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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.550+2.8%Jan 9 9:30 AM EST
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To: Steve Fancy who wrote (7362)9/2/1998 2:21:00 PM
From: Steve Fancy   of 22640
 
Copom expected to reduce interest rate to 19 per cent

Sao Paulo, 2 - The Central Bank Economic Policy Committee (Copom) will hold a
meeting late this afternoon to define the basic interest rate (TBC) to be in effect up
until October 7. The TBC is expected to fall to 19% from the current 19.75% a year,
despite the ongoing international crisis. Actually, the BC has already been charging
that rate for one-day operations with banks. TBC reductions always help improve the
public deficit. According to BC director for International Affairs, Dem¢sthenes de
Madureira Pinho Neto, the deficit declines 1% whenever interest rates fall four
percentage points. However, consumers should not be benefited by a lower TBC.
The reason is that the money cost at financial institutions, which have been more
cautious in face of the crisis, has increased. (O Estado de S. Paulo/ Jornal da Tarde/
Folha de S.Paulo/ Jornal do Brasil. Edited by Sergio Cardoso)

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