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: DMaA who wrote (9625)	11/12/1998 3:50:00 PM
From: Caxton Rhodes	of 22640

In news from Brazil, their central bank cut the so-called Tban lending rate to 42.25% from 49.75%. The Tban was raised sharply September 10 in an effort to keep deposits in Brazil in the face of massive capital outflows occurring at the time. The outflows were sparked by investors abandoning emerging markets after Russia's currency devaluation and debt moratorium back in August. The positive implication of last night's move for Brazil's economy is that the capital flight from Brazil has eased. Indeed, month-to-date figures for foreign reserves in Brazil show a net inflow of capital to the country. While the interest rate decision gave investors in Brazil some positive news to trade on, an official announcement of the IMF-led lending package is still seen as foremost in investors' minds. IMF officials had said Monday that the details of that package should be announced “sometime this week.”

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