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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 368.29

+0.6%

Nov 7 4:00 PM EST

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To: TobagoJack who wrote (51668)	6/23/2009 2:07:29 PM
From: elmatador	Read Replies (1) of 217591

Brazil May Boost Foreign Currency Reserves To $300 Bln -Report SAO PAULO (Dow Jones)--The Brazilian government is studying a possible increase in its foreign currency reserves to $300 billion by next year, local newspaper Folha de Sao Paulo reported Tuesday. According to the report, citing an unnamed source at the Finance Ministry, the government may accelerate the purchase of dollars on the foreign exchange market, thus supporting the U.S. dollar and building reserves at the same time. Currently, Brazilian foreign exchange reserves are $206 billion. Reserves began to grow consistently after the Central Bank of Brazil started holding daily auctions to purchase dollars from the spot market in October 2005. Reserves stood at about $53.8 billion at the end of 2005. On Tuesday, the Brazilian real closed at BRL2.0255 a dollar, compared with BRL2.3130 to the dollar at the end of 2008. -By Rogerio Jelmayer, Dow Jones Newswires; 5511-2847-4521; rogerio.jelmayer@dowjones.com

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