Brazil May Keep Floating Exchange Rate
Brazil may keep a floating exchange rate of its currency real against the US dollar and other foreign currencies, Communications Minister Pimenta da Veiga said on Saturday.
Da Veiga said President Fernando Henrique Cardoso had discussed the possibility with his economic cabinet.
On Friday, the Brazilian central bank announced it would not intervene in the foreign exchange market before next week and would allow the real to float.
On that day, stock market indexes jumped throughout Latin America, as investors reacted positively to Brazil's plan to allow the real to float.
Economicnews 1999-01-18 Page7
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