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

To: wl9839 who wrote (15236)	5/12/1999 9:21:00 AM
From: wl9839	Read Replies (1) \| Respond to of 22640

Brazil slightly lowers key Selic rate to 29.47 pct SAO PAULO, May 12 (Reuters) - Brazil's Central Bank on Wednesday borrowed from the money market at an annual interest rate of 29.47 percent Wednesday, effectively lowering the key overnight Selic rate from Tuesday's 29.48 percent, traders said. The operation was in line with the Central Bank's lowering of Selic's reference rate to 29.5 percent from 32 percent last Friday. The Central Bank has gradually lowered the Selic from 45 percent on March 24 as inflationary pressure, which accompanied Brazil's currency devaluation in mid-January, started receding. The University of Sao Paulo's Economic Research Institute's (Fipe) closely watched inflation index showed further slowdown in the four weeks to May 7, the institute reported earlier Wednesday. Consumer price inflation in Sao Paulo slowed to 0.35 percent from 0.47 percent in the previous four weeks, or the month of April, it said. Fipe forecasts inflation about seven percent in 1999 after deflation of 1.8 percent in 1998. In the interest rate futures market, players were projecting rates of 27.25 percent for the end of this month and 24.15 percent for the end of June.