Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.511

+2.0%

Jan 14 3:50 PM EST

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To: Steve Fancy who wrote (8865)	10/6/1998 12:35:00 PM
From: Steve Fancy	Read Replies (2) of 22640

Brazil's real firms on hopes of some dollar inflow Reuters, Tuesday, October 06, 1998 at 12:02 SAO PAULO, Oct 6 (Reuters) - Brazil's local currency real strengthened 0.11 percent to 1.1837 to the dollar by midday on market expectations that an inflow worth $300 million would help offset capital flight on Tuesday, dealers said. Dealers speculated payment linked to the September privatization auction of Brazilian utility Gerasul (SAO:GRSU3) was seen rolling in today, supporting the real. Belgium's Tractebel (BRU:TREB.T) had bought a controlling 42 percent stake in the the state utility for the minimum requested price of 945 million reais ($801 million). A major part of that payment had already been settled after the auction. Forex dealers said Tuesday's inflow would balance out a persistent wave of dollar outflows, which amounted to a net $336 million on Monday. Foreign currency flows were liekly to remain stable on Tuesday, as inflows and outflows balanced each other out, dealers said. Some $29 billion had fled Brazil through its commercial and floating forex markets since the beginning of August as a currency crisis in Russia scared off emerging market investors. Copyright 1998, Reuters News Service

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