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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (1784)	4/20/1998 2:20:00 PM
From: Steve Fancy	Respond to of 22640

C.bank chief sees Brazil stronger after Asia-paper Reuters, Monday, April 20, 1998 at 08:46 SAO PAULO, April 20 (Reuters) - Brazilian Central Bank President Gustavo Franco said Brazil emerged stronger after last year's Asian financial crisis, Folha de Sao Paulo newspaper reported on Monday. Franco, however, was concerned about the future of the Asian economies, saying the International Monetary Fund should play a greater role in ensuring international financial stability, Folha said. Brazil was forced to nearly double its prime lending rates last October to defend its real currency from speculative attacks at the height of the Asian financial turmoil. Rates have been lowered gradually since then and are currently at 23.25 percent a year, close to pre-Asian crisis levels. Once a critic of the IMF, the Central Bank chief said it was important to have a multilateral institution co-ordinating nations' efforts in moments of global crisis and the Fund was the most experienced institution, the newspaper said. "The world has never been subject to crisis of multipolar origin with such a global impact," he was quoted as saying. Franco was speaking in meetings in Boston over the weekend following his visit to Washington for the IMF executive board meeting, the newspaper said. Franco told Folha that Brazil would begin to provide data to the IMF via Internet to increase transparency of its information, joining a list of 66 countries that already supply the Fund using the web. fatima.santos@reuters.com)) Copyright 1998, Reuters News Service