Brasília, November 5, 2003 (Agência Brasil - ABr) - The evolution of the exchange rate was cited yesterday (4) by the president of the Central Bank (BC), Henrique Meirelles, as a fundamental item in the external adjustment made by the government. "Nowadays, the exchange rate is stable and registers low volatility. As well as not exerting pressure on inflation, it has made an excellent readjustment possible in the trade balance," Meirelles said at the bank's headquarters, during the installation of the new director of International Affairs, Alexandre Schwartsman.

According to the president of the BC, the figures presented by the Brazilian economy reveal a solid and permanent change in foreign trade. Meirelles also underlined the trade balance surplus accumulated by Brazil in the past twelve months, more than US$ 23 billion. "This is the best result ever achieved in the history of Brazil," he said.

He also recalled criticisms made by people he categorized as "pessimists," who predicted that the country would experience an exchange crisis in September and October. "Coincidentally, a few months ago harbingers of pessimism predicted for September or October an exchange crisis caused by the fall in exports... not coincidentally, the 'Cassandras' were wrong once again," Meirelles affirmed. (DAS)