Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.535

+2.8%

Jan 8 3:58 PM EST

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To: David R. Doerr who wrote ()	11/6/1997 10:42:00 AM
From: DMaA	Read Replies (1) of 22640

2 Items From IBD ITEM 1. WORLD ECONOMY IN BRIEF Date: 11/6/97 BRASILIA: Currency won't be devaluated President Fernando Henrique Cardoso said the government had no plans to devalue the Brazilian currency. He told a news conference that there was ''no chance at all'' the real would be devalued. The real is currently worth about 1.1 to the dollar. Last week, the government moved to protect the real from speculators betting on its devaluation by selling at least $4.7 billion - some reports put it at $8 billion - of its cash reserves. And to stem a massive outflow of dollars, the government nearly doubled the prime lending rate from 1.58% a month to 3.05%. At the news conference, Cardoso said he would not hesitate to continue adopting unpopular measures to defend the currency's stability. He said last week's measures were temporary and that the Central Bank was repurchasing dollars to replenish its reserves, which stood at $61 billion before last week's financial turmoil that spread from Asian markets. ITEM II Brazil's growth revised down Brazil's Institute of Applied Economic Research said it had revised its estimate of 1997 economic growth down to between 3.5% and 3.6%. IPEA, which is linked to Brazil's Planning Ministry, had earlier estimated GDP growth would be 4% this year. The group blamed the world's recent currency and market crisis for the drop in growth.

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