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

To: Fred Levine who wrote (15250)	5/12/1999 6:27:00 PM
From: wl9839	Respond to of 22640

Brazil Trims Benchmark Selic Rate To 27% in Third Cut in Two Weeks Dow Jones Newswires BRASILIA -- In a surprise move, Brazil's central bank on Wednesday trimmed lending rates for the third time in two weeks, setting the benchmark Selic interbank rate at 27% from 29.5% previously. The monetary authority has cited surprising inflation figures, currency stability and the return of foreign capital as key in recent decisions to cut rates. Brazil's Monetary Policy Committee, or Copom, is scheduled to meet May 19 to set rates for the following several weeks. At the last meeting on April 14, the Copom cut the Selic to 34% from 39.5%, and also established a "downward bias" for rates, giving central bank President Arminio Fraga the power to cut rates between Copom's scheduled meetings.