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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.570-4.5%Dec 26 9:30 AM EST
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To: Steve Fancy who wrote (635)1/4/1998 4:04:00 PM
From: Steve Fancy  Read Replies (2) of 22640
 
Brazil bank chief sees interest rates down by June
Reuters, Sunday, January 04, 1998 at 12:10

SAO PAULO, Jan 4 (Reuters) - Brazil's interest rates should return to pre-October levels by the end of June, the president of banking federation Febraban told a daily in an interview Sunday.
"Rates should return to previous levels by the end of 1998's first half if the government sticks to ongoing Congressional reforms and if there are no more surprises coming from abroad," Roberto Setubal told O Estado de Sao Paulo.
Setubal, who is also the president of Banco Itau (SAO:ITA), said the biggest challenge facing Brazilian banks in 1998 would be doing business under high interest rates with the consequent risk of default on contracts.
Brazil's Central Bank nearly doubled monthly interest rates to 3.05 percent or an annualized 43 percent in October to fend off speculative attacks on the currency real.
It lowered the rates last month to 2.72 percent or an annualized 38 percent for January.
The rate stood at a monthly 1.58 percent or an annualized 20 percent before the hike on October 30.
Setubal also told the paper Brazil would see more foreign banks entering the local market in 1998, with some possibly taking part in the privatization of Sao Paulo state bank Banespa (SAO:BES).

Copyright 1998, Reuters News Service
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