Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.045

-10.7%

Nov 13 3:59 PM EST

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To: Steve Fancy who wrote (12334)	1/25/1999 3:14:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil seen losing $150 mln through forex mkts Mon Reuters, Monday, January 25, 1999 at 14:40 SAO PAULO, Jan 25 (Reuters) - Brazil was seen losing a net $150 million through foreign exchange markets Monday as a holiday in the country's financial capital limited transactions, traders said. As of 1700 local/1900 GMT, a net $9 million had left through forex markets. On Friday, capital flight totaled $524 million as investors hedged against a three-day weekend. Traders expect net outflows to reach $150 million once all operations are added up. Brazil has lost $7.415 billion through forex markets so far this month as overseas debt has come due and as investors worried about a further devaluation have stocked up on the U.S. currency. Dollar flight drained about $40 billion from Brazil's reserves in six months and finally toppled the nation's currency, forcing a devaluation. Capital flight was expected to slow after the Central Bank allowed the currency to float freely against the dollar. Copyright 1999, Reuters News Service

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