rates will remain the government's principal tool in taking pressure off the real during the first few days of the new free-float system. -By Stephen Wisnefski; (55-11) 813-1988; swisnefski@ap.org

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