Brazils Central Bank holds U.S. dollar auctions for market liquidity - Instablogs
Brazils Central Bank holds U.S. dollar auctions for market liquidity
Celso Camargo , Campinas: Oct 9 2008
Made Popular Oct 11 2008
Brazil :
Brazil’s Central Bank Wednesday staged the first U.S. dollar auctions on the foreign exchange market since March 2003, selling 1.7 billion dollars altogether
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Tags: Brazil, Central Bank, crisis, dollars
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Grace Calderon
2 Stars
Grace Calderon Oct 9 2008
Quezon City, Philippines
But, wouldn’t market liquidity also deplete foreign reserves?

That’s a dilemma over here. Selling the dollars has led to further devaluation of the Philippine peso.
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Celso Camargo
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Celso Camargo desencanado.tk Oct 9 2008
Campinas, Brazil
Indeed, but they do that to keep the real currency not so low above dollar.
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Oscar
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Oscar Oct 11 2008
Oaxaca, Mexico
We have never brought our peso under 10 per dollar since the crisis in the 90’s..we have adjusted, but not recuperated, but this crisis has us worried...
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Celso Camargo
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Celso Camargo desencanado.tk Oct 11 2008
Campinas, Brazil
For now, here things are normal, but if the G* doesn’t take any action(s), Brazil will be hurt seriously.
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Oscar
1 Stars
Oscar Oct 11 2008
Oaxaca, Mexico
what percent of your reserves is 1.7 billion? It shouldn’t bee too bad, I imagine Brazil, like Mexico.. bumped it’s reserve to massive amounts after learning a lesson in the 90’s..no?
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