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

To: Steve Fancy who wrote (7021)	8/21/1998 5:48:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Brazil forex mkt sees huge daily net dlr outflow Reuters, Friday, August 21, 1998 at 17:38 SAO PAULO, Aug 21 (Reuters) - Brazil's commercial foreign exchange contracts posted a preliminary daily net outflow of $900 million on Friday as global economic woes roiled the country's financial markets, dealers said. The huge one-day outflow was mainly due to dollar sales amid economic trouble in Russia, Venezuela and other emerging markets plus a sharp fall posted by the Sao Paulo stock exchange, dealers said. Expiring agricultural loans also added to the departure of the U.S. currency. Just on Tuesday, Brazil's commercial forex market had registered an extraordinary net outflow of $963 million due to expiring agricultural loans, known as "63 Caipira". Central Bank officials had assured investors then that the outflows were linked to an expected maturity of those loans. Approximately $4.0 billion worth in these loans were expected to come due this month, the bank had said. On Friday, the Central Bank's head of foreign reserve department told Reuters the country's $70 billion in dollar supplies put Brazil in a comfortable position to fend off growing unrest in world financial markets. But in a separate move, the bank sold one billion reais worth of special dollar-indexed notes in a move seen by dealers as the bank's bid to calm the market. The local currency real dropped 0.09 percent at 1.1750 to the dollar on Friday. The sale of the papers was seen by the market as an attempt to increase the offer of dollar-linked debt in the market amid fears of currency devaluations in some emerging market countries. noriko.yamaguchi@reuters.com))

To: Steve Fancy who wrote (7021)	8/21/1998 6:19:00 PM
From: Jerry A. Laska	Respond to of 22640

Steve, Glad to see you're getting away for a bit before school starts. Winter is almost upon us here, Anchorage got snow yesterday, so I took that as a cue that I need to get out of town for a few days myself and am heading to the desert southwest including Las Vegas (hopefully my luck there will be better than it has been with tbr and the market) for a few days and will be back next thursday or so. I'll try to post the news for you when I get back but there will be a few days there when I won't be around. Have a good time while you're gone. Jerry