Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.990

-2.5%

Nov 4 3:59 PM EST

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To: Steve Fancy who wrote (7458)	9/3/1998 7:58:00 PM
From: Steve Fancy	Read Replies (10) of 22640

Brazil's Franco Denies Curbs On Dollar Outflows Dow Jones Newswires BRASILIA -- No special measures are being considered to restrict the heavy outflow of U.S. dollars, Central Bank president Gustavo Franco said through his press office late Thursday. Franco is in Washington attending a meeting of Latin American finance ministers with International Monetary Fund officials on the current upheavals in Russia and Asia. A Central Bank spokesman said Franco denied rumors circulating in Brazil earlier Thursday that the government was about to introduce restrictions on capital outflows which have been surging in recent days. Market sources claim the country is losing some $1 billion a day since the Russian crisis last week and that the outflow could snowball following Moody's Investor Service's downgrading of the rating on Brazil's foreign debt Thursday. -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap.org

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