Weekly Report - 4 January 2005

BRAZIL | Bank signals continuing restraint. The central bank's contribution to Christmas cheer was the warning, on 23 December, that it could keep on raising interest rates if the high world prices for oil went on creating inflationary pressures. The bank has also said it will not intervene to halt the appreciation of the Real vis-í -vis the US dollar, after the Brazilian currency hit R$2.70 - a level business leaders complain is below the 'competitiveness threshold' of R$3.00.

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