Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.437

+7.8%

3:52 PM EST

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To: Jay8088 who wrote (8265)	9/18/1998 10:17:00 AM
From: Steve Fancy	Read Replies (2) of 22640

Brazil's Central Bank lowers its reais mini-band Reuters, Friday, September 18, 1998 at 09:08 SAO PAULO, Sept 18 (Reuters) - Brazil's Central Bank lowered its mini-band on the real currency by buying dollars at 1.1730 and selling at 1.1840 reais per dollar in the commercial foreign exchange market, dealers said. The previous mini-band was set on Monday at between 1.1725 and 1.1825 reais per dollar. The adjustment places a 0.0110 reais spread in the mini-band, up from a 0.0100 reais spread previously. The move is in line with a slight policy shift announced late April in which the Central Bank said it would begin extending the mini-band's spread by 0.0010 reais per month. The bank said the measure was designed to add flexibility into Brazil's forex policy. Friday's auction was the fourth time this month the bank has nudged the mini-band lower and represents a 0.08 percent decline from the previous mini-band. The Central Bank usually changes the mini-band five to seven times each month. So far this month, the Central Bank has shifted the mini-band 0.34 percent lower. In the last six months, the Central Bank has lowered the mini-band between 0.60 percent and 0.63 percent each month. Copyright 1998, Reuters News Service

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