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

To: wl9839 who wrote (11504)	1/13/1999 7:06:00 AM
From: Mike	Read Replies (2) \| Respond to of 22640

Gustavo Franco quit his job as Central Bank President last night, and will be substituted by Chico Lopes. Lopes announced this morning new band of R$1.20/R$1.32 up from R$1.12/R$1.22. Since we were already at the top of the old band for a month now only natural that the Central Bank adjusts to a higher range. This does not mean that we will go to R1.32 today! No talk of Malan leaving, and we feel he will stay to the end of the Fernando Henrique Government. Our Big worry is with State Governors like Itamar Fanco and other Governors who don't want to adjust to the New Brazil and do their part. The Federal Gov. has done its part and now it is the states turn. Today the congress will vote on important adjustments, by the look of things all will be past. mike