Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.800

-3.1%

Dec 2 3:59 PM EST

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To: Steve Fancy who wrote (8661)	9/30/1998 10:12:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil Cenbank seen intervening to ease dlr flight Reuters, Wednesday, September 30, 1998 at 15:19 SAO PAULO, Sept 30 (Reuters) - Brazil's Central Bank was seen selling dollars in local foreign exchange markets on Wednesday following reports that more hard currency was flying out the country, dealers said. The Central Bank was seen intervening through state-owned Banco do Brasil after dealers estimated another $500 million would leave the country's forex markets on Wednesday. Brazil has lost over $30 billion from its forex markets since the beginning of August as international investors marched out of emerging markets including Latin America, frightened by currency turmoil in Russia. Wednesday's dollar flight put pressure on the local currency the real, which fell 0.08 percent or 1.1855 to the dollar in late trading. The banks would not comment on the intervention. Meanwhile in the local stock market, the key share index Bovespa (INDEX:$BVSP.X) was down 3.35 percent at 6,639 points by 1610 local/1910 gmt mainly tracking stock falls in Wall Street. Copyright 1998, Reuters News Service

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