Devaluation Breaks Marka

Bnamericas Published: Thursday, February 04, 1999
Brazil's Central Bank has carried out a silent "white intervention" of Banco Marka after the bank went bankrupt in the wake of the country's currency devaluation. The Central Bank intervened in Marka at the request of the Commodities & Futures Exchange (BM&F), without informing the rest of the market for fear of starting a chain reaction. Marka was oversold in dollar futures the day the real fell, and was unable to meet its daily responsibilities with the BM&F, the Central Bank said. The Central Bank will be responsible for guaranteeing asset sales to recoup enough to pay off creditors.

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