Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.435

+8.7%

Jan 2 9:30 AM EST

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To: Steve Fancy who wrote (8987)	10/14/1998 11:14:00 AM
From: Steve Fancy	Read Replies (1) of 22640

Brazil Weakens Real Vs Dlr Mini-Band By 0.10 Centavo Dow Jones Newswires SAO PAULO -- Brazil's Central Bank on Wednesday weakened the real slightly against the dollar, by adjusting the mini-band in which the two currencies trade. The Central Bank regularly weakens the real every two to five working days. The last time it did so was last Thursday. The new band will value the dollar at 1.1790-1.1900 reals (BRR), up 0.10 centavos from the BRR1.1780-1.1890 previously, according to a Central Bank computer transmission. The Central Bank will now buy dollars at BRR1.1790 per dollar and sell them at BRR1.1900 per dollar. The adjustment was carried out via the usual practice of an electronic auction called by the Central Bank. Traders consider the move a "mini-devaluation" within a larger band that is seldom modified. The change was made by shifting the "mini-band" at which the real and dollar trade within the BRR1.12-1.22 per dollar "wide band." The wide-band was last modified by the Central Bank on Jan. 20, after being at BRR1.05-1.14 for nearly a year. After the auction, the real was trading at BRR1.1881 per dollar, compared to Tuesday's closing mark of BRR1.1875.

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