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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.452-11.5%3:59 PM EST
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To: Steve Fancy who wrote (8045)9/15/1998 3:26:00 PM
From: Steve Fancy  Read Replies (1) of 22640
 
Brazil dollar outflows seen under $600 mln Tuesday

Reuters, Tuesday, September 15, 1998 at 14:52

SAO PAULO, Sept 15 (Reuters) - Dollar outflows from
Brazil's foreign exchange markets are seen dipping to under
$600 million on Tuesday, slowing from a recent daily average of
$1.5 billion, dealers said.
"There are expectations that money raised in recent
privatization auctions would start rolling in," said one forex
dealer.
Dealers reported a net $66 million inflow by 1500
local/1800 gmt on Tuesday and speculated the day would end with
an outflow of no more than $600 million.
Brazil sold electricity generator Gerasul (SAO:GRSU6) for
945 million reais ($808 million) to Belgium's Tractebel
(BRU:TREB.T) on Tuesday. Part of that payment must be made this
week.
On Monday, the government also sold Bemge bank <BEMG4.SA >
to Banco Itau (SAO:ITAU4) for 583 million reais ($498 million).
Dealers speculated Itau would be raising some of the cash
needed in overseas markets.
Dollar outflows from the country's commercial and floating
rate markets were also slowing down as the effects of last
week's central bank interest rate hike sank in. The bank's Tban
assistance lending rate was raised to 49.75 percent from 29.75
percent on Thursday.
On Monday, dollar outflows declined to $898 million,
bringing losses so far in September to $13.628 billion.
The local currency market was stabilizing on expectations
of a smaller outflow on Tuesday. The real was up 0.04 percent
at 1.1795 to the dollar by 1530 local/1830 gmt.

Copyright 1998, Reuters News Service
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