Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.956

+6.7%

3:59 PM EST

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To: Steve Fancy who wrote (11603)	1/13/1999 7:39:00 PM
From: David Petty	Read Replies (1) of 22640

Not quite the $2 billion rumored (of course there may be more to this than meets the eye... I do not trust anything, anyone says anymore): January 13, 1999 Dow Jones Newswires Brazil Ctrl Bk: Wednesday Forex Net Outflow About $700M Dow Jones Newswires BRASILIA -- Brazil's foreign exchange outflow on Wednesday was about $700 million, the Central Bank said late Wednesday. Earlier, market sources had pegged outflows at around $2 billion following the resignation earlier in the day of Central Bank head Gustavo Franco and the announcement of a shift in foreign exchange policy by his sucessor Francisco Lopes. "Some guesses by market sources quoted by news agencies today were really outrageous," a Central Bank spokesman told Dow Jones Newswires by telephone. By the end of trading some traders had been referring to talk sweeping through the market of a final outflow for the day as high as $6 billion. Usually the Central Bank only issues the day's foreign exchange flows through its Sisbacen computer system early the next morning. "We're making an exception to put things in perspective because of the exaggerated claims made today (Wednesday)," the spokesman said. He added Brazilian Bradys Wednesday behaved the same as the day before, "falling initially but then recovering later." The central bank's press officer said Brazilian banks bought $1.7 billion from the monetary authority during the day, but that part of this total was returned to the Central Bank later in the day. He described this as positive news "in view of the fact that only $700 million was sent abroad." -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap.org

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