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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.517-9.2%Dec 29 3:59 PM EST
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To: wl9839 who wrote (15340)5/17/1999 4:59:00 PM
From: wl9839  Read Replies (1) of 22640
 
Brazil's Fraga Says Conditions Right for Rate Cut

Rio de Janeiro, May 17 (Bloomberg) -- Brazil's economic
conditions -- which include modest inflation and a stable
currency -- favor additional cuts in interest rates, the
president of the central bank said.
''Conditions are right to begin cutting real interest
rates,'' Arminio Fraga told an economic conference in Rio de
Janeiro.

Brazil is expected to cut interest rates this week for the
seventh time in two months as slowing inflation gives it room to
try to pull the economy out of recession and halt a swelling of
the jobless rate.

The central bank could cut rates to as low as 23 percent --
from 27 percent -- Wednesday when its rate-setting policy
committee meets, economists said.

Fraga also said he's confident the Brazilian government is
determined to keep spending in check, to reduce its budget
deficit, worth $73 billion at the end of March.
''A central bank is only as good as its fiscal policy. And I
see in our fiscal policy the conditions for the central bank to
act with confidence,'' Fraga said.

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