Rio, November 6, 2003 (Agência Brasil - ABr) - The director of Monetary Policy of the Central Bank (BC), Luiz Augusto Candiota, said today that the Brazilian economy is less vulnerable to external crises, but that globabilization prevents the country from being independent and totally free of the impact of international economic crises.

"We have made a big effort to reduce foreign currency-indexed debt. At the start of the year, our dollar-indexed government debt was 37%, and today we are close to 25%. It was a substantial reduction," Candiota pointed out.

As well as adjustments in domestic accounts, Candiota underscored the increase in exports as a significant part of the government's endeavor to assure economic stability. "To the extent you propose to have a more solid foreign trade, and this activity grows in proportion to the size of your economy, this diminishes your vulnerability," he emphasized, during his participation in the XIII National Congress of Financial and Commodity Brokers, at the Convention Center of the Rio de Janeiro Stock Exchange. (DAS)