Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.373

+0.5%

Feb 6 9:30 AM EST

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To: Steve Fancy who wrote (8943)	10/9/1998 10:17:00 AM
From: Steve Fancy	of 22640

Brazil's forex markets lost $450 mln on Thursday Reuters, Friday, October 09, 1998 at 09:16 SAO PAULO, Oct 9 (Reuters) - Brazil lost another $450 million through its foreign exchange markets on Thursday, traders said. Dollar flight resumed on Wednesday following Sunday's elections. The renewed outflows threaten to pressure Brazil's reserves while officials hammer out the details of a fiscal adjustment plan that could pave the way for international loans. Capital flight through Brazil's forex markets peaked after Russia was forced to devalue its currency and declare a debt moratorium. Dollar outflows topped $18 billion in September. On Thursday, some $296 million left Brazil through its commercial forex market, the Central Bank said, while $154 million left through the floating forex market, traders said. Dollar flight is expected to persist until Brazil's economic outlook is clarified. Two days of dollar inflows right before and after Sunday's elections mean Brazil has registered net inflows of $1.233 billion so far in October. Copyright 1998, Reuters News Service

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