Brazil Cenbank cuts TBC prime rate to 28 pct
Reuters, Wednesday, March 04, 1998 at 16:30
BRASILIA, March 4 (Reuters) - Brazil's Central Bank cut its
prime lending rate, known as the TBC, to an annualized 28
percent, down from 34.5 percent, a Central Bank official said
Wednesday.
The cut was bigger than expected by most economists who
expected a reduction to around 30 percent.
The basic assistance rate, TBAN, was also cut to 38 percent
from 42 percent, the official said.
In a move to ward off speculative attacks on the real
currency amid Asia's crisis last October, the Central Bank
nearly doubled the TBC to 43 percent. It has been reducing the
rate steadily ever since.
william.schomberg@reuters.com))
Copyright 1998, Reuters News Service |
