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: jayray who wrote (9677)	11/13/1998 2:31:00 PM
From: Steve Fancy	of 22640

Brazil says no change in forex policy in IMF deal Reuters, Friday, November 13, 1998 at 12:35 BRASILIA, Nov 12 (Reuters) - Brazilian Finance Minister Pedro Malan confirmed on Friday that there will be no change in the country's foreign exchange policy following an accord on a loan package led by the International Monetary Fund (IMF). Malan reiterated the country's commitment to the current exchange policy at a news conference after the $41 billion loan package for Brazil was announced in a written statement by IMF Managing Director Michel Camdessus. Camdessus said that the Brazilian government had committed to maintaining the country's current exchange rate regime, firm monetary discipline, economic stability and to opening up the economy. Brazil's foreign exchange policy centers on a gradual and controlled depreciation of the real against the dollar within a crawling band. The depreciation rate is now around 7 percent per year. Copyright 1998, Reuters News Service

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