Brazil forex mkts lost $18.9 bln in Sept.--dealers
Reuters, Thursday, October 01, 1998 at 09:14
SAO PAULO, Oct 1 (Reuters) - Brazil lost a net $18.876
billion from its foreign exchange markets in September, its
biggest one-month dollar outflow in at least five years,
dealers said Thursday.
The outflows -- $10.346 billion from the commercial forex
market and $8.530 billion from the floating forex market --
compared with a net total outflow of $12.001 billion in August.
Brazil has been suffering huge dollar outflows since
August, when global investors began pulling money out of
emerging markets, frightened by currency turmoil in Russia.
A persistent wave of dollar flight has been eroding Brazil's
foreign currency reserves, which are estimated by the market to
stand around $45 billion now, down from about $70 billion at
the start of August.
The Central Bank has repeatedly been rumored to have
intervened in the local forex markets, selling billions of
dollars to stave off fears of a devaluation in the real
currency amid the capital flight.
The Central Bank on Thursday released the following
preliminary figures of the commercial forex market in
September:
Financial buys: $6.591 bln, down from $7.633 bln.
Financial sells: $15.967 bln, down from $16.597 bln.
Contracted exports: $3.260 bln, down from $3.546 bln.
Contracted imports: $4.230 bln, up from $3.572 bln.
Copyright 1998, Reuters News Service |
