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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.468

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3:43 PM EST

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To: Steve Fancy who wrote (8758)	10/2/1998 3:30:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil's Franco--will not resort to forex controls Reuters, Friday, October 02, 1998 at 15:05 NEW YORK, Oct 2 (Reuters) - Brazil's top central banker repeated recent government assertions that the struggling nation will not enact foreign exchange controls to stabilize its economy. "Brazil will not resort to (foreign) exchange controls," said Gustavo Franco, Brazil's central bank president, in a speech to a conference sponsored by the Wall Street Journal here. Franco cautioned against excessive market expectations of a sweeping fiscal package in the days immediately after this Sunday's presidential elections. "The structural reforms take time," he said. "The markets are intelligent enough to see that." Franco said President Enrique Fernando Cardoso's government will present a three-year fiscal package likely to be unveiled in stages, assuming it wins the election, as is widely expected. Franco said he expects to have active consultations with the International Monetary Fund in Washington at the annual IMF/World Bank meetings next week. Franco added that the only controls on capital flows Brazil might entertain would be potential limits on inflows in times of abundance and "never on its exit." Copyright 1998, Reuters News Service

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