-Caveat Lector-
Subj: Citing Strengthened Economy, Brazil Central Bank Will...
Date: 8/10/99 3:15:32 PM Central Daylight Time
From: AOL News
BCC: Ahab42
Citing Strengthened Economy, Brazil Central Bank Will End Formal Request That
Banks Maintain Trade & Interbank Lines
NEW YORK--(BUSINESS WIRE)--Aug. 10, 1999--The following statement was
released today by the Central Bank of Brazil: "In March 1999,
international banks led by five regional coordinating banks agreed to
Brazil's request to maintain their trade and interbank lines at February 28,
1999 levels. These banks were Bank of Tokyo-Mitsubishi, Banque Paribas,
Citibank, Deutsche Bank and HSBC Holdings. Later on, Caixa Geral de Depositos
and Banca Commerciale Italiana were chosen as coordinators in their
respective countries.
"Citing the strengthening of the Brazilian economy and renewed
confidence in the country, as demonstrated by banks' voluntary increase of
trade and interbank lines to Brazil, the Brazilian economic authorities are
addressing all participating banks to announce that, from September 1st
onwards, it will no longer be necessary to formally ask foreign commercial
banks to maintain their trade and interbank lines to Brazil as originally
requested in March. Instead, they will rely on market conditions going
forward.
"The Brazilian authorities noted that developments in the Brazilian
economy since March have been significantly better than expected. Sound
monetary and fiscal policies have led Brazil to fulfill the targets agreed in
the IMF program. GDP has begun to recover at the end of the first quarter of
1999, inflation has performed significantly better than projected, the
current account deficit was reduced, developments in the capital account have
exceeded expectations and FDI flows have shown considerable strength. The
President of the Central Bank, Arminio Fraga, noted that the positive
response of the banks to Brazil's request had an initial stabilizing effect
and was a critical element in Brazil's economic improvement. The
establishment of a system to monitor bank lines was a productive initiative.
We will keep it operating, he added. The Central Bank will also maintain a
close dialogue with individual banks and expects banks to continue to respond
as positively as they have done in the last six months. Mr. Fraga also
expressed the recognition of Brazil to the role played by the IMF, the BIS,
as well as by Central Banks and Ministries of Finance that participated in
the establishment and implementation of the monitoring process.
"William R. Rhodes, Vice Chairman of Citigroup and Citibank, welcomed
Brazil's announcement. Mr. Rhodes, who was asked by Brazil to help implement
the request as worldwide and North America coordinator, stated that the
banks' response was very positive. 'In fact, a number of banks not only
maintained but also increased their trade and interbank lines,' Mr. Rhodes
noted. He recalled that the country's economic progress during this period
permitted the Government of Brazil to return to the international markets
last April."
--30--mr/ny* cf
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