Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.030

-3.7%

Nov 7 3:59 PM EST

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To: Jerry A. Laska who wrote (7401)	9/2/1998 10:35:00 PM
From: Steve Fancy	Read Replies (6) of 22640

Brazil's Fin Min: Brazil Firmly Against Devaluations Dow Jones Newswires NEW YORK -- Brazil's Finance Minister Pedro Malan told The Wall Street Journal that his country will hold the line against devaluation, and also rejected currency controls like those recently imposed by Malaysia, in an article to be published in the newspaper's Thursday edition. Malan added that the U.S. could best aid the region by promptly cutting interest rates. "I think the time has come for the (U.S. Federal Reserve) to give serious consideration to a lowering of U.S. interest rates," Malan said. "I think it would be an important contributor to easing of the current tension in the international market." Malan, expected to attend Thursday's special talks between Latin American economic ministers and the International Monetary Fund in Washington, told the newspaper that Brazil will maintain the stability of its currency and that it will introduce a plan to control the country's gaping budget deficit after October's presidential elections. He said Brazil's move four months ago to widen the band at which the real trades has eliminated the need for a devaluation. Malan also emphatically rejected currency controls. "We had a long experience decades ago with exchange controls and they generate more problems than they solve," he said. He did defend the tax that Brazil applies on some short-term speculative investments to modulate the ebb and flow of foreign capital. The Central Bank last eased the tax rate to rebuild shrinking Brazilian reserves.

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