Brazil's forex markets seen losing $500 mln Monday
Reuters, Monday, September 28, 1998 at 14:43
SAO PAULO, Sept 28 (Reuters) - Brazil was seen losing
another $500 million through foreign exchange markets on
Monday, traders said, after a hike in interest rates slowed
dollar flight but failed to stop it altogether.
On Friday, some $431 million left Brazil, bringing the
total dollar loss since the beginning of August to almost $30
billion.
After the Central Bank hiked interest rates to almost 50
percent, capital flight fell back from a daily average $1.5
billion to about $500 million. Reserves had already fallen
sharply, however, to less than $50 billion from about $70
billion.
Copyright 1998, Reuters News Service |
