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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.404-14.1%3:59 PM EST
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To: Steve Fancy who wrote (9051)10/19/1998 11:52:00 AM
From: Steve Fancy  Read Replies (1) of 22640
 
Brazil dollar outflows slow to $99 mln on Friday

Reuters, Monday, October 19, 1998 at 09:29

SAO PAULO, Oct 19 (Reuters) - Brazil's dollar outflows from
foreign exchange markets slowed to a slim $99 million on Friday
as a Spanish bank brought in cash to help pay off its purchase
of a Brazilian bank earlier this year, traders said.
But even with Banco Bilbao Vizcaya's (MADRID:BBV) introduction
of some $640 million, strong outflows ensured yet another day
of net dollar loss for Brazil.
The Central Bank registered net inflows of $239 million in
the commercial forex market and traders said net outflows in
the floating forex market totaled $338 million.
BBV brought in the cash to put toward its acquisition of
Banco Excel Economico (SAO:BEXC4), which was made official in
August.
Brazil has lost more than $30 billion through its forex
markets since the beginning of August, when a devaluation in
Russia sparked a wave of capital flight from emerging markets.
A sharp hike in interest rates has helped to slow the
flows, though dollars are expected to continue leaving Brazil
this month as some $3 billion in foreign corporate bonds and
loans come due.

Copyright 1998, Reuters News Service
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