Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.090

+3.8%

Nov 14 9:30 AM EST

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To: md1derful who wrote (6904)	8/20/1998 3:41:00 PM
From: Steve Fancy	Read Replies (9) of 22640

Brazil forex plan safe despite mkt turmoil-Cenbank Reuters, Thursday, August 20, 1998 at 15:13 RIO DE JANEIRO, Aug 20 (Reuters) - Brazil's foreign exchange policy will not have to be altered because of fallout from Russia's financial woes and rumors of a Venezuelan devaluation, Central Bank Director Demosthenes Pinho Neto said Thursday. "We are not seeing anything that is going to take us off course," Pinho Neto, the bank's international affairs director, told reporters. Brazil's ability to maintain its strong forex policy often comes under close scrutiny in times of global market turmoil. But Pinho Neto noted that Brazil was in a much stronger position than Venezuela to defend its currency because of its whopping $70 billion in hard currency reserves. Venezuela, which denied market rumors Thursday that it was mulling devaluation, has about $15 billion in reserves. Brazil's high budget deficit of about 7.0 percent of gross domestic product keeps interest rates high and makes it more costly for the government to support a strong currency. But Pinho Neto said Brazil hoped to cut the budget shortfall to 3.5 percent of GDP over the next two to three years. Copyright 1998, Reuters News Service

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