Brazil
Brazil currency rally unlikely to get c bank boost
BRAZIL - A reversal of Brazil's economic fortunes appears to be in the cards as a feeling that the worst is over quickly spreads across local markets, triggering a strong rally in the embattled real.
Brazil's cen bank workers to strike on Wed - union
BRAZIL - Workers at Brazil's Central Bank in Brasilia say they plan to go on a 24-hour strike from midnight Tuesday, joining protests that have been interrupting the bank's state branches over the past week.
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.
Fraga wants to revoke 500 Finance System norms
BRAZIL - Central Bank President Arminio Fraga said Tuesday that he plans to revoke at least 500 of the approximately 2,000 norms in the National Finance System (SFN) - rules to which Brazilian financial institutions are subject.
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, a report said Thursday.
Brazil c bank to produce notes of BRR2, BRR20
BRAZIL - The central bank will launch notes in denominations of two reals and 20 reals ($1=BRR2.761) in December and next year to help save costs, O Estado de S. Paulo reported.
Brazil c bank to receive US$2.5bn debt from Poland
BRAZIL - The Central Bank will receive US$2.457 billion in two weeks time from a debt due from Poland that is scheduled to come due in 2009. The money will bolster Brazil's foreign currency reserves, raising them to US$42 billion.
Brazil calls emergency BRR1 billion debt sale
BRAZIL - Brazil's central bank called an emergency sale of short-term, dollar-linked debt early Thursday to try to prop up its sagging currency.
Court bars Brazil c bank from liquidated bond sale
BRAZIL - The Central Bank's plans to sell R$11.004 billion in dollar-linked bonds owned by banks under government liquidation - Economico, Mercantil de Pernambuco and Nacional - is under threat.
Deadline passes for banks to meet new rules
BRAZIL - Last Friday 12 October saw the passage of the deadline for banks to meet the decision of the National Monetary Council (CMN), taken at its last meeting, demanding that the institutions have more equity to meet operations with foreign exchange…
Brazil c bank says report figures are "incorrect"
BRAZIL - Brazil reacted quickly to a Standard & Poor's report released this week, which warned of the growing risk of Brazil and stated that the government needs US$80 billion to finance its balance of payments in 2002.
Brazil inflation slows sharply
BRAZIL - Brazil's inflation in September slowed considerably over previous months but is still expected to exceed the upper limit of the government's year-end target of 6 per cent.
Cardoso rules out extra measures to support real
BRAZIL - President Fernando Henrique Cardoso said that the central bank has taken the necessary measures to stem the fall of the real, adding that no additional measures are required.
Brazilian regulators make the right move
BRAZIL - Brazil's central bank has done its share of manoeuvring to stem the damaging plunge of the country's currency this year.
IMF loan to secure Brazil
BRAZIL - The International Monetary Fund has approved a $15.6bn stand-by loan for Brazil in the aftermath of Tuesday's attacks on the US.
Brazil cenbank chief to meet IMF's Fischer
BRAZIL - Brazilian Central Bank President Arminio Fraga will leave for Washington D.C. today, 28 August, to meet with the outgoing No.2 official at the International Monetary Fund (IMF), the bank said on 27 August.
Central Bank's on-line banking system threatened
BRAZIL - The Central Bank may have to delay the starting date for its new on-line banking system, called Sistema de Pagamentos Brasileiro (SPB), from November.
Copom keep rates unchanged at 19% per year
BRAZIL - If the economic climate in Argentina is enough to keep the Central Bank in a state of alert, Brazil's weak second quarter GDP data only added to its concerns about the future of the Brazilian economy.
Brazil rates will only fall after energy crisis
BRAZIL - The government will only be able to cut interest rates when energy supplies return to normal, which will probably only be in the second quarter of 2002, said former Central Bank chairman Carlos Geraldo Langoni on 21 August.
Fraga says he may stay on in opposition government
BRAZIL - Central Bank chairman Arminio Fraga said on 16 August that he may accept to keep his position after President Fernando Henrique Cardoso's mandate, which ends in 2002.
Brazil c bank may have to relax war on inflation
ARTICLE - Hyperinflation may be dead, but prices are rising again in Brazil. A series of economic jolts could force the central bank to temper its anti-inflation zeal to avoid aggravating bigger problems in a slowing economy.
C Bank names another bank to manage forex reserves
BRAZIL - The Central Bank has named Credit Agricole Asset Management as one of the financial institutions that will manage part of the US$35.3 billion of the bank's foreign currency reserves.
C Bank of Brazil to cut number of market dealers
BRAZIL - The Central Bank has decided to reduce the number of its dealers (banks licensed to act for the Central Bank in the market) from 25 to 22, said bank director Sergio Goldenstein.
Emerging markets - round up the usual suspects
CENTRALBANKNET'S SPECIAL REPORT - A little local difficulty or the beginning of a global shake-down? First Turkey, then Argentina - next stop Brazil? Or south-east Asia? The omens are not good as emerging markets from Poland to Pretoria feel the effect…