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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.896

-0.9%

Nov 21 9:30 AM EST

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To: Steve Fancy who wrote (6767)	8/17/1998 4:20:00 PM
From: Steve Fancy	Read Replies (2) of 22640

Brazil Central Bank: Too Early To Evaluate Russia Measures Dow Jones Newswires SAO PAULO -- Brazilian Central Bank director of international affairs, Demosthenes de Pinho Neto, said Monday that it is too early to evaluate the measures taken by Russia to stabilize its economy, the Estado news agency reported. Through the central bank's press office, Pinho Neto said that to have a better picture of the Russian situation he would need more details about the restructuring of the country's debt. Russia on Monday cut the lower limit for the ruble (RUR) by 34% to RUR9.50 to the dollar from RUR6.30 to the dollar previously, producing a de-facto devaluation. It also announced a government bond restructuring, for which more details will be given Wednesday. Pinho Neto also highlighted that Brazil's domestic markets are calm, including the foreign exchange spot and futures trading.

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