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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Justa Werkenstiff who wrote (2828)	1/13/1999 5:23:00 AM
From: Justa Werkenstiff	Read Replies (2) \| Respond to of 15132

Brazil: (CNBC just confirmed that this resignation has occurred). Brazil media says c.bank chief Franco asks to quit SAO PAULO, Jan 13 (Reuters) - Brazilian media reported Wednesday that Central Bank president Gustavo Franco is asking to resign, but the Central Bank was not immediately available for comment. The Central Bank has persistently denied rumours about Franco's resignation, but the speculation reached a new peak Wednesday when at least two newspapers and one news programme led with the reports. Folha de S. Paulo and Correio Braziliense newspapers said on Wednesday that Franco was asking to resign after another flood of one billion dollars left the country through foreign exchange markets on Tuesday. President Fernando Henrique Cardoso denied rumours on Tuesday of the resignation of Finance Minister Pedro Malan amid a crisis of investor confidence following a leading state's declaration that it would cease to make payments on its debt to the central government. With reserves already at worrisome levels, a renewal of dollar outflows, which have reached about $2 billion so far this month, has fuelled sharp declines in stocks with repercussions in markets around the globe. Globo television news and the newspapers said Francisco Lopes, currently the Central Bank's director of economic and monetary policy, would substitute for Franco.