Brazil cb to wait to sell long term debt next year

BRAZIL - The Brazilian central bank is likely to wait until 2003 until it begins selling its longer-dated public debt again, according to the bank's monetary policy director Ilan Goldfajn. Two weeks ago the government began to swap long-dated government securities for short-term debt to counter the growing reluctance of investors to hold longer-term debt.

The central bank is not willing to come to blows with the market and therefore it may be that the central bank will be unable to extend the

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