Bill Murphy: Brett Kebble, GATA''s hero

Section:

From Reuters
Thursday, September 29, 2005

http://today.reuters.com/investing/financeArticle.aspx?
type=bondsNews&storyID=2005-09-
29T153053Z_01_N29208370_RTRIDST_0_ECONOMY-BRAZIL-CURRENCY-UPDATE-
2.XML

SAO PAULO, Brazil -- Brazil's central bank on Thursday said it may
resume buying dollars on the local market "at any moment" after a
six-month hiatus and said the Treasury has already moved to buy some
$14 billion this year to pay foreign debt.

After the central bank said it may return to the dollar market, the
real erased its morning gains and weakened before trading flat on
the day at 2.235 to the dollar.

The central bank halted the purchases in March and since then the
real has gained to four-year highs. Exporters are clamoring for
interventions by the central bank to make their products more
competitive on global markets.

Central Bank Economic Policy Director Afonso Bevilaqua said at a
media conference on Thursday that dollar purchases would only be
made to address imbalances in a market awash in dollars and
reiterated that the government doesn't have a preferred trading
price for the real.

Still, he didn't promise the central bank would intervene or provide
a definitive timeframe for potential purchases.

The central bank and Treasury have been working together during the
past couple of years to rebuild Brazil's scant foreign reserves and
make the country more resistant to financial turbulence.

While the central bank has not purchased dollars since March, the
Treasury has continued with a program to buy dollars and use them to
pay foreign debt.

So far this year, the Treasury has bought $10 billion on the local
foreign exchange market to pay foreign debt obligations due in 2005,
Bevilaqua said.

The Treasury has also contracted for $3.99 billion in purchases on
the foreign exchange market to pay foreign debt due in 2006, he said.

Despite the dollar purchases by the government, Brazil's real is
trading at its strongest levels since May 2001, thanks to heavy
dollar inflows from exports, overseas bond sales and a lofty
benchmark interest rate of 19.5 percent a year.

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