I suggested a couple of days ago that it was really strange for the Minister of Finance to announce the devaluation one month in advance, but the timing benefited those that purchased the bonds in local currency the Ministry was offering which were not that attractive, but with the announced devaluation became an extremely nice deal for those that had put their orders in.
Well, now Nobrega says that the date of the devaluation has not been decided since it has to be the Board of the Central Bank that decides such things. Hah! Does the Minister think we are stupid? When has the “Board” of the Central Bank decided on devaluations in this country? It is always the President and the Minister of Finance that decide, announce and force devaluations and the Central Bank goes along sheepishly with what they decided.
The question is: Was this done simply as a way of guaranteeing a nice profit for those that bought the bonds, or do they have significant differences inn the economic Cabinet that forced Nobrega to back down on his decision? If the latter is true, it is likely that we are seeing the last days of Minister Nobrega.
The Devil's Excrement 
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