Brazil c bank mulls use of derivatives on forex

BRAZIL - Brazil's central bank is considering the use of derivatives to intervene on the foreign-exchange market as of May 2002, daily O Estado de S. Paulo said Thursday.

As of that date, the central bank will no longer be allowed to issue any debt, including dollar-linked notes, because of the Fiscal Responsibility Law.

The monetary authority currently has an arsenal of dollar-linked Treasury bills, but chairman Arminio Fraga told Estado that "if the Treasury bills don't provide enough flexi

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