Brasília, August 20, 2003 (Agência Brasil - ABr) - Today's decision by the Monetary Policy Committee to reduce the prime interest rate from 24.5% to 22% per year pleased the National Industrial Confederation (CNI). CNI president Armando Monteiro Neto affirmed that this is a move in the direction called for by the industrial sector. "It was a more daring measure that does not put at risk the control of inflation. I feel satisfied, because, as I said yesterday, a reduction of less than 2.5% would leave us frustrated."

He pointed out that this sends a positive signal to economic actors and shows that the Administration is moving in the direction of a looser monetary policy, which would be good for production and job preservation. (DAS)