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Brazil Labels Its Economy Solid
The Central Bank of Brazil
declared at Committee on
Monetary Policy (POCOM) it holds
a solid situation and is ready
to deal with overseas
instability.
The Central Bank said Brazilian
international reserves would act
as buffer against world crisis
at a POCOM hearing on the latest
commotion caused by the fall at
the exchange in Asia and the US.
Brazil aggressive dollar
purchase policy doubled its 2006
reserves to 106.1 billion
dollar, jumping from sixth to
fourth emerging economy over
Mexico (68.8 billion) and Turkey
(56.5 billion).
In South America, it is above
Argentina (34.9 billion),
Venezuela (34.2 billion), Chile
(19.4 billion) and Colombia
(16.5 billion).
The three top world ranked
countries are China ( 1.6
billion dollar, Russia (311.1
billion, and India (193.1
billion).
Reserves from March 2006 to
March 2007 jumped from 53
billion to the current level and
if it follows this course,
Brazil hopes to match India
before 2008.
Local experts claim this
strategy build confidence among
investors.
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