Brazilian real sinks further
Wednesday 27 January 1999
Capital flows out of the country have passed the $7.5bn mark this month. But in Washington and Brazil politicians talked up prospects of economic reform.
Robert Rubin, the US Treasury Secretary, said it was important for Brazil to stick to planned reforms. Francisco Lopes, the governor of Brazil's central bank for the past two weeks, said inflation would not be allowed to run out of control even though the nosedive in the currency would send import prices higher.
However, Fitch IBCA, the ratings agency, cut its long-term ratings for Brazil to B, from B-plus for foreign currency debt. The Bovespa index nevertheless jumped over 6 per cent yesterday.
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