boletim do banco central do brasilboletim do banco central do brasil brasília v. 43 n. 9 sep 2007...

ISSN 1517-7270

2007

Boletim doBanco Central do Brasil

September 2007Volume 43 – Number 9

Boletim do Banco Central do Brasil Brasília v. 43 n. 9 Sep 2007 p. 1-219

ISSN 1517-7270CGC 00.038.166/0001-05

Boletim do Banco Central do BrasilPublished monthly by the Banco Central do Brasil/Department of Economics.

The contents and their correspondent statistical tables are under the charge of the following component parts of the Department of Economics (Depec) (E-mail: [email protected]):

Economic Scene in the Month – Economic Studies Technical Management Staff in São Paulo (GTSPA) (E-mail: [email protected]);

Economic activity – Consultative Group on Domestic Economic Activity (Coace) (E-mail: [email protected]);

Money and Credit and Financial and Capital Markets – Monetary and Banking Division (Dimob) (E-mail: [email protected]);

Public finance – Public Finance Division (Difin) (E-mail: [email protected]);

Foreign Sector of the Brazilian Economy – Balance of Payments Division (Dibap) (E-mail: [email protected]);

International Economy – Consultative Group on Economic Research and Analysis (Copec) (E-mail: [email protected]).

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Statistical Conventions

... data not available. - nil or non-existence of the event considered.0 or 0.0 less than half the final digit shown. * preliminary data.

A hiphen (-) between years (1970-75) indicates the years covered, including the first and final years.A bar (/) between years (1970/75) indicates the average of the years covered, including the beginning and ending years, or even crop or agreement year, when mentioned in the text.

Minor discrepancies between constituent figures and totals as well as percentage changes are due to rounding.

There are no references to sources in tables and graphs originated in the Banco Central do Brasil.

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Summary

The Economic Scene in July 7

I Economic Activity 9

II Money and Credit 15

III Financial and Capital Markets 19

IV Public Finance 21

V Foreign Sector of the Brazilian Economy 25

VI International Economy 29

VII Main Economic Policy Measures 33

Statistical Tables

I Economic Activity 39I.1 National accountsI.2 Gross Domestic Product (GDP)I.3 Economic indicatorsI.4 Economic indicators – Seasonally adjustedI.5 Sales Volume Index in the Retail Sector – BrazilI.6 Industrial production indicatorsI.7 Automotive industryI.8 Crop production (major crops)I.9 Formal employment level index – BrazilI.10 Unemployment rate (weekly)I.11 Real average earnings – By worker categories and by sectorI.12 Price indices

II Money and Credit 57II.1 Factors affecting the monetary baseII.2 Monetary base and money supply (M1)II.3 Monetary behavior factors – Working day average in monthII.4 Extended monetary base – End-of-period balances

II.5 Extended monetary base – Average daily balanceII.6 Money supply (M4) – BalancesII.7 Money supply (M4) – Percentage shareII.8 Monetary base and money supply (M4) – End-of-period balance as percentage of GDPII.9 Income-velocity of moneyII.10 Financial institutions reserve requirements – End-of-period balancesII.11 Banco Central do Brasil – Adjusted balance sheetII.12 Monetary authorityII.13 Deposit money banksII.14 Monetary surveyII.15 Other banking institutionsII.16 Banking surveyII.17 Nonbanking financial institutionsII.18 Financial system credit operations – Credit balance with earmarked and

non-earmarked resourcesII.19 Financial system credit operations – As percentage of GDPII.20 Financial system credit operations – Balance by economic activityII.21 Public financial system credit operations – Balance by economic activityII.22 National private financial system credit operations – Balance by

economic activityII.23 Foreign financial system credit operations – Balance by economic activityII.24 Financial system credit operations – Risk classification and provisionsII.25 Public financial system credit operations – Risk classification and provisionsII.26 National private financial system credit operations – Risk classification and provisionsII.27 Foreign financial system credit operations – Risk classification and provisionsII.28 Financial system credit operations – Credit distribution by risk levelsII.29 Public financial system credit operations – Credit distribution by risk levels II.30 National private financial system credit operations – Credit distribution by risk levelsII.31 Foreign financial system credit operations – Credit distribution by risk levelsII.32 Financial system credit operations – Provisions by risk levelsII.33 Public financial system credit operations – Provisions by risk levelsII.34 National private financial system credit operations – Provisions by risk levelsII.35 Foreign financial system credit operations – Provisions by risk levelsII.36 Interest rate reference credit operations – SummaryII.37 Interest rate reference credit operations – Total volume by modality – CorporateII.38 Interest rate reference credit operations – Total volume by modality – IndividualsII.39 Interest rate reference credit operations – Interest rates and spreadII.40 Interest rate reference credit operations – Interest rate – Fixed operationsII.41 Interest rate reference credit operations – Spread – Fixed operations

III Financial and Capital Markets 107III.1 Interest ratesIII.2 Velocity of circulation of main financial assetsIII.3 Investment funds – Portfolio destination – R$ millionIII.4 Investment funds – Portfolio destination – Relative participation %III.5 Mutual investment fundsIII.6 Savings deposits and time depositsIII.7 Nominal income of major financial investmentsIII.8 One-day ID futures contracts – Adjustment rates, traded volumes and outstanding

contractsIII.9 Dollar futures contracts – Adjustment prices, traded volumes and

outstanding contractsIII.10 Forward rate agreement on the ID x US Dollar spread – Adjustment rates, traded

volumes and outstanding contractsIII.11 Capital market – Primary issueIII.12 Capital market – Secondary market indicatorsIII.13 Market value – Open capital companies – Bovespa

IV Public Finance 123IV.1 Central Government primary result – Above the line conceptIV.2 National Treasury performance summary – Cash basisIV.3 National Treasury revenues – Cash basisIV.4 National Treasury expenditures – Cash basisIV.5 Social Security – Cash basisIV.6 Circulation of Goods and Services Tax (ICMS)IV.7 Transfers of funds from the National Treasury to states and municipalitiesIV.8 Federal domestic securities issued – National Treasury liabilitiesIV.9 Federal domestic securities – Banco Central do Brasil portfolioIV.10 Federal domestic securities – Outside the Banco Central do BrasilIV.11 Federal domestic securities and open market operations – Percentage

share of indexIV.12 Duration and term of federal securities – Securities issued through public offerIV.13 Federal securities – Maturity scheduleIV.14 Monetary impact from federal securities operations – National Treasury and Banco

Central do BrasilIV.15 State and municipal securities – Total issuedIV.16 Net public sector debt – R$ millionIV.17 Net public sector debt – Percentage share of indexIV.18 Net debt evolution – Conditioning factors – Monthly flowsIV.19 Net debt evolution – Conditioning factors – Flows accumulated in the yearIV.20 Gross and net general government debtIV.21 Public sector borrowing requirements – Monthly flowsIV.22 Public sector borrowing requirements – Accumulated in the year as % of GDPIV.23 Public sector borrowing requirements – Flows in 12 monthsIV.24 Public accounts – Uses and sources – Flows in 12 months in R$ millionIV.25 Public net debt harmonizedIV.26 Variation of the harmonized net fiscal debt – Flows in 12 months

V Foreign Sector of the Brazilian Economy 163V.1 Balance of paymentsV.2 Trade balance – FOBV.3 Exports – FOB – By aggregated factor and main productsV.4 Imports – FOB – By end-use category and selected productsV.5 Trade by area – FOBV.6 ServicesV.7 IncomeV.8 Unrequited current transfersV.9 Direct investmentV.10 Portfolio investment – AssetsV.11 Portfolio investment – LiabilitiesV.12 Portfolio of foreign investorsV.13 Other investment – AssetsV.14 Other investment – LiabilitiesV.15 International reserves in the Banco Central do BrasilV.16 Statement of international reserves changes – International liquidity conceptV.17 Composition of adjusted net international reservesV.18 Foreign exchange operationsV.19 Total external debtV.20 Registered external debt – Distribution by interest rate categoryV.21 Registered external debt – Distribution by currencyV.22 Medium and long-term registered external debt – Principal amortization scheduleV.23 Registered external debt – Distribution by type of debtor and creditorV.24 Total external debt by debtorV.25 Foreign exchange rate

VI The International Economy 205VI.1 Interest rates – Prime rate and 6 month Libor in various currenciesVI.2 Selected country indicatorsVI.3 International reservesVI.4 Currencies per US dollar

Appendix 211

September 2007 | Boletim do Banco Central do Brasil | 7

The Economic Scene in July

The Gross Domestic Product (GDP) grew 0.8% in the second quarter of 2007, compared to the previous quarter, considering data purged of seasonal factors, recording hikes of 3.2% in the gross fixed capital formation (GFCF), 1.5% in household consumption and 0.2% in government consumption. Again, from a demand standpoint, exports confirmed the recovery shown in the previous quarter by recording a 0.9% rise, whereas imports maintained a more notable growth at 1.5%. On the supply side, the industry was the sector with the strongest growth rate, of 1.3%, whereas in the services and farm sectors growth totaled 0.7% and 0.6% respectively. The cumulative GDP variation for the four quarters came to 4.8% in the second quarter of 2007, compared to 3.8% of the previous quarter.

In July, the economic activity factors evinced the domestic demand’s steady growth, favored by the improved conditions of credit and labor markets due to government’s onlendings. The industrial production turned in a monthly drop, following nine consecutive positive results, whereas the farming sector production estimate for 2007 started to embrace more optimistic forecasts with regard to corn and soybean crops.

Public sector results continued to be compatible with government targets, providing a gradual cutback in the ratio between public sector debt and GDP, with a climb in the fiscal inflows, in line with the economy’s growth, offsetting the government expenditure’s growth.

Imports hiked 34.8% in July, as compared to the same period in 2006, mainly reflecting the 25.2% growth in the volume index, a result which evinces the imports contribution towards growth of the aggregate supply in a pace consistent with growth in the domestic demand.


IEconomic Activity

Industrial production dropped 0.4% in July, compared to June, according to data purged of seasonal factors of the Monthly Industrial Survey of the Brazilian Institute of Geography and Statistics (IBGE). The shrinkage in the pace of activity affected 12 of the 23 surveyed activities, whose series are seasonally adjusted, with mention to food, oil refining and alcohol production. The main positive impacts were recorded in the segment of automotive vehicles, other chemical products and other transportation equipment.

With regard to the use categories, the production of consumer durables turned in a 0.8% monthly growth in July, whereas those related to semi and non-durable goods, capital goods and intermediate goods dropped 3.3%, 1.3% and 0.2% respectively.

The industrial production hiked 6.8% in July, compared to the same month the year before, totaling thirteen consecutive months with positive rates using this comparison basis. The twelve-month cumulative growth moved from 3.9% in June to 4.2% in July.

According to statistics from the National Confederation of Industry (CNI), purged of seasonal factors by the Banco Central’s Department of Economics (Depec), real sales grew 3.7% in July, as compared to the previous month, whereas hours worked in production and the level of Utilization of Installed Capacity (NUCI) climbed 0.7% and 0.3 p.p. respectively. For the year and up to July, real sales increased by 3.3%, hours worked, 3.8% and the average NUCI, 1.8 p.p., 81.7%, compared to the same period in 2006.

Investment indicators turned in a drop in July, compared to the previous month, according to data purged of seasonal factors. The production and imports of capital goods declined 1.3% and 2.5% respectively, and the production of inputs for the industry construction also declined 0.2%. Among the components for the capital goods

1)

2)

3)

– = Alt + 0150

Gráfico VI.4 � Taxas de câmbio

100

106

112

118

124

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: IBGE

Figure I.1 – Industrial productionSeasonally adjusted data 2002 = 100

2004 2005 2006 2007

90

105

120

135

150

165

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: IBGE

Figure I.2 – Industrial production by use category Seasonally adjusted data2002 = 100

Capital goodsIntermediate goodsConsumer goods

76

78

80

82

84


Source: CNI2004 2005 2006 2007

Figure I.3 – Utilization of installed capacity in the manufacturing industrySeasonally adjusted data 2006 = 100

10 | Boletim do Banco Central do Brasil | September 2007

production one should mention the favorable performance of the typically non-serial industrialized segments, electric energy, transportation equipment, mixed and farming parts. The National Bank of Economic and Social Development (BNDES) financing of medium and long-term investments totaled R$31.2 billion from January to July, for an increase of 38.2% compared to the same period in 2006.

The Systematic Farm Production Survey (LSPA) carried out in July estimated that the national grain harvest (cereals, legumes and oil-bearing crops) should come to 133,4 million tons in 2007, with 14% hike compared to 2006. Soybean and corn crops for the 1st and 2nd harvests should produce 82.5% of the total grain crop, with respective growth of 11.2% and 21.3% compared to the previous harvest.

The cultivated area in this crop is 0.4% smaller than in the previous one, coming to 45.4 million hectares. The crops which recorded the largest planted areas were soybean, with 20.6 million hectares, and corn 1st and 2nd harvests, with 13.7 million hectares.

The estimated sugarcane production, reflecting the growing world demand for biofuels, recorded a 12.7% growth compared to the previous harvest, whereas coffee harvest should drop 15.2%, coming to 2.2 million tons.

According the Monthly Retail Trade Survey, carried out by IBGE, the retail sales volume climbed 0.5% in July, compared to June, after a seasonal adjustment, and 9.2% compared to July 2006. The monthly result reflected the dynamism of the hypermarkets, supermarkets, food products, beverages and cigarettes segment, whereas the sales of the vehicles and motorcycles and parts sector, which does not take part in the general index, climbed 0.6%.

The retail trade sales grew 9.7% for the first seven months of the year, with emphasis on the increases in the segments of furniture and home appliances, with 16.7%; textiles, apparel and footwear, with 10.1%; hypermarkets, supermarkets, food products, beverages and cigarettes, with 6.6%. The expanded retail trade sales, which include the segments of construction material and vehicles, motorcycles, parts and spares, expanded 13.6% for the same period, with mention to vehicles and motorcycles and parts and spares, 22.9%. In twelve-month cumulative terms up to July the general and the expanded trade sales grew 8.7% and 11.5% respectively.

According to statistics of the National Federation of Automotive Vehicle Distribution (Fenabrave), and purged

100

110

120

130

140


Source: IBGE

Figure I.4 – Sales Volume Index in the Retail Sector – TotalSeasonally adjusted data2003 = 100

2004 2005 2006 2007

90

110

130

150

170

190

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: IBGE

Figure I.5 – Sales Volume Index in the Retail Sector – By segments Seasonally adjusted data2003 = 100

Hyper and supermarketsFurniture and home appliancesAutomobiles, motorcycles


of seasonal factors by Depec, the total number of vehicles sold by vehicle dealerships grew 0.8% in July, compared to June. Sales increased 26.1% compared to July 2006 and posted a 24.7% climb for the year.

The São Paulo retail trade indicators released by the São Paulo Trade Association (ACSP), and purged of seasonal factors by Depec, unveiled a monthly hike of 0.1% in the number of consultations of the Credit Protection Service Center (SCPC) and 0.2% of the Usecheque service in July. These indicators climbed 5.7% and 5.7% respectively during the seven months of the year compared to the same period in 2006.

The Consumer Confidence Index (ICC) prepared by the Trade Federation of the State of São Paulo (Fecomercio SP) remained stable in July, compared to June, and declined 3.1% compared to July 2006. The monthly result reflected 0.7% shrinkage in the component that evaluates future expectations and a 1% growth in the one that considers the current economic conditions.

According to the Consumer’s Expectations Survey of the Getulio Vargas Foundation (FGV), which encompasses about two thousand households in seven of the main state capitals in the country, the ICC dropped 0.8% in July compared to the previous month. This result arose from the improvement in the evaluations of the present situation and the deterioration of expectations with regard to the next six months. Regarding the July 2006 ICC, the rise came to 6.2%, mostly as a result of the 6.5% hike in the expectations index.

Again, according to FGV, the Industrial Confidence Index (ICI), formed of six items included in the Manufacturing Industry Survey, climbed 2.9% in July, compared to June. The ICI expanded 15.8% compared to July 2006, with a mention to the growth of positive evaluations of the expected demand level and the forecasts of new job openings in the industry.

The net default rate of the State of São Paulo’s trade sector, calculated by ACSP, came to 4.5% in July, against 5.1% in June and 3.9% for the same month in 2006. The monthly cutback originated from the 0.3% climb in the new records of installment payments in arrears and 6,3% related to canceled records. The recorded climb on an annual basis evinced respective hikes of 7.7% and 4.8% for the new records and the cancellations. The average proportion of returned checks due to insufficient funds as against checks

80

100

120

140

160

180

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: Fecomercio SP

ICCCurrent economic conditionsConsumer expectations

Figure I.6 – Consumer Confidence Index (ICC)

Table I.1 – Formal employment

New job openings

1,000 employees

Itemization 2007 % change

July Jan-July Year 12 months

Total 127.0 1 222.5 4.4 5.0

Manufacturing industry 29.0 328.5 5.1 5.3

Commerce 27.9 125.0 2.0 6.1

Services 38.2 365.7 3.3 4.7

Building 18.9 116.5 8.6 7.2

Crop and livestock 8.0 246.4 17.1 2.0

Public utilities 0.5 6.0 1.9 1.7

Public administration 3.4 27.0 4.2 1.4

Mining 1.2 7.4 4.5 6.7

Source: MTE


cleared came to 5.6% in July, against 5.7% in June and 5.9% in the same month of the previous year.

According to statistics of the Ministry of Labor and Employment, the formal employment index grew 0.3% in July compared to June, following a seasonal adjustment, and 5% compared to the same period in 2006. In July, 126.992 new formal jobs were created, distributed among the main economic sectors, increasing the Consolidated Labor Legislation jobs by 0.44%. During the seven months of the year, the growth came to 4.4%, with the services sector leading the job openings.

The unemployment rate measured by IBGE in the six main metropolitan regions of the Country came to 9.5% in July, against 9.7% in June and 10.7% for the same month in 2006. The number of employed persons climbed 0.2% while those seeking a job dropped 2.2%, resulting in stability of the Overall Labor Force (PEA).

As far as worker category is concerned, mention goes to the 1.4% rise of registered workers. For the year, up to July, the average number of employed workers expanded 2.9% whereas those employed in the private sector climbed 2.7%, with a 4.4% rise in registered workers and a 1.8% drop of those informally employed.

The real average earnings habitually received by employed people, given the National Consumer Price Index (INPC) as a deflator, declined 1.2% in July compared to the previous month, and the overall real wages 1%. These indicators soared 2.5% and 5.6% respectively when compared to the same month the previous year.

When measured by the consumer price indices, inflation recorded a light downward trend in July, whereas the wholesale price variation was more intense than in the previous month.

IPCA rate moved 0.24% in July, compared to 0.28% in June. The rate cutback reflected the more intense effect of the price drop in housing and apparel in comparison to the upward pressures associated with the behavior of food and fuel prices. The 14.7% increase of pasteurized milk, responsible for the 0.14 p.p. variation in the month, accounted for the most important individual influence of the monthly increase of the index.

The expansion of the negative variation of regulated prices, from -0.05% in June to -0.22% in July, prevailed

0

2

4

6

8

10


Source: IBGE

Figure I.9 – IPCA12-month % change

2004 2005 2006 2007

0

3

6

9

12

15

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: IBGE

Figure I.10 – IPCA12-month % change

IPCA Market prices Regulated prices

950

1 000

1 050

1 100

1 150


Source: IBGE2004 2005 2006 2007

Figure I.8 – Average real regular earningsIn R$ of July 2007, deflated by INPC

7

8

9

10

11

12

13

14


Source: IBGE

Figure I.7 – Unemployment rate%

2004 2005 2006 2007


over the relative stability in the market price variation, from 0.43% to 0.45%. These prices were more impacted by tradable goods, which increased from 0.55% to 0.83%, partly offset by a downward trend of non-tradable prices, from 0.31% to 0.09%. In twelve-month cumulative terms up to July, IPCA grew 3.74%, recording variations of 4% in the prices of tradables, of 4.85% in the non-tradables and 2.22% in regulated prices.

The General Price Index (IGP-DI) grew 0.37% in July, against 0.26% in June, result fundamentally associated with the behavior of the Wholesale Price Index (IPA-DI), the most important component in the definition of the IGP-DI, whose variation moved from 0.09% to 0.42% during the period. The variation of the Consumer Price Index (IPC-Br) dropped from 0.42% to 0.28%, and the National Cost of Construction Index (INCC) from 0.92% to 0.31%. In twelve- month cumulative terms up to July, the upward movement of the IGP-DI came to 4.17%, arising from variations of 4.02% in the IPA-DI, of 4.2% in the IPC-Br and 5.03% in the INCC.

The more intense upward movement of the IPA-DI in July evinced, on the one hand, both farm prices performance and lower negative variation of the industrial IPA, in line with food product price rise, whereas, conversely, a price drop was recorded in inputs for the metal-mechanic industrial complex.

Lower IPC-Br variation originated in the decline of the household maintenance cost, as a result of the tariff cutback in residential electric power and the seasonal price drop of apparel, notwithstanding the ongoing upward movement of food prices, particularly dairy products and beef.

INCC’s downward movement reflected the moderate growth in labor costs, which offset the upturn of material and services for the construction industry.

-15

-10

-5

0

5

10

15

20

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: FGV

Figure I.11 – IPA-DI12-month % change

IPA-DI Agricultural prices Industrial prices


IIMoney and Credit

In July, the monetary base, using the average daily balance concept, came to R$116.5 billion, with increases of 2.9% in the month and 21.9% in twelve months. Growth of 2.1% in the balance of currency issued and 4.5% in the bank reserves were recorded, totaling R$79.2 billion and R$37.2 billion respectively. In twelve months, the monetary base components climbed in the same order 20% and 26.2% respectively.

The monetary base balance came to R$115.8 billion at the end of July, climbing 0.2% for the month and 22.4% in the annual comparison. External sector operations and derivatives operation adjustments exerted expansionary impact of R$13.1 billion and R$1.1 billion respectively for the month. Conversely, the Federal securities operations, resulted from the net redemption of federal securities from the primary market of R$40 billion and net sales of R$52 billion in the secondary market, the National Treasury operations and the deposits of financial institutions were contractive by R$1.3 billion, R$878 million and12 billion respectively.

The restricted money supply concept (M1), given the concept of average daily balances, totaled R$167.6 billion in July, with growths of 3.1% in the month and 22.2% in twelve months. The performance for the month originated from growth of 2.4% in currency held by the public and 3.6% in demand deposits, which totaled R$64.5 billion and R$103.2 billion respectively, for growth of 19,6% and 23,9% in twelve months. M1 balance close at R$165.6 billion at the end of July, with increases of 1.6% in the month and 20.4% in twelve months. M4 totaled R$1.8 trillion, equivalent to 70.4% of the GDP, with expansions of 1.5% for the month and 22.1% for twelve months.

The balance of the financial system credit operations reached R$813.4 billion in July, equivalent to 32,7% of the GDP, with growths of 1.7% in the month and 21.5% in twelve months. The evolution in the month originated


from increases of 2.2% in the balance of operations with nonearmarked resources and 0.6% in those with earmarked resources, totaling R$569.4 billion and R$244 billion respectively. This represented an increase of 25.1% and 13.8%in the same order, when compared to July 2006.

Considering loans broken down by economic activity sector, one should underscore the monthly increases observed in July in the industrial segment, with 2,5%, and individual persons and other services, both with 2.3%. In twelve months, loans in such modalities hiked 22.1%, 27.7% and 20.9% respectively.

With regard to loans with earmarked resources, the largest monthly increases were registered in the housing credit balances and the BNDES onlendings, coming both to 1.5%. For the twelve month period, loans related to the same segments climbed 22% and 21.4% respectively. Regarding credits with nonearmarked resources, both to individual persons and legal entities operations grew 2.2% for the month, accumulating increases of 27.7% and 22.7% respectively for the twelve months.

With regard to loans to individuals, one should mention increases of 5.1% in leasing operations and 2.2% in interest rate reference credit for the month of July. The balances of these operations turned in respective growth of 74.8% and 23.1% for twelve months. With regard to interest rate reference credit, worth mentioning are the increases of 3.6% in other credits, of 3.4% in the financing of goods excluding vehicles, and 3% in real estate loans. When compared to July 2006 balances, these credit modalities grew 24.9%, 12.3% and 68.6% respectively.

Within the context of legal entity operations, the balance of loans backed by foreign funding climbed 5.2% in the month as a consequence of 6,9% growth in on lending operations and 4.2% in advances on foreign exchange contracts. In twelve months, the balances of these operations expanded 26% and 3.2%, in the same order. Regarding the balances of domestic funding loans, the largest July increases were in the leasing operations, with 3.5%, and interest rate reference credit, with 1,3%, operations which accumulated annual variations of 63.1% and 21.3% respectively. With respect to interest rate reference credit, operations one should underscore the climbs in the modalities of working capital, with 2.9%, and guarantied account, with 2.2%, accumulating respective increases of 34.2% and 13.1% for the twelve months.

0

7

14

21

28

35

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: BCB

Figure II.1 – Credit operations% GDP

Total Nonearmarked Earmarked

Table II.1 – Nonearmarked credit operationsR$ billion


July Monthly Year 12 months

Total 569.4 2.2 14.3 25.1

Corporations 290.4 2.2 11.5 22.7

Domestic funding 230.1 1.4 10.7 25.3

Reference credit1/ 180.0 1.3 9.1 21.3

Leasing 25.7 3.5 24.9 63.1

Rural 1.9 - 0.7 37.7 - 19.1

Others 22.5 0.6 8.3 30.6

External funding 60.3 5.2 14.6 13.8

Individuals 279.0 2.2 17.2 27.7

Reference credit1/ 222.1 2.2 15.8 23.1

Credit unions 11.2 1.9 14.6 23.3

Leasing 20.3 5.1 46.2 74.8

Others 25.4 1.0 13.0 47.1

1/ Interest rate reference credit, defined according to Circular 2,957,

dated 12.30.1999.

Table II.2 – Earmarked credit operationsR$ billion


July Monthly Year 12 months

Total 244.0 0.6 4.1 13.8

BNDES 140.8 1.0 1.3 9.0

Direct 67.4 0.5 - 6.0 - 1.8

Onlendings 73.5 1.5 9.2 21.4

Rural 57.0 - 0.9 4.9 21.1

Banks and agencies 54.4 - 0.5 4.8 20.2

Credit unions 2.6 - 7.7 6.3 46.3

Housing 39.3 1.5 13.9 22.0

Others 6.8 0.7 6.4 15.0


The average rate of interest rate reference credit operations came to 35.9% p.a. in July, 0.8 p.p. lower than indicated for the previous month, with the spread coming to 25.1% against 25.8% in June.

In July, R$742.8 billion, equivalent to 91.3% of the balance of the national financial system loans, were recorded as normal risk credits (AA to C), R$45.2 billion, corresponding to 5.6% of the credit stock, accounted for as risk 1 (D to G) and R$25.4 billion, or 3.1% of the total, classified as risk 2 (H). Provisions totaled R$48.8 billion, being 6% of the credit operations balance. In July, the default level of reference credit operations closed at 4.7%, at the same level as in the previous month.

0

20

40

60

80

100

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: BCB

Personal credit

Acquisition of vehicles

Overdraft accounts

Figure II.2 – Nonearmarked credit operations –Individuals R$ billion

15

25

35

45

55

65

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: BCB

Individuals Corporations

Figure II.3 – Interest rates on reference credit operations% p.y.


IIIFinancial and Capital Markets

The default rate growth in the United States high risk credit market, noted during the last week of the month, impacted some investment funds that provide funding for banks operating in this market, causing shrinkage in banking liquidity. Despite the prompt intervention by Federal Reserve and European central banks in the form of funding inflows to the system, the major financial investment funds suffered losses, particularly as a result of the fall in the indices of the major stock exchanges. In this scenario, where security prices of emerging countries suffered a cutback, the Emerging Markets Bond Index Plus (Embi+) of Brazil moved from 160 points, at the end of June, to 213 points at the end of July. The domestic interbank exchange market did not reflect the instability of the international financial market and the exchange rate turned in a 2.52% appreciation in July, coming to R$1.8776 at month end.

In a meeting held on July 18th, the Banco Central’s Monetary Policy Committee (Copom) reduced the target for the Selic rate by 0.5 p.p., to 11.50% p.a. The slope of the curve of implicit exchange rates in DI futures contracts negotiated at the Brazilian Mercantile & Futures Exchange (BM&F) became less inclined, evincing rate modifications in operations with terms of 30, 180 and 360 days, which came to 11.72% p.a., 11.17% p.a. and 10.77% p.a. respectively, at the end of July, compared to 12.06% p.a., 11.44% p.a. and 10.99% p.a. at the end of June.

With regard to financial asset investments, the attractiveness of the savings deposits was maintained in July, with growth in the balance of 2.1% in the month and 22.7% in twelve months, coming to R$207.8 billion. Time deposits closed at R$290.3 billion, with a 0.6% drop in the month and 1.2% growth in twelve months, whereas investments in investment funds totaled R$887.5 billion, with growth of 0.7% and 18.4% respectively in the same compared periods.

0

200

400

600

800

1.80

2.10

2.40

2.70

3.00

3.30

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Embi+R$/US$

Exchange rate Embi+

Figure III.1 – Exchange rate and country riskEnd-of-period rates

Source: BCB and Bloomberg

10

12

14

16

18

20

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: BCB and BM&F

Figure III.2 – Interest ratesSelic target and swap DI x pre% p.y.

Selic target 90 days 360 days


The average daily volume traded at the São Paulo Stock Exchange (Bovespa) came to R$4.8 billion in July, 8.5% lower than the previous month. The evolution of the international financial market affected the performance of this market reflected in a 0.4% monthly downturn to 54.182 points of the Ibovespa, after closing at a record high of 58.292 points on the 19th day of the month. Ibovespa appreciated 21.8% in the first seven months of the year.


IVPublic Finance

National Treasury’s (TN) gross revenues came to R$40.9 billion in July 2007, 14.4% higher than for the same month in 2006. The collection of the Income Tax (IR), the most important tax component for the federal revenue system, climbed 19.9%. The individual person’s tax inflow expanded 44.3%, the legal entities, 18.6% and withholdings, 17.4%. The collection of the Social Contribution on Net Corporate Profits (CSLL) grew 23.7% and that of the Industrialized Products Tax (IPI), 22.2%.

The TN gross collection accumulated R$276.5 billion in the year, 13% higher than the same period in 2006, mostly due to the expansion of the economic activity. The income tax collection of legal entities grew 17.7% and that of the CSLL, 17.5%, with a special mention to respective climbs of 29.1% and 45.8% in the payments effected by financial institutions. Income tax withholdings on labor earnings increased 15.6% as a result of employment and salaries growth. in Industrial activity expansion caused an IPI hike in the automotive, metallurgical, chemical, tractors, truck and imports sectors.

Transfers to states and municipalities totaled R$7.7 billion in July, accumulating R$60.1 billion for the year, with increases of 4.1% and 13% respectively, compared to the corresponding periods of the previous year. The annual result reflected increases of shared taxes collection and transfers to states for the promotion of exports, as well as cutbacks in transfers in the form of royalties and special participation for the exploitation and production of oil and gas, due to the exchange appreciation and the oil’s international price falloff.

National Treasury’s expenditures came to R$23.5 billion in July. The 11.5% increase compared to the same month of the previous year was associated to the growth in the headings payroll and charges, with 15.4%, current expenditures and capital, with 8.6%, the latter evincing a 42.5% hike in the outlays of the Worker Support Fund.

Table IV.1 – National Treasury Gross Revenue

January-July/2007

Itemization R$ million % of GDP % change

Total 276 475 19.4 13.0

Tax 118 935 8.4 16.1

Income Tax (IR) 90 296 6.3 15.6

Industrialized Products Tax (IPI) 17 714 1.2 17.3

Others 10 925 0.8 18.6

Contributions 122 042 8.6 12.0

Cofins 56 393 4.0 11.1

CPMF 20 535 1.4 14.9

CSLL 19 979 1.4 17.5

Cide – Fuels 4 565 0.3 3.3

Other contributions 20 570 1.4 9.0

Other revenues 35 498 2.5 6.7

Source: Minifaz/STN

100

150

200

250

300

350

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: STN

Figure IV.1 – National Treasury resultFlows in 12 monthsR$ billion

Revenues minus transfers to states and municipalitiesExpenditures


Outlays accumulated in the year, totaled R$139.5 billion an amount 13.3% higher than in the same period in 2006, with payroll and charges expenses climbing 14% and that of the current expenditures and capital 13%. In this item, one should mention the hikes in the outlays of the Worker Support Fund (FAT) and in the social security expenses, reflecting the real growth of the minimum wage and the inclusion of new beneficiaries. Also worth mentioning are the upward movements of disbursements of the Pilot Investment Project (PPI) and discretionary expenditures of the Ministries of Health, Social Development, Defense and Science and Technology.

Inflows to the General Social Security System totaled R$11.2 billion in July, and the expenditure R$14.4 billion, with respective growth rates of 15% and 9.4% compared to the same month of the previous year. Revenues accumulated R$74 billion and the expenditure R$98 billion for the year, resulting in a 7.1% higher deficit than the one recorded in the same period in 2006.

The consolidated non-financial public sector generated a primary surplus of R$7.9 billion in July, in the borrowing requirements concept. This result was formed of surpluses of R$5 billion of the Central Government, R$2.2 billion of the regional governments and R$0.7 billion of state-owned companies. Outlays with interests totaled R$14.1 billion, coming to a nominal deficit of R$6.2 billion, composed of deficits of R$6.8 billion of the Central Government and R$0.2 billion of the regional governments and the surplus of R$0.8 billion of state-owned companies.

The primary surplus accumulated R$79.6 billion, the expenditures with interest R$92.9 billion, and the nominal deficit R$13.3 billion for the year. These results totaled R$107 billion, R$157.9 billion and R$50.9 billion respectively for the twelve months ending July, representing respectively 4.4%, 6.5% and 2.1% of the GDP.

The TN carried out the net redemption of federal securities in July. With regard to National Treasury Bills (LTN), a fixed income security, redemptions exceeded new issuances, while National Treasury Financing Bills and National Treasury Bills-B Series operations came to a net issuance. At the same time, National Treasury Bills (LTN) and Treasury financing Bills (LFT) exchange auctions were carried out in order to extend the maturity terms of the federal security debt.

Table IV.2 – National Treasury expendituresJanuary-July/2007

Itemization R$ million % of GDP % change

Total 139 514 9.8 13.3

Personnel and social charges 66 448 4.7 14.0

Capital and current expenditures 72 828 5.1 13.0

Worker Support Fund 9 200 0.6 21.6

Subsidies and economic subventions 3 662 0.3 - 22.1

Loas/RMV 7 667 0.5 18.3

Discretionary expenditures 44 199 3.1 11.7

Other current and capital expenditures 8 101 0.6 32.9

National Treasury transfers to the

Central Bank 238 0.0 - 32.8

Source: Minifaz/STN

0

2

4

6

8

10

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: BCB

Figure IV.4 – Public sector borrowing requirements Flows in 12 months% GDP

Primary surplusNominal deficitNominal interest

60

80

100

120

140

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: STN

Payroll Current and capital expenditures

Figure IV.2 – National Treasury expendituresFlows in 12 months R$ billion

60

80

100

120

140

160

180

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: STN

Figure IV.3 – Social SecurityFlows in 12 months R$ billion

Revenues Benefits


The net debt balance of the public sector came to R$1.105 billion in July, 44.4% of the GDP and 0.9% higher than the previous month, composed of R$1,310 billion of internal debt and R$205 billion foreign credits. The stock of the federal security debt outside the Banco Central came to R$1.171 billion, 47% of the GDP and 2.3% lower than the previous month. Taking into account the swap and open market operations, the distribution of securities by indexing factor came to 33.5% with Selic rate, 31.2% with fixed-rate bonds, 21.4% with price indices and -2.1% referenced to exchange. The remainder encompassed other forms of earnings. The average maturity term of securities went from 34.4 months in June to 35.6 months in July.


VForeign Sector of the Brazilian Economy

The balance of payments turned in a surplus of US$7.7 billion in July, accumulating US$69.3 billion from January to July 2007, compared to US$12.1 billion for the same period in the previous year. The balance of current transactions were negative in US$717 million for the month and the financial account recorded net inflows of US$7 billion, compared to US$787 million in July 2006. The surplus of current transactions came to 0.99% of the GDP in the twelve months ending in July.

The trade balance turned in a surplus of US$3.3 billion in July, with imports and exports totaling record figures of US$14.1 billion and US$10.8 billion respectively. The total amount of exports grew 3.4% compared to July 2006, while a drop of 1.3% for the period was recorded when considering the working day average criterion. Basic products sales remained stable and those of semi-manufactured and manufactured products turned respective drops of 3.7% and 0.8% considering the working day average.

According to the Foreign Trade Studies Center Foundation (Funcex), export growth recorded in July, compared to the same period in 2006, originated from an 8% increase in the price index and a 4% cutback in the declined volume index. Growth of 11.7%, 8.2% and 5.7% were recorded respectively in the basic, semimanufactured and manufactured product indices, whereas volume indexes related to the same classes of products declined 6%, 7.1% and 1.4% in the same order.

Regarding the destination markets, one should mention, among the main commercial partners, exports to Argentina, Spain and Venezuela and, in the markets with lesser participation, those channeled to Hong Kong, Paraguay and Uruguay.

Imports grew 28.7% in July compared to the same period in 2006, under the working day average criteria, recording climbs of 23.1% in the purchase of raw materials

0

150

300

450

600

750

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: MDIC/Secex

Figure V.1 – Trade balanceDaily averageUS$ million

Exports Imports Balance

130

180

230

280

330

380

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: Funcex

Figure V.2 – Exports volume Seasonally adjusted indices1996 = 100

PrimarySemimanufacturedManufactured

80

100

120

140

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: Funcex

Figure V.3 – Exports pricesSeasonally adjusted indices1996 = 100

PrimarySemimanufacturedManufactured


and intermediary products, 24.9% in capital goods, 26.9% in consumer goods and 53.3% in fuels and lubricants. According to Funcex, the imports performance reflected climbs of 25.2% in the volume index and 7.7% in the price index.

The income and services account turned in a deficit of US$4.5 billion in July, a result which is 51.6% higher than the one recorded for the same period in 2006. Net remittances for the payment of services grew 26.9%, boosted especially by international travel. Income net remittances grew 64.2% for the period, evincing an increase of 143.4% in the net remittances of profits and dividends.

The foreign direct investment net inflows in the country totaled US$3.6 billion in July, compared to US$1.6 billion in the same month of the previous year. Respective net inflows of US$3 billion and US$551 million were registered for the month in the form of stockholdings and intercompany loans.

With regard to the sector distribution of foreign direct investments, the primary sector accounted for 48.5% of total inflows, mostly directed to the extraction of metallic minerals. Industrial sector’s investments absorbed 28.9% of investments during the analyzed period, channeled especially to the segments of manufacturing of coke, oil, fuels and alcohol and basic metallurgy segments. In the service sector, inflows concentrated in the segments of commerce, real estate activities, financial intermediation and construction industry. As for the origin, investments from Luxemburg represented 44.6% of total inflows during the month.

Portfolio foreign investments totaled net inflows of US$7.6 billion in July, compared to US$163 million for the same month in 2006. The favorable result reflected net investments of US$6.3 billion in negotiated stocks in the country. Regarding the fixed income securities negotiated abroad, the most important items were the net amortizations of US$1.7 billion in public bonds and the net outlays of US$2.4 billion in notes and commercial papers.

With reference to other foreign investments, net outflows of US$1.1 billion were recorded in July, compared to net inflows of US$249 million for the same period in the previous year, mainly earmarked to short-term loans net amortizations of US$19 billion. Other Brazilian investments recorded net outflows of US$3.4 billion for the month, mainly originating from the hike of deposits held abroad totaling US$3.2 billion.

40

80

120

160

200

240

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: Funcex

Figure V.4 – Imports volume Seasonally adjusted indices1996 = 100

Capital goodsIntermediate goodsFuels and lubricants

na visualização essa sobreposição desaparece

40

80

120

160

200

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: Funcex

Durable goods Nondurable goods

Figure V.5 – Imports volume – Consumer goodsSeasonally adjusted indices1996 = 100

Table V.1 – Foreign direct investments inflows –

Equity capital

Main sectors

US$ million

Itemization 2006 2007

Jan-July Year July Jan-July

Total 10 661 22 225 3 740 21 968

Crop, livestock and mineral extraction 735 1 538 1 814 2 922

Metallic mineral extraction 230 393 1 697 2 290

Petroleum extraction and

related services 400 734 77 459

Industry 3 945 8 565 1 079 8 631

Basic metallurgy, includes siderurgy 954 1 719 308 3 623

Chemical products 614 1 127 67 1 579

Coke, oil refining and alcohol fuel 18 260 387 849

Automotive engines, includes spare

parts for the automotive sector 232 288 27 464

Foodstuff and beverages 160 738 10 419

Pulp, paper and paper products 77 1 619 15 352

Machinery and equipment 249 430 190 347

Services 5 981 12 123 846 10 415

Financial intermediation 1 182 2 992 133 2 908

Services rendered to corporations 444 1 067 64 2 180

Commerce 821 1 485 176 1 868

Construction, includes

infrastructure works 72 321 128 900

Electricity, gas and hot water 1 521 2 332 19 593

Real estate 1 098 1 404 143 505

Transportation 135 317 32 447

Mail and telecommunications 317 1 215 0 444


International reserves totaled US$155.9 billion in July, with a growth of US$8.8 billion compared to the previous month. Net purchase of the monetary authority in the domestic exchange market totaled US$7 billion. Among foreign operations, one should mention the US$623 million revenue in the reserves earnings.


VIInternational Economy

The oil production of the Organization of the Petroleum Exporting Countries (Opep) members reached 30.4 barrels /day (mbd) in July, compared to 30 mbd in June. Excluding Iraq and Angola, which do not have quota limit, production exceeded by 0.3 mbd the new current limit of 26.3 mbd in force since February. The average price of Opep’s oil basket climbed US$4.98 in July to US$71.75, reflecting the low production quotas, the strong global demand for gasoline, the concerns with the hurricane period and the low stocks of the leading consumer countries.

In the U.S., the revised estimate for the real GDP growth in annual terms in the second quarter came to 4%, compared to 3.4% of the previous estimate and 0.7% in the previous quarter. The industrial production increased 0.3% in July and 1.4% in the twelve months. The installed output capacity utilization moved to 81.9%, compared to 81.8% of the previous month and 82.4% in July 2006. The revised manufacturing sector’s productivity grew 3% in the second quarter, compared to the same period in 2006, resulting from a 1.9% climb in production and 1.1% decline of hours worked. The unemployment rate moved to 4.6%, compared to 4.5% of the previous three months and 4.8% of July 2006.

The full consumer price index grew 0.1% in July and its core, which excludes electric power and food, 0.2%. In twelve months, increases came to 2.4% and 2.2% respectively, with food prices climbing 4.2% and electric power 1%. The industrial producer prices declined 0.6% for the month, accumulating a 4% rise for the twelve months.

The Federal Government fiscal budget turned in a deficit of US$36.3 billion in July, compared to the same month in 2006. For the 2007 fiscal year, started in October 2006, deficit accumulated US$157.3 billion, declining 34.4% compared to the same period of the previous fiscal year.

25

35

45

55

65

75

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: Opec and Bloomberg

Figure VI.1 – International oil prices Monthly average prices US$ per barrel

Opec basket Brent WTI

0

1

2

3

4

5

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: BLS and Eurostat

Figure VI.2 – Consumer price indices 12-month % change

USA-All items

USA-Core inflation

Euro Zone


Exports totaled US$98.4 billion and imports US$166.6 billion in July, resulting in a 7.6% lower deficit than the one recorded in July 2006. The trade balance accumulated a deficit of US$473.2 billion for the first seven months of the year, 4% lower than the one of the same period of 2006. The balance of services recorded a surplus of US$8.9 billion, 43.5% higher than July of the previous year, accumulating from January to July a 40% higher surplus than the one of the same period in 2006.

There was no meeting of the Open Market Committee of the Federal Reserve in July and the interest base rate remained stable at 5.25%, unchanged since June 2006.

In the Euro area, the first GDP growth estimates for the second quarter came to 0.3% compared to the previous quarter, and 2.5% compared to the same quarter in 2006. The industrial production grew 0.6% in July and 3.7% for the twelve months. In the annual comparison, the largest growth occurred in Ireland, with 13.9%, and the lowest in Finland, with 0.5%. In Germany, production increased 5.3%. The unemployment rate remained stable at 6.9% in June and July, compared to 7.8% in July 2006.

The harmonized consumer price index expanded 1.8% for the twelve months ending in July. The item energy remained stable whereas the food item grew 2%. The largest variation occurred in Slovenia, with 4%, and the lowest in France, with 1.2%. In Germany, the index increased 2%. Also in twelve-month terms, the industrial producer price index climbed 1.8%, with intermediate products leading the pressure with a rise of 4.6%.

In July, the first foreign trade estimates in the Euro area pointed to a surplus of US$6.3 billion, compared to US$1.4 billion for the same month in 2006. Among the member countries, Germany turned in the largest accumulated surplus for the first six months of the year, with US$128.9 billion, and Spain the largest deficit, with US$59.7 billion.

In a meeting held on July 5th, the European Central Bank Council maintained the interest base rate at 4% p.a. The Euro quotation closed at US$1.3685/€ in the last working day of July, with an appreciation of 1,1% in the month and 7.2% in twelve months.

In Japan, the revised GDP declined 0.3% for the second quarter, compared to 0.8% of the previous quarter.

0.0

1.5

3.0

4.5

6.0

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

Source: FR, ECB and BoJ

Fed funds target ECB BoJ

Figure VI.3 – International interest rates % p.y.

90

100

110

120

1301.00

1.10

1.20

1.30

1.40

Mar 2004

Jul Nov Mar 2005

Jul Nov Mar 2006

Jul Nov Mar 2007

Jul

¥/US$US$/€

Figure VI.4 – Exchange rates End-of-period rates

US$/€ ¥/US$Source: Bloomberg


The industrial production, purged of seasonal factors, dropped 0.4% in July but accumulated a 2% growth in twelve months. The unemployment rate came to 3.6%, compared to 3.7% in June and 4.1% in July 2006. The real household average income of workers declined 3.3% but their expenses climbed 0.5%, both compared to July 2006. The consumer price index declined 0.1% in the month, remaining stable in twelve months. The trade balance recorded a US$5.5 billion surplus in July compared to US$5.9 billion in July 2006. For the first seven months of the year, the surplus exceeded by 8.6% that of the same period in 2006.

In a meeting held on July 12th, the Bank of Japan maintained its interest base rate at 0.5% p.a., following an increase of 25 p.p. in February. The Yen quotation closed at ¥118.89/US$ in the last working day of July, with an appreciation of 3.3% in the month and a depreciation of 3.7% in twelve months.

In China, the added value of the industrial companies rose 18% for the twelve months, up to July. For the year, up to July, the added value growth came to 18.5% and that of the urban investment in fixed assets 26.6%, compared to the same period in 2006.

The consumer price index variation for the twelve months came to 5.6% in July and that of the industrial producer price for manufactured products 2.4%. Retail sales of final consumption products grew 16.4% in July, compared to the same month in 2006.

In Argentina, the GDP purged of seasonal factors expanded 2.1% in the second quarter and 8.7% compared to the same quarter in 2006, without seasonal adjustment. The industrial production declined 0.4% in July, accumulating growth of 5.4% for the twelve months, whereas the construction activity recorded a 1% fall and 3.6% growth respectively. The unemployment rate came to 8.5% for the second quarter, compared to 9.8% for the previous quarter and 10.4% of the second quarter of 2006.

Real sales grew 16.5% in the supermarkets and 21.8% in shopping centers, compared to July 2006. The consumer price index climbed 0.5% for the month and 8.6% in twelve months, while the industrial producer price index climbed 2.3% and 11.9% respectively.

The trade balance recorded a surplus of US$479 million in July, compared to US$961 million in July 2006. The positive balance of US$5.6 billion accumulated for the


year was 22.3% lower than the one in the same period in 2006. The Peso quotation closed at P$3,126/US$ in the last business day of July, with depreciation of 1.1% in the month and 1.7% over twelve months.


VIIMain Economic Policy Measures

Constitutional Amendment

55, 9.20.2007 – Altered art.159 of the Constitution, increasing by one percentage point (from 22.5% to 23.5%) the Government’s funding transfer to the Municipal Revenue Sharing Funds (FPM), which will be effected during the first ten-day period of December each year. During 2007, such amendment is applicable on collections carried out as from September 1st. This decision will entail an increase of approximately R$1.97 billion in the Government’s transfers to the Municipalities (based on the Income Tax (IR) revenues and Industrialized Products Tax (IPI) collection estimates included in the 2008 budget proposal).

Decree

6,204, 9.5.2007 – Regulated the preferential, differentiated and simplified treatment of micro businesses and small-sized companies in the public contracting of goods, services and works in the federal public administration.

Resolutions of the National Monetary Council

3,498, 9.27.2007 – Maintained the Long-Term Interest Rate (TJLP) steady at 6.25% p.a. (six dot twenty-five percent per annum), effective as of October 1 up to December 31, 2007, both days included.

3,499, 9.27.2007 –Established criteria for the reclassification of renegotiated or extended rural credit operations.

3,500, 9.28.2007 – Altered Resolutions 3,495, 3,496 e 3,497, all related to 2007.


3,501, 9.28.2007 – Treated of adjustments in the rural credit norms.

3,502, 9.28.2007 – Treated of the new payment schedule and reprogramming of the financing debts under the “Bahia Cocoa Crop Recovery” Program.

Resolutions of the Foreign Trade Council

35, 9.6.2007 – Established the guidelines for the utilization of the Export Financing Program (Proex) and repealed Resolutions 33/2002 and 45/2003 of the Foreign Trade Council (Camex).

36, 9.6.2007 – Altered to 2% (two percent), up to 12.31.2008, the ad valorem rates of the Import Tax on Capital Goods, as ex-tariffs, on the Integrated Systems components listed and modify Resolutions 2/2006, 17/2006, 32/2006, 15/2007, 22/2007 and 28/2007.

37, 9.6.2007 – Altered to 2% (two percent), up to 12.31.2008, the ad valorem rate of the Import Tax on Informatics and Telecommunication Goods (BIT), as ex-tariff, as well as on the listed Integrated Systems components.

38, 9.6.2007 – Defined annual import quotas for remolded tires, classified under codes NCM 4012.11.00, 4012.12.00 e 4012.19.00, produced in and originating from Member States of Mercosur under the Economic Complementation Accord (ACE) 18, authorized by article 41 of Directive 35/2006 of the Foreign Trade Secretariat (Secex).

40, 9.28.2007 – Altered the Import Tax rates that are part of the Common External Tariff (TEC) and the respective Exceptions List, dealt with by the Annexes of the Resolution 43/2006 of the Foreign Trade Council (Camex).

National Treasury Secretariat Directives

627, 9.24.2007 – Authorized the issuance of National Treasury Notes – Series I (NTN-I), in the amount of R$17,929,912.60 (seventeen million nine hundred twenty nine thousand nine hundred twelve Brazilian Reais and 60/100), denominated at 9.15.2007, to be used in the


equalization payment of interest rates related to Brazilian goods and services export financings under the Export Financing Program (Proex).

Central Bank of Brazil Circulars

3,360, 9.27.2007 – Established the procedures for the calculation of the installment of the Reference Net Worth (PRE) related to exposures weighted by risk factor (PEPR), dealt with by Resolution 3,490 /2007.

3,361, 9.12.2007 –Established the procedures for the calculation of the installment of the Reference Net Worth (PRE) related to exposures subject to the variation of Brazilian Real- denominated fixed interest rates (PJUR[1]), dealt with by Resolution 3,490 /2007.

3,362, 9.12.2007 – Established the procedures for the calculation of the installment of the Reference Net Worth (PRE) related to exposures that are subject to the rate variation of foreign currency coupons (PJUR[2]), dealt with by Resolution 3,490 /2007.

3,363, 9.12.2007 –Established the procedures for the calculation of the installment of the Reference Net Worth (PRE) related to exposures subject to the rate variation of the price index coupons (PJUR[3]), dealt with by Resolution 3,490/2007.

3,364, 9.12.2007 – (Canceled and reedited on 9.25.2007) – Established the procedures for the calculation of the installment of the Reference Net Worth (PRE) related to exposures subject to the rate variation of the interest rate coupons (PJUR[4]), dealt with by Resolution 3,490 /2007.

3,365, 9.12.2007 – Treated of the risk measurement of interest rates related to operations that are not listed under the negotiation portfolio.

3,366, 9.12.2007 – Established the procedures for the calculation of the installment of the Reference Net Worth (PRE) related to exposures subject to the variation of the corporate stocks prices (PACS), dealt with by Resolution 3,490 /. Firstly, for the calculation of corporate stock capital requirement, one should stress that only the negotiation portfolio operations should be considered. By adapting the standard methodology proposed by the Basel Committee on Banking Supervision, this Circular determined the settlement of an installment related to a specific risk and another related


to a general market risk. The earlier is obtained through proceeds between the specific risk factor, equal to 0.08, or 0.04, in the case of portfolio that are considered diversified according to criteria defined by the Central Bank, and the sum total of absolute values of net exposures of each issuer. On the other hand, the general risk installment allows the compensation between exposures purchased and sold from different issuers, obtained through the proceeds between the general risk factor, equal to 0.08, and the absolute value of the sum total of net exposures of each issuer, considering the net sold exposures as a negative value. Likewise, the handling of investment fund quota positions may also be done considering the quota exposure from the fund’s portfolio composition or, failing this, considering such quotas as corporate stocks of an issuer. This Circular comes into effect as from July 1st, 2008.

3,367, 9.12.2007 – (Canceled and reedited on 9.17.2007) – Consolidated the procedures for the calculation and the preparation of information related to the monitoring and control of exposure in gold, foreign currency and assets and liabilities that are subject to exchange variation, on a consolidated basis. It introduced the improvement of the convertibility risk existing in foreign operations, with a mention to: i) the settlement of exposures through the foreign currency sale price, as per market’s practice; ii) the permission that enables the institutions themselves to determine the currencies that will compose the purchase exposure associated with the long position resulting from foreign participation; iii) the authorization to disconsider, up to 12.31.2007, the exposures related to foreign resources inflows that are subject to transfers to credit operations in the context of the financial conglomerate, for the settlement of segmented exposure in Brazil and abroad. In the settlement of the total exchange exposure, one considers three installments which are summed up and then multiplied by an “F” factor currently set at 1.00. Alterations in the settlement procedure of the exchange exposure came into effect with the publication of this norm.

3,368, 9.12.2007 – the procedures for the calculation of the installment of the Reference Net Worth (PRE) related to exposures that are subject to the variation of commodities prices (PCOM), dealt with by Resolution 3,490 /2007.

Foreign Trade Secretariat Circular

51, 9.17.2007 – Disclosed the distribution form, among the mentioned companies, of 6,500 automobiles and


light commercial vehicles of up to 1,500 kg load capacity, included in the NCM codes appearing in Appendix 1 of the Thirty First Additional Protocol to the Economic Complementary Agreement 18 and which follow the provisions of the Sixty Seventh Additional Protocol to the Complementary Agreement 2, granted with a 100% tariff preference benefit in exports from Brazil to Uruguay.

Central Bank of Brazil Communiqué

16,124, 24.9.2007 – Disclosed the public offer conditions for carrying out swap operations.

Economic Activity

Statistical Tables I


I.1 – National accounts

Itemization 2002 2003 2004 2005 2006

GDP at market prices (R$ thousand) 1 477 822 000 1 699 948 000 1 941 498 000 2 147 943 788 2 322 818 376

Real GDP change rate (%) 2.7 1.1 5.7 2.9 3.7

Implicit GDP deflator (%) 10.6 13.7 8.0 7.5 4.3

Nominal GDP change rate (%) 13.5 15.0 14.2 10.6 8.1

Net income/payments abroad (R$ thousand)1/ 51 936 191 55 142 429 58 481 000 61 587 000 58 484 000

GNP at market prices (R$ thousand) 1 425 885 809 1 644 805 571 1 883 017 000 2 086 356 788 2 264 334 376

Other current transfers (R$ thousand) 7 265 000 8 751 000 9 563 000 8 635 000 9 365 000

Gross national disposable income (R$ thousand) 1 433 150 809 1 653 556 571 1 892 580 000 2 094 991 788 2 273 699 376

Final consumption (R$ thousand) 1 216 102 000 1 382 355 000 1 533 895 000 1 727 168 000 1 865 142 000

Gross savings (R$ thousand) 217 048 809 271 201 571 358 685 000 367 823 788 408 557 376

Gross capital formation (R$ thousand) 239 351 000 268 095 000 332 333 000 343 599 438 389 428 000

Capital transfers (R$ thousand) 1 307 996 1 514 851 969 000 1 630 000 1 892 000

Balance in current account (R$ thousand) -20 994 195 4 621 422 27 321 000 25 854 350 21 021 376

GDP (US$ billion)2/ 504.4 553.6 663.8 882.7 1,067.3

Sources: Bacen and IBGE

1/ Nonresident employees earnings included.

2/ Banco Central do Brasil estimates.


I.2 – Gross Domestic Product (GDP)

Year GDP at current Implicit Real GDP Population

prices in R$ deflator index (1,000 inh.)

(%) Agricul- Industry Services GDP 2006=100 At constant Real change Real index

ture and 2006 prices rate (%) 2006=100

livestock (R$)

1986 1 274 149.2 -8.0 11.7 8.1 7.5 64.2 134 653 11 077.21 5.4 89.1

1987 4 038 206.2 15.0 1.0 3.1 3.5 66.5 137 268 11 249.76 1.6 90.5

1988 29 376 628.0 0.8 -2.6 2.3 -0.1 66.4 139 819 11 037.88 -1.9 88.8

1989 425 595 1 304.4 2.8 2.9 3.5 3.2 68.5 142 307 11 187.60 1.4 90.0

1990 11 548 795 2 737.0 -3.7 -8.2 -0.8 -4.3 65.6 146 593 10 388.10 -7.1 83.5

1991 60 285 999 416.7 1.4 0.3 2.0 1.0 66.2 149 094 10 319.00 -0.7 83.0

1992 640 958 768 969.0 4.9 -4.2 1.5 -0.5 65.9 151 547 10 096.82 -2.2 81.2

1993 14 097 114 182 1 996.1 -0.1 7.0 3.2 4.9 69.1 153 986 10 426.28 3.3 83.8

1994 349 204 679 000 2 240.2 5.5 6.7 4.7 5.9 73.2 156 431 10 863.99 4.2 87.4

1995 705 640 892 092 93.9 5.7 4.7 3.2 4.2 76.3 158 875 11 148.68 2.6 89.6

1996 843 965 631 319 17.1 3.0 1.1 2.2 2.2 77.9 161 323 11 215.60 0.6 90.2

1997 939 146 616 912 7.6 0.8 4.2 2.6 3.4 80.5 163 780 11 420.25 1.8 91.8

1998 979 275 748 883 4.2 3.4 -2.6 1.1 0.0 80.6 166 252 11 254.40 -1.5 90.5

1999 1064 999 711 799 8.5 6.5 -1.9 1.2 0.3 80.8 168 754 11 115.75 -1.2 89.4

2000 1 179 482 000 000 6.2 2.7 4.8 3.6 4.3 84.2 171 280 11 423.40 2.8 91.9

2001 1 302 136 000 000 9.0 6.1 -0.6 1.9 1.3 85.3 173 822 11 404.15 -0.2 91.7

2002 1 477 822 000 000 10.6 6.6 2.1 3.2 2.7 87.6 176 391 11 536.77 1.2 92.8

2003 1 699 948 000 000 13.7 5.8 1.3 0.8 1.1 88.6 178 985 11 499.91 -0.3 92.5

2004 1 941 498 000 000 8.0 2.3 7.9 5.0 5.7 93.7 181 586 11 982.71 4.2 96.3

2005 2 147 943 788 000 7.5 1.0 2.2 3.4 2.9 96.4 184 184 12 161.41 1.5 97.8

2006 2 322 818 376 000 4.3 4.1 2.8 3.7 3.7 100.0 186 771 12 436.72 2.3 100.0

Source: IBGE

Real change rates (%) Per capita GDP


I.3 – Economic indicators

1992 average=100

Period Level of

Activity

Total Manufacturing Mineral Indicator

industry extraction (INA)

(SP)1/

(SP) (CNI)3/ (SP) (CNI)3/ (SP) (CNI)3/

2002=100 2002=100 2006=100 2002=100 2006=100

2000 129.23 125.38 173.00 ... ... ... ... ... ... ...

2001 131.27 127.08 178.92 ... ... ... ... ... ... ...

2002 134.85 127.75 212.84 100.00 79.41 ... 100.00 ... 100.00 ...

2003 134.92 127.50 222.89 96.84 77.55 78.61 92.27 93.96 95.03 91.73

2004 146.13 138.38 232.45 109.18 80.89 81.32 97.12 99.07 103.24 96.10

2005 150.65 142.14 256.13 113.13 81.08 80.66 98.26 98.67 108.60 99.10

2006 Jan 141.04 132.23 266.30 101.45 77.10 78.44 86.61 84.90 100.03 90.17

Feb 136.30 128.30 241.52 102.10 79.44 78.95 86.24 84.16 102.70 91.43

Mar 157.35 148.28 273.79 117.70 81.51 80.26 104.35 100.77 111.68 100.22

Apr 144.58 135.86 263.89 107.14 77.72 78.53 90.43 91.40 108.10 95.05

May 161.23 151.79 284.95 122.47 82.82 81.49 102.09 103.58 118.03 104.33

Jun 153.92 145.01 268.66 119.04 82.61 80.86 102.09 111.49 116.94 102.97

Jul 158.15 148.72 284.82 120.29 80.76 80.51 101.08 99.90 117.91 103.62

Aug 167.63 158.15 285.35 127.47 82.47 81.94 109.27 107.20 121.94 106.87

Sep 158.95 149.71 278.41 122.27 81.90 81.84 109.35 104.60 117.81 103.29

Oct 166.93 157.42 286.46 125.26 80.81 82.11 110.37 107.27 119.67 105.64

Nov 164.87 155.48 282.56 122.32 81.24 82.30 105.01 106.44 117.78 102.77

Dec 147.87 138.54 282.80 109.49 77.84 79.88 102.95 98.28 108.84 93.63

2007 Jan 147.29 138.06 279.90 105.33 78.52 79.88 91.02 88.46 106.12 93.01

Feb 140.36 131.87 256.64 106.82 79.02 80.10 90.63 87.83 110.21 93.95

Mar 163.46 153.89 289.16 120.56 82.08 82.22 108.22 105.88 117.69 102.26

Apr 153.17 143.96 278.67 115.58 81.83 81.46 98.02 97.76 117.99 100.77

May 169.06 159.30 294.27 126.93 83.49 83.16 104.24 105.51 125.95 108.58

Jun 163.88 154.22 291.71 125.69 82.85 82.40 105.95 106.37 124.49 106.62

Jul 168.97 158.87 305.17 128.58 82.76 82.50 104.33 106.44 125.66 108.45

(continues)

Industrial production Capacity utilization Real industrial sales Hours worked

industry

in manufacturing in production

industry2/ in manufacturing


I.3 – Economic indicators

(concluded) 1992 average=100

Period Own Corrugated Inputs Consultations Real Productivity

electric paper production with telephone industrial in the

charge shipments for the check & credit wages4/ manufacturing

building department industry5/

industry

(SP) (SP) (SP) (CNI)3/ (SP) (SP) (CNI)3/

2002=100 2002=100 2006=100 2002=100 2002=100 2006=100

2000 135.83 95.56 127.71 223.57 ... ... ... ... ... 165.36

2001 121.71 96.12 124.75 230.26 ... ... ... ... ... 164.84

2002 127.80 100.00 120.30 242.97 100.00 ... 100.00 100.00 ... 163.87

2003 128.13 87.96 113.02 239.48 97.64 91.14 96.67 94.37 ... 165.35

2004 147.81 98.26 119.50 248.88 101.28 94.60 100.66 101.96 ... 169.51

2005 150.39 100.59 121.05 259.67 107.38 97.62 100.25 107.66 ... 166.22

2006 Jan 158.84 97.39 120.80 251.47 107.61 96.53 102.06 109.83 92.48 166.13

Feb 163.30 92.25 114.75 223.92 109.02 97.03 104.88 114.33 92.93 160.78

Mar 168.83 104.94 130.01 261.95 110.34 97.67 107.98 119.14 95.28 169.29

Apr 158.88 97.50 117.39 237.19 114.92 100.00 103.92 119.42 96.03 162.83

May 155.99 105.64 129.23 275.98 116.18 100.70 103.65 120.42 99.00 167.05

Jun 157.92 99.92 123.95 265.27 116.09 101.00 107.47 124.76 100.52 163.12

Jul 160.31 98.89 130.27 282.60 116.83 100.94 104.94 122.59 98.72 165.99

Aug 160.70 105.58 136.67 284.09 116.79 101.30 103.61 121.01 97.65 170.25

Sep 157.65 103.70 128.78 253.69 116.96 101.69 103.22 120.72 96.92 168.05

Oct 155.57 109.62 133.74 277.39 117.02 101.58 105.49 123.44 99.84 172.08

Nov 159.05 108.24 130.77 286.14 117.14 101.43 111.19 130.24 106.79 174.84

Dec 153.32 95.69 120.96 357.52 115.17 100.15 137.59 158.46 123.85 168.90

2007 Jan 158.30 98.38 122.95 260.81 114.90 99.86 107.94 124.02 99.72 ...

Feb 161.02 94.36 116.52 231.17 115.78 100.22 109.95 127.29 99.08 ...

Mar 171.40 111.76 134.14 275.09 117.13 101.43 107.89 126.36 100.80 ...

Apr 164.63 108.30 126.02 253.10 119.82 103.13 105.57 126.49 100.74 ...

May 156.27 111.93 135.69 292.16 121.12 104.29 110.01 133.24 102.20 ...

Jun 152.79 108.53 130.48 285.70 121.29 104.49 105.82 128.34 101.54 ...

Jul 157.34 104.79 136.34 300.30 121.44 104.63 106.98 129.91 104.21 ...

Sources: ABPO, ACSP, CNI, Eletrobrás, Fiesp and IBGE

1/ The Level of Activity Indicator (INA) mainly comprises the level of capacity utilization, the number of hours worked in production by employee and the real industrial sales on the reference and on the prior month.

2/ Percentage of maximum operating capacity utilized in the month. The complement to 100 stands for the average level of idleness.

3/ Produced from the research of the industry federation of the following states: AM, CE, PE, BA, ES, MG, RJ, SP, PR, SC, RS and GO.

4/ Deflated by IPC-Fipe for São Paulo and by INPC for CNI.

5/ Ratio between physical production in the manufacturing industry as announced by the IBGE and hours worked in the manufacturing industry, as announced by the CNI.

Industrial employment Real industrial

overall wages4/


I.4 – Economic indicators – Seasonally adjusted1/

1992 average=100

Period Level of

Activity

Total Manufacturing Mineral Indicator

industry extraction (INA)

(SP)2/

(SP) (CNI)4/ (SP) (CNI)4/ (SP) (CNI)4/

2002=100 2002=100 2006=100 2002=100 2006=100

2000 129.60 125.79 172.87 ... ... ... ... ... ... ...

2001 131.68 127.49 178.79 ... ... ... ... ... ... ...

2002 135.26 128.16 212.74 100.00 79.40 ... 100.00 ... 100.00 ...

2003 135.26 127.88 222.60 96.86 77.54 78.62 93.09 94.29 95.10 91.62

2004 146.19 138.45 232.34 109.19 80.88 81.31 97.26 99.04 102.88 95.63

2005 151.20 142.73 256.21 113.18 81.08 80.66 98.94 98.80 108.59 98.96

2006 Jan 152.80 143.71 270.20 113.69 79.22 80.24 98.64 98.28 109.24 99.17

Feb 155.25 146.62 268.11 114.95 81.17 80.52 99.90 98.41 110.89 99.49

Mar 153.86 144.65 270.71 116.70 81.07 80.05 101.19 98.81 111.57 99.59

Apr 154.50 145.71 271.58 112.93 78.13 78.86 98.81 95.17 111.27 98.58

May 156.29 146.94 278.99 118.84 81.66 80.82 101.88 100.39 112.36 98.86

Jun 153.18 144.30 268.41 117.56 81.98 80.58 99.39 105.60 113.18 99.98

Jul 155.71 146.46 275.11 117.14 80.21 80.37 103.30 98.09 115.03 100.05

Aug 156.80 147.56 275.45 118.47 80.64 80.91 100.85 99.41 114.40 100.45

Sep 155.21 146.01 276.11 115.97 80.71 80.90 102.69 100.12 115.21 100.30

Oct 156.67 147.23 277.52 117.00 80.31 81.07 104.24 102.74 116.39 100.97

Nov 157.85 148.30 283.99 117.34 80.86 81.41 101.94 101.92 116.30 101.09

Dec 158.03 149.34 283.05 117.15 80.18 81.32 104.35 101.04 117.34 101.48

2007 Jan 158.28 148.81 282.67 117.68 80.76 81.74 102.65 102.61 115.03 99.70

Feb 159.35 150.10 284.20 119.65 80.83 81.69 104.56 102.59 118.87 102.20

Mar 161.27 151.71 285.65 119.66 81.55 82.04 104.84 103.78 118.54 102.13

Apr 161.39 151.89 286.94 121.38 82.25 81.80 106.56 101.98 120.48 103.29

May 163.42 153.85 288.24 123.24 82.28 82.45 102.45 102.06 119.70 103.97

Jun 165.17 155.61 291.60 124.15 82.09 82.10 104.71 100.75 120.69 103.65

Jul 164.53 154.54 294.44 125.34 82.22 82.37 104.14 104.52 120.93 104.33

(continues)

Industrial production Capacity utilization Real industrial sales Hours worked

industry

in manufacturing in production

industry3/ in manufacturing


I.4 – Economic indicators – Seasonally adjusted1/

(concluded) 1992 average=100

Period Own Corrugated Inputs Consultations Real Productivity

electric paper production with telephone industrial in the

charge shipments for the check & credit wages5/ manufacturing

building department industry6/

industry

(SP) (SP-Cap.) (SP) (CNI)4/ (SP) (SP) (CNI)4/

2002=100 2002=100 2006=100 2002=100 2002=100 2006=100

2000 136.06 95.88 128.11 224.83 ... ... ... ... ... 165.35

2001 121.73 96.52 125.49 232.04 ... ... ... ... ... 164.82

2002 127.89 100.00 121.00 244.89 100.00 ... 100.00 100.00 ... 163.87

2003 128.04 87.77 113.63 241.20 97.64 91.15 96.63 94.33 ... 165.36

2004 147.89 98.28 119.56 249.98 101.27 94.60 100.64 101.92 ... 169.54

2005 150.44 100.59 121.79 261.67 107.38 97.62 100.23 107.62 ... 166.26

2006 Jan 158.00 102.38 127.97 272.45 109.85 98.22 102.70 112.77 ... 169.24

Feb 160.11 102.75 127.49 269.47 110.77 98.50 105.24 116.67 ... 168.35

Mar 159.49 100.26 125.30 270.37 111.30 98.52 108.36 120.63 ... 168.67

Apr 156.98 99.76 124.43 270.35 114.13 99.78 105.13 119.68 ... 167.47

May 158.62 102.37 126.93 272.45 114.56 99.81 103.54 119.12 ... 169.11

Jun 161.74 100.39 126.44 271.06 114.72 100.09 107.17 123.30 ... 167.31

Jul 165.73 101.11 128.73 272.16 115.37 100.22 105.45 121.55 ... 167.58

Aug 160.67 101.10 127.80 273.96 115.69 100.57 105.22 121.53 ... 168.02

Sep 158.27 102.17 126.19 269.56 116.20 100.74 104.31 121.21 ... 164.40

Oct 155.85 104.47 127.41 275.88 116.65 100.82 107.45 125.16 ... 165.60

Nov 159.36 104.19 128.34 277.89 117.29 101.11 107.89 126.35 ... 167.10

Dec 159.04 103.68 130.81 291.62 117.49 101.62 132.41 155.14 ... 166.91

2007 Jan 157.68 103.78 128.20 276.75 117.49 101.60 108.49 127.39 ... ...

Feb 157.93 105.27 129.23 277.86 117.78 101.75 110.00 129.59 ... ...

Mar 162.08 107.60 130.77 284.30 118.21 102.31 108.06 127.81 ... ...

Apr 161.62 109.42 132.55 286.46 118.86 102.90 106.91 126.71 ... ...

May 159.21 108.22 132.86 289.19 119.29 103.37 109.86 131.74 ... ...

Jun 157.03 109.40 134.07 290.37 119.71 103.55 105.59 126.91 ... ...

Jul 161.79 106.45 133.83 290.79 119.84 103.88 107.63 128.80 ... ...

Sources: ABPO, ACSP, CNI, Eletrobrás, Fiesp and IBGE

1/ Seasonally adjusted by Depec, with the exception of the industrial production and the Level of Activity Indicator, deflated by IBGE and Fiesp, respectively.

2/ The Level of Activity Indicator (INA) mainly comprises the level of capacity utilization, the number of hours worked in production by employee and the real industrial sales on the reference and on the prior month.

3/ Percentage of the maximum capacity utilized in the month. The complement of 100 represents the average level of non utilization.

4/ Researched based on data gathered by the industrial associations in the following states: AM, CE, PE, BA, ES, MG, RJ, SP, PR, SC, RS and GO.

5/ Deflated by IPC-Fipe for São Paulo and by INPC for CNI.

6/ Ratio between the physical production in the manufacturing industry, as released by IBGE, and the number of hours worked in production in the manufacturing industry, as

published by CNI.

Industrial employment Real industrial

overall wages5/


I.5 – Sales Volume Index in the Retail Sector – Brazil

2003 average=100

Period

ObservedSeasonally ObservedSeasonally ObservedSeasonally Observed Seasonally Observed Seasonally Observed Seasonally

data adjusted data adjusted data adjusted data adjusted data adjusted data adjusted

2000 106.21 105.95 101.74 101.79 106.63 106.22 102.85 102.70 102.81 102.59 134.66 134.73

2001 104.54 104.68 98.90 98.81 107.03 107.17 104.49 104.47 101.49 101.54 129.83 129.54

2002 103.81 104.05 104.48 104.37 105.11 105.32 103.17 103.22 100.88 101.41 107.76 107.48

2003 100.00 99.96 100.00 99.89 100.00 100.04 100.00 100.10 100.00 99.26 100.00 99.65

2004 109.25 108.84 104.65 104.63 107.21 106.80 104.71 104.36 126.41 125.62 117.80 117.11

2005 114.54 114.28 96.94 96.97 110.51 110.29 110.85 110.44 146.66 146.29 119.64 119.48

2006 Jan 112.02 120.39 90.80 91.93 110.80 118.52 89.79 113.58 142.92 152.47 119.14 121.07

Feb 102.68 118.00 82.29 90.34 105.40 115.39 80.57 112.76 122.75 151.21 100.16 119.33

Mar 114.67 117.81 88.28 88.38 116.28 116.37 88.99 109.08 144.97 155.07 130.11 120.03

Apr 115.79 119.47 83.67 87.08 120.22 117.47 97.34 112.99 138.45 156.04 107.65 121.49

May 120.59 119.84 86.19 87.02 113.07 116.90 123.07 109.28 176.73 166.10 130.31 126.27

Jun 114.49 120.06 85.48 86.97 112.74 118.78 107.09 108.01 148.27 158.95 112.83 114.82

Jul 117.19 119.49 89.43 87.05 116.42 118.33 106.25 109.60 149.13 153.63 130.53 132.33

Aug 120.91 122.27 93.04 90.18 117.51 119.37 106.83 112.86 161.79 165.68 141.61 133.25

Sep 120.20 124.68 90.80 89.58 119.10 121.05 102.04 116.00 157.65 173.24 130.76 133.63

Oct 123.48 125.19 92.35 89.14 120.50 121.75 103.59 112.78 169.65 172.04 141.17 135.10

Nov 125.29 126.07 91.30 90.86 119.96 122.03 121.09 118.94 174.29 172.87 145.42 137.14

Dec 171.76 125.66 96.15 91.33 154.27 120.90 229.41 116.32 253.65 160.74 149.82 142.06

2007 Jan 121.49 128.28 93.06 93.75 116.24 123.28 95.63 120.11 177.30 188.57 136.15 135.57

Feb 112.06 128.88 86.48 94.62 112.71 123.45 83.34 117.12 146.27 180.46 119.95 144.42

Mar 127.93 130.34 94.45 94.49 127.35 125.20 97.91 120.56 170.48 181.98 153.96 150.53

Apr 124.62 131.00 89.35 93.13 125.25 125.55 101.46 117.59 156.59 176.47 144.42 152.64

May 133.33 131.83 91.07 92.23 122.41 125.78 142.90 126.57 195.01 182.58 156.83 153.29

Jun 127.48 132.07 90.46 92.20 122.00 125.93 124.54 126.14 172.20 184.54 149.63 155.80

Jul 127.94 132.70 93.90 91.74 121.72 126.55 117.29 121.81 176.22 181.99 160.30 156.70

Source: IBGE

Retail sector Fuel and

lubricants and footwear

Supermarkets Textiles, clothing Furniture and Vehicles,

home appliances motorcycles


I.6 – Industrial production indicators

Annual change (%)

Itemization 2000 2001 2002 2003 2004 2005 2006 20071/

Total2/ 6.6 1.6 2.7 0.1 8.3 3.1 2.8 5.1

Extraction industries 11.8 3.4 19.0 4.7 4.3 10.2 7.4 5.9

Manufacturing industry 6.1 1.4 0.5 -0.2 8.5 2.7 2.6 5.0

By segment

Food products -2.1 4.9 3.0 -1.4 4.1 0.6 1.8 2.5

Beverages 4.0 0.3 -12.2 -4.1 5.8 6.4 7.2 6.2

Tobacco leaves -7.8 -4.7 -40.0 -6.4 18.9 -0.9 3.9 -5.4

Textiles 6.1 -5.4 0.2 -4.5 10.1 -2.1 1.6 2.7

Clothing and cloth goods 8.8 -9.6 5.6 -12.2 1.6 -5.0 -5.0 3.5

Leather and footwear goods 0.5 4.0 -1.5 -9.6 2.3 -3.2 -2.7 -3.6

Wood 3.1 -0.3 4.4 5.3 7.7 -4.5 -6.8 -3.8

Pulp, paper and paper produtcts 4.1 0.1 3.3 6.3 7.9 3.1 2.2 0.2

Issue, priting and copy of recording ... ... ... 0.7 -2.4 11.3 1.7 -1.2

Petroleum and alcohol refining -1.8 4.0 -2.6 -2.2 2.3 1.5 1.6 0.3

Pharmaceuticals -2.0 -1.0 16.3 -7.6 1.0 14.4 4.4 1.5

Perfumes, soaps, detergents and cleaning products 2.7 -1.2 1.9 0.9 11.9 3.7 2.0 8.1

Other chemical products 6.0 -8.3 -4.2 3.0 7.0 -1.3 -0.9 6.3

Rubber and plastics 4.1 -4.5 0.1 -3.5 7.8 -1.2 2.2 3.5

Nonmetallic minerals 1.7 -2.3 -1.0 -3.6 4.9 2.8 2.6 5.5

Metallurgy 9.2 0.2 3.6 6.0 3.4 -2.0 2.8 7.6

Metal products - excludes machinery and equipments 2.2 2.3 2.7 -5.5 10.0 -0.2 -1.3 5.3

Machinery and equipments 18.9 4.2 2.8 5.3 16.1 -1.4 4.0 17.4

Office and computer equipments ... ... ... 8.0 33.6 17.3 51.6 18.3

Eletrical appliances and equipments 10.5 20.3 -0.9 1.8 7.1 7.9 8.7 11.1

Eletronical anda communications equipments 32.7 -2.8 -11.1 0.5 17.8 14.2 0.0 -7.4

Medical and hospital equipments ... ... ... -3.1 8.3 2.6 9.4 0.4

Automotives vehicles 18.5 0.0 -2.1 4.3 29.9 6.8 1.3 10.3

Other transportation vehicles 21.4 24.2 21.8 9.2 10.3 5.5 2.1 15.7

Furniture 8.1 0.0 -1.9 -9.2 6.9 0.5 8.4 11.0

Other ... ... ... -1.7 10.8 8.4 -1.3 0.1

By category of use

Capital goods 13.1 13.5 -5.8 2.2 19.7 3.6 5.7 17.0

Intermediate goods 6.8 -0.1 4.2 1.9 7.4 1.0 2.1 4.2

Consumer goods 3.5 1.2 1.5 -2.8 7.3 6.1 3.4 3.7

Durable 20.8 -0.6 4.7 3.0 21.8 11.4 5.8 5.9

Semidurable and nondurable -0.4 1.6 1.1 -4.0 4.0 4.6 2.7 3.0

Source: IBGE

1/ Production in January-July/2007 compared to that of the same period of the previous year.

2/ New segments of industrial production accordingly by newly issued survey of IBGE.


I.7 – Automotive industry

Units

Period

Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated

average average average average average

2000 140 937 1 691 240 109 525 1 314 303 30 942 371 299 140 467 1 685 602 16 523 198 278

2001 151 438 1 817 258 118 581 1 422 966 32 571 390 854 151 152 1 813 820 15 809 189 709

2002 149 294 1 791 530 115 269 1 383 232 35 368 424 415 150 637 1 807 647 9 704 116 452

2003 152 253 1 827 038 109 574 1 314 882 44 562 534 745 154 136 1 849 627 7 951 95 412

2004 193 102 2 317 227 130 347 1 564 169 63 232 758 787 193 580 2 322 956 6 268 75 213

2005 210 692 2 528 300 135 935 1 631 217 74 757 897 079 210 691 2 528 296 8 467 101 600

Monthly Monthly Monthly Monthly Monthly

2006 Jan 195 399 195 399 124 670 124 670 57 843 57 843 182 513 182 513 9 088 9 088

Feb 205 535 400 934 129 365 254 035 70 996 128 839 200 361 382 874 6 981 16 069

Mar 229 394 630 328 155 336 409 371 72 404 201 243 227 740 610 614 15 797 31 866

Apr 204 073 834 401 135 493 544 864 71 450 272 693 206 943 817 557 14 443 46 309

May 241 600 1 076 001 155 353 700 217 77 405 350 098 232 758 1 050 315 13 524 59 833

Jun 224 845 1 300 846 143 315 843 532 71 396 421 494 214 711 1 265 026 17 827 77 660

Jul 222 888 1 523 734 147 799 991 331 78 149 499 643 225 948 1 490 974 21 628 99 288

Aug 244 271 1 768 005 162 921 1 154 252 73 135 572 778 236 056 1 727 030 20 383 119 671

Sep 204 104 1 972 109 150 436 1 304 688 71 927 644 705 222 363 1 949 393 20 693 140 364

Oct 227 351 2 199 460 157 248 1 461 936 72 497 717 202 229 745 2 179 138 21 419 161 783

Nov 222 142 2 421 602 167 894 1 629 830 61 441 778 643 229 335 2 408 473 21 901 183 684

Dec 189 432 2 611 034 156 236 1 786 066 64 169 842 812 220 405 2 628 878 23 255 206 939

2007 Jan 205 301 205 301 137 946 137 946 49 448 49 448 187 394 187 394 8 950 8 950

Feb 203 450 408 751 140 325 278 271 64 233 113 681 204 558 391 952 11 989 20 939

Mar 247 074 655 825 185 733 464 004 68 326 182 007 254 059 646 011 21 329 42 268

Apr 223 370 879 195 169 639 633 643 59 188 241 195 228 827 874 838 16 870 59 138

May 257 343 1 136 538 191 493 825 136 71 137 312 332 262 630 1 137 468 18 874 78 012

Jun 246 962 1 383 500 183 772 1 008 908 63 937 376 269 247 709 1 385 177 25 183 103 195

Jul 266 044 1 649 544 195 804 1 204 712 83 161 459 430 278 965 1 664 142 22 852 126 047

Sources: Anfavea and MDIC/Secex

Production Sales Imports

Domestic External Total


I.8 – Crop production (major crops)

1000 t

Itemization 1998 1999 2000 2001 2002 2003 2004 2005 2006 20071/

Grain production 75 178 82 356 83 250 98 544 97 122 123 174 119 294 112 574 116 993 133 391

Cotton (seed) 824 990 1 307 1 718 1 407 1 429 2 390 2 309 1 816 2 369

Rice (in husk) 7 744 11 710 11 135 10 195 10 472 10 199 13 277 13 226 11 505 11 051

Beans 2 200 2 831 3 056 2 436 3 050 3 310 2 965 3 012 3 437 3 429

Corn 29 494 32 239 32 321 41 439 35 502 47 809 41 806 35 116 42 632 51 704

Soybeans 31 374 30 987 32 821 37 683 42 020 51 532 49 522 51 138 52 356 58 228

Wheat 2 232 2 462 1 726 3 261 2 935 5 900 5 726 4 658 2 482 4 128

Others 1 310 1 137 884 1 812 1 736 2 995 3 609 3 115 2 765 2 482

Other crops

Bananas2/ 533 547 566 5 959 6 455 6 518 6 607 6 803 7 088 6 964

White potatoes 2 675 2 905 2 607 2 787 2 882 3 070 3 046 3 128 3 138 3 467

Cocoa (beans) 280 205 197 184 173 171 195 236 199 229

Coffee 3 450 3 263 3 807 1 918 2 444 1 970 2 467 2 134 2 593 2 204

Sugarcane 338 972 333 848 326 121 345 941 367 496 389 929 416 256 422 926 455 291 513 861

Onion ... ... ... ... ... 1 187 1 133 1 099 1 175 1 224

Tobacco (in leaf) 510 630 580 565 657 649 920 894 905 927

Oranges3/ 103 659 114 398 106 651 16 844 18 932 16 936 18 271 17 864 18 059 18 267

Cassava 19 661 20 864 23 041 22 479 22 990 22 236 23 781 25 725 26 713 27 479

Tomatoes 2 755 3 305 3 005 3 043 3 596 3 641 3 489 3 397 3 273 3 201

Source: IBGE

1/ Refers to the July/2007 Systematic Survey of Agricultural Production.

2/ Millions of bunches until 2000.

3/ Millions of fruits until 2000.


I.9 – Formal employment level index – Brazil

December 2006 = 100

Period

Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally

data adjusted data adjusted data adjusted data adjusted data adjusted

2000 Dec 78.02 77.97 79.14 78.79 70.18 70.50 77.83 77.79 88.54 88.78

2001 Dec 80.12 80.06 80.76 80.37 73.53 73.77 80.65 80.59 87.79 86.36

2002 Dec 82.98 82.96 83.29 82.98 78.30 78.52 83.40 83.39 85.76 85.42

2003 Dec 85.37 85.36 85.34 85.12 81.99 82.17 85.81 85.82 82.30 82.07

2004 Dec 90.93 90.96 93.32 93.24 88.39 88.55 90.15 90.19 86.17 86.10

2005 Dec 95.51 95.55 96.41 96.10 94.51 94.62 95.76 95.44 94.87 93.20

2006 Jan 95.80 95.83 96.41 96.29 94.42 95.01 95.76 95.75 94.87 94.32

Feb 96.47 96.40 96.78 96.70 94.74 95.63 96.45 96.30 96.05 95.49

Mar 96.75 96.72 97.16 97.00 94.59 95.81 96.80 96.60 96.46 95.87

Apr 97.52 96.95 98.39 97.29 95.03 96.20 97.44 96.91 97.46 96.07

May 98.28 97.32 99.14 97.56 95.37 96.64 97.90 97.34 98.73 96.76

Jun 98.85 97.66 99.45 97.90 95.67 97.05 98.26 97.73 99.40 96.95

Jul 99.43 98.04 99.78 98.18 96.13 97.48 98.72 98.16 101.31 97.86

Aug 99.90 98.41 100.23 98.56 96.63 97.90 99.29 98.53 102.48 98.39

Sep 100.48 98.73 101.50 98.86 97.38 98.32 99.77 98.86 103.45 98.84

Oct 101.03 99.20 102.21 99.30 98.29 98.95 100.26 99.27 103.50 99.11

Nov 101.16 99.64 101.79 99.70 99.72 99.51 100.58 99.63 102.70 99.58

Dec 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

2007 Jan 100.38 100.43 100.60 100.52 99.84 100.47 100.43 100.44 100.87 100.45

Feb 100.91 100.84 101.07 101.01 100.03 100.96 100.99 100.83 101.28 100.73

Mar 101.43 101.37 101.70 101.53 100.24 101.53 101.49 101.25 102.54 101.96

Apr 102.52 101.89 103.30 102.08 100.84 102.09 102.23 101.68 104.81 103.23

May 103.29 102.30 104.19 102.53 101.12 102.51 102.59 102.01 105.82 103.72

Jun 103.96 102.67 104.62 102.89 101.57 102.99 102.95 102.37 107.22 104.47

Jul 104.40 102.97 105.07 103.42 102.03 103.52 103.28 102.72 108.53 104.73

Source: Ministério do Trabalho e Emprego

BuildingTotal Manufacturing industry Commerce Services


I.10 – Unemployment rate (weekly)1/

Period Average rate São Paulo Rio de Janeiro Belo Horizonte Porto Alegre Salvador Recife

2002 11.7 12.7 10.1 10.8 7.3 12.5 12.5

2003 12.3 14.1 9.2 10.8 9.5 16.7 13.8

2004 11.5 12.6 9.0 10.6 8.6 16.0 12.7

2005 9.8 10.2 7.7 8.8 7.4 15.5 13.2

2006 10.0 10.5 7.9 8.5 8.0 13.7 14.6

2006 Jan 9.2 9.2 6.9 8.1 7.7 14.9 15.3

Feb 10.1 10.5 7.9 9.1 7.5 13.6 15.9

Mar 10.4 10.6 8.5 9.3 8.3 13.7 16.5

Apr 10.4 10.7 8.4 9.1 8.3 13.4 16.5

May 10.2 10.5 8.6 8.5 8.3 13.5 15.0

Jun 10.4 10.9 8.8 8.6 8.2 13.5 15.4

Jul 10.7 11.3 8.7 9.1 8.7 14.4 15.3

Aug 10.6 11.6 8.2 8.7 8.3 14.3 14.9

Sep 10.0 11.1 7.5 7.8 7.9 13.6 13.7

Oct 9.8 10.5 7.3 8.7 8.4 13.7 13.5

Nov 9.5 10.3 7.3 8.2 8.0 13.2 12.4

Dec 8.4 9.0 6.5 7.1 6.6 12.4 10.4

2007 Jan 9.3 10.1 6.6 8.4 8.1 13.5 11.6

Feb 9.9 10.6 7.5 9.3 8.3 13.6 12.3

Mar 10.1 11.5 7.4 8.6 8.2 14.1 12.0

Apr 10.1 11.6 7.5 8.1 7.9 14.2 12.1

May 10.1 11.2 8.0 8.3 7.5 14.6 12.4

Jun 9.7 10.2 8.0 7.8 7.4 14.6 12.6

Jul 9.5 10.3 7.1 7.3 7.5 14.5 12.6

Source: IBGE

1/ Obtained on basis of ratio of number of people seeking employment or awaiting the result of an employment proposal at the time of the survey to the number of economically

active people of 10 years of age or more.


I.11 – Real average earnings1/

By worker categories and by sector

R$1.00

Period Total Registered Nonregistered Self-employed Private sector Public sector

2002 Dec 1 146.22 1 087.26 713.57 958.86 756.10 1 230.20

2003 Dec 1 010.60 1 043.29 633.59 797.49 788.30 1 290.90

2004 Dec 1 006.52 1 025.23 645.59 788.81 825.10 1 365.50

2005 Dec 1 066.97 1 039.99 731.23 878.76 906.50 1 510.40

2006 Jan 1 049.83 1 034.60 720.62 857.12 903.80 1 470.40

Feb 1 065.86 1 053.71 701.46 866.22 917.50 1 532.30

Mar 1 067.48 1 068.94 678.68 840.87 925.10 1 508.90

Apr 1 069.93 1 087.68 685.52 854.34 942.40 1 504.30

May 1 084.68 1 093.85 669.34 876.02 944.50 1 559.10

Jun 1 092.62 1 103.26 703.76 864.29 957.40 1 579.60

Jul 1 080.85 1 092.93 712.13 847.98 953.40 1 598.20

Aug 1 090.08 1 096.84 732.65 839.90 961.80 1 574.40

Sep 1 079.52 1 090.32 726.26 859.76 956.50 1 582.50

Oct 1 098.62 1 071.21 734.79 887.02 950.60 1 655.20

Nov 1 100.49 1 079.16 723.25 917.13 956.90 1 641.40

Dec 1 112.07 1 079.15 708.60 941.36 963.30 1 648.80

2007 Jan 1 100.24 1 063.82 734.24 903.61 963.40 1 690.10

Feb 1 121.37 1 113.06 762.18 940.97 1 012.30 1 685.40

Mar 1 121.00 1 092.30 719.18 942.26 989.10 1 705.70

Apr 1 123.91 1 111.50 708.45 917.19 1 001.60 1 748.60

May 1 127.22 1 109.61 751.01 920.95 1 015.40 1 741.60

Jun 1 121.72 1 079.92 770.23 951.94 1 001.10 1 721.80

Jul 1 108.30 1 095.20 743.70 928.20 1 009.50 1 708.30

Source: IBGE

1/ In reals of the last month, deflated by INPC. Comprises the metropolitan region of Recife, Salvador, Belo Horizonte, Rio de Janeiro, São Paulo and Porto Alegre.


I.12 – Price indices

Percentage change

Period

Average In 12 months Average In 12 months Average In 12 months Average In 12 months

2000 13.77 9.81 18.11 12.06 9.43 7.66 7.48 6.21

2001 10.37 10.40 12.61 11.87 7.60 8.85 6.91 7.94

2002 13.51 26.41 16.67 35.41 9.62 12.87 8.30 12.18

2003 22.80 7.67 27.56 6.26 16.74 14.42 14.31 8.93

2004 9.40 12.14 10.13 14.67 11.26 11.02 6.12 6.27

2005 5.97 1.22 5.88 -0.97 9.40 6.84 5.72 4.93

2006 1.73 3.79 0.81 4.29 5.25 5.04 2.74 2.05

Monthly Monthly Monthly Monthly

2006 Jan 0.72 1.62 0.81 -0.24 0.34 6.41 0.65 4.73

Feb -0.06 1.15 -0.12 -0.75 0.19 6.14 0.01 4.29

Mar -0.45 -0.29 -0.82 -2.67 0.20 5.64 0.22 3.79

Apr 0.02 -0.77 -0.15 -3.14 0.36 5.26 0.34 3.23

May 0.38 -0.14 0.46 -1.73 1.32 4.47 -0.19 2.22

Jun 0.67 0.98 1.06 0.09 0.90 4.62 -0.40 1.86

Jul 0.17 1.56 0.17 0.95 0.47 5.00 0.06 1.79

Aug 0.41 2.78 0.53 2.56 0.24 5.23 0.16 2.40

Sep 0.24 3.16 0.28 3.13 0.11 5.09 0.19 2.51

Oct 0.81 3.34 1.16 3.51 0.21 5.11 0.14 2.22

Nov 0.57 3.59 0.75 4.04 0.23 5.05 0.24 1.88

Dec 0.26 3.79 0.11 4.29 0.36 5.04 0.63 2.05

2007 Jan 0.43 3.49 0.32 3.79 0.45 5.15 0.69 2.09

Feb 0.23 3.79 0.19 4.12 0.21 5.18 0.34 2.42

Mar 0.22 4.49 0.11 5.09 0.27 5.25 0.48 2.69

Apr 0.14 4.61 0.02 5.27 0.46 5.35 0.31 2.67

May 0.16 4.38 -0.04 4.76 1.15 5.18 0.25 3.12

Jun 0.26 3.96 0.09 3.76 0.92 5.20 0.42 3.98

Jul 0.37 4.17 0.42 4.02 0.31 5.03 0.28 4.20

(continues)

IGP-DI1/ IPA-DI2/ INCC3/ IPC-BR4/


I.12 – Price indices

(concluded) Percentage change

Period

Average In 12 months Average In 12 months Average In 12 months Average In 12 months

2000 14.26 9.95 6.64 4.38 7.04 5.97 6.22 5.27

2001 10.17 10.38 5.73 7.13 6.84 7.67 7.49 9.44

2002 12.94 25.31 6.69 9.92 8.45 12.53 10.20 14.74

2003 23.70 8.71 12.58 8.17 14.71 9.30 16.96 10.38

2004 9.37 12.41 5.68 6.56 6.60 7.60 6.27 6.13

2005 6.35 1.21 6.12 4.52 6.87 5.69 5.76 5.05

2006 1.72 3.83 2.49 2.55 4.18 3.14 3.26 2.81

Monthly Monthly Monthly Monthly

2006 Jan 0.92 1.74 0.50 4.46 0.59 5.70 0.38 4.85

Feb 0.01 1.45 -0.03 4.06 0.41 5.51 0.23 4.63

Mar -0.23 0.36 0.14 3.38 0.43 5.32 0.27 4.15

Apr -0.42 -0.92 0.01 2.54 0.21 4.63 0.12 3.34

May 0.38 -0.33 -0.22 1.96 0.10 4.23 0.13 2.75

Jun 0.75 0.86 -0.31 1.85 -0.21 4.03 -0.07 2.79

Jul 0.18 1.39 0.21 1.76 0.19 3.97 0.11 2.87

Aug 0.37 2.43 0.12 2.09 0.05 3.84 -0.02 2.85

Sep 0.29 3.28 0.25 1.90 0.21 3.70 0.16 2.86

Oct 0.47 3.13 0.39 1.66 0.33 3.26 0.43 2.71

Nov 0.75 3.50 0.42 1.79 0.31 3.02 0.42 2.59

Dec 0.32 3.83 1.04 2.55 0.48 3.14 0.62 2.81

2007 Jan 0.50 3.40 0.66 2.71 0.44 2.99 0.49 2.93

Feb 0.27 3.67 0.33 3.08 0.44 3.02 0.42 3.12

Mar 0.34 4.26 0.11 3.05 0.37 2.96 0.44 3.30

Apr 0.04 4.75 0.33 3.37 0.25 3.00 0.26 3.44

May 0.04 4.40 0.36 3.98 0.28 3.18 0.26 3.57

Jun 0.26 3.89 0.55 4.88 0.28 3.69 0.31 3.97

Jul 0.28 4.00 0.27 4.94 0.24 3.74 0.32 4.19

Sources: FGV, Fipe and IBGE

1/ General Price Index – Domestic Supply.

2/ Wholesale Price Index – Domestic Supply.

3/ National Index of Building Costs.

4/ Consumer Price Index – Brazil.

5/ General Price Index – Market.

6/ Consumer Price Index (Fipe).

7/ Broad National Consumer Price Index.

8/ National Consumer Price Index.

IPCA7/ INPC8/IGP-M5/ IPC-Fipe6/

Money and Credit

Statistical Tables II


Explanatory note to the tables in Chapter II of the Boletim do Banco Central do Brasil

As of August, 2000

The National Monetary Council (CMN), through Resolution 2,682, dated 12.21.1999, revised the procedures utilized for classifying credit operations, with the aim of making them more objective and broader in scope, and instituted a new technically more suitable foundation for setting aside provisions for possible losses. In this way, as of 3.1.2000, the newly adopted system determined to be necessary an analysis of the potential risk of the borrower by the financial institution in addition to the consideration of the period of default and the guaranties offered, following international standard procedures. In the framework of the alterations introduced, one should highlight the classification of the credit portfolio into nine different levels with increasingly more serious risk levels: AA, A, B, C, D, E, F, G and H, as compared to the previous three classification levels.


II.1 – Factors affecting the monetary base

####

Flows in R$ million

Period National Operations External Bacen's Deposits Operations with Other

Treasury1/ with federal sector rediscount of derivative ac-

securitites operations operations financial instruments – counts3/ Currency Banking Total

institutions2/ Adjustments issued reserves

2002 Dec 197 15 954 -4 982 -1 -276 1 707 144 8 859 3 884 12 743

2003 Dec 11 712 3 231 13 -4 -1 666 -2 508 23 8 672 2 130 10 802

2004 Dec -2 789 12 184 7 186 -1 -1 578 -1 582 215 9 783 3 852 13 635

2005 Dec -1 520 9 945 9 261 -0 -1 928 -172 145 10 593 5 139 15 732

2006 Jan 9 868 -26 578 5 541 -0 755 1 773 236 -7 769 -636 -8 404

Feb -8 267 3 478 5 156 -0 62 1 349 7 2 597 -812 1 784

Mar -9 465 -3 157 6 567 35 688 -615 55 -4 194 -1 698 -5 892

Apr -7 839 1 412 4 714 -35 -1 1 959 -33 1 299 -1 121 177

May -10 245 528 9 054 2 1 408 -3 555 55 -730 -2 024 -2 754

Jun -6 246 13 247 -5 -2 -1 487 2 853 116 2 036 6 440 8 476

Jul -29 -10 716 9 626 1 585 379 110 2 498 -2 540 -43

Aug -12 426 6 235 9 904 -1 501 989 67 614 4 655 5 269

Sep 1 812 -3 326 3 227 0 -866 -398 62 4 964 -4 453 511

Oct -7 680 -3 316 9 338 -0 601 480 67 -229 -281 -510

Nov -6 834 8 197 5 677 -0 -1 365 -276 74 2 522 2 951 5 473

Dec -2 159 13 309 5 569 -0 -1 646 499 195 12 184 3 583 15 767

2007 Jan -1 924 -20 246 10 320 -1 12 406 28 -8 943 -2 463 -11 406

Feb -4 108 -19 659 18 487 -0 -64 302 483 -1 180 -3 379 -4 559

Mar -350 -16 004 17 330 -0 40 1 024 59 -1 213 3 312 2 099

Apr -8 741 -6 738 22 328 93 -141 257 114 1 046 6 124 7 171

May -5 560 -31 496 29 170 -93 -380 2 088 115 -451 -5 705 -6 156

Jun -143 -10 757 18 209 -0 -743 675 113 2 402 4 951 7 353

Jul -1 284 -12 009 13 106 37 -878 1 144 92 936 -728 208

1/ Securities operations not included.

2/ Includes reserve requirements on bails, deposits earmarked to the SBPE, deposits on insufficient investments on rural credit, Proagro's deposits,

financial institution deposits – Resolution 2,461, time deposits, payments on Advances on Exchange Contract (ACC), additional requirements and deposit in advance for

check clearing and payments of demand deposits not invested on microfinance.

3/ Includes credits receivable of the Department of Bank Liquidation, Monetary Reserve investments, Mecir expenditures and office supplies, payroll,

deposits for capital payment and increase, penalities and costs on insufficient banking reserves and other accounts.

Monetary base change


II.2 – Monetary base and money supply (M1)

####

R$ million

Period

Currency Banking Total Currency Banking Total Currency Demand Total Currency Demand Total

issued reserves issued reserves outside deposits outside deposits

banks banks

2002 Dec 49 931 23 371 73 302 47 790 22 111 69 901 42 351 65 495 107 846 40 414 61 894 102 308

2003 Dec 51 364 21 855 73 219 50 093 20 709 70 802 43 064 66 584 109 648 41 645 63 247 104 892

2004 Dec 61 936 26 797 88 733 61 198 26 146 87 344 52 019 75 927 127 946 51 024 76 105 127 129

2005 Dec 70 034 31 214 101 247 69 143 29 163 98 306 58 272 86 506 144 778 57 051 85 400 142 451

2006 Jan 62 265 30 578 92 843 65 938 30 716 96 655 50 017 79 935 129 951 54 537 83 364 137 900

Feb 64 862 29 766 94 627 63 931 28 527 92 458 51 271 79 865 131 136 52 046 79 688 131 734

Mar 60 667 28 068 88 735 61 998 28 486 90 484 48 720 80 029 128 748 50 624 81 369 131 993

Apr 61 966 26 947 88 913 62 542 28 384 90 926 49 080 78 433 127 513 50 739 80 315 131 054

May 61 237 24 922 86 159 62 516 28 241 90 757 48 676 82 181 130 857 51 210 80 789 131 999

Jun 63 272 31 362 94 635 63 958 29 831 93 790 50 749 81 306 132 055 52 410 81 386 133 797

Jul 65 770 28 822 94 592 66 013 29 515 95 528 51 379 82 180 133 558 53 888 83 244 137 132

Aug 66 384 33 477 99 861 67 093 28 916 96 009 52 177 84 165 136 342 54 603 83 325 137 928

Sep 71 348 29 024 100 372 70 881 29 593 100 474 56 164 86 897 143 061 57 506 85 992 143 498

Oct 71 119 28 743 99 862 72 040 29 863 101 903 55 209 89 800 145 009 58 015 88 215 146 230

Nov 73 641 31 694 105 335 72 986 31 896 104 882 57 623 94 252 151 875 58 680 91 448 150 128

Dec 85 825 35 277 121 102 82 881 35 423 118 304 68 925 105 421 174 345 67 072 100 118 167 190

2007 Jan 76 882 32 814 109 696 80 499 35 829 116 328 60 074 95 556 155 630 65 157 98 960 164 117

Feb 75 702 29 435 105 137 78 486 33 465 111 951 58 790 94 892 153 682 62 801 94 814 157 615

Mar 74 489 32 746 107 236 75 677 33 346 109 023 59 103 96 474 155 577 61 526 95 600 157 126

Apr 75 536 38 871 114 406 75 912 34 782 110 694 58 743 97 726 156 468 61 402 97 434 158 836

May 75 085 33 166 108 251 76 067 35 235 111 301 59 350 98 543 157 893 61 885 96 679 158 564

Jun 77 487 38 117 115 604 77 561 35 634 113 195 61 263 101 799 163 062 62 951 99 603 162 555

Jul 78 423 37 389 115 812 79 218 37 240 116 458 61 656 103 978 165 635 64 467 103 154 167 621

1/ Based on working days of the month indicated.

Note: Monetary programming for the third quarter 2007 (Base): R$100.3 billion – R$135.8 billion (average point of forecasts: 17.5% in 12 months).

Monetary programming for the third quarter 2007 (M1): R$146.3 billion – R$197.9 billion (average point of forecasts: 19.9% in 12 months).

Monetary base Money supply

End of period Daily average1/ End of period Daily average1/


II.3 – Monetary behavior factors1/

Working day average in month######

Period Multiplier

2002 Dec 0.40 0.60 0.12 0.36 1.46

2003 Dec 0.40 0.60 0.13 0.33 1.48

2004 Dec 0.40 0.60 0.13 0.34 1.46

2005 Dec 0.40 0.60 0.14 0.34 1.45

2006 Jan 0.40 0.60 0.14 0.37 1.43

Feb 0.40 0.60 0.15 0.36 1.42

Mar 0.38 0.62 0.14 0.35 1.46

Apr 0.39 0.61 0.15 0.35 1.44

May 0.39 0.61 0.14 0.35 1.45

Jun 0.39 0.61 0.14 0.37 1.43

Jul 0.39 0.61 0.15 0.35 1.44

Aug 0.40 0.60 0.15 0.35 1.44

Sep 0.40 0.60 0.16 0.34 1.43

Oct 0.40 0.60 0.16 0.34 1.43

Nov 0.39 0.61 0.16 0.35 1.43

Dec 0.40 0.60 0.16 0.35 1.41

2007 Jan 0.40 0.60 0.16 0.36 1.41

Feb 0.40 0.60 0.17 0.35 1.41

Mar 0.39 0.61 0.15 0.35 1.44

Apr 0.39 0.61 0.15 0.36 1.43

May 0.39 0.61 0.15 0.36 1.42

Jun 0.39 0.61 0.15 0.36 1.44

Jul 0.38 0.62 0.14 0.36 1.44

1/ Where (based on average daily balance):

C – Individual preference for currency

PMPP – Currency outside banks

M1 – Money supply

D – Individual preference for demand deposits

DV – Demand deposits

R1 – Bank deposit ratio in currency

CX – Bank currency reserves

R2 – Banking reserves ratio

RB – Banking reserves

K – Monetary base multiplier

B – Monetary base

Individual behavior Bank behavior

CPMPP

M=

1D

DV

M=

1R

CX

DV1 = R

RB

DV2 = B

M

RRDCK 1

)21(

1=

++=


II.4 – Extended monetary base – End-of-period balances

####

R$ million

Period Monetary Total Percentage

base extended change

Total monetary in

securities base month

Earnings1/ Non- Portfolio Financing5/ Total Portfolio Financing5/ Total

earnings2/ position4/ position

2002 Dec 73 302 54 594 183 66 326 - 66 326 529 407 64 222 593 629 659 955 788 034 1.05

2003 Dec 73 219 55 615 1 251 30 659 - 30 659 670 426 55 724 726 150 756 809 886 894 2.06

2004 Dec 88 733 64 103 1 939 13 591 -128 13 463 763 660 47 335 810 995 824 458 979 233 1.59

2005 Dec 101 247 72 398 922 6 818 -82 6 736 949 810 22 938 972 748 979 484 1 154 051 2.27

2006 Jan 92 843 72 665 725 6 506 -63 6 443 954 206 57 319 1 011 525 1 017 968 1 184 202 2.61

Feb 94 627 73 195 754 6 329 -108 6 221 981 704 39 229 1 020 933 1 027 154 1 195 730 0.97

Mar 88 735 73 277 807 6 513 -110 6 403 992 480 46 106 1 038 586 1 044 989 1 207 808 1.01

Apr 88 913 73 869 850 6 207 -136 6 071 976 002 71 828 1 047 830 1 053 901 1 217 533 0.81

May 86 159 73 243 827 6 627 -32 6 595 966 335 94 927 1 061 262 1 067 857 1 228 086 0.87

Jun 94 635 75 275 1 037 6 294 - 6 294 990 045 70 062 1 060 107 1 066 401 1 237 348 0.75

Jul 94 592 75 686 836 6 389 -7 6 382 986 090 95 780 1 081 870 1 088 252 1 259 366 1.78

Aug 99 861 76 033 887 6 340 - 6 340 1 011 136 78 456 1 089 592 1 095 932 1 272 713 1.06

Sep 100 372 77 483 979 6 505 - 6 505 1 033 567 71 899 1 105 466 1 111 971 1 290 805 1.42

Oct 99 862 77 656 1 000 2 773 - 2 773 1 034 564 91 232 1 125 796 1 128 569 1 307 087 1.26

Nov 105 335 79 620 1 088 - - - 1 060 349 72 613 1 132 962 1 132 962 1 319 005 0.91

Dec 121 102 82 024 1 123 - - - 1 072 566 60 030 1 132 596 1 132 596 1 336 845 1.35

2007 Jan 109 696 82 846 1 058 - - - 1 067 217 99 825 1 167 042 1 167 042 1 360 642 1.78

Feb 105 137 83 444 1 124 - - - 1 099 314 98 347 1 197 661 1 197 661 1 387 366 1.96

Mar 107 236 84 147 1 148 - - - 1 121 298 105 937 1 227 235 1 227 235 1 419 766 2.34

Apr 114 406 84 986 1 150 - - - 1 130 519 115 698 1 246 217 1 246 217 1 446 759 1.90

May 108 251 86 037 1 207 - - - 1 153 027 137 832 1 290 859 1 290 859 1 486 354 2.74

Jun 115 604 87 416 1 252 - - - 1 176 431 136 677 1 313 108 1 313 108 1 517 380 2.09

Jul 115 812 89 091 1 186 - - - 1 147 823 191 538 1 339 361 1 339 361 1 545 450 1.85

1/ Adjusted balances.

2/ As of February/2003 includes resources from deposits in advance to be compensated and as of August/2004 includes resources from demand deposits.

3/ Securities evaluated according to yield profile, including issues/redemptions of federal securities without monetary impact.

4/ Excludes LBCE.

5/ Includes net financing positions of the day, granted/taken from Demab, (-) oversold and (+) undersold.

Note: Monetary programming for the third quarter of 2007 (extended base): R$1,426 billion � R$1,674 billion (average point of forecasts: 20.1% in 12 months).

Reserve Federal securities3/

requirements

Bacen securities National Treasury securities


II.5 – Extended monetary base – Average daily balance

#####

R$ million

Period Monetary Total Percentage

base extended change

Total monetary in

securities base month

Earnings1/ Non- Portfolio Financing5/ Total Portfolio Financing5/ Total

earnings2/ position4/ position

2002 Dec 69 901 54 101 120 72 168 -180 71 989 523 062 69 984 593 045 665 034 789 155 2.14

2003 Dec 70 802 54 564 951 32 035 -2 32 034 666 090 56 199 722 289 754 323 880 639 2.36

2004 Dec 87 344 63 060 1 886 13 844 -286 13 559 754 930 58 347 813 277 826 836 979 126 1.70

2005 Dec 98 306 71 033 892 6 583 -73 6 510 937 893 39 759 977 652 984 162 1 154 394 2.99

2006 Jan 96 655 73 322 793 6 683 -44 6 639 934 978 60 891 995 869 1 002 508 1 173 278 1.64

Feb 92 458 72 914 743 6 400 -89 6 312 966 704 48 310 1 015 014 1 021 326 1 187 440 1.21

Mar 90 484 73 367 844 6 396 -96 6 300 987 595 46 188 1 033 783 1 040 083 1 204 777 1.46

Apr 90 926 73 396 795 6 329 -55 6 274 965 720 77 516 1 043 236 1 049 511 1 214 628 0.82

May 90 757 73 428 901 6 282 -47 6 235 975 947 77 730 1 053 677 1 059 912 1 224 999 0.85

Jun 93 790 74 477 979 6 528 -19 6 509 978 995 79 686 1 058 681 1 065 191 1 234 436 0.77

Jul 95 528 75 420 854 6 400 -2 6 397 964 399 108 904 1 073 304 1 079 701 1 251 503 1.38

Aug 96 009 76 206 862 6 358 -3 6 356 1 000 285 91 369 1 091 653 1 098 009 1 271 086 1.56

Sep 100 474 76 773 936 6 457 1 6 458 1 022 071 82 185 1 104 255 1 110 713 1 288 896 1.40

Oct 101 903 77 413 966 4 179 -0 4 179 1 016 432 100 034 1 116 466 1 120 644 1 300 926 0.93

Nov 104 882 78 877 1 038 1 252 -0 1 252 1 048 699 81 225 1 129 924 1 131 176 1 315 973 1.16

Dec 118 304 80 732 1 083 - - - 1 069 896 68 063 1 137 959 1 137 959 1 338 079 1.68

2007 Jan 116 328 83 334 1 133 - - - 1 042 507 111 336 1 153 842 1 153 842 1 354 636 1.24

Feb 111 951 83 087 1 053 - - - 1 080 426 100 503 1 180 929 1 180 929 1 377 020 1.65

Mar 109 023 83 857 1 163 - - - 1 112 001 104 638 1 216 639 1 216 639 1 410 682 2.44

Apr 110 694 84 565 1 171 - - - 1 105 043 135 966 1 241 009 1 241 009 1 437 439 1.90

May 111 301 85 924 1 210 - - - 1 144 082 130 247 1 274 329 1 274 329 1 472 764 2.46

Jun 113 195 86 912 1 213 - - - 1 170 923 138 266 1 309 190 1 309 190 1 510 510 2.56

Jul 116 458 88 409 1 205 - - - 1 135 054 197 680 1 332 734 1 332 734 1 538 805 1.87

1/ Adjusted balances.

2/ As of February/2003 includes resources from deposits in advance to be compensated and as of August/2004 includes resources from demand deposits.

3/ Securities evaluated according to yield profile, including issues/redemptions of federal securities without monetary impact.

4/ Excludes LBCE.

5/ Includes net financing positions of the day, granted/taken from Demab, (-) oversold and (+) undersold.

Reserve Federal securities3/

requirements

Bacen securities National Treasury securities


II.6 – Money supply (M4) – Balances

######

R$ million

End-of- M1Investment Savings Private M2 Quotas of Operations M3 Federal State and M4

period deposits deposits securities1/ fixed-income committed securities municipal

funds2/ with federal securities

securities3/

2002 Dec 107 846 - 140 896 148 761 397 503 279 560 11 205 688 269 117 332 1 922 807 523

2003 Dec 109 648 - 144 118 159 128 412 895 408 096 17 394 838 386 119 373 712 958 471

2004 Dec 127 946 374 159 589 205 588 493 497 474 817 20 308 988 622 120 069 828 1 109 519

2005 Dec 144 778 1 168 169 323 267 195 582 464 559 140 24 899 1 166 502 144 914 983 1 312 399

2006 Jan 129 951 1 109 168 740 267 453 567 253 586 534 25 676 1 179 463 146 722 997 1 327 182

Feb 131 136 1 181 169 964 272 574 574 855 600 493 26 828 1 202 176 146 551 1 009 1 349 735

Mar 128 748 1 135 167 242 281 669 578 795 611 674 27 357 1 217 826 152 956 21 1 370 802

Apr 127 513 1 232 166 661 284 251 579 657 617 968 27 901 1 225 525 153 791 21 1 379 338

May 130 857 1 276 166 049 295 798 593 981 620 958 30 941 1 245 880 155 187 21 1 401 088

Jun 132 055 1 138 167 620 299 629 600 442 622 123 29 976 1 252 541 156 717 21 1 409 279

Jul 133 558 1 212 170 110 299 933 604 813 635 993 30 804 1 271 609 163 119 21 1 434 749

Aug 136 342 1 154 171 003 298 533 607 033 648 529 28 169 1 283 731 166 567 21 1 450 319

Sep 143 061 1 339 174 233 293 241 611 875 663 273 26 714 1 301 861 169 455 22 1 471 337

Oct 145 009 3 698 176 209 297 493 622 409 666 931 30 825 1 320 165 173 576 22 1 493 763

Nov 151 875 3 320 180 119 302 411 637 724 677 167 33 233 1 348 123 179 252 22 1 527 397

Dec 174 345 3 731 187 864 295 559 661 500 684 082 32 123 1 377 704 180 887 22 1 558 613

2007 Jan 155 630 3 082 189 735 297 305 645 752 710 837 34 939 1 391 528 190 481 22 1 582 031

Feb 153 682 2 749 192 045 298 490 646 966 722 353 37 179 1 406 498 197 724 23 1 604 244

Mar 155 577 2 798 194 876 297 484 650 734 728 128 34 955 1 413 816 213 313 23 1 627 151

Apr 156 468 3 155 197 640 299 867 657 130 746 789 37 109 1 441 028 223 510 23 1 664 561

May 157 893 2 783 200 246 302 977 663 900 753 843 41 287 1 459 030 238 631 23 1 697 683

Jun 163 062 3 049 203 955 306 050 676 116 759 165 42 363 1 477 644 249 095 23 1 726 762

Jul* 165 635 3 062 207 927 302 950 679 574 775 007 41 879 1 496 460 255 890 23 1 752 373

1/ Includes time deposits, exchange bills, mortgage bonds and real estate bonds.

2/ Excludes guaranties issued primarily by financial institutions.

3/ As of August 1999, nonfinancial sector investments in committed operations are included in M3, when the minimun 30 day term in force since

October 1991 required in such operations was eliminated.

Note: Monetary programming for the third quarter 2007 (M4): R$1,537.6 billion – R$2,080.3 billion (average point of forecasts: 22.9% in 12 months).


II.7 – Money supply (M4) – Percentage share

######

Percentage share

End-of- M1 Investment Savings Private M2 Quotas of Operations M3 Federal State and M4

period deposits deposits securities1/ fixed-income committed securities municipal


securities3/

2002 Dec 13.4 - 17.4 18.4 49.2 34.6 1.4 85.2 14.5 0.2 100.0

2003 Dec 11.4 - 15.0 16.6 43.1 42.6 1.8 87.5 12.5 0.1 100.0

2004 Dec 11.5 0.0 14.4 18.5 44.5 42.8 1.8 89.1 10.8 0.1 100.0

2005 Dec 11.0 0.1 12.9 20.4 44.4 42.6 1.9 88.9 11.0 0.1 100.0

2006 Jan 9.8 0.1 12.7 20.2 42.7 44.2 1.9 88.9 11.1 0.1 100.0

Feb 9.7 0.1 12.6 20.2 42.6 44.5 2.0 89.1 10.9 0.1 100.0

Mar 9.4 0.1 12.2 20.5 42.2 44.6 2.0 88.8 11.2 0.0 100.0

Apr 9.2 0.1 12.1 20.6 42.0 44.8 2.0 88.8 11.1 0.0 100.0

May 9.3 0.1 11.9 21.1 42.4 44.3 2.2 88.9 11.1 0.0 100.0

Jun 9.4 0.1 11.9 21.3 42.6 44.1 2.1 88.9 11.1 0.0 100.0

Jul 9.3 0.1 11.9 20.9 42.2 44.3 2.1 88.6 11.4 0.0 100.0

Aug 9.4 0.1 11.8 20.6 41.9 44.7 1.9 88.5 11.5 0.0 100.0

Sep 9.7 0.1 11.8 19.9 41.6 45.1 1.8 88.5 11.5 0.0 100.0

Oct 9.7 0.2 11.8 19.9 41.7 44.6 2.1 88.4 11.6 0.0 100.0

Nov 9.9 0.2 11.8 19.8 41.8 44.3 2.2 88.3 11.7 0.0 100.0

Dec 11.2 0.2 12.1 19.0 42.4 43.9 2.1 88.4 11.6 0.0 100.0

2007 Jan 9.8 0.2 12.0 18.8 40.8 44.9 2.2 88.0 12.0 0.0 100.0

Feb 9.6 0.2 12.0 18.6 40.3 45.0 2.3 87.7 12.3 0.0 100.0

Mar 9.6 0.2 12.0 18.3 40.0 44.7 2.1 86.9 13.1 0.0 100.0

Apr 9.4 0.2 11.9 18.0 39.5 44.9 2.2 86.6 13.4 0.0 100.0

May 9.3 0.2 11.8 17.8 39.1 44.4 2.4 85.9 14.1 0.0 100.0

Jun 9.4 0.2 11.8 17.7 39.2 44.0 2.5 85.6 14.4 0.0 100.0

Jul* 9.5 0.2 11.9 17.3 38.8 44.2 2.4 85.4 14.6 0.0 100.0






II.8 – Monetary base and money supply (M4) End-of-period balance as percentage of GDP1/

#######

Percentage share

Period Investment Savings

deposits deposits

Currency Banking Total Currency Demand Total

issued reserves outside banks deposits

2002 Dec 2.9 1.3 4.2 2.4 3.8 6.2 - 8.1

2003 Dec 2.9 1.3 4.2 2.5 3.8 6.3 - 8.3

2004 Dec 3.0 1.3 4.4 2.6 3.7 6.3 0.0 7.8

2005 Dec 3.2 1.4 4.7 2.7 4.0 6.7 0.1 7.8

2006 Jan 2.9 1.4 4.3 2.3 3.7 6.0 0.1 7.8

Feb 3.0 1.4 4.3 2.3 3.7 6.0 0.1 7.8

Mar 2.8 1.3 4.0 2.2 3.6 5.9 0.1 7.6

Apr 2.8 1.2 4.0 2.2 3.6 5.8 0.1 7.6

May 2.7 1.1 3.9 2.2 3.7 5.9 0.1 7.4

Jun 2.8 1.4 4.2 2.3 3.6 5.9 0.1 7.4

Jul 2.9 1.3 4.2 2.3 3.6 5.9 0.1 7.5

Aug 2.9 1.5 4.4 2.3 3.7 5.9 0.1 7.5

Sep 3.1 1.3 4.3 2.4 3.8 6.2 0.1 7.5

Oct 3.0 1.2 4.3 2.4 3.8 6.2 0.2 7.5

Nov 3.1 1.3 4.5 2.4 4.0 6.4 0.1 7.6

Dec 3.6 1.5 5.1 2.9 4.4 7.3 0.2 7.9

2007 Jan 3.2 1.4 4.6 2.5 4.0 6.5 0.1 7.9

Feb 3.1 1.2 4.4 2.4 3.9 6.4 0.1 8.0

Mar 3.1 1.3 4.4 2.4 4.0 6.4 0.1 8.0

Apr 3.1 1.6 4.7 2.4 4.0 6.4 0.1 8.1

May 3.1 1.4 4.4 2.4 4.0 6.4 0.1 8.2

Jun 3.1 1.5 4.7 2.5 4.1 6.6 0.1 8.2

Jul* 3.2 1.5 4.7 2.5 4.2 6.7 0.1 8.4

(continues)

Monetary base M1


II.8 – Monetary base and money supply (M4) End-of-period balance as percentage of GDP1/

#######

(concluded) Percentage share

Period Private M2 Quotas of Operations M3 Federal State and M4

securities2/ fixed-income committed securities municipal


securities4/

2002 Dec 8.5 22.8 16.0 0.6 39.4 6.7 0.1 46.3

2003 Dec 9.1 23.7 23.4 1.0 48.1 6.8 0.0 55.0

2004 Dec 10.1 24.2 23.3 1.0 48.5 5.9 0.0 54.5

2005 Dec 12.4 27.0 25.9 1.2 54.1 6.7 0.0 60.8

2006 Jan 12.3 26.1 27.0 1.2 54.2 6.7 0.0 61.0

Feb 12.5 26.3 27.5 1.2 55.0 6.7 0.0 61.8

Mar 12.8 26.4 27.9 1.2 55.5 7.0 0.0 62.5

Apr 12.9 26.3 28.0 1.3 55.5 7.0 0.0 62.5

May 13.3 26.6 27.8 1.4 55.8 7.0 0.0 62.8

Jun 13.3 26.7 27.6 1.3 55.6 7.0 0.0 62.6

Jul 13.2 26.6 28.0 1.4 56.0 7.2 0.0 63.2

Aug 13.0 26.5 28.3 1.2 56.0 7.3 0.0 63.3

Sep 12.7 26.5 28.7 1.2 56.3 7.3 0.0 63.6

Oct 12.7 26.6 28.5 1.3 56.4 7.4 0.0 63.8

Nov 12.8 27.0 28.7 1.4 57.1 7.6 0.0 64.7

Dec 12.4 27.8 28.8 1.4 58.0 7.6 0.0 65.6

2007 Jan 12.4 26.9 29.7 1.5 58.1 7.9 0.0 66.0

Feb 12.4 26.8 29.9 1.5 58.3 8.2 0.0 66.5

Mar 12.2 26.8 30.0 1.4 58.2 8.8 0.0 67.0

Apr 12.3 26.9 30.6 1.5 59.0 9.2 0.0 68.2

May 12.3 27.0 30.7 1.7 59.4 9.7 0.0 69.2

Jun 12.4 27.3 30.7 1.7 59.7 10.1 0.0 69.8

Jul* 12.2 27.3 31.1 1.7 60.1 10.3 0.0 70.4

Sources: Bacen and Ipea

1/ Banco Central estimates for GDP of the last 12 months at prices of the month indicated.






II.9 – Income-velocity of money1/

#######

End-of- M1 M2 M3 M4

period

2002 Dec 16.2 4.4 2.5 2.2

2003 Dec 15.9 4.2 2.1 1.8

2004 Dec 15.9 4.1 2.1 1.8

2005 Dec 14.9 3.7 1.9 1.6

2006 Jan 16.7 3.8 1.8 1.6

Feb 16.7 3.8 1.8 1.6

Mar 17.0 3.8 1.8 1.6

Apr 17.3 3.8 1.8 1.6

May 17.0 3.8 1.8 1.6

Jun 17.0 3.7 1.8 1.6

Jul 17.0 3.8 1.8 1.6

Aug 16.8 3.8 1.8 1.6

Sep 16.2 3.8 1.8 1.6

Oct 16.1 3.8 1.8 1.6

Nov 15.5 3.7 1.8 1.5

Dec 13.6 3.6 1.7 1.5

2007 Jan 15.4 3.7 1.7 1.5

Feb 15.7 3.7 1.7 1.5

Mar 15.6 3.7 1.7 1.5

Apr 15.6 3.7 1.7 1.5

May 15.5 3.7 1.7 1.4

Jun 15.2 3.7 1.7 1.4

Jul* 15.0 3.7 1.7 1.4

Sources: Bacen and IBGE

1/ GDP/Mi (i=1,2,3,4) ratio based on the end-of-period balance and on the Banco Central estimates for GDP of the last 12 months at prices of the month indicated.


II.10 – Financial institutions reserve requirements End-of-period balances

R$ million

Period Judicial Time Additional Advances on Demand Total

deposits deposits requirements1/ exchange resources

contracts

and others3/

In In In In In In In In In

securities securities currency securities currency2/ currency currency4/ securities currency

2002 Dec 12 715 23 484 26 503 1 832 28 092 182 30 216 38 031 84 993 123 024

2003 Dec 14 922 23 440 27 002 1 569 28 613 125 29 865 39 931 85 605 125 536

2004 Dec 125 20 925 32 502 3 880 31 601 218 36 088 24 930 100 409 125 339

2005 Dec 0 29 539 38 849 5 266 33 549 - 42 041 34 805 114 439 149 244

2006 Jan 0 30 537 38 856 5 983 33 809 - 40 929 36 520 113 594 150 114

Feb 0 28 804 39 241 6 136 33 954 - 40 219 34 940 113 414 148 354

Mar 0 29 689 39 658 6 263 33 619 - 38 107 35 952 111 384 147 336

Apr 0 30 069 40 297 6 197 33 572 - 37 576 36 266 111 445 147 711

May 0 30 219 40 004 6 139 33 239 - 35 180 36 358 108 423 144 781

Jun 0 32 232 41 790 6 215 33 485 - 41 964 38 447 117 239 155 686

Jul 0 31 938 41 685 6 307 34 001 - 40 484 38 245 116 170 154 415

Aug 0 31 749 41 705 6 535 34 328 - 45 582 38 284 121 615 159 899

Sep 0 31 290 42 687 6 807 34 796 - 42 027 38 097 119 510 157 607

Oct 0 31 397 42 582 6 972 35 074 - 42 081 38 369 119 737 158 106

Nov 0 32 269 43 925 7 249 35 695 - 45 427 39 518 125 047 164 565

Dec 0 31 837 45 131 7 475 36 893 - 50 451 39 312 132 475 171 787

2007 Jan - 31 416 44 880 8 000 37 966 - 47 737 39 416 130 583 169 999

Feb - 31 837 45 128 8 270 38 316 - 45 139 40 107 128 583 168 690

Mar - 31 512 45 331 8 179 38 816 - 46 564 39 691 130 711 170 402

Apr - 31 477 45 635 8 308 39 351 - 52 944 39 785 137 930 177 715

May - 31 587 45 950 9 111 40 087 - 46 929 40 698 132 966 173 664

Jun - 31 517 46 683 9 222 40 733 - 52 036 40 739 139 452 180 191

Jul - 31 916 47 460 10 265 41 631 - 51 375 42 181 140 466 182 647

1/ Levying base: demand resources, time deposits and savings deposits.

2/ Interest-earning.

3/ Includes advances received in domestic currency – exchange import operations for future liquidation.

4/ Non interest-earning. Includes cash account and other banking reserves. Incurrence base: demand deposits, deposits under notice, Investment deposits, third part resources

temporalily with banks, tax collection and inflow and alike, banker's checks, contracts of liabilities assumption – earmarked to inland operations, liabilities for payment services

and resources from paid-in guaranties.

Savings Summary

deposits


II.11 – Banco Central do Brasil – Adjusted balance sheet Assets

R$ million

Period

Public Private Total Not Earmarked Others2/ Total Open- Extra-market5/ Total

banks banks1/ earmarked to market

repurchase operations4/

2002 Dec 983 18 912 19 895 167 131 82 209 21 079 270 419 -64 110 -12 979 -77 089

2003 Dec 530 16 455 16 985 188 530 65 285 26 457 280 272 -55 717 -10 093 -65 810

2004 Dec 6 17 819 17 825 230 372 63 187 12 488 306 047 -47 207 -11 685 -58 892

2005 Dec 8 19 010 19 018 210 920 62 966 7 508 281 394 -22 856 -14 313 -37 169

2006 Jan 14 19 055 19 069 215 544 71 421 9 375 296 340 -57 257 -14 268 -71 525

Feb 14 19 072 19 086 216 169 72 491 10 882 299 542 -39 121 -14 346 -53 467

Mar 49 19 359 19 408 223 414 69 007 11 214 303 635 -45 996 -14 521 -60 517

Apr 14 19 335 19 349 192 405 88 159 10 114 290 678 -71 692 -15 032 -86 724

May 16 19 418 19 434 156 169 104 304 7 369 267 842 -89 401 -15 363 -104 764

Jun 5 19 028 19 033 205 698 86 269 6 027 297 994 -70 062 -15 931 -85 993

Jul 5 19 428 19 433 174 462 113 858 4 907 293 227 -95 773 -16 105 -111 878

Aug 4 19 299 19 303 188 960 95 549 4 471 288 980 -78 456 -16 317 -94 773

Sep 4 19 705 19 709 205 024 89 315 4 016 298 355 -71 899 -16 465 -88 364

Oct 4 19 743 19 747 188 966 106 102 4 060 299 128 -86 741 -16 895 -103 636

Nov 4 19 907 19 911 203 867 90 563 3 251 297 681 -72 613 -17 069 -89 682

Dec 4 19 912 19 916 221 813 79 005 3 043 303 861 -60 030 -17 337 -77 367

2007 Jan 4 21 835 21 839 184 249 118 165 3 076 305 490 -99 825 -17 523 -117 348

Feb 4 21 832 21 836 195 323 118 659 3 002 316 984 -98 347 -19 335 -117 682

Mar 4 21 726 21 730 183 794 127 115 2 919 313 828 -105 937 -19 470 -125 407

Apr 4 22 145 22 149 164 500 142 023 3 444 309 967 -115 698 -19 846 -135 544

May 4 21 923 21 927 160 511 159 546 4 527 324 584 -137 832 -20 079 -157 911

Jun 4 23 076 23 080 160 519 158 265 4 875 323 659 -136 677 -20 284 -156 961

Jul 4 22 196 22 200 102 479 211 518 4 682 318 679 -190 320 -20 406 -210 726

(continues)

Credits to financial institutions Securities Repo operations with

National Treasury securities3/


II.11 – Banco Central do Brasil – Adjusted balance sheet Assets

(concluded) R$ million

Period Total

International Others7/ Total Assets8/ Liabilities9/ Total

reserves6/

2002 Dec 133 627 28 149 161 776 36 125 14 219 21 906 396 907

2003 Dec 142 407 38 561 180 968 10 934 3 045 7 889 420 304

2004 Dec 140 489 24 055 164 544 5 152 1 669 3 483 433 007

2005 Dec 125 906 11 602 137 508 19 939 1 987 17 952 418 703

2006 Jan 126 120 23 938 150 058 5 343 1 886 3 457 397 399

Feb 122 586 28 375 150 961 5 646 2 817 2 829 418 951

Mar 129 939 19 238 149 177 3 885 2 219 1 666 413 369

Apr 118 126 20 605 138 731 4 635 2 749 1 886 363 920

May 145 782 15 345 161 127 4 353 1 682 2 671 346 310

Jun 135 613 19 397 155 010 16 841 1 917 14 924 400 968

Jul 145 386 25 451 170 837 17 967 3 178 14 789 386 408

Aug 152 848 16 081 168 929 17 015 5 498 11 517 393 956

Sep 159 542 14 155 173 697 17 457 2 647 14 810 418 207

Oct 167 489 13 659 181 148 18 652 5 337 13 315 409 702

Nov 180 060 20 855 200 915 16 992 2 366 14 626 443 451

Dec 183 492 16 557 200 049 20 235 2 925 17 310 463 769

2007 Jan 193 494 17 186 210 680 5 463 3 390 2 073 422 734

Feb 214 045 23 953 237 998 7 124 5 050 2 074 461 210

Mar 224 539 21 649 246 188 4 671 2 684 1 987 458 326

Apr 247 742 17 366 265 108 6 099 5 202 897 462 577

May 263 084 38 697 301 781 7 389 6 472 917 491 298

Jun 283 287 29 960 313 247 35 359 2 800 32 559 535 584

Jul* 292 673 24 619 317 292 36 826 8 912 27 914 475 359

(continues)

Foreign assets Other accounts


II.11 – Banco Central do Brasil – Adjusted balance sheet Liabilities

(continued) R$ million

Period Other

currency

Currency Banking Securities Total deposits13/

issued reserves11/ issued by

Savings Additional Non the Central

requirements earning12/ Bank

2002 Dec 49 931 23 371 28 090 26 503 699 67 021 195 615 161

2003 Dec 51 364 21 855 28 613 27 003 1 317 30 619 160 771 992

2004 Dec 61 936 26 797 31 602 32 502 1 939 13 569 168 345 1 218

2005 Dec 70 033 31 214 33 549 38 851 922 6 816 181 385 30

2006 Jan 62 265 30 578 33 809 38 856 725 6 515 172 748 37

Feb 64 861 29 766 33 954 39 242 754 6 326 174 903 34

Mar 60 667 28 068 33 620 39 657 807 6 510 169 329 29

Apr 61 966 26 947 33 572 40 297 850 6 113 169 745 51

May 61 237 24 922 33 239 40 006 827 6 626 166 857 83

Jun 63 273 31 362 33 485 41 789 1 037 6 294 177 240 36

Jul 65 770 28 822 34 001 41 685 858 6 389 177 525 34

Aug 66 384 33 477 34 328 41 705 887 6 340 183 121 34

Sep 71 348 29 024 34 796 42 687 979 6 505 185 339 35

Oct 71 119 28 743 35 074 42 582 1 000 2 773 181 291 36

Nov 73 641 31 694 35 695 43 924 1 088 - 186 042 80

Dec 85 825 35 277 36 893 45 131 1 123 - 204 249 33

2007 Jan 76 882 32 814 37 966 44 880 1 058 - 193 600 56

Feb 75 702 29 435 38 316 45 128 1 124 - 189 705 55

Mar 74 489 32 746 38 816 45 331 1 148 - 192 531 97

Apr 75 536 38 871 39 351 45 635 1 150 - 200 542 32

May 75 085 33 166 40 087 45 950 1 207 - 195 495 25

Jun 77 487 38 117 40 733 46 683 1 253 - 204 273 27

Jul 78 423 37 389 41 631 47 460 1 187 - 206 090 54

(continues)

Monetary liability and securities issued by the Central Bank10/

Currency reserve requirements


II.11 – Banco Central do Brasil – Adjusted balance sheet Liabilities

(continued) R$ million

Period Own Total

resources17/

Central Others14/ Total International Settlement Others16/ Total

government organizations accounts15/

deposits deposits

2002 Dec 88 526 625 89 151 88 452 - 18 121 106 573 5 407 396 907

2003 Dec 120 189 5 431 125 620 95 362 18 365 10 128 123 855 9 066 420 304

2004 Dec 158 229 588 158 817 78 965 9 960 3 278 92 203 12 424 433 007

2005 Dec 208 476 2 200 210 676 10 436 4 018 2 337 16 791 9 821 418 703

2006 Jan 193 402 1 354 194 756 10 034 6 995 10 473 27 502 2 356 397 399

Feb 215 494 1 359 216 853 9 534 9 564 11 849 30 947 -3 786 418 951

Mar 223 056 1 303 224 359 9 742 5 048 6 237 21 027 -1 375 413 369

Apr 178 289 322 178 611 9 567 6 591 6 357 22 515 -7 002 363 920

May 153 702 1 214 154 916 10 700 2 463 4 124 17 287 7 167 346 310

Jun 191 873 536 192 409 9 916 6 397 4 907 21 220 10 063 400 968

Jul 166 223 411 166 634 10 017 14 781 2 438 27 236 14 979 386 408

Aug 183 337 719 184 056 9 856 3 694 4 422 17 972 8 773 393 956

Sep 204 338 518 204 856 9 945 3 473 2 238 15 656 12 321 418 207

Oct 201 922 588 202 510 9 826 3 242 2 044 15 112 10 753 409 702

Nov 219 575 840 220 415 10 117 5 544 6 861 22 522 14 392 443 451

Dec 226 047 410 226 457 9 968 5 159 3 029 18 156 14 874 463 769

2007 Jan 197 209 610 197 819 9 830 3 612 5 145 18 587 12 672 422 734

Feb 232 489 636 233 125 9 894 4 405 9 657 23 956 14 369 461 210

Mar 238 413 644 239 057 9 619 4 278 6 587 20 484 6 158 458 327

Apr 238 379 491 238 870 9 632 4 330 2 253 16 215 6 919 462 578

May 267 793 944 268 737 9 072 27 156 1 306 37 534 -10 493 491 298

Jun 281 510 700 282 210 9 005 10 117 10 365 29 487 19 587 535 584

Jul 239 938 667 240 605 8 885 4 593 10 688 24 166 4 445 475 359

1/ Includes basically claims on financial institutions in liquidation.

2/ Includes other linked-securities, securitized credits and, up to May 2006, market valuation adjustment of the entire portfolio securities. As of June, 2006, the market valuation

has been included in the series of corresponding securities.

3/ Financing granted minus financing borrowed.

4/ Result of net financing position with National Treasury securities, considering the last business day of month, with the purpose of managing liquidity.

5/ Net financing position with National Treasury securities, vis-à-vis financial institutions in liquidation, consortiums and others.

6/ Official reserves´ assets, representing the international liquidity.

7/ Include mostly stocks and quotas of international organizations and assets denominated in foreign currencies contracted and not liquidated.

8/ Includes permanent assets, administrative sector operations, receivable adjustment with foreign exchange swaps and assets to be liquidated. Increases in this series may happen

at the end of each semester, due to negative results to be paid by the National Theasury. Decreases may happen in the beginning of the following year as the negative balances are

paid by the National Treasury.

9/ Includes administrative sector operations, payable adjustment with foreign exchange swaps and liabilities to be liquidated. As of March, 2005, variations may happen

due to contracting of National Treasury security operations still not liquidated.

10/ It does not include reserve requirements collected in securities.

11/ Include mandatory and free reserve requirements over demand deposits.

12/ As of February/2003 includes resources from deposits in advance to be compensated and as of August/2004 includes resources from demand deposits

not granted to microfinance and to rural credit.

13/ Financial institution´s reserve requirements in currency not included in the monetary base concepts.

14/ Includes other liabilities with National Treasury, among which the remuneration of deposits and the result to be transferred to the National Treasury.

15/ Contracting of gold and foreign currency operations to be liquidated.

16/ Includes SDR allocation (Special Drawing Rights), liabilities from external debt restructuring and as of January, 2006, payable amounts resulting from

sale of foreign exchange securities with repurchase agreement.

17/ Net worth, reserves, provisions and net profit and loss account.

National Treasury

operations

Foreign liabilities


II.12 – Monetary authority

R$ million

Itemization

Jan Feb Mar Apr May June July

Assets 502 363 533 109 541 692 565 337 615 011 611 760 615 171

Foreign assets 194 507 213 695 224 865 247 841 288 158 285 887 294 538

Claims on central governmment (includes securities debt) 307 852 319 410 316 211 312 371 326 849 325 869 320 513

Claims on state and local governments (includes securities debt) - - - - - - -

Claims on private sector - - - - - - -

Claims on deposit money banks 4 4 616 5 122 4 4 120

Claims on other banking institutions - - - 3 - - -

Claims on nonbanking financial institutions - - - - - - -

Liabilities 502 363 533 109 541 692 565 337 615 011 611 760 615 171

Reserve money (IMF) 298 687 293 367 304 446 326 659 338 726 346 446 401 913

of which: currency outside deposit money banks 60 073 58 789 59 103 58 742 59 350 61 396 61 296

Money market instruments 202 202 210 205 205 192 199

Liabilities for Banco Central securities - - - - - - -

Foreign currency deposits 9 9 9 9 8 8 8

Foreign liabilities 64 67 70 75 32 87 85

Long-term foreign liabilities 7 753 13 022 9 833 5 544 27 584 19 464 14 265

Central government deposits 197 819 233 125 239 057 238 870 268 737 282 210 240 605

Capital accounts 13 160 14 848 6 608 7 364 -10 120 -10 513 -26 499

Other items (net) -15 332 -21 530 -18 541 -13 389 -10 162 -26 134 -15 404

2007


II.13 – Deposit money banks1/

30/10/2004 R$ million

Itemization


Assets 1 606 368 1 621 390 1 666 599 1 709 089 1 751 337 1 794 654 1 851 799

Reserves 232 392 228 020 244 051 262 295 272 852 278 347 336 034

Other claims on monetary authority - - - - - - -

Foreign assets 61 254 61 125 65 375 66 554 66 467 72 877 69 111


Claims on state and local governments (includes securities debt) 3 520 3 134 3 712 4 025 3 698 3 813 3 922

Claims on nonfinancial public enterprises 4 750 4 762 4 847 4 889 4 956 4 849 4 628

Claims on private sector 855 569 865 344 878 586 904 556 920 824 931 907 967 745

Claims on other banking institutions 21 586 22 164 20 364 21 145 19 355 20 828 23 143

Claims on nonbanking financial institutions 20 110 22 14 11 93 73

Liabilities 1 606 368 1 621 390 1 666 599 1 709 089 1 751 337 1 794 654 1 851 799

Demand deposits 95 148 94 485 96 037 96 869 97 690 101 879 104 231

Time, savings and other deposits 469 403 472 312 474 019 478 859 484 790 491 570 494 660

Money market instruments 52 856 57 320 57 299 53 348 54 447 57 704 57 555

Restricted deposits 75 575 77 619 80 771 82 848 78 886 80 193 80 592

Foreign liabilities 67 978 72 515 82 316 86 146 96 482 91 573 92 592



Credit from monetary authority - - 901 7 297 - - 196

Liabilities to other banking institutions 355 722 351 790 359 830 376 942 377 799 397 865 433 353

Liabilities to nonbanking financial institutions 6 667 7 349 7 521 11 647 17 186 18 206 18 272

Capital accounts 368 762 373 065 382 407 391 884 402 475 413 909 424 413

Other items (net) 63 093 63 074 69 318 64 727 89 321 86 396 86 972

1/ Comprises commercial banks, Banco do Brasil S.A, multiple banks and Caixa Econômica Federal.

2007


II.14 – Monetary survey1/

30/10/2004 R$ million

Itemization


Assets 1 578 082 1 594 032 1 613 864 1 651 239 1 700 139 1 725 416 1 765 512

Foreign assets (net) 187 719 202 238 207 855 228 175 258 111 267 103 270 973

Domestic credit 1 390 363 1 391 794 1 406 009 1 423 064 1 442 028 1 458 313 1 494 539

Claims on central government – net (includes securities debt) 504 918 496 280 498 478 488 432 493 185 496 823 495 028





Claims on nonbanking financial institutions 20 110 22 14 11 93 73

Liabilities 1 578 082 1 594 032 1 613 864 1 651 239 1 700 139 1 725 416 1 765 512

Money 159 794 157 599 158 145 158 933 159 886 168 414 169 265

Quasi-money 469 403 472 312 474 019 478 859 484 790 491 570 494 660


Liabilities for Banco Central securities - - - - - - -






Other items (net) 49 407 43 772 49 349 55 814 82 834 61 821 72 487

1/ Consolidation of tables monetary authority and deposit money banks.

2007


II.15 – Other banking institutions1/

30/10/2004 R$ million

Itemization


Assets 1 070 105 1 083 999 1 093 379 1 117 636 1 140 318 1 153 018 1 171 321

Reserves 5 442 5 200 3 876 4 221 3 748 6 053 4 663


Foreign assets 376 494 337 843 1 231 925 923





Claims on deposit money banks 327 617 322 588 330 552 342 462 355 404 367 846 382 752

Claims on nonbanking financial institutions 447 1 515 1 702 1 881 3 293 3 892 4 080

Liabilities 1 070 105 1 083 999 1 093 379 1 117 636 1 140 318 1 153 018 1 171 321

Demand deposits - - - - - - -

Time, savings and other deposits 10 389 10 433 10 494 10 509 10 239 10 472 10 588


Restricted deposits 628 604 737 932 525 534 534

Foreign liabilities 2 135 2 106 2 925 4 021 7 106 4 987 3 523



Credit from monetary authority 36 36 36 39 36 37 37

Credit from deposit money banks 9 170 9 420 6 549 7 502 5 040 5 169 6 761

Liabilities to nonbanking financial institutions 759 936 773 736 706 710 540


Other items (net) 50 000 50 065 52 314 52 537 55 953 56 837 60 927

1/ Comprises investment banks, Banco Nacional de Desenvolvimento Econômico e Social, state development banks, financial investment funds, financial and investment companies,

housing credit companies, savings and loans associations and mortgage companies.

2007


II.16 – Banking survey1/

30/10/2004 R$ million

Itemization


Assets 2 245 385 2 279 633 2 303 331 2 350 737 2 407 678 2 431 893 2 474 893

Foreign assets (net) 185 960 200 626 205 267 224 996 252 237 263 042 268 372

Domestic credit 2 059 425 2 079 006 2 098 064 2 125 741 2 155 441 2 168 852 2 206 521

Claims on central government – net (includes securities debt) 993 468 1 000 131 1 003 748 1 002 538 1 013 687 1 014 263 1 009 708



Claims on private sector 1 048 432 1 060 397 1 075 510 1 104 123 1 121 624 1 133 799 1 175 904

Claims on nonbanking financial institutions 467 1 625 1 725 1 895 3 304 3 985 4 153

Liabilities 2 245 385 2 279 633 2 303 331 2 350 737 2 407 678 2 431 893 2 474 893

Liquidity liabilities 544 686 545 905 547 314 552 427 555 330 567 854 575 303


Liabilities for Central Bank securities - - - - - - -





Other items (net) 217 805 213 111 222 649 234 663 257 802 246 062 278 859

1/ Consolidation of tables monetary survey and other banking institutions.

2007


II.17 – Nonbanking financial institutions1/

30/10/2004 R$ million

Itemization


Assets 45 498 47 107 48 453 54 024 60 671 63 929 66 588

Reserves 14 14 15 15 15 16 18


Foreign assets 86 85 94 92 82 86 91

Claims on central government – net (includes securities debt) 4 422 4 504 4 430 5 343 4 804 4 815 5 112

Claims on state and local governments (includes securities debt) 499 505 532 546 559 566 583

Claims on nonfinancial public enterprises 12 11 11 10 9 9 10


Claims on deposit money banks 5 965 6 390 6 258 9 418 13 694 14 382 14 182


Liabilities 45 498 47 107 48 453 54 024 60 671 63 929 66 588

Time, savings and other deposits 134 105 151 164 183 150 106


Restricted deposits - - - - - - -

Foreign liabilities 416 418 417 401 372 373 360

Long-term foreign liabilities 372 382 398 392 438 228 222

Central government deposits 34 37 39 43 45 48 48

Credit from monetary authority - - - - - - -

Credit from deposit money banks 24 112 25 18 15 94 72



Other items (net)2/ -119 024 -119 668 -120 449 -120 291 -118 530 -119 964 -135 887

1/ Comprises leasing companies, stock brokerage houses, distributor companies and fostering agencies.

2/ It refers mostly to interfinancial deposits.

2007


II.18 – Financial system credit operations Credit balance with earmarked and non-earmarked resources

#### R$ million

Period

Total

Interest rate Credit Leasing3/ Others4/ Total External Total

reference unions2/ funding1/

credit Interest rate Leasing3/ Rural Others4/ Total

operations1/ reference

credit1/

2005 Dec 155 190 8 286 8 427 18 827 190 731 137 347 12 778 2 088 12 666 164 878 48 098 212 976 403 707

2006 Jan 160 589 8 440 8 876 16 804 194 709 136 064 12 919 2 098 12 462 163 543 47 215 210 757 405 466

Feb 163 806 8 564 9 319 16 328 198 017 140 165 13 171 2 136 13 216 168 688 46 287 214 976 412 992

Mar 168 100 8 697 9 853 15 436 202 087 140 374 13 505 2 214 14 061 170 154 48 829 218 983 421 070

Apr 171 976 8 834 10 401 15 031 206 241 143 115 13 866 2 379 14 860 174 219 50 341 224 560 430 802

May 175 501 8 921 11 083 16 727 212 231 144 412 14 212 2 387 16 277 177 287 53 502 230 789 443 020

Jun 177 182 8 981 11 474 16 209 213 846 148 604 14 829 2 394 15 646 181 473 50 383 231 856 445 702

Jul 180 461 9 069 11 608 17 291 218 429 148 333 15 763 2 401 17 195 183 692 53 021 236 713 455 142

Aug 184 140 9 221 12 112 17 656 223 129 148 578 16 924 2 073 17 262 184 836 51 218 236 054 459 183

Sep 186 655 9 349 13 018 15 587 224 609 151 925 17 197 1 949 17 659 188 731 52 719 241 450 466 059

Oct 189 020 9 485 13 236 18 352 230 093 153 664 17 978 1 749 19 200 192 591 53 236 245 827 475 920

Nov 192 043 9 618 13 514 20 562 235 736 158 519 19 209 1 493 20 641 199 863 53 609 253 472 489 208

Dec 191 837 9 758 13 877 22 495 237 968 165 025 20 588 1 411 20 732 207 757 52 606 260 363 498 331

2007 Jan 196 386 10 014 14 613 21 918 242 931 163 037 21 027 1 964 19 917 205 946 52 425 258 370 501 302

Feb 200 589 10 256 15 298 20 895 247 037 166 303 21 275 1 994 21 489 211 061 53 194 264 255 511 293

Mar 204 446 10 444 16 385 20 753 252 028 169 598 21 862 1 938 19 165 212 563 54 842 267 405 519 432

Apr 209 378 10 647 17 362 21 294 258 681 171 835 22 454 1 926 23 021 219 236 59 677 278 913 537 593

May* 215 407 10 773 18 540 24 066 268 786 172 965 23 342 1 969 23 583 221 858 58 083 279 941 548 727

Jun* 217 397 10 973 19 301 25 188 272 858 177 746 24 852 1 957 22 312 226 868 57 351 284 220 557 078

Jul* 222 092 11 182 20 291 25 429 278 995 179 977 25 712 1 944 22 452 230 085 60 313 290 398 569 393

(continues)

Non-earmarked

Individuals Corporations

Domestic funding


II.18 – Financial system credit operations Credit balance with earmarked and non-earmarked resources


Period Overall

total11/

Housing9/ Others10/ Total

Direct6/ On- Total Banks and Credit Total

lendings7/ development unions

agencies

2005 Dec 66 251 57 849 124 100 43 346 1 766 45 113 28 125 5 979 203 316 607 023

2006 Jan 65 162 58 307 123 469 43 202 1 836 45 038 28 867 5 889 203 263 608 729

Feb 64 130 58 463 122 593 43 290 1 843 45 132 29 114 5 841 202 680 615 673

Mar 65 025 58 378 123 404 43 842 1 824 45 667 29 841 5 809 204 720 625 790

Apr 65 858 58 377 124 235 44 376 1 853 46 229 30 384 5 791 206 639 637 440

May 67 861 59 207 127 068 45 359 1 898 47 258 30 929 5 855 211 109 654 129

Jun 67 310 60 168 127 478 45 846 1 968 47 814 31 612 5 905 212 808 658 510

Jul 68 622 60 539 129 161 45 297 1 776 47 074 32 198 5 940 214 372 669 514

Aug 66 685 62 056 128 741 45 789 1 833 47 622 32 695 6 061 215 118 674 302

Sep 67 103 62 678 129 781 47 312 2 070 49 382 33 042 6 128 218 333 684 392

Oct 67 090 63 233 130 322 49 242 2 312 51 554 33 617 6 167 221 661 697 581

Nov 69 263 65 162 134 424 50 664 2 456 53 120 34 095 6 197 227 837 717 045

Dec 71 687 67 296 138 984 51 932 2 444 54 376 34 479 6 420 234 258 732 590

2007 Jan 73 232 67 655 140 887 51 961 2 503 54 464 35 386 6 418 237 155 738 457

Feb 72 876 67 242 140 118 52 319 2 477 54 796 35 852 6 460 237 226 748 518

Mar 71 298 68 148 139 446 52 845 2 563 55 408 36 663 6 518 238 035 757 467

Apr 70 629 69 167 139 795 53 352 2 654 56 006 37 314 6 605 239 720 777 313

May* 67 995 70 379 138 374 54 335 2 744 57 079 38 039 6 723 240 214 788 941

Jun* 67 025 72 388 139 413 54 729 2 814 57 542 38 695 6 783 242 434 799 511

Jul* 67 357 73 467 140 824 54 430 2 598 57 028 39 281 6 831 243 964 813 357

1/ Available resources defined according to Circular 2,957 dated 12.30.1999. Mortgage loan companies and Development Agencies are not included.

2/ It includes rural financing with non-earmarked resources.

3/ It refers to a financial leasing modality.

4/ It includes installments of non-financed credit card invoices, among others.

5/ It refers to credit operations with compulsory or government resources.

6/ It refers to entire portfolio, including those credits granted to the rural sector.

7/ It includes Finame on-lendings.

8/ It excludes leasing operations and BNDES financing operations or through BNDES on-lendings.

9/ It refers to operations carried out by individuals and housing cooperatives.

10/ It includes, among others, financings of Central-West Region Constitutional Fund (FCO) and credit granted by development banks and agencies.

11/ It refers to financial system credit based on the accounting report Economic and Financial Statistics (Estfin), mandatory appendix of the financial

institutions' monthly statement of account. The only exception is the granting to financial intermediaries. Earmarked and non-earmarked resources are included.

Earmarked5/

BNDES Rural8/


II.19 – Financial system credit operations1/

As percentage of GDP2/

####

Period

Non-earmarked3/ Earmarked4/ Total Public National Foreign Total

institutions5/ private institutions7/

institutions6/

2005 Dec 18.7 9.4 28.1 10.3 11.5 6.3 28.1

2006 Jan 18.6 9.3 28.0 10.3 11.5 6.3 28.0

Feb 18.9 9.3 28.2 10.3 11.6 6.3 28.2

Mar 19.2 9.3 28.5 10.4 11.8 6.3 28.5

Apr 19.5 9.4 28.9 10.6 11.8 6.6 28.9

May 19.9 9.5 29.3 10.7 12.0 6.6 29.3

Jun 19.8 9.5 29.3 10.7 12.0 6.6 29.3

Jul 20.0 9.4 29.5 10.8 12.0 6.7 29.5

Aug 20.0 9.4 29.4 10.7 12.0 6.7 29.4

Sep 20.2 9.4 29.6 10.7 12.1 6.8 29.6

Oct 20.3 9.5 29.8 10.9 12.4 6.5 29.8

Nov 20.7 9.7 30.4 11.0 12.6 6.7 30.4

Dec 21.0 9.9 30.8 11.3 12.7 6.8 30.8

2007 Jan 20.9 9.9 30.8 11.4 12.6 6.8 30.8

Feb 21.2 9.8 31.0 11.4 12.8 6.8 31.0

Mar 21.4 9.8 31.2 11.5 12.8 6.9 31.2

Apr 22.0 9.8 31.8 11.6 13.2 7.1 31.8

May* 22.4 9.8 32.1 11.5 13.5 7.1 32.1

Jun* 22.5 9.8 32.3 11.4 13.8 7.1 32.3

Jul* 22.9 9.8 32.7 11.4 14.0 7.2 32.7

1/ It refers to financial system credit based on the accounting report Economic and Financial Statistics (Estfin), mandatory appendix of the


2/ Banco Central estimates for the GDP in the last 12 months at prices of the month indicated, as of IBGE annual data, based on centered IGP-DI.

3/ Available resources may be defined according to Circular 2,957 dated 12.30.1999. Mortgage loan companies and Development Agencies are not included.

4/ It refers to credit operations with compulsory or government resources.

5/ It refers to those institutions in which federal, state or municipal governments hold more than 50% of the voting capital, according to Circular-Letter 2,345, dated 1.25.1993.

6/ It refers to those institutions in which individuals or corporate entities domiciled and resident in the country hold more than 50% of the voting capital,

according to Circular-Letter 2,345, dated 1.25.1993.

7/ It refers to those institutions which have under external control, either directly or indirectly, the majority of voting capital. It also includes those established and

headquartered abroad with agencies or branches in the country, according to Circular-Letter 2,345, dated 1.25.1993.

According to the source of funding According to the capital control


II.20 – Financial system credit operations Balance by economic activity1/

#### R$ million

Period Total6/

Federal State and Public Industry Housing3/ Rural4/ Commerce Individuals5/ Other Private

government municipal sector services sector

governments total total

2005 Dec 4 559 15 997 20 556 138 947 29 081 65 955 64 514 188 784 99 185 586 467 607 023

2006 Jan 4 434 16 018 20 453 136 489 29 766 66 312 64 274 192 829 98 605 588 276 608 729

Feb 4 550 16 277 20 826 136 791 29 956 66 760 65 730 196 193 99 417 594 846 615 673

Mar 4 580 16 323 20 903 138 784 30 710 67 614 66 661 200 241 100 878 604 887 625 790

Apr 4 534 16 242 20 775 141 836 31 271 68 488 67 621 204 378 103 071 616 665 637 440

May 4 589 16 603 21 193 146 703 31 848 69 698 68 631 210 341 105 715 632 936 654 129

Jun 4 529 16 432 20 961 145 111 32 566 70 686 70 312 211 930 106 944 637 549 658 510

Jul 4 503 16 505 21 008 147 861 33 192 70 149 71 277 216 495 109 534 648 506 669 514

Aug 4 450 14 229 18 679 148 796 33 728 70 434 72 077 221 150 109 438 655 623 674 302

Sep 4 400 14 202 18 603 151 035 34 105 72 240 73 428 222 607 112 375 665 790 684 392

Oct 4 344 14 169 18 513 153 543 34 733 74 570 75 473 228 048 112 700 679 069 697 581

Nov 4 336 14 346 18 681 157 284 35 246 76 118 78 096 233 651 117 969 698 364 717 045

Dec 4 194 14 678 18 872 164 581 35 689 77 681 78 433 235 816 121 518 713 718 732 590

2007 Jan 4 265 14 569 18 835 165 397 36 662 78 665 75 056 240 696 123 146 719 622 738 457

Feb 4 206 14 555 18 761 167 305 37 154 79 221 77 739 244 758 123 580 729 757 748 518

Mar 4 070 14 470 18 539 166 942 38 044 79 945 78 917 249 669 125 411 738 928 757 467

Apr 4 025 14 966 18 991 175 151 38 775 80 634 79 877 256 251 127 635 758 322 777 313

May* 4 009 14 667 18 676 174 619 39 594 81 380 80 844 266 273 127 556 770 265 788 941

Jun* 3 924 14 642 18 566 176 101 40 322 81 772 83 083 270 288 129 379 780 945 799 511

Jul* 3 757 14 496 18 253 180 520 40 956 81 096 83 725 276 391 132 415 795 104 813 357

1/ Division by sectors, as defined by Circular-Letter 2,903, dated 3.23.2000.

2/ It includes direct admnistration, indirect admnistration and business activities.

3/ It refers to operations carried out with individuals and housing cooperatives. Operations channeled to real state developments are classified in the segment of industry.

4/ It refers to operations carried out with farmers and other individuals according to specific rural credit regulations.

5/ It excludes operations carried out with rural and housing sectors.



Public sector2/ Private sector


II.21 – Public financial system credit operations1/

Balance by economic activity2/

#### R$ million

Period Total7/




2005 Dec 3 373 12 745 16 118 56 252 20 562 39 173 14 780 34 113 42 250 207 130 223 248

2006 Jan 3 284 12 701 15 985 55 375 21 203 39 378 15 385 34 444 41 652 207 436 223 422

Feb 3 452 12 651 16 103 55 428 21 294 39 659 15 598 34 666 41 541 208 186 224 289

Mar 3 432 12 674 16 106 56 313 22 063 40 145 15 670 35 864 42 480 212 534 228 640

Apr 3 410 12 619 16 029 56 861 22 577 40 749 15 819 36 605 44 458 217 069 233 099

May 3 403 12 941 16 343 58 599 23 086 41 360 15 777 37 632 45 681 222 134 238 477

Jun 3 401 12 876 16 276 58 409 23 723 42 395 16 268 38 319 45 371 224 486 240 762

Jul 3 393 12 813 16 207 59 458 24 293 41 944 16 343 38 976 47 350 228 364 244 570

Aug 3 375 10 988 14 362 59 888 24 789 41 656 16 694 40 027 47 564 230 617 244 980

Sep 3 350 11 064 14 413 60 343 25 139 42 175 16 918 40 279 48 634 233 488 247 901

Oct 3 325 11 082 14 407 62 940 25 700 43 656 17 342 40 859 49 327 239 824 254 230

Nov 3 325 11 252 14 577 63 989 26 113 44 615 17 931 41 436 52 190 246 274 260 851

Dec 3 278 11 494 14 772 68 709 26 421 45 668 18 258 41 379 53 393 253 827 268 599

2007 Jan 3 246 11 422 14 668 70 912 26 708 46 131 18 621 42 593 53 285 258 250 272 918

Feb 3 215 11 400 14 615 71 570 27 096 46 512 18 951 43 506 53 459 261 094 275 709

Mar 3 046 11 417 14 463 72 069 27 724 46 846 19 099 44 650 53 415 263 804 278 267

Apr 3 040 11 722 14 762 73 330 28 220 47 243 19 393 45 726 53 752 267 664 282 427

May* 3 054 11 335 14 389 72 995 28 796 47 468 19 631 46 741 51 977 267 608 281 997

Jun* 3 009 11 333 14 342 72 718 29 320 47 738 19 717 47 471 50 940 267 904 282 246

Jul* 2 974 11 309 14 284 74 139 29 839 47 056 19 926 47 933 51 542 270 435 284 719

1/ It refers to those insitutions in which federal, state or municipal governments hold more than 50% of the voting capital, according to Circular-Letter No. 2,345, dated 1.25.1993.










II.22 – National private financial system credit operations1/


#### R$ million

Period Total7/




2007 Dec 949 2 962 3 910 56 551 5 366 15 715 28 703 103 115 34 264 243 715 247 625

2008 Jan 914 2 957 3 870 55 452 5 378 15 849 28 791 105 854 34 069 245 393 249 264

Feb 897 3 208 4 105 56 183 5 400 15 858 29 638 108 272 34 986 250 337 254 442

Mar 917 3 238 4 154 57 152 5 412 15 966 30 033 110 037 35 194 253 795 257 949

Apr 896 3 232 4 127 58 733 5 421 16 204 30 641 109 369 35 284 255 652 259 779

May 942 3 260 4 202 61 002 5 456 16 675 31 117 112 730 36 198 263 178 267 380

Jun 833 3 113 3 946 60 079 5 520 16 590 31 893 113 653 37 545 265 280 269 226

Jul 814 3 198 4 012 61 417 5 532 16 217 32 240 115 919 37 952 269 278 273 291

Aug 784 2 815 3 599 61 566 5 556 16 683 32 624 118 080 37 675 272 184 275 783

Sep 769 2 712 3 481 61 778 5 565 17 534 33 242 118 239 38 896 275 255 278 735

Oct 743 2 661 3 404 64 465 6 069 18 710 35 966 122 127 39 715 287 052 290 457

Nov 732 2 666 3 399 66 364 6 111 19 069 37 414 124 509 41 532 295 001 298 399

Dec 654 2 736 3 390 67 682 6 189 19 444 37 024 125 997 42 540 298 876 302 267

2009 Jan 661 2 704 3 365 65 742 6 194 19 389 36 442 128 650 42 617 299 033 302 399

Feb 637 2 712 3 349 66 775 6 226 19 400 38 523 130 537 43 075 304 537 307 886

Mar 649 2 613 3 262 66 315 6 307 19 691 39 200 132 804 43 772 308 088 311 350

Apr 610 2 749 3 359 71 348 6 365 19 798 39 363 136 572 45 462 318 909 322 267

May* 592 2 802 3 395 72 194 6 476 20 432 39 728 143 026 46 629 328 484 331 879

Jun* 566 2 780 3 347 73 680 6 542 20 607 41 491 145 944 48 989 337 254 340 601

Jul* 553 2 665 3 218 76 060 6 599 20 494 41 495 150 055 50 940 345 643 348 860

1/ It refers to those insitutions in which individuals or corporate entities domiciled and resident in the country hold more than 50% of the voting capital,











II.23 – Foreign financial system credit operations1/


#### R$ million

Period Total7/




2007 Dec 237 291 528 26 144 3 152 11 067 21 032 51 556 22 671 135 622 136 150

2008 Jan 236 361 597 25 662 3 186 11 085 20 098 52 531 22 884 135 446 136 043

Feb 200 418 618 25 180 3 262 11 243 20 494 53 255 22 890 136 323 136 941

Mar 231 412 643 25 319 3 235 11 503 20 957 54 341 23 203 138 559 139 201

Apr 228 391 619 26 241 3 273 11 536 21 161 58 404 23 328 143 944 144 562

May 245 402 647 27 102 3 307 11 663 21 738 59 979 23 836 147 625 148 272

Jun 295 443 738 26 622 3 323 11 702 22 150 59 958 24 029 147 784 148 522

Jul 295 494 789 26 986 3 367 11 987 22 694 61 599 24 232 150 864 151 653

Aug 292 426 717 27 342 3 383 12 095 22 760 63 043 24 199 152 821 153 539

Sep 282 427 709 28 914 3 402 12 530 23 268 64 089 24 844 157 047 157 755

Oct 276 426 702 26 138 2 964 12 204 22 165 65 063 23 658 152 192 152 894

Nov 279 428 706 26 930 3 021 12 434 22 751 67 706 24 247 157 089 157 795

Dec 262 447 709 28 190 3 080 12 569 23 151 68 439 25 585 161 014 161 724

2009 Jan 359 443 801 28 743 3 761 13 144 19 993 69 453 27 245 162 339 163 140

Feb 354 443 797 28 960 3 832 13 309 20 264 70 715 27 045 164 126 164 923

Mar 375 439 814 28 558 4 013 13 409 20 618 72 215 28 224 167 036 167 851

Apr 375 495 870 30 473 4 190 13 592 21 121 73 952 28 421 171 749 172 619

May* 363 529 892 29 431 4 322 13 480 21 484 76 506 28 949 174 173 175 065

Jun* 349 529 878 29 703 4 460 13 426 21 875 76 874 29 450 175 787 176 664

Jul* 230 522 752 30 320 4 518 13 546 22 305 78 404 29 932 179 026 179 778

1/ It refers to those insitutions in which individuals or corporate entities domiciled and resident in the country hold more than 50% of the voting capital,











II.24 – Financial system credit operations Risk classification and provisions

##### R$ million

Period Normal Risk 12/ Risk 23/ Total credit4/ Default5/ Provisions6/

risk1/

2007 Dec 546 061 41 019 19 943 607 023 22 258 38 631 90.0 6.8 3.3 10.0 3.7 6.4

2008 Jan 546 161 41 469 21 099 608 729 22 417 40 089 89.7 6.8 3.5 10.3 3.7 6.6

Feb 552 424 41 598 21 650 615 673 22 734 40 932 89.7 6.8 3.5 10.3 3.7 6.6

Mar 560 456 42 911 22 423 625 790 23 917 42 137 89.6 6.9 3.6 10.4 3.8 6.7

Apr 569 691 44 260 23 490 637 440 25 630 43 680 89.4 6.9 3.7 10.6 4.0 6.9

May 584 954 45 164 24 011 654 129 26 032 44 706 89.4 6.9 3.7 10.6 4.0 6.8

Jun 589 722 45 631 23 157 658 510 24 753 44 462 89.6 6.9 3.5 10.4 3.8 6.8

Jul 600 780 44 888 23 846 669 514 25 499 44 627 89.7 6.7 3.6 10.3 3.8 6.7

Aug 604 561 44 739 25 002 674 302 26 266 45 591 89.7 6.6 3.7 10.3 3.9 6.8

Sep 613 418 45 945 25 028 684 392 26 279 46 002 89.6 6.7 3.7 10.4 3.8 6.7

Oct 626 848 44 728 26 005 697 581 27 515 46 872 89.9 6.4 3.7 10.1 3.9 6.7

Nov 648 104 43 061 25 880 717 045 27 701 46 613 90.4 6.0 3.6 9.6 3.9 6.5

Dec 664 479 42 964 25 147 732 590 26 917 45 778 90.7 5.9 3.4 9.3 3.7 6.2

2009 Jan 670 529 42 342 25 586 738 457 27 699 46 255 90.8 5.7 3.5 9.2 3.8 6.3

Feb 679 661 42 781 26 076 748 518 28 098 47 023 90.8 5.7 3.5 9.2 3.8 6.3

Mar 688 469 43 198 25 799 757 467 27 147 47 028 90.9 5.7 3.4 9.1 3.6 6.2

Apr 706 311 44 740 26 262 777 313 27 842 47 656 90.9 5.8 3.4 9.1 3.6 6.1

May* 717 544 44 655 26 742 788 941 28 913 48 351 91.0 5.7 3.4 9.0 3.7 6.1

Jun* 729 597 44 179 25 735 799 511 27 796 48 105 91.3 5.5 3.2 8.7 3.5 6.0

Jul* 742 781 45 192 25 384 813 357 28 614 48 764 91.3 5.6 3.1 8.7 3.5 6.0

1/ Operations have been classified under risk levels AA to C.

2/ Operations have been classified under risk levels D to G.

3/ Operations have been classified under risk level H.



5/ Total credit matured by more than 90 days.

6/ Provisions are required starting from risk level A.

Participation %

fd

f

d

cb +d

ca b c ecbad ++=d

b

d

ad

e



Risk classification and provisions

##### R$ million


risk2/

2007 Dec 192 099 21 920 9 229 223 248 8 415 16 855 86.0 9.8 4.1 14.0 3.8 7.6

2008 Jan 192 162 21 178 10 081 223 422 7 805 17 629 86.0 9.5 4.5 14.0 3.5 7.9

Feb 193 385 20 768 10 137 224 289 7 333 17 631 86.2 9.3 4.5 13.8 3.3 7.9

Mar 196 966 21 175 10 499 228 640 7 857 18 114 86.1 9.3 4.6 13.9 3.4 7.9

Apr 200 708 21 402 10 989 233 099 8 489 18 697 86.1 9.2 4.7 13.9 3.6 8.0

May 205 462 21 961 11 054 238 477 8 034 19 016 86.2 9.2 4.6 13.8 3.4 8.0

Jun 207 508 22 144 11 110 240 762 7 594 19 276 86.2 9.2 4.6 13.8 3.2 8.0

Jul 212 567 21 221 10 783 244 570 7 402 18 314 86.9 8.7 4.4 13.1 3.0 7.5

Aug 212 561 21 495 10 923 244 980 7 614 18 492 86.8 8.8 4.5 13.2 3.1 7.5

Sep 215 044 21 751 11 106 247 901 7 732 18 820 86.7 8.8 4.5 13.3 3.1 7.6

Oct 221 498 21 457 11 276 254 230 8 135 19 059 87.1 8.4 4.4 12.9 3.2 7.5

Nov 231 125 19 221 10 505 260 851 7 877 17 977 88.6 7.4 4.0 11.4 3.0 6.9

Dec 238 956 19 142 10 501 268 599 7 617 17 876 89.0 7.1 3.9 11.0 2.8 6.7

2009 Jan 243 804 18 516 10 598 272 918 7 670 17 986 89.3 6.8 3.9 10.7 2.8 6.6

Feb 246 548 18 612 10 550 275 709 7 718 18 016 89.4 6.8 3.8 10.6 2.8 6.5

Mar 248 803 18 811 10 652 278 267 7 005 18 123 89.4 6.8 3.8 10.6 2.5 6.5

Apr 252 465 19 160 10 802 282 427 7 047 18 330 89.4 6.8 3.8 10.6 2.5 6.5

May* 252 366 18 795 10 836 281 997 7 079 18 273 89.5 6.7 3.8 10.5 2.5 6.5

Jun* 252 647 18 864 10 735 282 246 7 386 18 187 89.5 6.7 3.8 10.5 2.6 6.4

Jul* 255 239 19 806 9 674 284 719 7 328 17 966 89.6 7.0 3.4 10.4 2.6 6.3







6/ Total credit matured by more than 90 days.7/ Provisions are required starting from risk level A.

Participation %

fd

fad

cb +d

b

d

ccbad ++=

d

ab c e

d

e




##### R$ million


risk2/

2007 Dec 227 160 13 671 6 794 247 625 9 608 15 397 91.7 5.5 2.7 8.3 3.9 6.2

2008 Jan 227 765 14 531 6 968 249 264 10 162 15 873 91.4 5.8 2.8 8.6 4.1 6.4

Feb 232 169 14 963 7 310 254 442 10 839 16 493 91.2 5.9 2.9 8.8 4.3 6.5

Mar 234 689 15 702 7 557 257 949 11 297 16 985 91.0 6.1 2.9 9.0 4.4 6.6

Apr 235 739 16 179 7 861 259 779 12 240 17 479 90.7 6.2 3.0 9.3 4.7 6.7

May 242 740 16 567 8 072 259 779 12 784 17 885 90.5 6.4 3.1 9.5 4.9 6.9

Jun 245 720 16 448 7 058 269 226 11 791 17 154 91.3 6.1 2.6 8.7 4.4 6.4

Jul 248 884 16 576 7 831 273 291 12 494 17 982 91.1 6.1 2.9 8.9 4.6 6.6

Aug 250 931 16 189 8 663 275 783 13 045 18 605 91.0 5.9 3.1 9.0 4.7 6.7

Sep 254 038 16 284 8 413 278 735 12 812 18 525 91.1 5.8 3.0 8.9 4.6 6.6

Oct 263 956 17 079 9 422 290 457 13 612 19 718 90.9 5.9 3.2 9.1 4.7 6.8

Nov 270 898 17 488 10 014 298 399 13 980 20 415 90.8 5.9 3.4 9.2 4.7 6.8

Dec 275 594 17 288 9 385 302 267 13 420 19 761 91.2 5.7 3.1 8.8 4.4 6.5

2009 Jan 275 298 17 486 9 615 302 399 14 367 19 998 91.0 5.8 3.2 9.0 4.8 6.6

Feb 280 037 17 708 10 141 307 886 14 746 20 709 91.0 5.8 3.3 9.0 4.8 6.7

Mar 284 034 17 592 9 724 311 350 14 390 20 479 91.2 5.7 3.1 8.8 4.6 6.6

Apr 294 065 18 200 10 002 322 267 14 813 20 701 91.2 5.6 3.1 8.8 4.6 6.4

May* 303 178 18 257 10 445 331 879 15 438 21 273 91.4 5.5 3.1 8.6 4.7 6.4

Jun* 313 236 17 679 9 686 340 601 14 463 21 169 92.0 5.2 2.8 8.0 4.2 6.2

Jul* 320 927 17 758 10 175 348 860 15 157 21 784 92.0 5.1 2.9 8.0 4.3 6.2







institutions' monthly statement of account. The only exception is the granting to financial intermediaries. Earmarked and non-earmarked resources are included.6/ Total credit matured by more than 90 days.7/ Provisions are required starting from risk level A.

Participation %

fd

fd

cb +d

b

d

ccbad ++=

d

aa b c ed

e




##### R$ million


risk2/

2007 Dec 126 803 5 427 3 920 136 150 4 235 6 379 93.1 4.0 2.9 6.9 3.1 4.7

2008 Jan 126 234 5 760 4 050 136 043 4 450 6 587 92.8 4.2 3.0 7.2 3.3 4.8

Feb 126 870 5 867 4 204 136 941 4 563 6 809 92.6 4.3 3.1 7.4 3.3 5.0

Mar 128 801 6 033 4 367 139 201 4 763 7 037 92.5 4.3 3.1 7.5 3.4 5.1

Apr 133 244 6 679 4 639 144 562 4 902 7 505 92.2 4.6 3.2 7.8 3.4 5.2

May 136 752 6 636 4 884 148 272 5 214 7 805 92.2 4.5 3.3 7.8 3.5 5.3

Jun 136 494 7 039 4 989 148 522 5 369 8 032 91.9 4.7 3.4 8.1 3.6 5.4

Jul 139 330 7 091 5 232 151 653 5 603 8 331 91.9 4.7 3.5 8.1 3.7 5.5

Aug 141 068 7 055 5 416 153 539 5 607 8 495 91.9 4.6 3.5 8.1 3.7 5.5

Sep 144 336 7 910 5 509 157 755 5 735 8 657 91.5 5.0 3.5 8.5 3.6 5.5

Oct 141 395 6 192 5 307 152 894 5 768 8 096 92.5 4.0 3.5 7.5 3.8 5.3

Nov 146 082 6 352 5 362 157 795 5 844 8 221 92.6 4.0 3.4 7.4 3.7 5.2

Dec 149 929 6 534 5 261 161 724 5 879 8 141 92.7 4.0 3.3 7.3 3.6 5.0

2009 Jan 151 427 6 340 5 373 163 140 5 663 8 271 92.8 3.9 3.3 7.2 3.5 5.1

Feb 153 076 6 461 5 385 164 923 5 634 8 298 92.8 3.9 3.3 7.2 3.4 5.0

Mar 155 633 6 795 5 423 167 851 5 752 8 426 92.7 4.0 3.2 7.3 3.4 5.0

Apr 159 780 7 381 5 458 172 619 5 983 8 625 92.6 4.3 3.2 7.4 3.5 5.0

May* 162 000 7 604 5 461 175 065 6 395 8 806 92.5 4.3 3.1 7.5 3.7 5.0

Jun* 163 715 7 636 5 314 176 664 5 947 8 749 92.7 4.3 3.0 7.3 3.4 5.0

Jul* 166 614 7 628 5 535 179 778 6 129 9 014 92.7 4.2 3.1 7.3 3.4 5.0







institutions' monthly statement of account. The only exception is the granting to financial intermediaries. Earmarked and non-earmarked resources are included.6/ Total credit matured by more than 90 days.7/ Provisions are required starting from risk level A.

Participation %

fd

fd

cb +d

b

d

ccbad ++=

d

aa b c ed

e


II.28 – Financial system credit operations Credit distribution by risk levels – July 2007*

Segment R$ million

AA A B C D E F G H

Public sector1/

Previous month balance 18 566 49.6 21.3 10.8 5.7 4.9 0.1 0.0 0.6 7.0 Current month balance 18 253 48.9 22.4 11.0 5.8 4.1 0.1 0.6 6.6 0.5

Federal government Previous month balance 3 924 73.2 26.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Current month balance 3 757 72.4 27.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0

State and municipal governments Previous month balance 14 642 43.3 19.9 13.6 7.3 6.2 0.1 0.0 0.8 8.8 Current month balance 14 496 42.9 21.1 13.9 7.3 5.1 0.1 0.7 8.3 0.7

Private sector Previous month balance 780 945 23.9 40.4 17.7 9.3 2.5 1.4 0.9 0.7 3.1 Current month balance 795 104 23.6 40.8 17.7 9.4 2.4 1.4 0.9 0.8 3.2

Industry Previous month balance 176 101 40.7 31.5 17.6 6.5 1.2 0.4 0.3 0.4 1.3 Current month balance 180 520 39.5 32.5 17.8 6.5 1.2 0.4 0.3 0.4 1.3

Housing Previous month balance 40 322 12.5 39.0 13.2 22.6 3.9 1.2 0.8 0.6 6.2 Current month balance 40 956 12.4 39.7 13.1 22.3 3.6 1.1 0.8 0.6 6.4

Rural Previous month balance 81 772 21.9 30.6 25.5 11.1 4.6 1.9 0.8 1.0 2.6 Current month balance 81 096 22.0 30.4 24.9 11.8 4.6 2.0 0.7 1.0 2.5

Commerce Previous month balance 83 083 24.7 36.2 22.3 9.1 2.0 1.2 0.9 0.6 2.9 Current month balance 83 725 24.3 36.5 22.5 9.2 1.9 1.2 0.9 0.6 2.9

Individuals Previous month balance 270 288 10.1 54.6 14.3 9.1 3.1 1.7 1.6 1.1 4.5 Current month balance 276 391 10.2 54.5 14.3 9.0 2.9 1.7 1.4 1.2 4.7

Other services Previous month balance 129 379 34.1 32.0 18.7 8.7 1.7 1.7 0.5 0.3 2.3 Current month balance 132 415 33.7 32.6 18.7 8.8 1.7 1.6 0.5 0.3 2.2

Total2/





Note: As far as the debtor is concerned, financial institutions credit ratings must take into account the following factors, among others: financial economic situation,

degree of indebtedness, economic activity sector, credit limit, type of credit operation, type of guaranties and amount of credit, as well as income status, wealth and

reference file in the case of individuals. Operations in arrears are classified according to their risk level, as following:

a) between 15 and 30 days: at least risk level B;

b) between 31 and 60 days: at least risk level C;

c) between 61 and 90 days: at least risk level D;

d) between 91 and 120 days: at least risk level E;

e) between 121 and 150 days: at least risk level F;

f) between 151 and 180 days: at least risk level G;

g) more than 180 days: risk level H.

Risk level

%



Credit distribution by risk levels – July 2007*

Segment R$ million

AA A B C D E F G H

Public sector2/


Federal government Previous month balance 3 009 68.4 31.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Current month balance 2 974 68.4 31.4 0.0 0.0 0.1 0.0 0.0 0.0 0.0

State and municipal governments Previous month balance 11 333 34.4 20.3 16.4 8.4 7.9 0.1 0.0 1.0 11.4 Current month balance 11 309 33.9 22.3 16.5 8.3 6.4 0.1 0.9 10.7 0.9








Total3/
















Risk level

%




Segment R$ million

AA A B C D E F G H

Public sector2/

Previous month balance 3 347 82.0 12.2 4.0 1.7 0.1 0.0 0.0 - 0.0 Current month balance 3 218 83.1 10.4 4.5 1.9 0.1 - 0.0 0.0 0.0

Federal government Previous month balance 566 100.0 - 0.0 - - - 0.0 - - Current month balance 553 100.0 0.0 0.0 - - - - 0.0 -

State and municipal governments Previous month balance 2 780 78.3 14.7 4.8 2.1 0.2 0.0 0.0 - 0.0 Current month balance 2 665 79.6 12.6 5.4 2.2 0.1 - 0.0 0.0 0.0








Total3/

















Risk level

%




Segment R$ million

AA A B C D E F G H

Public sector2/

Previous month balance 878 58.3 34.1 0.3 6.3 1.1 0.0 0.0 0.0 0.0 Current month balance 752 52.0 39.3 0.3 7.2 1.2 0.0 0.0 0.0 0.0

Federal government Previous month balance 349 71.0 28.9 0.0 - 0.0 0.0 0.0 - 0.0 Current month balance 230 57.4 42.6 0.0 0.0 - 0.0 0.0 - 0.0

State and municipal governments Previous month balance 529 49.9 37.5 0.5 10.5 1.7 0.0 0.0 0.0 0.0 Current month balance 522 49.6 37.8 0.4 10.4 1.7 0.0 0.0 0.0 0.0








Total3/

















Risk level

%


II.32 – Financial system credit operations Provisions by risk levels

#### R$ million

Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total

2005 Dec 197 1 274 1 316 2 546 2 797 2 910 3 563 3 825 20 202 38 631

2008 Jan 216 1 262 1 322 2 534 2 871 3 027 3 614 3 886 21 358 40 089

Feb 215 1 282 1 327 2 530 2 860 3 047 3 654 4 102 21 916 40 932

Mar 209 1 305 1 355 2 566 3 012 3 162 3 778 4 049 22 700 42 137

Apr 211 1 310 1 323 2 614 3 082 3 323 3 878 4 162 23 778 43 680

May 212 1 371 1 275 2 638 3 057 3 534 4 043 4 274 24 301 44 706

Jun 198 1 355 1 370 2 686 3 091 3 405 3 872 5 030 23 455 44 462

Jul 199 1 389 1 358 2 702 3 081 3 476 3 701 4 580 24 140 44 627

Aug 197 1 404 1 386 2 741 3 082 3 467 3 843 4 167 25 305 45 591

Sep 120 1 466 1 456 2 699 3 138 3 560 3 789 4 437 25 337 46 002

Oct 96 1 501 1 471 2 759 2 964 3 545 3 826 4 393 26 317 46 872

Nov 98 1 523 1 524 2 609 2 836 3 690 3 788 4 359 26 186 46 613

Dec 87 1 611 1 545 2 557 2 793 3 730 3 759 4 227 25 470 45 778

2009 Jan 87 1 554 1 429 2 586 2 794 3 749 3 895 4 235 25 925 46 255

Feb 87 1 581 1 489 2 674 2 850 3 682 3 876 4 363 26 422 47 023

Mar 86 1 605 1 669 2 765 2 902 3 705 3 859 4 290 26 147 47 028

Apr 87 1 637 1 581 2 676 3 010 3 809 3 938 4 301 26 618 47 656

May* 85 1 687 1 578 2 733 2 927 3 958 4 085 4 185 27 113 48 351

Jun* 409 1 822 1 704 2 751 2 933 3 770 4 219 4 387 26 110 48 105

Jul* 409 1 866 1 723 2 758 2 858 3 896 4 000 5 486 25 767 48 764

Note: Provisions for non-performing loans must be on a monthly basis in order to cover probable losses during the payment of credits.

Provisions cannot be lower than the amounts obtained when applying the following percentages:

I – 0.5% on the value of operations classified as risk level A;

II – 1% on the value of operations classified as risk level B;

III – 3% on the value of operations classified as risk level C;

IV – 10% on the value of operations classified as risk level D;

V – 30% on the value of operations classified as risk level E;

VI – 50% on the value of operations classified as risk level F;

VII – 70% on the value of operations classified as risk level G;

VIII – 100% on the value of operations classified as risk level H.



Provisions by risk levels

#### R$ million


2005 Dec 31 336 506 829 1 266 1 118 1 414 2 133 9 220 16 855

2008 Jan 32 333 546 849 1 220 1 092 1 408 2 081 10 068 17 629

Feb 32 337 555 848 1 212 1 057 1 349 2 118 10 123 17 631

Mar 32 343 562 892 1 217 1 152 1 376 2 058 10 483 18 114

Apr 32 334 587 924 1 232 1 133 1 403 2 079 10 972 18 697

May 31 352 601 944 1 252 1 205 1 402 2 192 11 036 19 016

Jun 32 357 600 980 1 274 1 201 1 092 2 644 11 097 19 276

Jul 33 372 596 1 000 1 281 1 173 1 067 2 024 10 769 18 314

Aug 33 374 597 1 035 1 312 1 226 1 034 1 971 10 910 18 492

Sep 33 384 606 1 035 1 317 1 240 1 049 2 065 11 091 18 820

Oct 33 404 614 1 068 1 286 1 234 1 031 2 126 11 261 19 059

Nov 33 404 651 951 1 061 1 338 961 2 109 10 469 17 977

Dec 34 420 663 947 1 066 1 335 961 1 951 10 499 17 876

2009 Jan 34 423 677 977 985 1 316 1 008 1 970 10 596 17 986

Feb 34 431 673 1 021 1 000 1 297 988 2 023 10 548 18 016

Mar 34 429 679 1 026 1 027 1 274 993 2 009 10 651 18 123

Apr 34 430 699 1 016 1 058 1 277 1 022 1 992 10 800 18 330

May* 34 429 704 1 044 1 030 1 305 1 043 1 849 10 834 18 273

Jun* 34 436 706 1 026 1 035 1 274 1 129 1 815 10 734 18 187

Jul* 34 445 709 1 048 1 009 1 282 1 124 2 643 9 672 17 966















#### R$ million


2007 Dec 81 673 601 1 367 1 262 1 404 1 746 1 202 7 061 15 397

2008 Jan 102 670 560 1 331 1 364 1 525 1 794 1 287 7 240 15 873

Feb 99 684 552 1 316 1 361 1 558 1 890 1 442 7 591 16 493

Mar 92 699 576 1 307 1 498 1 591 1 954 1 419 7 850 16 985

Apr 92 697 511 1 304 1 498 1 721 1 996 1 495 8 166 17 479

May 92 724 446 1 320 1 481 1 798 2 133 1 511 8 381 17 885

Jun 91 704 543 1 340 1 470 1 688 2 200 1 750 7 369 17 154

Jul 88 713 540 1 321 1 459 1 764 2 091 1 866 8 140 17 982

Aug 86 720 562 1 327 1 429 1 727 2 224 1 549 8 980 18 605

Sep 86 749 630 1 304 1 407 1 809 2 109 1 693 8 737 18 525

Oct 62 767 660 1 325 1 389 1 841 2 279 1 647 9 748 19 718

Nov 63 772 666 1 291 1 482 1 853 2 292 1 640 10 355 20 415

Dec 52 833 670 1 286 1 425 1 883 2 257 1 646 9 710 19 761

2009 Jan 52 771 524 1 295 1 531 1 915 2 347 1 609 9 953 19 998

Feb 52 784 585 1 316 1 549 1 878 2 360 1 698 10 485 20 709

Mar 51 807 755 1 385 1 550 1 894 2 311 1 654 10 071 20 479

Apr 51 826 643 1 297 1 595 1 933 2 325 1 672 10 357 20 701

May* 50 868 637 1 319 1 565 1 972 2 388 1 663 10 810 21 273

Jun* 374 992 751 1 359 1 563 1 872 2 404 1 795 10 059 21 169

Jul* 374 1 017 766 1 337 1 529 1 959 2 248 2 004 10 549 21 784
















#### R$ million


2007 Dec 85 264 209 350 268 387 403 490 3 921 6 379

2008 Jan 83 259 216 354 287 409 411 518 4 050 6 587

Feb 84 261 220 365 286 433 415 542 4 203 6 809

Mar 85 264 218 367 297 420 448 573 4 367 7 037

Apr 87 278 224 386 352 470 480 589 4 639 7 505

May 88 296 227 374 324 531 508 571 4 884 7 805

Jun 76 294 227 366 347 516 581 636 4 989 8 032

Jul 78 304 222 381 341 538 544 690 5 232 8 331

Aug 77 309 226 378 342 513 586 647 5 416 8 495

Sep 1 333 220 360 415 510 631 678 5 509 8 657

Oct 1 331 197 365 288 469 516 620 5 307 8 096

Nov 1 348 207 367 293 499 535 610 5 362 8 221

Dec 1 358 211 324 302 512 541 630 5 261 8 141

2009 Jan 1 359 228 315 278 518 540 655 5 376 8 271

Feb 1 366 231 336 300 507 527 641 5 389 8 298

Mar 1 369 235 354 324 537 554 626 5 425 8 426

Apr 1 381 238 362 356 599 591 636 5 461 8 625

May* 1 389 237 370 332 681 654 673 5 468 8 806

Jun* 2 395 247 366 335 624 686 776 5 318 8 749

Jul* 2 404 248 373 321 654 628 839 5 545 9 014














II.36 – Interest rate reference credit operations1/

Summary##

Period

Corp2/ Ind3/ Total Corp2/ Ind3/ Total Corp2/ Ind3/ Aver- Corp2/ Ind3/ Aver- Corp2/ Ind3/ Aver- Corp2/ Ind3/ Aver-

age age age age

2005 Dec 185.4 155.2 340.6 80.0 41.0 121.0 31.7 59.3 45.9 13.8 42.6 28.6 218 319 264 2.0 6.7 4.2

2006 Jan 183.3 160.6 343.9 72.3 40.0 112.3 31.3 59.7 46.1 14.3 43.5 29.5 220 318 266 2.2 6.9 4.4

Feb 186.5 163.8 350.3 62.5 34.8 97.3 31.6 59.2 46.2 14.9 43.5 30.0 219 320 266 2.2 7.2 4.5

Mar 189.2 168.1 357.3 82.9 46.3 129.3 30.7 59.0 45.7 14.5 43.8 30.0 220 322 268 2.2 7.3 4.6

Apr 193.5 172.0 365.4 71.0 38.3 109.3 30.6 57.8 45.0 14.8 42.9 29.7 218 324 268 2.3 7.4 4.7

May 197.9 175.5 373.4 82.5 44.2 126.6 29.7 56.1 43.8 14.0 41.1 28.5 222 327 271 2.4 7.7 4.9

Jun 199.0 177.2 376.2 75.8 40.9 116.7 28.8 55.8 43.2 13.5 40.6 28.0 219 331 272 2.3 7.3 4.7

Jul 201.4 180.5 381.8 76.2 40.5 116.7 28.3 54.3 42.2 13.4 39.7 27.5 218 341 276 2.4 7.5 4.8

Aug 199.8 184.1 383.9 80.0 43.2 123.2 27.9 53.9 41.9 13.4 39.6 27.5 222 344 280 2.6 7.6 5.0

Sep 204.6 186.7 391.3 77.0 41.0 118.0 27.3 53.8 41.5 13.5 40.1 27.8 224 346 282 2.8 7.7 5.1

Oct 206.9 189.0 395.9 82.3 43.3 125.5 27.4 53.5 41.4 13.8 40.3 28.0 223 349 283 2.8 7.6 5.1

Nov 212.1 192.0 404.2 81.5 43.5 125.0 26.6 53.6 41.0 13.4 40.7 27.9 224 355 286 2.8 7.7 5.1

Dec 217.6 191.8 409.5 86.8 43.0 129.8 26.2 52.1 39.8 13.5 39.6 27.2 234 368 296 2.7 7.6 5.0

2007 Jan 215.5 196.4 411.8 81.3 44.9 126.2 26.2 52.3 39.9 13.6 40.0 27.4 235 374 301 2.8 7.5 5.0

Feb 219.5 200.6 420.1 70.5 41.4 111.9 26.0 50.8 39.3 13.8 38.7 27.2 234 376 302 2.8 7.3 5.0

Mar 224.4 204.4 428.9 84.4 47.6 131.9 25.4 49.9 38.5 13.4 38.0 26.5 244 384 311 2.8 7.1 4.9

Apr 231.5 209.4 440.9 86.0 44.9 130.9 25.3 49.1 38.1 13.3 37.6 26.4 241 389 311 2.7 7.0 4.8

May* 231.0 215.4 446.5 87.3 49.6 136.9 24.3 48.4 37.2 12.8 37.5 26.0 252 398 322 2.6 7.2 4.8

Jun* 235.1 217.4 452.5 85.9 45.8 131.6 23.7 47.8 36.7 12.6 37.1 25.8 260 404 329 2.5 7.1 4.7

Jul* 240.3 222.1 462.4 91.6 47.9 139.5 23.0 47.0 35.9 12.1 36.3 25.1 262 407 331 2.4 7.1 4.7

1/ Nonearmarked resources defined according to Circular 2,957, dated 12.30.1999.

2/ Corporate.

3/ Individuals.

Volume Accumulated grantings

(R$ billion) (R$ billion) (%p.y.) (p.p.)

Rate Spread Average term Default

(calendar days) (%)


II.37 – Interest rate reference credit operations Total volume by modality – Corporate1/

#####

R$ million

Period Hot Discount Discount Working Guaran- Real Acqui- Vendor Others2/ Advances Export Foreign Import Total

money of trade of promis- capital teed estate sition on notes lending financ-

bills sory notes overdraft financ- of goods export ing and

accounts ing contracts others

2005 Dec 469 10 958 220 51 491 29 732 609 11 152 9 987 22 728 23 856 57 16 041 8 143 185 444

2006 Jan 366 9 924 206 51 197 30 324 623 11 277 9 541 22 605 23 398 54 15 612 8 150 183 278

Feb 424 10 384 215 52 415 31 295 709 11 670 9 951 23 102 23 231 36 15 017 8 003 186 452

Mar 393 10 427 214 52 731 30 531 652 11 995 9 791 23 640 23 970 41 16 556 8 261 189 203

Apr 297 10 738 147 53 130 31 843 637 12 073 9 725 24 525 24 969 40 17 083 8 250 193 456

May 297 10 574 152 54 611 31 355 648 12 194 9 590 24 992 26 284 44 17 852 9 321 197 913

Jun 310 10 763 162 55 853 32 551 612 12 358 10 126 25 868 25 036 40 16 676 8 632 198 986

Jul 393 10 543 158 56 588 32 479 600 12 634 10 241 24 698 26 619 40 17 696 8 666 201 353

Aug 358 10 802 164 56 562 31 791 627 13 255 10 148 24 871 25 479 12 17 263 8 463 199 796

Sep 439 11 257 175 58 084 32 100 652 13 475 10 218 25 525 25 102 1 18 749 8 867 204 644

Oct 394 11 310 173 59 719 32 551 681 13 458 10 463 24 914 25 499 1 19 117 8 618 206 900

Nov 344 11 367 165 62 437 33 272 659 13 535 10 649 26 092 25 514 1 19 414 8 680 212 128

Dec 355 12 012 160 67 814 32 855 734 13 491 10 374 27 229 25 211 1 19 048 8 346 217 631

2007 Jan 285 10 837 158 68 201 32 952 734 13 325 9 957 26 588 24 581 1 19 310 8 532 215 462

Feb 304 10 900 174 69 184 34 627 768 13 395 10 179 26 772 24 773 0 19 609 8 812 219 498

Mar 276 11 643 166 70 156 34 451 783 13 755 10 132 28 236 26 395 0 19 482 8 963 224 440

Apr 361 11 702 156 70 406 35 328 869 14 169 9 995 28 848 30 410 0 20 144 9 122 231 511

May* 690 11 918 160 71 246 34 769 876 14 637 9 430 29 240 28 815 0 19 809 9 458 231 047

Jun* 302 12 174 169 73 856 35 954 912 15 333 8 847 30 199 26 369 0 20 864 10 119 235 098

Jul* 313 11 931 161 75 966 36 729 913 15 510 8 280 30 174 27 467 - 22 297 10 549 240 290

1/ End-of-period balance.

2/ It refers to operations with internal resources.


II.38 – Interest rate reference credit operations Total volume by modality – Individuals1/

###R$ million

Period Overdraft Personal Real Credit Others Total

accounts credit2/ estate card

financing Vehicles Others Total

2005 Dec 10 974 63 444 956 50 685 10 229 60 914 11 260 7 643 155 190

2006 Jan 12 232 65 010 900 51 938 10 241 62 179 11 882 8 386 160 589

Feb 11 790 66 658 842 53 154 10 161 63 315 12 657 8 545 163 806

Mar 12 825 68 391 869 54 306 10 115 64 421 12 492 9 102 168 100

Apr 12 905 70 675 886 55 248 9 965 65 213 12 916 9 380 171 976

May 13 302 71 794 919 56 441 10 136 66 577 13 117 9 791 175 501

Jun 13 223 72 973 954 57 141 10 102 67 243 13 082 9 707 177 182

Jul 12 934 74 571 994 58 978 10 139 69 117 12 839 10 005 180 461

Aug 13 107 75 972 1 033 60 244 10 114 70 358 13 274 10 396 184 140

Sep 12 787 77 036 1 064 61 387 9 981 71 368 13 293 11 108 186 655

Oct 13 368 78 151 1 116 61 522 10 152 71 674 13 511 11 200 189 020

Nov 13 217 79 700 1 151 62 728 10 248 72 976 13 838 11 161 192 043

Dec 11 760 79 893 1 211 63 475 10 779 74 254 13 418 11 301 191 837

2007 Jan 13 312 81 362 1 276 64 465 10 881 75 346 14 135 10 954 196 386

Feb 13 822 83 386 1 302 65 293 10 721 76 014 14 973 11 091 200 589

Mar 13 800 85 738 1 380 66 976 10 676 77 652 14 927 10 949 204 446

Apr 14 255 87 661 1 461 68 285 10 636 78 921 15 627 11 453 209 378

May* 14 224 90 891 1 555 69 855 10 949 80 803 15 677 12 256 215 407

Jun* 13 935 91 846 1 627 71 053 11 009 82 062 15 873 12 055 217 397

Jul* 14 185 94 013 1 676 72 197 11 388 83 585 16 140 12 493 222 092

1/ End-of-period balance.

2/ It includes credit deducted from payroll and excludes cooperatives.

Acquisition of goods


II.39 – Interest rate reference credit operations Interest rates and spread1/

####

% p.y.

Period

General Corporate Individuals General Corporate Individuals General Corporate Individuals

2005 Dec 45.9 31.7 59.3 17.3 17.9 16.7 28.6 13.8 42.6

2006 Jan 46.1 31.3 59.7 16.6 17.0 16.2 29.5 14.3 43.5

Feb 46.2 31.6 59.2 16.2 16.7 15.7 30.0 14.9 43.5

Mar 45.7 30.7 59.0 15.7 16.2 15.2 30.0 14.5 43.8

Apr 45.0 30.6 57.8 15.3 15.8 14.9 29.7 14.8 42.9

May 43.8 29.7 56.1 15.3 15.7 15.0 28.5 14.0 41.1

Jun 43.2 28.8 55.8 15.2 15.3 15.2 28.0 13.5 40.6

Jul 42.2 28.3 54.3 14.7 14.9 14.6 27.5 13.4 39.7

Aug 41.9 27.9 53.9 14.4 14.5 14.3 27.5 13.4 39.6

Sep 41.5 27.3 53.8 13.7 13.8 13.7 27.8 13.5 40.1

Oct 41.4 27.4 53.5 13.4 13.6 13.2 28.0 13.8 40.3

Nov 41.0 26.6 53.6 13.1 13.2 12.9 27.9 13.4 40.7

Dec 39.8 26.2 52.1 12.6 12.7 12.5 27.2 13.5 39.6

2007 Jan 39.9 26.2 52.3 12.5 12.6 12.3 27.4 13.6 40.0

Feb 39.3 26.0 50.8 12.1 12.2 12.1 27.2 13.8 38.7

Mar 38.5 25.4 49.9 12.0 12.0 11.9 26.5 13.4 38.0

Apr 38.1 25.3 49.1 11.7 12.0 11.5 26.4 13.3 37.6

May* 37.2 24.3 48.4 11.2 11.5 10.9 26.0 12.8 37.5

Jun* 36.7 23.7 47.8 10.9 11.1 10.7 25.8 12.6 37.1

Jul* 35.9 23.0 47.0 10.8 10.9 10.7 25.1 12.1 36.3

1/ Includes agreed operations with fixed, indexed and floating interest rates carried out with corporate and individuals.

2/ Spread calculated as the difference between lending and funding rates.

Lending rate Funding rate Spread2/


II.40 – Interest rate reference credit operations Interest rate – Fixed operations#####

% p.y.

Period General

Hot Discount Discount Working Guaran- Acqui- Vendor Overdraft Personal

money of trade of promis- capital teed sition accounts credit1/

bills sory notes overdraft of goods Vehicles Others Total

accounts

2005 Dec 47.4 39.5 49.0 34.7 70.3 28.2 22.5 147.5 67.3 34.8 65.2 39.4 53.3

2006 Jan 51.2 40.7 51.8 37.1 69.6 28.6 22.6 147.8 68.9 35.3 58.6 38.9 54.0

Feb 53.4 43.3 56.2 37.3 69.0 29.3 23.1 146.8 68.6 35.2 54.4 38.1 54.0

Mar 53.6 40.4 52.5 35.1 70.7 27.6 21.3 146.4 67.8 34.4 56.9 37.7 53.6

Apr 54.8 42.2 56.3 36.2 68.6 27.3 22.4 145.4 65.3 34.1 59.4 37.7 52.9

May 50.9 38.5 51.7 34.7 69.9 26.6 20.1 145.4 62.3 33.3 58.1 36.8 51.4

Jun 50.7 37.6 48.9 32.4 67.9 26.3 20.3 145.1 62.2 33.3 57.5 36.6 50.8

Jul 47.2 37.2 47.8 32.8 67.8 26.0 19.7 144.1 59.8 32.6 59.6 36.2 49.7

Aug 50.6 37.6 49.3 32.8 66.9 25.5 19.3 143.6 59.1 32.9 59.4 36.4 49.4

Sep 52.2 37.1 50.0 32.2 65.6 26.9 19.2 143.5 58.9 33.0 61.0 36.6 49.2

Oct 51.9 37.2 51.9 31.5 65.5 25.4 18.4 142.6 58.6 33.0 59.0 36.3 48.7

Nov 52.7 36.3 47.1 31.5 66.2 24.6 18.2 142.8 58.6 33.1 59.0 36.4 48.7

Dec 53.8 36.6 48.4 31.1 64.8 24.2 18.3 142.0 57.2 32.3 61.0 36.0 47.3

2007 Jan 55.0 35.5 46.8 32.0 65.4 23.4 17.2 141.9 57.2 32.7 59.3 36.2 47.6

Feb 49.8 35.5 46.7 30.9 64.4 24.7 17.2 141.2 54.5 32.0 57.9 35.4 46.6

Mar 48.2 34.5 47.1 30.8 64.7 22.7 16.6 140.8 53.4 31.2 55.4 34.3 45.8

Apr 48.8 34.4 47.6 30.9 63.4 21.8 16.9 140.9 52.5 30.5 55.8 33.6 45.2

May* 47.4 33.7 45.7 30.6 62.8 18.9 16.6 140.3 51.7 29.8 55.6 33.0 44.4

Jun* 50.0 32.3 43.3 28.7 62.1 17.0 16.2 139.7 51.1 29.4 55.3 32.7 43.6

Jul* 47.7 31.8 42.5 28.1 62.7 16.1 15.2 139.2 50.6 28.7 54.7 31.9 42.9

1/ It includes credit deducted from payroll.

Corporate Individuals



II.41 – Interest rate reference credit operations Spread – Fixed operations1/

#####

p.p.

Period General

Hot Discount Discount Working Guaran- Acqui- Vendor Overdraft Personal

money of trade of promis- capital teed sition accounts credit1/

bills sory notes overdraft of goods Vehicles Others Total

accounts

2005 Dec 29.2 21.7 31.2 17.7 52.1 11.7 4.9 129.3 50.7 18.5 48.1 22.9 36.4

2006 Jan 33.5 23.3 34.4 20.6 51.9 12.5 5.5 130.1 52.8 19.5 42.0 23.0 37.6

Feb 36.1 26.4 39.3 21.3 51.7 13.7 6.5 129.5 53.0 19.9 38.4 22.7 38.1

Mar 36.9 24.0 36.1 19.7 54.0 12.6 5.2 129.7 52.7 19.6 41.4 22.8 38.2

Apr 38.6 26.4 40.5 21.2 52.4 12.6 6.8 129.2 50.6 19.4 44.3 23.0 37.8

May 36.3 23.0 36.3 19.7 55.3 11.6 4.8 130.8 47.3 18.2 43.0 21.7 36.4

Jun 36.4 22.5 33.8 17.5 53.6 11.2 5.3 130.8 47.1 17.8 42.6 21.2 35.7

Jul 33.5 22.4 33.0 18.3 54.1 11.4 5.0 130.4 45.2 17.8 45.1 21.5 35.2

Aug 37.1 23.1 34.8 18.5 53.4 11.2 4.9 130.1 44.8 18.5 45.1 22.0 35.2

Sep 39.2 23.1 36.0 18.5 52.6 13.2 5.3 130.5 45.2 19.2 47.3 22.9 35.6

Oct 39.2 23.5 38.2 18.2 52.8 12.1 4.8 129.9 45.3 19.7 45.6 23.0 35.5

Nov 40.3 22.9 33.7 18.5 53.8 11.6 4.9 130.4 45.7 20.1 45.9 23.4 35.8

Dec 41.6 23.5 35.3 18.5 52.6 11.7 5.3 129.8 44.7 19.8 48.3 23.5 34.7

2007 Jan 43.3 22.6 33.9 19.5 53.7 11.0 4.4 130.2 44.8 20.3 46.7 23.8 35.2

Feb 38.1 22.7 33.9 18.6 52.7 12.5 4.5 129.5 42.4 19.9 45.5 23.3 34.5

Mar 36.8 21.9 34.5 18.7 53.3 10.7 4.1 129.4 41.5 19.3 43.2 22.4 33.9

Apr 37.6 22.0 35.3 19.1 52.2 10.2 4.6 129.7 41.0 19.1 43.9 22.1 33.6

May* 36.6 21.5 33.6 19.2 52.0 7.8 4.6 129.5 40.7 19.1 44.1 22.2 33.4

Jun* 40.0 20.5 31.5 17.6 52.1 6.1 4.5 129.7 40.3 18.8 44.1 22.0 32.8

Jul* 37.8 20.3 31.1 17.2 52.8 5.3 3.8 129.3 39.8 18.0 43.7 21.1 32.2

1/ Spread calculated as the difference between lending and funding rates.

2/ It includes credit deducted from payroll.

Corporate Individuals


Financial and Capital Markets

Statistical Tables III


III.1 – Interest rates

###

Period

% p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y.

2003 Dec 1.37 16.91 1.37 16.81 0.19 2.20 1.33 16.37 0.87 11.00

2004 Dec 1.48 17.50 1.48 17.46 0.24 2.66 1.43 16.87 0.78 9.75

2005 Dec 1.47 18.24 1.47 18.15 0.23 2.63 1.41 17.39 0.78 9.75

2006 Jan 1.43 17.65 1.43 17.60 0.23 2.70 1.41 17.33 0.72 9.00

Feb 1.15 17.28 1.14 17.20 0.07 1.02 1.09 16.44 0.72 9.00

Mar 1.42 16.74 1.42 16.69 0.21 2.29 1.18 13.73 0.72 9.00

Apr 1.08 16.19 1.08 16.16 0.09 1.20 1.05 15.69 0.66 8.15

May 1.28 15.70 1.28 15.66 0.19 2.18 1.18 14.43 0.66 8.15

Jun 1.18 15.18 1.18 15.15 0.19 2.35 1.16 14.78 0.66 8.15

Jul 1.17 14.98 1.17 14.94 0.18 2.12 1.13 14.39 0.60 7.50

Aug 1.26 14.66 1.25 14.60 0.24 2.70 1.25 14.53 0.60 7.50

Sep 1.06 14.17 1.05 14.11 0.15 1.93 1.01 13.55 0.60 7.50

Oct 1.09 13.95 1.09 13.90 0.19 2.27 1.07 13.61 0.55 6.85

Nov 1.02 13.65 1.02 13.60 0.13 1.63 0.99 13.21 0.55 6.85

Dec 0.99 13.19 0.98 13.14 0.15 1.93 0.96 12.84 0.55 6.85

2007 Jan 1.08 13.13 1.08 13.07 0.22 2.54 1.06 12.85 0.53 6.50

Feb 0.87 12.93 0.87 12.89 0.07 1.01 0.84 12.47 0.53 6.50

Mar 1.05 12.74 1.05 12.69 0.19 2.17 1.01 12.19 0.53 6.50

Apr 0.94 12.58 0.94 12.52 0.13 1.61 0.92 12.21 0.53 6.50

May 1.03 12.43 1.02 12.35 0.17 1.95 0.99 11.95 0.53 6.50

Jun 0.91 12.03 0.90 11.97 0.10 1.21 0.88 11.62 0.53 6.50

Jul 0.97 11.73 0.97 11.67 0.15 1.70 0.90 10.87 0.51 6.25

1/ Refers to the first day of the month. Rate annualized according to base 252 (252 working days).

2/ Fixed for the quarter.

Long-term interest rate2/Federal funds rate Money market interest Reference rate1/ Financial basic rate1/


III.2 – Velocity of circulation of main financial assets

###

Period

Demand Savings Time

deposits deposits deposits

Redemptions Average Redemptions Average Redemptions Average

in month3/ daily in month daily in month daily

balances balances balances

2003 Dec 1.6 0.4 0.3 103 783 63 247 58 658 142 497 40 135 147 439

2004 Dec 1.3 0.4 0.2 101 565 76 105 67 362 157 984 39 549 184 940

2005 Dec 1.0 0.4 0.2 88 992 85 400 71 728 167 845 38 581 246 489

2006 Jan 1.0 0.4 0.2 85 903 83 364 63 217 169 060 42 227 252 202

Feb 0.9 0.3 0.1 69 432 79 688 54 819 168 396 32 634 255 583

Mar 1.1 0.4 0.2 92 463 81 369 67 139 167 463 48 620 263 523

Apr 0.9 0.3 0.1 74 684 80 315 56 715 166 585 35 826 269 416

May 1.1 0.4 0.2 87 228 80 789 64 149 165 821 43 521 273 722

Jun 1.0 0.4 0.2 79 783 81 386 59 534 166 555 46 609 287 371

Jul 1.0 0.4 0.2 80 687 83 244 61 578 169 221 43 152 287 072

Aug 1.0 0.4 0.2 84 275 83 325 68 630 170 604 59 550 285 014

Sep 0.9 0.3 0.1 78 118 85 992 60 449 172 851 41 674 281 506

Oct 1.0 0.4 0.1 85 902 88 215 63 751 174 963 39 115 282 205

Nov 0.9 0.4 0.1 82 163 91 448 66 420 177 738 36 387 287 477

Dec 0.8 0.4 0.2 83 770 100 118 80 856 185 296 46 347 285 375

2007 Jan 0.9 0.4 0.1 86 652 98 960 78 489 189 481 40 761 282 465

Feb 0.8 0.4 0.1 73 273 94 814 69 303 191 313 35 163 284 144

Mar 0.9 0.4 0.2 83 342 95 600 78 173 193 635 59 705 284 322

Apr 0.8 0.4 0.1 80 860 97 434 77 259 196 757 40 991 284 291

May 0.9 0.4 0.2 84 579 96 679 83 383 199 601 43 523 286 851

Jun 0.8 0.4 0.1 77 861 99 603 78 374 202 492 43 050 288 976

Jul 0.8 0.4 0.2 84 731 103 154 85 399 207 379 47 606 290 982

1/ Relation redemptions/balances.

2/ Average daily balances of working days of the month indicated.

3/ Flow of the check clearing.

Velocity of circulation1/ Memorandum (R$ million)2/

Demand deposits Savings deposits Time deposits


III.3 – Investment funds – Portfolio destination1/ 2/

####R$ million

Period Destination Financial State companies Stock FMP-FGTS Total

investment investment funds4/ funds5/

funds3/ funds

2007 Apr Government securities 516 103 23 067 1 618 90 540 877

Private securities 138 835 - 434 - 139 269

Bank Securities 96 359 - 198 - 96 557

Corporate Securities 42 476 - 237 - 42 712

Fund quotas 19 175 - 3 230 - 22 405

Repurchase agreements 165 496 1 486 1 770 9 168 762

Stocks 10 592 - 77 750 11 833 100 174

Other 13 514 - 16 037 5 29 556

Total portfolio 863 714 24 554 100 839 11 937 1 001 044

May Government securities 513 718 22 815 1 618 43 538 194


Bank Securities 96 964 - 198 - 97 161


Fund quotas 20 407 - 3 230 - 23 638


Stocks 6 137 - 77 750 12 044 95 931

Other 19 054 - 16 037 1 35 092

Total portfolio 867 942 24 347 100 839 12 095 1 005 222

Jun Government securities 516 034 22 500 2 161 48 540 742


Bank Securities 97 773 - 366 - 98 139


Fund quotas 21 102 - 4 156 - 25 258


Stocks 11 434 - 87 590 12 532 111 556

Other 13 532 - 8 850 - 22 381

Total portfolio 880 709 23 812 105 444 12 585 1 022 550

Jul Government securities 506 404 23 039 2 252 46 531 741


Bank Securities 95 958 - 79 - 96 036


Fund quotas 20 410 - 3 901 - 24 311


Stocks 3 954 - 93 597 13 313 110 863

Other 21 901 - 10 049 18 31 967

Total portfolio 888 734 24 850 112 394 13 383 1 039 362

Sources: Bacen and Securities and Exchange Commission (CVM)

1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.3/ Includes: exchange rate investment funds; short-term investment funds; fixed income investment funds; Multimarket Investment Fund; Indexed Investment Funds; and other funds not yet classified according to Instrução CVM 409, of 8.18.2004.4/ Includes: stocks investment funds; and other stock funds not yet classified according to Instrução CVM 409, of 8.18.2004.5/ Mutual privatization funds.


III.4 – Investment funds – Portfolio destination1/ 2/

Relative participation %

Period Destination Financial State companies Stock FMP-FGTS Total

investment investment funds4/ funds5/

funds3/ funds

2007 Apr Government securities 59.8 93.9 1.6 0.8 54.0

Private securities 16.1 0.0 0.4 0.0 13.9

Bank Securities 11.2 0.0 0.2 0.0 9.6

Corporate Securities 4.9 0.0 0.2 0.0 4.3

Fund quotas 2.2 0.0 3.2 0.0 2.2

Repurchase agreements 19.2 6.1 1.8 0.1 16.9

Stocks 1.2 0.0 77.1 99.1 10.0

Other 1.6 0.0 15.9 0.0 3.0

Total portfolio 100.0 100.0 100.0 100.0 100.0

May Government securities 59.2 93.7 1.6 0.4 53.5


Bank Securities 11.2 0.0 0.2 0.0 9.7


Fund quotas 2.4 0.0 3.2 0.0 2.4


Stocks 0.7 0.0 77.1 99.6 9.5

Other 2.2 0.0 15.9 0.0 3.5

Total portfolio 100.0 100.0 100.0 100.0 100.0

Jun Government securities 58.6 94.5 2.0 0.4 52.9


Bank Securities 11.1 0.0 0.3 0.0 9.6


Fund quotas 2.4 0.0 3.9 0.0 2.5


Stocks 1.3 0.0 83.1 99.6 10.9

Other 1.5 0.0 8.4 0.0 2.2

Total portfolio 100.0 100.0 100.0 100.0 100.0

Jul Government securities 57.0 92.7 2.0 0.3 51.2


Bank Securities 10.8 0.0 0.1 0.0 9.2


Fund quotas 2.3 0.0 3.5 0.0 2.3


Stocks 0.4 0.0 83.3 99.5 10.7

Other 2.5 0.0 8.9 0.1 3.1

Total portfolio 100.0 100.0 100.0 100.0 100.0


1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.3/ Includes: exchange rate investment funds; short-term investment funds; fixed income investment funds; Multimarket Investment Fund; Indexed Investment Funds; and other funds not yet classified according to Instrução CVM 409, of 8.18.2004.4/ Includes: stocks investment funds; and other stock funds not yet classified according to Instrução CVM 409, of 8.18.2004.5/ Mutual privatization funds.


III.5 – Mutual investment funds

###R$ million

Period

Net worth Net inflow Net worth Net inflow Net worth Net inflow

(balance) (flow) (balance) (flow) (balance) (flow)

2003 Dec 466 793 10 249 13 318 1 124 41 669 -81

2004 Dec 541 965 -4 616 17 185 -16 49 491 686

2005 Dec 653 714 -2 152 20 393 351 59 878 -447

2006 Jan 677 468 13 101 21 628 946 68 605 2 082

Feb 697 470 10 969 21 773 -98 68 238 285

Mar 718 936 12 423 21 745 -344 67 467 264

Apr 727 417 968 22 534 564 70 815 116

May 735 192 2 433 22 955 112 68 722 994

Jun 740 778 472 22 300 -901 68 003 48

Jul 749 639 -1 573 22 830 273 68 787 74

Aug 761 596 1 104 21 299 -1 803 67 971 374

Sep 772 739 2 714 21 422 -103 74 578 611

Oct 777 800 -3 899 21 491 -162 78 201 470

Nov 789 358 1 793 21 498 -215 81 907 -73

Dec 794 875 -1 343 23 180 1 464 88 164 587

2007 Jan 814 832 13 687 22 913 -507 90 785 2 200

Feb 826 769 5 972 24 039 924 92 187 1 755

Mar 833 929 -2 591 24 258 -24 96 054 1 612

Apr 851 809 10 919 24 553 57 101 789 860

May 868 553 8 280 24 344 -446 108 809 2 479

Jun 880 969 8 253 23 812 -743 115 566 3 684

Jul 888 442 5 268 24 851 830 123 390 4 816


Financial investment funds Investment fund of state companies Stock funds


III.6 – Savings deposits and time deposits

###R$ million

Period

Balance1/ Net inflow2/ Balance Net inflow Balance Net inflow Balance Net inflow

2003 Dec 144 242 -6 185 115 257 1 909 27 799 469 143 057 2 378

2004 Dec 188 136 1 451 126 853 2 910 31 413 632 158 267 3 542

2005 Dec 252 339 5 790 135 412 3 743 33 323 606 168 734 4 349

2006 Jan 253 048 -2 766 134 293 -2 019 33 698 138 167 991 -1 881

Feb 258 742 2 874 135 483 379 33 716 -191 169 200 188

Mar 268 149 5 784 132 893 -3 391 33 564 -363 166 456 -3 754

Apr 270 973 23 132 425 -1 277 33 470 -308 165 894 -1 585

May 282 647 8 275 131 757 -1 398 33 499 -170 165 256 -1 568

Jun 286 604 597 133 000 383 33 770 48 166 771 432

Jul 286 752 -3 129 135 025 1 184 34 349 355 169 373 1 539

Aug 285 103 -5 087 135 592 -319 34 623 39 170 215 -280

Sep 279 785 -8 190 138 282 1 829 35 093 239 173 375 2 068

Oct 284 844 2 091 140 127 996 35 567 244 175 694 1 241

Nov 289 377 1 714 143 262 3 125 36 158 417 179 420 3 542

Dec 281 968 -10 121 150 413 6 296 37 523 1 136 187 936 7 432

2007 Jan 283 433 -1 442 150 681 -2 430 38 583 820 189 265 -1 610

Feb 283 969 -1 861 152 538 884 39 145 304 191 683 1 189

Mar 283 128 -3 689 154 473 1 117 39 797 429 194 270 1 546

Apr 285 323 -349 157 093 1 690 40 412 357 197 504 2 047

May 288 816 674 159 034 1 034 40 986 331 200 020 1 365

Jun 292 062 833 161 814 1 843 41 812 568 203 626 2 411

Jul 290 690 -3 994 165 421 2 693 42 878 815 208 299 3 508

1/ Data refer to Art. 1st of Circular 2,132, dated 2.6.1992.

2/ Data refer to Art. 2nd of Circular 2,132, dated 2.6.1992. Since September/1999, this value change to balance variation.

Savings and Loans

Time deposits Savings deposits

Brazilian System of Rural Total


III.7 – Nominal income of major financial investments

#% p.m.

Period Savings1/ Gold5/ Commercial Ibovespa5/

exchange

Individuals No financial Average3/ Investment Stocks rate5/

corporate funds of state

entities companies

2003 Dec 0.69 1.18 1.29 1.28 1.34 11.77 2.93 -2.04 10.17

2004 Dec 0.74 1.31 1.39 1.38 1.46 5.13 -4.14 -2.79 4.25

2005 Dec 0.73 1.25 1.36 1.35 1.58 5.90 9.66 6.06 4.82

2006 Jan 0.73 1.23 1.35 1.34 1.36 11.06 5.70 -5.33 14.73

Feb 0.57 0.96 1.05 1.05 1.12 -1.02 -4.17 -3.63 0.59

Mar 0.61 1.16 1.30 1.30 1.42 -1.30 3.07 1.73 -1.71

Apr 0.59 0.83 0.95 0.94 1.02 4.81 9.18 -3.83 6.36

May 0.69 1.10 1.22 1.21 1.36 -4.29 12.73 10.11 -9.50

Jun 0.69 1.02 1.14 1.13 1.12 -1.07 -13.31 -5.92 0.27

Jul 0.68 1.02 1.12 1.12 1.17 1.06 3.49 0.55 1.22

Aug 0.74 1.08 1.17 1.17 1.25 -1.71 -1.80 -1.72 -2.28

Sep 0.65 0.91 0.97 0.97 1.07 8.89 -5.03 1.66 0.60

Oct 0.69 0.90 0.95 0.95 1.09 4.26 1.69 -1.44 7.72

Nov 0.63 0.88 0.93 0.93 1.03 4.85 7.23 1.11 6.80

Dec 0.65 0.83 0.86 0.86 0.98 6.91 -3.87 -1.33 6.06

2007 Jan 0.72 0.93 0.97 0.97 1.04 0.47 3.22 -0.62 0.38

Feb 0.57 0.74 0.77 0.77 0.86 -0.34 1.34 -0.70 -1.68

Mar 0.69 0.90 0.95 0.95 1.01 2.42 -1.54 -2.82 4.36

Apr 0.63 0.80 0.83 0.83 0.97 5.07 3.91 -0.80 6.88

May 0.67 0.87 0.90 0.90 0.97 4.45 -5.48 -5.16 6.77

Jun 0.60 0.78 0.78 0.78 0.88 2.81 -3.41 -0.14 4.06

Jul 0.61 0.86 0.86 0.86 0.89 2.66 -2.59 -2.52 -0.39

1/ Reference rate (TR) +0,5% per month; earning refer to savings deposits with anniversary on the 1st of month following the month indicated (greater occurrence).

2/ Funding rates as in Circular 2,132/91 article 2º. Average monthly rate for a 30-day period.

3/ Average CDB rate contracted during the month. Those obtained from institutional investors and financial institutions are included.

4/ Average yield estimate based on financial institution figures. 5/ Change at the end of the period.

Banking certificates Investment funds4/

of deposits2/


III.8 – One-day ID futures contracts Adjustment rates, traded volumes and outstanding contracts####

Period

1st 2nd 3rd 4th 5th 6th 7th 1st to 4th 5th and 6th 7th 1st to 4th 5th and 6th 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month month months month month months month month

2003 Dec 16.24 16.12 15.97 15.88 15.77 15.80 15.88 11 818 12 315 2 969 900 724 426

2004 Dec 17.71 17.84 18.02 18.16 18.29 18.17 17.81 20 866 7 837 6 820 1 622 630 485

2005 Dec 17.93 17.71 17.56 17.37 16.86 16.56 16.39 28 380 6 749 17 834 2 911 794 1 927

2006 Jan 17.10 17.19 16.93 16.77 16.34 16.05 15.89 30 392 10 526 23 465 2 858 1 032 2 379

Feb 17.29 16.67 16.48 16.23 15.99 15.57 15.34 10 482 8 925 30 863 1 291 1 200 2 826

Mar 16.51 16.24 15.95 15.68 15.22 14.96 14.83 12 727 16 476 22 735 1 772 1 355 2 211

Apr 15.70 15.66 15.39 15.26 14.99 14.77 14.69 10 647 17 714 23 872 1 476 1 576 2 444

May 15.65 15.28 15.29 15.29 15.21 15.22 15.28 12 843 17 848 27 981 1 820 1 639 2 629

Jun 15.18 15.01 14.87 14.76 14.66 14.68 14.79 12 813 11 086 21 839 2 131 1 549 2 231

Jul 14.60 14.63 14.52 14.48 14.40 14.41 14.46 11 467 15 657 23 914 1 090 1 838 2 505

Aug 14.11 14.14 14.09 14.03 14.00 13.94 13.94 13 532 17 011 26 113 1 285 2 018 2 765

Sep 14.18 13.96 13.83 13.74 13.58 13.52 13.57 17 990 11 701 31 113 2 150 1 294 2 327

Oct 13.65 13.60 13.44 13.34 13.18 13.06 13.01 22 860 11 202 30 243 1 734 1 356 2 709

Nov 13.13 13.15 13.12 13.05 12.99 12.86 12.77 25 229 16 389 33 511 2 061 1 506 3 033

Dec 13.17 13.08 12.96 12.83 12.59 12.46 12.37 20 458 8 617 33 335 2 741 1 148 3 020

2007 Jan 12.91 12.89 12.81 12.72 12.60 12.46 12.37 20 836 12 435 39 962 1 794 1 394 3 503

Feb 12.90 12.71 12.63 12.56 12.48 12.26 12.15 14 176 15 597 51 899 1 798 1 821 3 498

Mar 12.66 12.57 12.33 12.32 12.13 11.99 11.84 17 936 17 197 33 273 3 325 2 009 2 394

Apr 12.33 12.35 12.23 12.14 11.90 11.61 11.36 31 277 26 889 38 405 2 058 2 125 2 741

May 12.39 12.06 11.92 11.82 11.69 11.35 11.11 23 155 21 185 45 571 2 401 2 441 3 131

Jun 11.89 11.72 11.58 11.46 11.16 10.89 10.76 19 819 26 798 60 235 2 392 2 048 3 110

Jul 11.37 11.39 11.29 11.20 11.08 10.99 10.94 12 932 21 360 52 186 1 251 2 214 3 576

Source: BM&F

1/ Adjustment rates of contracts in the last working day of the month. Rates of contracts falling due in the first four months subsequent to the reference month (1st to 4th maturity)

and those falling due in the first months of the following quarters (5th to 7th maturity, months of January, April, July and October) are shown.

2/ Daily average.

3/ Outstanding contracts at the end of session.

Interest rates1/ Traded volumes2/ Outstanding contracts3/

% p.y. (R$ million) (thousand)


III.9 – Dollar futures contracts Adjustment prices, traded volumes and outstanding contracts#####

Period

1st 2nd 3rd 1st 2nd 3rd to 7th 3rd 2nd 3rd to 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month month month month

2003 Dec 2.8892 2.9419 2.9704 7 928 1 597 106 111 104 16

2004 Dec 2.6544 2.6863 2.7139 11 842 2 434 183 146 139 20

2005 Dec 2.3407 2.3478 2.3668 16 309 2 139 413 197 191 87

2006 Jan 2.2160 2.2273 2.2493 15 113 2 816 429 171 244 105

Feb 2.1355 2.1631 2.1781 19 383 3 403 422 195 268 107

Mar 2.1724 2.1814 2.2020 20 611 3 156 344 192 279 108

Apr 2.0892 2.1049 2.1220 17 990 3 660 343 169 254 101

May 2.3005 2.3421 2.3622 24 797 3 131 452 157 252 92

Jun 2.1643 2.1829 2.2016 18 924 3 251 302 188 201 91

Jul 2.1762 2.1931 2.2070 16 073 2 617 255 144 216 91

Aug 2.1388 2.1564 2.1707 18 728 2 791 342 170 238 98

Sep 2.1742 2.1841 2.1971 23 106 3 493 442 214 280 105

Oct 2.1430 2.1553 2.1668 19 823 3 621 417 195 309 114

Nov 2.1668 2.1769 2.1913 20 898 4 531 460 225 285 105

Dec 2.1380 2.1477 2.1576 18 846 3 972 262 217 317 104

2007 Jan 2.1247 2.1313 2.1431 20 782 3 820 426 261 353 123

Feb 2.1182 2.1271 2.1361 29 102 6 042 285 204 336 129

Mar 2.0504 2.0668 2.0766 29 328 5 983 416 328 306 138

Apr 2.0339 2.0443 2.0528 26 354 4 577 427 297 391 163

May 1.9289 1.9324 1.9414 30 182 5 052 312 416 515 158

Jun 1.9262 1.9374 1.9456 33 296 5 061 447 359 392 207

Jul 1.8776 1.8910 1.8971 30 293 4 924 291 282 373 229

Source: BM&F

1/ Adjustment prices of contracts corresponding to the last working day of the first three maturities.

2/ Daily average.


Outstanding contracts3/

(R$/US$) (R$ million) (thousand)Adjustment prices1/ Traded volumes2/


III.10 – Forward rate agreement on the ID x U.S. Dollar spread Adjustment rates, traded volumes and outstanding contracts####

Period

2nd 3rd 4th 5th 6th 7th 1st to 3rd 4th and 5th 6th and 7th 1st to 4th 4th and 5th 6th and 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month months month month months month month

2003 Dec 1.05 1.34 1.79 2.26 2.73 3.13 6 590 2 648 4 740 378 147 309

2004 Dec 2.26 2.36 2.56 2.78 2.95 3.16 8 561 1 965 2 597 398 104 291

2005 Dec 4.32 4.28 4.27 4.28 4.31 4.36 4 208 1 219 2 596 393 91 310

2006 Jan 4.68 4.70 4.71 4.73 4.72 4.78 2 493 1 268 3 278 366 111 357

Feb 4.72 4.81 4.78 4.80 4.83 4.84 3 216 1 276 2 699 315 139 406

Mar 4.03 4.21 4.57 4.66 4.78 4.89 3 961 1 177 1 416 376 165 314

Apr 4.10 4.40 4.51 4.61 4.74 4.86 4 286 1 288 1 365 415 160 326

May 4.12 4.15 4.55 4.75 5.03 5.22 3 967 1 256 1 637 354 179 347

Jun 4.69 4.86 4.94 5.04 5.13 5.25 3 027 544 711 364 124 317

Jul 5.06 5.09 5.09 5.16 5.25 5.31 2 547 981 1 818 334 125 334

Aug 5.22 5.26 5.27 5.30 5.31 5.32 3 049 1 277 2 157 354 120 380

Sep 5.15 5.24 5.27 5.30 5.30 5.29 4 006 425 1 628 474 92 377

Oct 5.18 5.08 5.22 5.28 5.30 5.33 3 879 356 1 012 415 100 383

Nov 4.97 5.12 5.20 5.22 5.30 5.34 3 727 543 1 800 476 113 388

Dec 5.16 5.17 5.20 5.25 5.32 5.35 4 728 499 1 658 470 109 362

2007 Jan 5.57 5.53 5.46 5.47 5.52 5.59 3 848 500 1 293 480 118 399

Feb 6.18 6.21 6.15 5.94 5.86 5.88 3 785 1 531 2 341 357 168 447

Mar 6.31 6.05 5.83 5.70 5.72 5.71 5 050 2 351 2 356 577 257 373

Apr 5.72 5.60 5.55 5.52 5.52 5.52 6 164 1 791 1 981 629 309 440

May 6.14 6.03 6.09 5.99 5.97 5.98 5 798 2 777 2 152 735 336 489

Jun 6.16 6.24 6.26 6.27 6.26 6.26 5 393 1 240 1 511 823 289 440

Jul 6.15 6.36 6.15 6.17 6.20 6.24 5 047 1 253 1 273 675 279 470

Source: BM&F

1/ Adjustment rates of contracts in the last working day of the month. Rates of contracts falling due between the 2nd and the 4th month subsequent to the reference month

(2nd to 4th maturity) and those falling due in the first months fo the following three quarters (5th to 7th maturity, months of January, April, July and October) are shown.

2/ Daily average.


Interest rates1/ Traded volumes2/ Outstanding contracts3/

% p.y. (R$ million) (thousand)


III.11 – Capital market Primary issue

R$ million

Period

Value Amount Value Amount Value Amount Value Amount Value Amount

2003 Dec - - 969 4 300 1 95 1 196 3

2004 Dec 1 076 2 769 4 - - 46 5 - -

2005 Dec 380 2 1 565 3 570 1 1 085 3 - -

2006 Jan - - 1 750 2 900 1 36 7 - -

Feb 2 128 4 780 3 - - 99 5 - -

Mar 905 3 2 190 2 - - 120 4 - -

Apr 1 498 7 1 350 4 - - 7 2 - -

May 155 1 338 1 373 1 - - - -

Jun 173 1 4 900 3 - - 51 2 - -

Jul 5 300 4 32 859 10 2 893 6 120 35 - -

Aug - - 50 1 75 1 43 3 1 1

Sep 474 1 1 610 4 700 4 278 8 1 1

Oct 2 545 4 1 597 5 800 1 51 4 - -

Nov 565 2 4 100 1 460 2 171 4 73 4

Dec 477 2 17 939 11 350 3 92 3 - -

2007 Jan 2 138 4 - - 650 2 27 3 1 1

Feb 1 885 3 250 1 340 1 11 1 15 1

Mar 2 504 4 317 2 460 4 225 11 24 1

Apr 3 895 10 2 502 4 10 1 109 3 1 1

May - - 1 207 3 919 3 135 4 177 3

Jun 5 294 10 550 2 400 1 22 3 1 1

Jul 7 908 14 24 181 15 5 304 2 26 2 88 1

Source: CVM

Quotas of real state

receipts investment funds

Stocks Corporate Commercial Real state receivable

bonds papers


III.12 – Capital market Secondary market indicators

R$ million

Period

Volume1/

Ibovespa Dow Jones Nasdaq Ibovespa Dow Jones Nasdaq Bovespa

NYSE NYSE

2003 Dec 22 236 10 454 2 003 10.2 6.9 2.2 1 175.0

2004 Dec 26 196 10 800 2 178 4.3 3.6 3.9 1 517.5

2005 Dec 33 455 10 718 2 205 4.8 -0.8 -1.2 1 754.7

2006 Jan 38 382 10 865 2 306 14.7 1.4 4.6 2 199.7

Feb 38 610 11 062 2 287 0.6 1.8 -0.8 2 672.5

Mar 37 951 11 151 2 340 -1.7 0.8 2.3 2 175.0

Apr 40 363 11 367 2 323 6.4 1.9 -0.7 2 518.1

May 36 530 11 168 2 179 -9.5 -1.7 -6.2 2 949.0

Jun 36 630 11 150 2 172 0.3 -0.2 -0.3 2 240.4

Jul 37 077 11 186 2 091 1.2 0.3 -3.7 1 752.0

Aug 36 232 11 381 2 184 -2.3 1.7 4.4 2 176.1

Sep 36 449 11 679 2 258 0.6 2.6 3.4 2 082.4

Oct 39 262 12 081 2 367 7.7 3.4 4.8 2 511.6

Nov 41 931 12 222 2 432 6.8 1.2 2.7 2 707.3

Dec 44 473 12 463 2 415 6.1 2.0 -0.7 3 152.2

2007 Jan 44 641 12 622 2 464 0.4 1.3 2.0 2 938.6

Feb 43 892 12 269 2 416 -1.7 -2.8 -1.9 4 149.6

Mar 45 804 12 354 2 422 4.4 0.7 0.2 3 480.8

Apr 48 956 13 063 2 525 6.9 5.7 4.3 4 219.8

May 52 268 13 628 2 605 6.8 4.3 3.1 3 969.4

Jun 54 392 13 409 2 603 4.1 -1.6 0.0 5 243.9

Jul 54 182 13 212 2 546 -0.4 -1.5 -2.2 4 796.3

Sources: Bovespa, Dow Jones and Nasdaq

1/ Daily average.

Stock exchanges

Index Variation accumulated in month (%)


III.13 – Market value Open capital companies – Bovespa

##

Period

R$ billion Variation % US$ billion1/ Variation % R$ billion Variation % US$ billion1/ Variation % Number of

companies

2003 Dec 493.6 14.27 170.9 16.65 676.7 13.07 234.2 15.43 369

2004 Dec 642.0 6.20 241.9 9.25 904.9 6.67 340.9 9.74 358

2005 Dec 841.2 4.04 359.4 -1.90 1 128.5 5.03 482.1 -0.97 343

2006 Jan 1 229.2 46.12 554.7 54.34 1 292.0 14.49 583.1 20.94 339

Feb 978.4 -20.40 458.2 -17.40 1 298.1 0.47 607.9 4.26 340

Mar 963.8 -1.50 443.7 -3.17 1 285.3 -0.99 591.7 -2.67 336

Apr 1 039.8 7.89 497.7 12.18 1 368.0 6.43 654.8 10.67 341

May 961.4 -7.54 417.9 -16.04 1 299.1 -5.04 564.7 -13.76 341

Jun 952.5 -0.92 440.1 5.31 1 283.5 -1.20 593.1 5.02 339

Jul 968.5 1.69 445.1 1.13 1 271.7 -0.93 584.4 -1.47 342

Aug 949.6 -1.96 444.0 -0.24 1 268.0 -0.29 592.9 1.46 340

Sep 986.8 3.92 453.9 2.23 1 269.1 0.09 583.7 -1.54 341

Oct 1 046.3 6.02 488.2 7.57 1 352.6 6.58 631.2 8.13 346

Nov 1 114.5 6.52 514.4 5.35 1 457.5 7.76 672.7 6.57 347

Dec 1 180.7 5.94 552.2 7.36 1 544.9 6.00 722.6 7.43 350

2007 Jan 1 229.2 4.11 578.5 4.76 1 582.6 2.44 744.8 3.08 352

Feb 1 198.8 -2.47 568.2 -1.79 1 563.8 -1.19 741.2 -0.50 355

Mar 1 245.9 3.93 607.6 6.95 1 630.0 4.24 795.0 7.26 359

Apr 1 318.7 5.84 648.3 6.70 1 750.2 7.37 860.5 8.24 366

May 1 430.7 8.49 741.7 14.40 1 899.9 8.56 985.0 14.46 367

Jun 1 462.4 2.22 759.2 2.36 1 970.8 3.73 1 023.2 3.88 374

Jul 1 467.7 0.36 781.7 2.96 2 121.4 7.64 1 129.8 10.42 388

Source: São Paulo Stock Exchange (Bovespa)

1/ Exchange rate (selling price) end of period.

Value of companies listed in the Bovespa index Total value of companies listed in Bovespa

Public Finance

Statistical Tables IV


Explanatory note to the tables in Chapter IV of the Boletim do Banco Central do Brasil

With the objective of adjusting the data from the Banco Central do Brasil Bulletin to the current economic reality, alterations have been carried out in Chapter IV, Public Finance, as of volume 42, number 3. Such alterations concern the exclusion of some tables and the inclusion of new ones. The excluded tables show data that have become irrelevant in the current scenario of price stablility and floating exchange rate. The data belonging to those tables are still available in the Banco Central time series. Parallel to this, the new tables introduce data that help to analyze more accurately the public debt management policy regarding terms, growth conditioning factors and open market and swap operations.

The sequence of some tables has also been changed, as follows:

Tables excluded

Number Title

IV.11 Federal domestic securities and open market operations – Percentage share of indexIV.15 Net Public Sector Debt (NPSD) – In US$IV.17 Public Sector Borrowing Requirements (PSBR) – Flows in 12 monthsIV.18 PSBR – 12-month flow at price of last month indecatedIV.19 PSBR – With exchange devaluation on the internal securities debt – Cumulative flows for the year as % of GDPIV.20 PSBR – With exchange devaluation on the internal securities debt – 12-month flowsIV.21 PSBR – With exchange devaluation on the internal securities debt – 12-month flows at price of last month indicatedIV.22 PSBR – State-owned companies – 12-month flowsIV.23 PSBR – State-owned companies – 12-month flows at price of last month indicated

Tables included

Number Title

IV.11 Federal domestic securities and open market operations – Percentage share of indexIV.12 Duration and term of federal securities – Securities issued through public offerIV.13 Federal securities – Maturity scheduleIV.17 Net public debt – Percentage share of indexIV.18 Net debt evolution – condictioning factors – Monthly flowsIV.19 Net debt evolution – Condictioning factors – Flows accumulated in the yearIV.20 Gross and net general government debtIV.21 Public sector borrowing requirements – Monthly flowsIV.23 Public sector borrowing requirements – Flows in 12 months

Version Number of table

Previous IV.12 IV.13 IV.14 IV.16 IV.26 IV.27New IV.14 IV.15 IV.16 IV.22 IV.25 IV.26


IV.1 – Central Government primary result Above the line concept

Flows in R$ million

End-

of-

period National Treasury Social Security Total National Treasury Social Security Total

(a) (b) c = (a+b) (d) (e) f = (d+e)

2000 180 801 55 717 236 518 147 344 65 787 213 131

2001 207 549 62 490 270 039 172 283 75 328 247 611

2002 248 602 71 027 319 629 199 111 88 028 287 139

2003 274 933 80 731 355 664 209 043 107 135 316 178

2004 324 612 93 765 418 377 242 925 125 751 368 6762005 378 550 108 433 486 983 287 844 146 010 433 854

2006 418 161 123 521 541 682 325 994 165 586 491 580

Jan 37 277 8 204 45 481 28 395 13 048 41 443

Feb 29 130 9 319 38 449 23 139 11 759 34 898

Mar 32 110 9 194 41 304 22 242 11 806 34 048

Apr 39 503 9 281 48 784 22 150 11 891 34 041

May 32 634 9 573 42 207 26 366 12 885 39 251

Jun 34 590 9 656 44 246 25 444 12 812 38 256

Jul 34 969 9 734 44 703 28 516 13 172 41 688

Aug 35 272 10 020 45 292 25 784 13 121 38 905

Sep 34 187 10 420 44 607 25 070 18 987 44 057

Oct 36 352 10 315 46 667 25 909 13 358 39 267

Nov 32 101 10 414 42 515 29 439 13 301 42 740Dec 40 036 17 391 57 427 43 540 19 446 62 986

2007 271 664 74 032 345 696 198 443 98 027 296 470

Jan 42 523 9 477 52 000 26 942 13 173 40 115

Feb 32 613 10 437 43 050 26 241 13 232 39 473

Mar 37 027 10 534 47 561 28 299 15 225 43 524

Apr 44 231 10 622 54 853 26 864 13 487 40 351

May 37 291 10 838 48 129 29 213 14 187 43 400

Jun 38 395 10 929 49 324 29 642 14 315 43 957

Jul 39 584 11 195 50 779 31 242 14 408 45 650

(continues)

Revenues Expenditures


IV.1 – Central Government primary result Above the line concept

(concluded) Flows in R$ million

End- Banco Central result Central government result1/

of-

period National Treasury Social Security Total

g = (a-d) h = (b-e) i = (g+h) (j) k = (i+j)

2000 33 457 -10 070 23 387 -477 22 910

2001 35 266 -12 838 22 428 -690 21 738

2002 49 491 -17 001 32 490 -777 31 713

2003 65 890 -26 404 39 486 -195 39 291

2004 81 688 -31 986 49 701 -336 49 3652005 90 706 -37 577 53 129 -314 52 815

2006 92 167 -42 065 50 102 -170 49 932

Jan 8 882 -4 844 4 038 -16 4 022

Feb 5 991 -2 440 3 551 22 3 573

Mar 9 868 -2 612 7 256 4 7 260

Apr 17 353 -2 610 14 743 -17 14 726

May 6 268 -3 312 2 956 -11 2 945

Jun 9 146 -3 156 5 990 -73 5 917

Jul 6 453 -3 438 3 015 -5 3 010

Aug 9 488 -3 101 6 387 -22 6 365

Sep 9 117 -8 567 550 -39 511

Oct 10 443 -3 043 7 400 -6 7 394

Nov 2 662 -2 887 -225 30 -195Dec -3 504 -2 055 -5 559 -37 -5 596

2007 73 221 -23 995 49 226 -378 48 848

Jan 15 581 -3 696 11 885 -59 11 826

Feb 6 372 -2 795 3 577 -18 3 559

Mar 8 728 -4 691 4 037 -32 4 005

Apr 17 367 -2 865 14 502 -85 14 417

May 8 078 -3 349 4 729 -38 4 691

Jun 8 753 -3 386 5 367 -69 5 298

Jul 8 342 -3 213 5 129 -77 5 052

Source: STN

1/ (+) = surplus; (-) = deficit.

Federal government result


IV.2 – National Treasury performance summaryCash basis

Flows in R$ million

End- Revenues1/ Expenditures Cash Federal Remuneration of Result of Federal security Renegotiation of Domestic and Resources

of- balance security available funds the Banco charges – Banco foreign debt and external available

period operations in the Banco Central Central portfolio acquirement contracted

Central of warranties debt

amortization

2000 239 403 252 634 -13 231 32 796 12 303 - -4 313 0 -15 472 12 083

2001 272 109 283 755 -11 646 57 353 15 966 1 138 -6 225 0 -18 325 38 261

2002 328 257 338 008 -9 751 4 217 35 420 - -11 780 0 -16 865 1 241

2003 370 911 367 665 3 246 66 265 19 848 - -15 696 0 -38 632 35 031

2004 436 351 417 309 19 042 13 653 18 447 7 998 -22 560 0 -20 546 16 035

2005 497 009 504 219 -7 210 70 800 28 378 0 -26 242 0 -25 696 40 030

2006 555 487 588 152 -32 665 125 918 28 024 1 025 -40 049 0 -39 044 43 209

Jan 33 811 48 186 -14 375 14 723 2 688 0 -380 0 -4 441 -1 785

Feb 42 099 39 882 2 217 22 149 1 885 0 -900 0 -5 350 20 001

Mar 41 712 37 318 4 394 4 916 2 736 1 025 -100 0 -3 238 9 733

Apr 41 830 47 111 -5 281 -26 514 2 516 0 -4 999 0 -14 448 -48 726

May 47 218 47 447 -229 -24 032 3 109 0 -7 298 0 -362 -28 812

Jun 46 994 49 229 -2 235 42 402 1 884 0 -3 548 0 -1 937 36 566

Jul 43 989 54 402 -10 413 -6 904 1 741 0 -5 524 0 -4 271 -25 371

Aug 46 981 49 316 -2 335 15 667 1 796 0 -4 080 0 -877 10 171

Sep 47 838 47 709 129 28 325 2 716 0 -1 775 0 -2 165 27 230

Oct 46 237 48 901 -2 664 4 769 1 877 0 -4 600 0 -1 661 -2 279

Nov 50 047 59 945 -9 898 19 695 2 403 0 -4 447 0 110 7 863

Dec 66 731 58 706 8 025 30 722 2 673 0 -2 398 0 -404 38 618

2007 344 784 363 846 -19 062 84 683 16 192 0 -25 500 0 -17 292 39 021

Jan 41 190 50 423 -9 233 1 323 1 933 0 -6 100 0 -251 -12 328

Feb 48 280 44 663 3 617 35 248 1 982 0 -600 0 -4 428 35 819

Mar 47 699 51 416 -3 717 13 978 2 577 0 -5 100 0 -2 854 4 884

Apr 53 271 46 609 6 662 2 485 2 300 0 -3 500 0 -4 527 3 420

May 52 080 59 215 -7 135 30 756 1 989 0 -1 000 0 -2 803 21 807

Jun 52 110 55 324 -3 214 24 942 3 032 0 -3 700 0 -236 20 824

Jul 50 154 56 196 -6 042 -24 049 2 379 0 -5 500 0 -2 193 -35 405

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


IV.3 – National Treasury revenues1/

Cash basis

Flows in R$ million

End- Fiscal revenue Revenues of government Social Security Total revenues

of- credit operations and earnings net inflow

period on available resources in the BB

2000 172 658 11 297 55 448 239 403

2001 192 796 13 319 65 994 272 109

2002 238 121 13 511 76 625 328 257

2003 269 313 14 736 86 862 370 911

2004 316 643 17 858 101 850 436 351

2005 362 069 20 033 114 907 497 009

2006 403 416 21 639 130 432 555 487

Jan 23 802 1 607 8 402 33 811

Feb 31 046 1 129 9 924 42 099

Mar 29 845 2 263 9 604 41 712

Apr 30 727 1 349 9 754 41 830

May 35 520 2 330 9 368 47 218

Jun 33 490 2 513 10 991 46 994

Jul 32 012 1 632 10 345 43 989

Aug 35 431 1 927 9 623 46 981

Sep 34 303 1 464 12 071 47 838

Oct 33 203 1 991 11 043 46 237

Nov 37 402 1 726 10 919 50 047

Dec 46 635 1 708 18 388 66 731

2007 253 940 11 810 79 034 344 784

Jan 30 162 1 864 9 164 41 190

Feb 35 315 1 528 11 437 48 280

Mar 34 130 1 772 11 797 47 699

Apr 40 509 1 746 11 016 53 271

May 40 231 1 640 10 209 52 080

Jun 37 754 1 266 13 090 52 110

Jul 35 839 1 994 12 321 50 154

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


IV.4 – National Treasury expenditures1/

Cash basis

Flows in R$ million

End- Payroll and Transfers to Other Federal Government Charges on Current expen- Social Total

of- social levies states and earmarkings security credit contracted debt ditures, invest- Security expenditures

period municipalities charges2/ operations – domestic and ment amount benefits

external to be paid

2000 57 177 39 357 8 233 25 042 2 965 13 542 39 502 66 816 252 634

2001 63 347 45 495 9 253 21 518 4 453 16 893 47 372 75 424 283 755

2002 72 874 55 657 9 948 27 006 3 793 19 656 58 378 90 696 338 008

2003 78 198 59 253 13 359 23 740 4 675 29 177 51 316 107 947 367 665

2004 88 254 67 018 14 548 31 682 4 664 14 512 72 266 124 366 417 309

2005 99 460 83 804 17 590 49 585 23 479 4 503 82 538 143 260 504 219

2006 108 386 91 455 19 938 91 847 4 910 15 487 94 184 161 945 588 152

Jan 11 236 8 201 2 398 8 806 277 1 412 4 805 11 051 48 186

Feb 8 228 7 243 682 3 510 367 1 932 6 601 11 319 39 882

Mar 8 251 6 109 627 4 507 98 -67 5 831 11 962 37 318

Apr 7 581 7 099 3 103 8 712 236 1 264 6 659 12 457 47 111

May 8 081 8 532 1 574 9 615 315 173 6 633 12 524 47 447

Jun 10 268 8 040 1 648 6 794 356 2 001 7 832 12 290 49 229

Jul 8 418 7 202 1 495 13 237 487 2 426 8 531 12 606 54 402

Aug 8 302 7 848 1 622 5 921 290 2 487 7 637 15 209 49 316

Sep 8 187 6 482 1 717 4 245 306 2 902 7 166 16 704 47 709

Oct 8 035 6 665 1 691 10 450 450 -33 8 699 12 944 48 901

Nov 11 668 9 140 1 611 12 030 470 546 9 130 15 350 59 945

Dec 10 131 8 894 1 770 4 020 1 258 444 14 660 17 529 58 706

2007 65 123 57 630 12 292 62 263 12 734 2 589 57 274 93 941 363 846

Jan 9 990 7 776 1 789 13 222 362 266 4 828 12 190 50 423

Feb 8 526 8 460 1 604 2 514 3 267 557 6 593 13 142 44 663

Mar 9 743 6 849 1 495 9 801 1 745 438 8 295 13 050 51 416

Apr 8 317 8 355 1 925 4 696 1 854 294 7 257 13 911 46 609

May 8 452 9 234 1 806 8 100 3 873 437 13 500 13 813 59 215

Jun 10 740 9 505 1 794 9 400 640 464 8 567 14 214 55 324

Jul 9 355 7 451 1 879 14 530 993 133 8 234 13 621 56 196

Source: STN

1/ As of January 2000, Social Security benefits were also included.

2/ Excludes charges on Banco Central's portfolio.


IV.5 – Social Security Cash basis

R$ million

End- Operating Social

of- balance Security

period Inflow1/ Other National Federal Total Other Transfer Total balance5/

reve- Treasury govern- expen- to third

nues2/ revenue ment Social Other ditures3/ parties4/

antici- transfer Security

pation

(a) (b) (c) (d) e=(a+b+c+d) (f) (g) (h) (i) j=(f+g+h+i) k=(e-j)

2000 59 605 533 1 760 15 283 77 181 65 787 2 721 4 072 3 889 76 469 712 -10 071

2001 66 996 635 -3 20 543 88 171 75 328 3 368 4 830 4 506 88 032 139 -12 838

2002 76 080 361 2 939 25 652 105 032 88 028 4 083 4 980 5 053 102 144 2 888 -17 001

2003 86 588 602 -3 238 38 275 122 227 107 135 5 062 5 304 5 857 123 359 -1 131 -26 405

2004 101 126 2 610 6 885 49 380 160 000 125 751 8 168 10 463 7 360 151 742 8 259 -31 985

2005 115 954 882 10 324 45 553 172 713 146 009 10 001 8 267 7 519 171 796 917 -37 574

2006 133 016 1 368 -359 67 732 201 757 165 585 12 332 13 097 9 493 200 507 1 250 -42 062

Jan 9 435 56 -7 642 13 879 15 728 13 048 907 1 145 1 231 16 331 -603 -4 844

Feb 10 010 124 -4 759 9 127 14 502 11 759 904 874 692 14 229 273 -2 441

Mar 9 914 716 3 009 1 265 14 904 11 806 919 1 477 720 14 922 -18 -2 612

Apr 9 966 6 3 541 1 999 15 512 11 891 921 869 685 14 366 1 146 -2 610

May 10 287 28 -279 5 246 15 282 12 885 1 062 859 713 15 519 -237 -3 311

Jun 10 417 77 -1 365 6 395 15 524 12 812 1 081 973 761 15 627 -103 -3 156

Jul 10 464 111 1 412 3 607 15 594 13 172 1 077 1 048 730 16 027 -433 -3 438

Aug 10 801 23 5 623 1 806 18 253 13 121 1 080 989 780 15 970 2 283 -3 100

Sep 11 180 -11 1 468 7 369 20 006 18 986 1 097 1 137 760 21 980 -1 974 -8 566

Oct 11 122 97 -4 678 9 727 16 268 13 358 1 081 1 042 807 16 288 -20 -3 043

Nov 11 218 32 5 360 2 045 18 655 13 301 1 087 1 131 803 16 322 2 333 -2 886

Dec 18 202 109 -2 049 5 267 21 529 19 446 1 116 1 553 811 22 926 -1 397 -2 055

2007 81 586 674 371 34 998 117 629 98 027 8 131 4 647 7 553 118 358 -729 -23 994

Jan 10 898 4 -1 339 6 332 15 895 13 173 1 120 1 271 1 420 16 984 -1 089 -3 695

Feb 11 251 89 -4 607 10 169 16 902 13 232 1 113 1 713 814 16 872 30 -2 795

Mar 11 571 81 1 787 5 100 18 539 15 225 1 117 1 217 1 037 18 596 -57 -4 691

Apr 11 657 132 4 148 2 307 18 244 13 487 1 124 1 930 1 035 17 576 668 -2 865

May 11 908 120 -960 6 569 17 637 14 187 1 213 1 197 1 070 17 667 -30 -3 349

Jun 12 012 143 3 837 2 453 18 445 14 315 1 220 1 400 1 083 18 018 427 -3 386

Jul 12 289 105 2 399 2 068 16 861 14 408 1 224 813 1 094 17 539 -678 -3 213

Source: Ministério da Previdência e Assistência Social

1/ Includes: banking inflow, Simples, judicial deposits and inflow reimbursements.

2/ Includes financial earnings and other own payments.

3/ Includes personnel and current expenditures.

4/ Includes transfers to Sesi, Senac, Senai, etc.

5/ Includes banking inflow + Simples + judicial deposits - transfers to third parties reimbursements - social security benefits.

Revenues Expenditures

Benefits


IV.6 – Circulation of Goods and Services Tax (ICMS)

Flows in R$ thousand

End-

of-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

2000 110 475 1 404 444 1 183 937 516 689 101 909 107 821 277 917 3 703 191

2001 132 836 1 655 936 1 480 002 557 721 118 784 118 400 343 415 4 407 094

2002 163 804 1 923 328 1 718 357 622 222 123 889 138 511 416 081 5 106 192

2003 208 455 2 193 498 2 131 688 865 534 134 412 147 463 548 664 6 229 714

2004 257 213 2 612 640 2 405 823 1 057 535 150 919 184 422 606 391 7 274 943

2005 331 512 3 002 409 2 860 873 1 236 212 235 278 189 825 675 784 8 531 893

2006 347 139 3 312 988 3 308 268 1 336 300 287 867 221 277 722 275 9 536 114

Jan 26 953 279 063 294 514 104 617 33 975 19 277 61 392 819 791

Feb 34 074 262 513 244 960 103 202 21 503 16 308 53 649 736 209

Mar 26 921 235 630 237 947 98 447 21 103 17 523 53 912 691 483

Apr 34 949 270 462 249 042 91 759 21 526 18 039 54 486 740 263

May 26 182 275 199 241 865 97 568 21 320 18 948 56 269 737 351

Jun 25 338 276 275 261 863 105 793 20 318 16 839 59 680 766 106

Jul 24 259 280 209 264 629 106 453 20 574 16 839 60 327 773 290

Aug 28 743 276 488 273 658 113 810 20 847 17 051 60 799 791 396

Sep 28 302 302 534 287 441 121 022 28 761 18 740 67 749 854 549

Oct 28 302 305 351 317 540 122 217 25 144 19 236 63 389 881 179

Nov 30 773 300 204 305 633 119 667 24 611 19 104 64 180 864 172

Dec 32 343 249 060 329 176 151 745 28 185 23 373 66 443 880 325

2007 186 474 1 749 800 1 749 234 630 779 124 597 149 288 368 775 4 958 947

Jan 32 411 289 228 323 620 124 216 24 295 29 706 63 821 887 297

Feb 28 892 280 173 283 751 92 311 19 959 25 986 53 125 784 197

Mar 30 424 252 252 262 501 86 451 18 232 22 738 56 308 728 906

Apr* 35 508 307 679 271 196 86 451 21 488 22 738 62 041 807 101

May* 28 877 307 679 319 150 116 100 19 380 22 833 65 793 879 812

Jun* 30 362 312 789 289 016 125 250 21 243 25 287 67 687 871 634

(continues)

North region



(continued) Flows in R$ thousand

End-

of-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

2000 631 455 429 989 1 867 770 791 539 735 897 2 143 971 539 445 489 795 3 763 961 11 393 822

2001 805 428 467 930 2 121 415 911 350 910 423 2 394 617 592 673 578 004 4 242 537 13 024 377

2002 921 537 544 160 2 423 682 1 016 366 925 133 2 865 015 649 029 689 971 5 153 876 15 188 769

2003 979 435 612 351 2 633 551 1 186 566 1 040 965 3 177 689 799 452 764 511 5 871 356 17 065 876

2004 1 185 157 761 713 2 994 082 1 394 632 1 125 408 3 667 070 973 292 873 014 7 132 795 20 107 163

2005 1 464 277 902 279 3 144 614 1 616 467 1 336 564 4 313 803 1 100 365 1 010 709 7 830 841 22 719 919

2006 1 828 237 1 068 978 3 826 301 1 909 777 1 532 786 4 864 101 1 281 320 1 139 482 8 614 710 26 065 692

Jan 154 021 84 234 338 841 160 940 135 168 430 576 115 256 100 167 694 170 2 213 373

Feb 160 992 72 464 272 430 143 668 126 127 375 207 91 863 84 539 674 880 2 002 170

Mar 147 246 101 643 250 481 138 134 114 336 352 086 89 775 80 320 641 591 1 915 612

Apr 139 990 74 699 344 939 138 979 122 308 417 140 100 707 88 690 676 300 2 103 752

May 124 338 78 700 217 845 157 721 121 891 382 259 123 448 85 076 631 302 1 922 580

Jun 136 555 90 301 249 903 153 122 121 705 401 401 96 136 90 605 660 586 2 000 314

Jul 156 069 84 960 286 768 149 641 122 473 396 861 92 282 80 686 659 856 2 029 596

Aug 151 219 90 668 334 445 167 894 130 799 392 404 100 448 88 298 680 917 2 137 092

Sep 180 217 95 735 392 028 191 827 134 919 415 458 94 141 96 132 905 653 2 506 110

Oct 156 539 89 436 404 935 166 201 127 033 402 310 133 497 147 363 831 094 2 458 408

Nov 158 900 108 061 404 935 170 825 133 197 430 356 118 021 98 292 831 094 2 453 681

Dec 162 151 98 077 328 751 170 825 142 830 468 043 125 746 99 314 727 267 2 323 004

2007 967 238 555 008 1 751 946 949 546 792 603 2 566 017 637 170 591 435 4 345 002 13 155 965

Jan 179 314 104 440 312 663 174 588 142 683 466 927 128 623 109 585 820 561 2 439 384

Feb 151 070 92 208 293 946 151 886 135 087 424 288 111 118 96 370 695 437 2 151 410

Mar 159 981 83 186 281 712 147 664 123 491 390 153 101 477 96 370 657 677 2 041 711

Apr* 156 160 88 350 281 712 155 285 126 805 423 538 91 962 96 370 741 942 2 162 124

May* 156 672 89 796 281 712 153 012 126 805 418 322 99 427 96 370 688 975 2 111 091

Jun* 164 041 97 028 300 201 167 111 137 732 442 789 104 563 96 370 740 410 2 250 245

(continues)

Northeast region




End-

of-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

2000 7 562 363 2 004 531 8 169 916 30 618 863 48 355 673 4 355 485 2 756 601 5 643 999 12 756 086

2001 9 223 821 2 490 518 9 368 880 33 693 292 54 776 511 5 002 579 3 290 356 6 706 354 14 999 289

2002 9 543 622 2 381 617 10 409 117 37 254 155 59 588 511 5 786 722 3 858 352 7 441 494 17 086 568

2003 11 026 332 2 934 516 11 180 563 40 289 405 65 430 816 6 709 703 4 663 419 8 988 843 20 361 965

2004 13 221 766 3 732 002 13 051 844 45 922 468 75 928 080 7 824 123 5 258 227 9 637 938 22 720 288

2005 15 637 858 4 635 618 13 396 127 51 001 253 84 670 856 8 759 645 5 836 075 11 381 938 25 977 658

2006 17 018 048 5 091 607 14 804 973 57 788 447 94 703 075 9 254 511 6 129 334 11 813 298 27 197 143

Jan 1 405 100 420 817 1 314 284 4 560 043 7 700 244 807 291 577 546 1 101 593 2 486 430

Feb 1 280 468 398 454 1 076 847 3 742 525 6 498 294 758 622 452 090 893 999 2 104 711

Mar 1 298 561 370 908 1 100 750 4 883 639 7 653 858 809 544 494 138 910 184 2 213 866

Apr 1 305 141 432 688 1 042 952 4 539 463 7 320 244 786 778 494 683 952 411 2 233 872

May 1 358 557 379 309 1 159 611 4 632 751 7 530 228 715 114 501 681 910 858 2 127 653

Jun 1 429 944 416 988 1 186 907 4 576 974 7 610 813 797 858 504 869 1 043 200 2 345 927

Jul 1 449 007 414 504 1 221 351 4 456 721 7 541 583 679 621 522 299 931 671 2 133 591

Aug 1 437 896 419 380 1 233 337 4 583 451 7 674 064 700 312 519 808 903 043 2 123 163

Sep 1 487 261 441 338 1 330 125 4 733 161 7 991 885 773 037 518 046 1 103 710 2 394 793

Oct 1 516 114 446 314 1 350 755 5 474 834 8 788 017 789 290 503 542 1 055 106 2 347 938

Nov 1 514 358 463 108 1 347 920 6 245 159 9 570 545 818 522 503 542 1 054 210 2 376 274

Dec 1 535 641 487 799 1 440 134 5 359 726 8 823 300 818 522 537 090 953 313 2 308 925

2007 9 129 681 2 766 787 7 525 340 29 614 113 49 035 921 4 802 067 3 300 230 5 877 157 13 979 454

Jan 1 582 451 493 087 1 420 980 5 017 519 8 514 037 876 187 537 090 1 135 879 2 549 156

Feb 1 497 768 471 378 1 231 478 4 732 808 7 933 432 766 061 537 090 901 736 2 204 887

Mar 1 424 182 420 351 1 197 137 4 657 041 7 698 711 735 049 537 090 844 382 2 116 521

Apr* 1 517 036 472 820 1 250 701 4 969 817 8 210 374 825 691 537 090 988 601 2 351 382

May* 1 532 073 440 555 1 239 570 5 148 428 8 360 626 788 342 571 150 993 169 2 352 661

Jun* 1 576 171 468 596 1 185 474 5 088 500 8 318 741 810 737 580 720 1 013 390 2 404 847

(continues)

Southeast region South region



(concluded) Flows in R$ thousand

End- Total – Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

2000 1 414 069 2 178 832 1 415 797 1 037 156 6 045 853 82 269 693

2001 1 598 339 2 615 094 1 543 252 1 243 930 7 000 615 94 156 996

2002 1 797 393 3 020 440 1 864 312 1 332 005 8 014 150 104 984 190

2003 2 206 574 3 698 715 2 474 555 1 859 637 10 239 481 119 327 852

2004 2 580 823 3 978 086 3 321 144 2 349 044 12 229 097 138 259 571

2005 2 935 715 4 223 689 3 413 595 2 666 873 13 239 872 155 140 198

2006 3 316 431 4 698 623 3 156 533 3 009 798 14 181 385 171 683 409

Jan 295 855 351 781 262 271 245 096 1 155 003 14 374 841

Feb 239 899 430 150 217 589 215 508 1 103 146 12 444 530

Mar 249 185 438 550 255 934 251 183 1 194 852 13 669 671

Apr 275 774 249 081 244 186 236 552 1 005 593 13 403 724

May 268 382 414 954 243 729 230 009 1 157 074 13 474 886

Jun 268 468 351 805 236 455 244 411 1 101 139 13 824 299

Jul 259 622 358 511 262 204 245 532 1 125 869 13 603 929

Aug 266 673 385 553 271 088 257 272 1 180 586 13 906 301

Sep 345 026 361 644 281 299 266 439 1 254 408 15 001 745

Oct 288 127 334 650 297 670 273 248 1 193 695 15 669 237

Nov 278 042 471 935 296 786 284 377 1 331 140 16 595 812

Dec 281 378 550 009 287 322 260 171 1 378 880 15 714 434

2007 1 654 336 2 526 354 1 628 102 1 654 371 7 463 163 88 593 450

Jan 293 834 406 612 282 922 288 160 1 271 528 15 661 402

Feb 273 454 389 461 253 795 248 239 1 164 949 14 238 875

Mar 250 535 455 097 252 943 256 261 1 214 836 13 800 685

Apr* 274 813 424 499 273 145 305 621 1 278 078 14 809 059

May* 279 397 411 029 279 599 284 417 1 254 442 14 958 632

Jun* 282 303 439 656 285 698 271 673 1 279 330 15 124 797

Source: MF/Cotepe

Central-west region


IV.7 – Transfers of funds from the National Treasury to states and municipalities1/

Flows in R$ thousand

End-

of-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

2000 576 642 661 023 1 776 434 548 665 428 569 559 640 855 107 5 406 080

2001 677 789 787 902 2 005 565 647 403 496 306 657 762 1 005 421 6 278 148

2002 838 436 981 440 2 407 136 798 482 624 046 812 443 1 244 221 7 706 204

2003 806 909 1 022 779 2 455 353 828 934 645 112 841 386 1 293 359 7 893 832

2004 899 415 1 160 496 2 867 413 934 262 723 684 940 783 1 445 760 8 971 813

2005 1 189 816 1 399 917 3 479 783 1 148 203 890 609 1 140 175 1 783 377 11 031 880

2006 1 211 063 1 418 626 3 416 679 1 165 700 917 802 1 164 233 1 823 135 11 117 238

Jan 127 311 151 420 357 287 123 963 98 575 120 340 194 743 1 173 639

Feb 106 150 117 609 265 877 99 692 81 606 98 756 158 732 928 422

Mar 98 754 110 519 266 936 93 167 73 756 94 089 146 616 883 837

Apr 114 066 130 935 311 000 110 480 85 855 108 391 173 401 1 034 128

May 122 092 136 960 324 267 115 398 91 115 116 853 181 159 1 087 844

Jun 119 418 141 016 348 469 114 012 88 925 116 381 176 837 1 105 058

Jul 109 761 128 207 308 179 107 052 82 669 104 798 167 532 1 008 198

Aug 107 741 122 483 289 938 101 958 80 402 103 199 159 859 965 580

Sep 100 085 116 184 273 673 94 881 75 827 95 897 148 542 905 089

Oct 93 986 112 116 263 430 92 567 74 079 89 885 144 814 870 877

Nov 111 699 151 177 407 623 112 530 84 993 115 644 170 900 1 154 566

Dec 136 006 179 199 463 038 135 426 104 386 134 488 208 055 1 360 598

2007 249 976 279 030 642 304 237 904 190 984 237 396 374 314 2 211 908

Jan 121 278 135 976 312 307 115 421 89 843 115 066 181 579 1 071 470

Feb 128 698 143 054 329 997 122 483 101 141 122 330 192 735 1 140 438

(continues)

North region




End-

of-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

2000 1 907 818 1 035 443 1 915 161 984 945 1 190 380 1 820 528 989 902 821 320 3 138 735 13 804 232

2001 2 191 690 1 202 356 2 233 307 1 160 231 1 392 471 2 122 741 1 153 315 966 278 3 638 125 16 060 514

2002 2 628 286 1 486 891 2 728 306 1 433 804 1 721 706 2 615 138 1 422 104 1 194 339 4 379 973 19 610 547

2003 2 719 188 1 533 372 2 857 616 1 488 531 1 789 569 2 694 589 1 474 817 1 258 616 4 461 652 20 277 950

2004 3 157 013 1 724 381 3 196 328 1 688 132 2 001 261 2 994 544 1 702 931 1 383 037 4 915 312 22 762 939

2005 3 777 860 2 102 916 3 919 078 2 079 390 2 456 758 3 671 357 2 066 631 1 695 165 5 927 035 27 696 190

2006 3 738 031 2 141 340 3 952 852 2 089 761 2 490 894 3 675 688 2 066 818 1 709 748 5 988 955 27 854 087

Jan 384 296 225 535 408 284 218 905 257 735 386 340 215 737 176 978 628 979 2 902 789

Feb 308 461 184 346 330 578 176 936 211 633 295 656 174 664 146 436 499 926 2 328 636

Mar 313 163 172 038 317 811 167 987 202 051 297 247 164 595 139 099 473 779 2 247 770

Apr 362 467 203 281 372 386 197 417 235 181 348 657 191 151 161 600 563 967 2 636 107

May 369 365 214 736 394 697 207 896 249 896 369 282 204 504 172 201 588 757 2 771 334

Jun 349 822 210 977 395 802 205 193 245 205 369 376 204 481 169 248 599 559 2 749 663

Jul 352 559 196 197 361 412 190 869 226 773 338 452 185 230 155 925 551 094 2 558 511

Aug 328 330 189 542 349 084 183 732 220 706 326 484 180 754 152 013 523 343 2 453 988

Sep 306 989 176 150 325 234 171 121 205 334 304 086 168 252 141 298 491 550 2 290 014

Oct 294 907 169 063 311 176 164 366 194 763 291 594 159 260 133 863 481 561 2 200 553

Nov 367 672 199 475 386 388 205 339 241 617 348 514 218 190 161 087 586 440 2 714 722

Dec 425 260 242 249 463 180 246 331 290 621 421 119 258 456 194 888 703 960 3 246 064

2007 732 355 446 721 810 538 428 149 515 385 755 475 420 026 337 605 1 215 357 5 661 611

Jan 354 620 216 757 393 558 207 881 250 113 366 452 203 882 154 849 588 320 2 736 432

Feb 377 735 229 964 416 980 220 268 265 272 389 023 216 144 182 756 627 037 2 925 179

(continues)

Northeast region




End-

of-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

2000 3 392 035 723 779 1 000 353 3 720 564 8 836 731 2 008 980 1 080 368 2 058 542 5 147 890

2001 3 813 190 819 692 1 101 646 4 018 070 9 752 598 2 232 813 1 225 131 2 281 181 5 739 125

2002 4 542 974 956 081 1 321 077 4 735 071 11 555 203 2 696 225 1 449 844 2 690 351 6 836 420

2003 4 622 189 984 810 1 333 502 4 941 423 11 881 924 2 740 121 1 506 505 2 783 353 7 029 979

2004 5 204 175 1 153 571 1 598 092 5 281 647 13 237 485 3 119 926 1 689 198 3 042 711 7 851 835

2005 6 343 135 1 378 063 1 933 449 6 379 196 16 033 843 3 785 409 2 055 597 3 674 700 9 515 706

2006 6 259 973 1 322 358 1 898 757 6 087 826 15 568 914 3 701 823 2 006 218 3 540 986 9 249 027

Jan 674 724 147 628 207 209 680 405 1 709 966 405 912 221 516 386 502 1 013 930

Feb 496 157 95 683 140 553 433 085 1 165 478 282 484 156 110 271 116 709 710

Mar 470 023 93 010 135 050 407 323 1 105 406 267 239 147 079 255 948 670 266

Apr 573 335 111 150 173 909 534 265 1 392 659 330 779 181 626 314 195 826 600

May 597 008 117 425 171 714 545 743 1 431 890 342 067 184 269 327 113 853 449

Jun 669 593 143 668 209 651 742 104 1 765 016 402 848 205 800 389 064 997 712

Jul 577 233 114 969 179 957 575 003 1 447 162 338 276 182 786 322 254 843 316

Aug 534 842 106 505 158 401 497 427 1 297 175 309 316 167 366 297 302 773 984

Sep 507 348 102 744 156 914 501 415 1 268 421 297 286 162 464 288 333 748 083

Oct 518 637 103 550 165 392 542 173 1 329 752 312 535 165 637 296 369 774 541

Nov 641 073 186 026 200 007 628 883 1 655 989 413 081 231 565 392 790 1 037 436

Dec 759 161 209 642 237 153 745 356 1 951 312 481 836 274 674 460 014 1 216 524

2007 1 197 872 229 029 344 531 1 004 454 2 775 886 677 852 371 500 646 379 1 695 731

Jan 582 236 111 273 166 173 472 764 1 332 446 330 856 182 151 316 486 829 493

Feb 615 636 117 756 178 358 531 690 1 443 440 346 996 189 349 329 893 866 238

(continues)

Southeast region South region



(concluded) Flows in R$ thousand

End- Total – Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

2000 157 673 1 034 112 720 916 484 639 2 397 340 35 592 273

2001 186 573 1 202 920 821 896 553 456 2 764 845 40 595 230

2002 229 297 1 485 757 997 376 675 662 3 388 092 49 096 466

2003 225 098 1 520 652 1 024 471 699 119 3 469 340 50 553 024

2004 256 613 1 736 976 1 233 580 798 885 4 026 054 56 850 126

2005 321 903 2 138 728 1 517 460 979 235 4 957 326 69 234 944

2006 315 240 2 147 773 1 475 492 974 842 4 913 347 68 702 613

Jan 36 504 234 755 166 339 108 260 545 858 7 346 182

Feb 24 126 175 736 112 951 76 758 389 571 5 521 817

Mar 22 587 165 359 106 655 72 553 367 154 5 274 433

Apr 31 014 206 066 132 207 91 491 460 778 6 350 272

May 29 161 205 980 134 423 91 198 460 762 6 605 279

Jun 33 694 209 534 144 495 97 124 484 847 7 102 296

Jul 31 875 202 464 131 754 91 166 457 259 6 314 446

Aug 25 906 182 431 119 553 81 185 409 075 5 899 802

Sep 24 179 170 479 112 216 76 100 382 974 5 594 581

Oct 26 872 183 114 121 335 87 390 418 711 5 594 434

Nov 29 322 211 855 193 564 101 617 536 358 7 099 071

Dec 34 833 252 278 219 635 119 191 625 937 8 400 435

2007 57 113 421 276 271 424 184 546 934 359 13 279 495

Jan 27 731 204 329 131 773 89 650 453 483 6 423 324

Feb 29 382 216 947 139 651 94 896 480 876 6 856 171

Source: STN

1/ Refers to State and Municipalities Equity Funds, Export Funds, Tax on Financial Transactions – Gold, Tax on Rural Properties. The values of refunds of ICMS according to

LC 87 are included as of January 1997.

Central-west region


IV.8 – Federal domestic securities issued National Treasury liabilities

Balances in R$ million

End- LFT LTN BTN NTN CTN/ Partial Securitized Total

of- CFT credits

period TDA/CDP/

Agrarian

debt In In In 12 In In In 12

month year months month year months

2000 Dec 349 498 108 852 64 48 049 14 280 520 743 27 982 548 724 1.2 24.7 24.7 0.6 13.9 13.9

2001 Dec 435 992 81 209 67 134 079 19 366 670 713 21 564 692 277 1.7 23.6 23.6 1.5 12.2 12.2

2002 Dec 462 950 34 634 100 217 098 19 214 733 997 24 850 758 846 0.5 22.0 22.0 -1.9 -4.4 -4.4

2003 Dec 499 621 169 774 74 200 748 18 236 888 453 23 789 912 242 -2.4 16.6 16.6 -5.7 8.3 8.3

2004 Dec 552 300 249 489 62 190 975 17 343 1 010 168 29 850 1 040 018 2.7 12.4 12.4 2.3 3.3 3.3

2005 Dec 611 156 354 707 48 208 790 15 799 1 190 500 24 779 1 215 278 -1.0 13.9 13.9 -0.8 13.2 13.2

2006 Jan 587 421 334 687 46 238 931 15 676 1 176 761 24 441 1 201 202 1.6 1.6 14.2 1.3 1.3 16.7

Feb 581 365 364 112 44 261 972 15 173 1 222 667 24 525 1 247 192 2.2 3.9 15.4 -1.7 -0.4 14.2

Mar 571 517 376 698 41 267 514 15 090 1 230 861 24 575 1 255 436 1.1 5.0 13.8 1.5 1.0 14.5

Apr 554 329 335 575 40 270 068 14 638 1 174 650 23 406 1 198 056 -2.4 2.5 11.0 -1.4 -0.4 12.9

May 485 402 362 110 44 271 642 14 762 1 133 960 22 643 1 156 603 -1.8 0.7 7.2 -2.4 -2.7 6.7

Jun 500 498 402 741 42 280 169 14 758 1 198 208 22 461 1 220 669 3.6 4.3 9.0 3.2 0.4 7.7

Jul 485 753 374 880 42 285 124 14 742 1 160 542 22 608 1 183 149 -0.9 3.4 7.2 -0.7 -0.3 5.4

Aug 492 010 403 874 42 287 026 14 661 1 197 613 22 964 1 220 576 1.6 5.0 8.1 1.2 0.9 5.0

Sep 487 088 437 224 39 299 364 14 643 1 238 358 23 506 1 261 863 2.7 7.8 9.5 3.3 4.2 8.5

Oct 477 154 421 637 38 312 951 14 593 1 226 373 23 358 1 249 731 0.2 8.0 9.3 0.1 4.4 6.3

Nov 466 126 446 051 39 335 906 14 592 1 262 714 23 376 1 286 090 1.6 9.7 8.6 1.0 5.4 4.6

Dec 461 012 463 613 39 352 477 14 532 1 291 673 23 309 1 314 981 1.2 11.0 11.0 1.6 7.1 7.1

2007 Jan 454 126 395 711 39 383 696 14 540 1 248 111 23 236 1 271 347 -0.3 -0.3 8.9 -1.4 -1.4 5.3

Feb 451 392 428 243 39 395 027 14 536 1 289 237 25 145 1 314 382 3.1 2.8 9.9 3.1 1.7 5.8

Mar 440 401 430 137 34 414 959 14 503 1 300 035 25 793 1 325 828 1.3 4.2 10.1 1.2 2.9 5.4

Apr 439 496 402 104 34 436 323 14 473 1 292 428 25 693 1 318 121 0.1 4.3 12.9 0.2 3.1 8.3

May* 446 931 396 306 32 450 934 14 352 1 308 555 25 687 1 334 242 2.5 6.9 17.9 2.6 5.7 13.5

Jun* 427 691 410 851 32 482 855 14 362 1 335 792 25 971 1 361 763 1.7 8.7 15.7 1.4 7.2 11.3

Jul* 426 332 320 461 32 494 757 14 336 1 255 917 26 195 1 282 111 -2.0 6.5 14.4 -2.3 4.7 9.9

Sources: Bacen and STN

1/ Deflator: IGP-DI centered at end of referencemonth (geometric average of month indicated and subsequent month indices).

Percentage change

Nominal Real1/


IV.9 – Federal domestic securities Banco Central do Brasil portfolio


End- LTN LFT NTN Partial Securitized Total Entreasured

of- credit securities

period MP 1,789

In In In 12 In In In 12


2000 Dec 33 453 87 197 1 817 122 466 1 246 123 713 - 10.9 9.8 9.8 10.2 28.0 28.0

2001 Dec 32 418 113 839 46 591 192 847 1 543 194 390 - 0.4 57.1 57.1 0.2 42.5 42.5

2002 Dec 21 037 90 366 89 700 201 103 1 678 202 781 - -0.3 4.3 4.3 -2.7 -18.3 -18.3

2003 Dec 78 719 56 441 74 026 209 186 1 857 211 043 - -12.4 4.1 4.1 -13.0 -3.3 -3.3

2004 Dec 89 530 94 543 57 275 241 347 1 990 243 338 - 10.9 15.3 15.3 10.5 3.1 3.1

2005 Dec 91 271 106 503 41 411 239 185 3 247 242 431 - -6.8 -0.4 -0.4 -6.6 1.8 1.8

2006 Jan 81 430 102 613 35 493 219 535 3 254 222 789 - -8.1 -8.1 -3.9 -8.4 -8.4 -1.8

Feb 94 615 107 168 38 382 240 165 3 256 243 421 - 9.3 0.4 6.8 5.1 -3.7 5.7

Mar 95 872 108 033 33 558 237 462 3 263 240 725 - -1.1 -0.7 1.0 -0.8 -4.5 1.7

Apr 73 282 94 519 31 624 199 425 2 071 201 496 - -16.3 -16.9 -15.5 -15.5 -19.3 -14.1

May 82 688 47 770 31 612 162 070 2 075 164 145 - -18.5 -32.3 -34.7 -19.0 -34.6 -34.9

Jun 100 200 70 834 37 749 208 783 2 079 210 862 - 28.5 -13.0 -18.3 27.7 -16.4 -19.5

Jul 84 876 50 354 40 418 175 647 0 175 647 - -16.7 -27.5 -31.4 -16.4 -30.1 -32.4

Aug 96 571 52 917 38 415 187 904 0 187 904 - 7.0 -22.5 -24.9 6.6 -25.5 -27.1

Sep 111 475 49 304 45 725 206 504 0 206 504 - 9.9 -14.8 -19.3 10.6 -17.6 -20.0

Oct 98 582 41 231 49 671 189 485 0 189 485 - -8.2 -21.8 -22.3 -8.4 -24.5 -24.5

Nov 104 262 47 219 52 025 203 506 0 203 506 - 7.4 -16.1 -21.8 6.8 -19.3 -24.7

Dec 116 629 48 978 54 651 220 258 0 220 258 - 8.2 -9.1 -9.1 8.7 -12.3 -12.3

2007 Jan 80 963 32 597 68 156 181 716 0 181 716 - -17.5 -17.5 -18.4 -18.4 -18.4 -21.2

Feb 99 405 22 657 70 237 192 299 0 192 299 - 5.8 -12.7 -21.0 5.8 -13.7 -24.0

Mar 81 814 24 656 74 449 180 918 0 180 918 - -5.9 -17.9 -24.8 -6.0 -18.8 -28.1

Apr 74 696 14 865 74 592 164 153 0 164 153 - -9.3 -25.5 -18.5 -9.2 -26.3 -21.9

May* 61 626 18 073 75 838 155 537 0 155 537 - -5.3 -29.4 -5.2 -5.2 -30.2 -8.8

Jun* 60 957 20 724 75 343 157 024 0 157 024 - 1.0 -28.7 -25.5 0.7 -29.7 -28.4

Jul* 10 649 13 701 77 256 101 607 0 101 607 - -35.3 -53.9 -42.2 -35.5 -54.7 -44.5


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).

Percentage change

Nominal Real1/


IV.10 – Federal domestic securities Outside the Banco Central do Brasil


End- LTN LFT CTN/CFT BTN NTN Partial total–A Securitized Partial total–B

of- (National credits (National

period Treasury) TDA/CDP Treasury)

Agrarian

debt

2000 Dec 75 399 262 301 14 280 64 46 233 398 276 26 735 425 011

2001 Dec 48 791 322 153 19 366 67 87 488 477 866 20 021 497 887

2002 Dec 13 596 372 584 19 214 100 127 399 532 893 23 172 556 066

2003 Dec 91 055 443 180 18 236 74 126 721 679 267 21 932 701 199

2004 Dec 159 960 457 757 17 343 62 133 700 768 821 27 860 796 680

2005 Dec 263 436 504 653 15 799 48 167 379 951 315 21 532 972 847

2006 Jan 253 258 484 807 15 676 46 203 439 957 226 21 187 978 412

Feb 269 498 474 197 15 173 44 223 589 982 503 21 269 1 003 771

Mar 280 826 463 484 15 090 41 233 957 993 399 21 312 1 014 710

Apr 262 293 459 809 14 638 40 238 445 975 225 21 335 996 560

May 279 421 437 632 14 762 44 240 031 971 890 20 567 992 457

Jun 302 541 429 664 14 758 42 242 421 989 425 20 382 1 009 807

Jul 290 004 435 400 14 742 42 244 706 984 895 22 608 1 007 503

Aug 307 303 439 093 14 661 42 248 610 1 009 709 22 964 1 032 673

Sep 325 749 437 783 14 643 39 253 639 1 031 854 23 506 1 055 359

Oct 323 054 435 922 14 593 38 263 280 1 036 888 23 358 1 060 246

Nov 341 789 418 907 14 592 39 283 881 1 059 208 23 376 1 082 584

Dec 346 984 412 034 14 532 39 297 826 1 071 415 23 309 1 094 724

2007 Jan 314 748 421 529 14 540 39 315 540 1 066 396 23 236 1 089 632

Feb 328 838 428 735 14 536 39 324 790 1 096 938 25 145 1 122 083

Mar 348 323 415 746 14 503 34 340 511 1 119 117 25 793 1 144 910

Apr 327 408 424 630 14 473 34 361 731 1 128 275 25 693 1 153 968

May* 334 680 428 858 14 352 32 375 096 1 153 018 25 687 1 178 705

Jun* 349 895 406 966 14 362 32 407 512 1 178 768 25 971 1 204 739

Jul* 309 811 412 630 14 336 32 417 501 1 154 309 26 195 1 180 504

(continues)


IV.10 – Federal domestic securities Outside the Banco Central do Brasil

(concluded) Balances in R$ million

End- LBC BBC NBCA Partial Total

of- BBCA NBCE total

period NBCF (Banco

Central)

In In In 12 In In In 12


2000 Dec - - 85 686 85 686 510 698 -0.8 15.2 15.2 -1.4 5.2 5.2

2001 Dec - - 126 198 126 198 624 084 -0.5 22.2 22.2 -0.6 10.9 10.9

2002 Dec - - 67 125 67 125 623 191 -1.3 -0.1 -0.1 -3.7 -21.8 -21.8

2003 Dec - - 30 659 30 659 731 858 0.5 17.4 17.4 -0.2 9.1 9.1

2004 Dec - - 13 584 13 584 810 264 3.2 10.7 10.7 2.8 -1.0 -1.0

2005 Dec - - 6 815 6 815 979 662 2.1 20.9 20.9 2.4 23.5 23.5

2006 Jan - - 6 515 6 515 984 927 0.5 0.5 19.1 0.2 0.2 21.7

Feb - - 6 326 6 326 1 010 098 2.6 3.1 19.5 -1.4 -1.1 18.3

Mar - - 6 510 6 510 1 021 221 1.1 4.2 16.9 1.4 0.3 17.7

Apr - - 6 113 6 113 1 002 673 -1.8 2.4 14.8 -1.4 -1.1 16.0

May - - 6 626 6 626 999 083 -0.4 2.0 12.5 -0.9 -2.0 12.1

Jun - - 6 294 6 294 1 016 100 1.7 3.7 12.2 1.9 -0.2 11.5

Jul - - 6 389 6 389 1 013 892 -0.2 3.5 10.7 -0.0 -0.2 8.9

Aug - - 6 340 6 340 1 039 013 2.5 6.1 12.8 2.1 1.9 9.5

Sep - - 6 505 6 505 1 061 864 2.2 8.4 13.8 2.9 4.8 12.8

Oct - - 2 773 2 773 1 063 018 0.1 8.5 13.4 -0.0 4.8 10.2

Nov - - - - 1 082 584 1.8 10.4 12.7 1.2 6.1 8.6

Dec - - - - 1 094 724 1.1 11.6 11.6 1.5 7.7 7.7

2007 Jan - - - - 1 089 632 -0.5 -0.5 10.5 -1.6 -1.6 6.7

Feb - - - - 1 122 083 3.0 2.4 10.9 3.0 1.3 6.7

Mar - - - - 1 144 910 2.0 4.5 11.9 1.9 3.2 7.1

Apr - - - - 1 153 968 0.8 5.3 14.8 0.8 4.1 10.1

May* - - - - 1 178 705 1.9 7.4 17.5 2.0 6.2 13.1

Jun* - - - - 1 204 739 2.1 9.6 18.0 1.9 8.2 13.4

Jul* - - - - 1 180 504 -2.3 7.1 15.5 -2.7 5.2 10.9


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).

Percentage change

Nominal Real1/


IV.11 – Federal domestic securities and open market operations Percentage share of index

End- Balance Total

of- (R$ million)1/

period Fixed in Reference Price Other Open

advance rate indices market2/

Without With Without With

swap swap swap swap

2000 Dec 506 708 52.7 52.7 22.5 22.5 14.9 4.7 6.0 0.1 -0.8 100.0

2001 Dec 605 428 54.4 54.4 29.5 29.5 8.1 3.9 7.2 0.0 -3.1 100.0

2002 Dec 687 301 55.2 41.9 20.3 33.5 2.0 1.9 11.4 0.0 9.3 100.0

2003 Dec 787 575 57.0 46.6 10.0 20.5 11.6 1.7 12.6 0.0 7.1 100.0

2004 Dec 857 471 54.0 49.5 4.9 9.3 19.0 2.6 14.1 0.0 5.5 100.0

2005 Dec 1 002 519 50.6 52.1 2.6 1.2 27.2 2.1 15.2 0.0 2.3 100.0

2006 Jan 1 042 184 46.8 49.7 2.4 -0.5 25.2 2.0 18.1 0.0 5.5 100.0

Feb 1 049 320 45.4 49.0 2.3 -1.3 26.8 2.0 19.7 0.0 3.7 100.0

Mar 1 067 217 43.7 47.4 2.2 -1.5 27.5 2.0 20.3 0.0 4.3 100.0

Apr 1 074 476 43.0 46.6 2.1 -1.5 25.8 2.0 20.5 0.0 6.7 100.0

May 1 088 497 40.5 44.3 2.3 -1.6 27.1 1.9 20.1 0.0 8.2 100.0

Jun 1 086 162 39.8 43.2 2.1 -1.3 29.4 1.9 20.3 0.0 6.5 100.0

Jul 1 109 707 39.5 42.9 2.1 -1.3 27.7 2.0 20.0 - 8.6 100.0

Aug 1 117 469 39.5 42.9 2.1 -1.3 29.3 2.1 20.1 - 7.0 100.0

Sep 1 133 764 38.8 41.9 1.9 -1.2 30.7 2.1 20.1 - 6.3 100.0

Oct 1 149 768 38.1 40.6 1.5 -1.1 30.4 2.1 20.5 - 7.5 100.0

Nov 1 154 269 36.5 38.8 1.2 -1.1 32.9 2.1 21.0 - 6.3 100.0

Dec 1 153 526 35.9 38.1 1.2 -1.0 34.2 2.1 21.4 - 5.2 100.0

2007 Jan 1 187 721 35.6 37.8 1.2 -1.0 31.6 2.0 21.1 - 8.4 100.0

Feb 1 218 395 35.3 37.5 1.2 -1.0 32.5 2.1 20.8 - 8.1 100.0

Mar 1 248 588 33.4 35.5 1.1 -0.9 34.1 2.1 20.7 - 8.5 100.0

Apr 1 267 165 33.6 36.0 1.1 -1.3 32.9 2.1 21.2 - 9.1 100.0

May* 1 311 741 32.8 35.8 1.0 -2.0 33.1 2.0 20.5 - 10.5 100.0

Jun* 1 335 663 30.6 33.7 1.0 -2.2 34.7 2.1 21.4 - 10.2 100.0

Jul* 1 361 438 30.4 33.5 0.9 -2.1 31.2 2.0 21.4 - 14.0 100.0

1/ Values calculated based on custody position which is estimated by the price of the intrinsic yield curve of the securities, added by the value of open market operations.

As of Apr/2000, includes securitized debt, agrarian debt, TDA and CDP.

2/ Open market operations refer to the balance, updated by the contracted rate of financing operations falling due in the last day of the month;

positive values point to financing taken by the Banco Central.

Index numbers

Over/Selic Foreign exchange


IV.12 – Duration and term of federal securities1/

Securities issued through public offer

Average in months

Period

Banco Central Tesouro Nacional Banco Central and

Tesouro Nacional

Average term and Average Average Average Average Average Average

duration term duration term duration term term

2000 Dec 17.81 15.36 2.95 15.93 6.37 32.27 29.85

2001 Dec 15.77 29.40 8.23 25.47 10.17 39.84 34.97

2002 Dec 16.01 23.05 10.52 21.99 11.35 35.32 33.24

2003 Dec 15.35 24.50 10.59 23.99 10.85 32.04 31.34

2004 Dec 15.77 20.69 11.22 20.59 11.31 28.29 28.082005 Dec 9.69 21.90 11.97 21.80 11.95 27.49 27.37

2006 Jan 8.62 23.50 13.97 23.39 13.93 28.89 28.76

Feb 7.82 24.59 15.63 24.47 15.58 29.67 29.53

Mar 6.65 24.43 16.03 24.30 15.97 29.45 29.31

Apr 5.93 24.83 16.61 24.70 16.54 29.79 29.64

May 4.97 24.45 16.55 24.30 16.47 29.44 29.28

Jun 3.97 24.55 16.16 24.41 16.07 29.38 29.22

Jul 2.93 25.27 16.42 25.11 16.32 30.12 29.95

Aug 1.90 25.22 16.29 25.06 16.19 30.01 29.84

Sep 0.93 25.11 16.24 24.94 16.14 29.82 29.65

Oct 0.53 25.76 16.78 25.68 16.74 30.35 30.27

Nov -- 26.56 17.33 26.56 17.33 30.96 30.96

Dec -- 26.73 17.42 26.73 17.42 31.06 31.06

2007 Jan -- 27.64 18.01 27.64 18.01 31.88 31.88

Feb - 27.42 17.84 27.42 17.84 31.64 31.64

Mar - 27.75 17.99 27.75 17.99 31.88 31.88

Apr - 28.73 18.86 28.73 18.86 32.69 32.69

May* - 29.50 19.75 29.50 19.75 33.28 33.28

Jun* - 30.66 20.82 30.66 20.82 34.43 34.43

Jul* - 31.88 21.81 31.88 21.81 35.59 35.59

1/ Duration corresponds to the interest-elasticity of securities prices. Thus, it is based upon an efficacy indicator of the monetary policy when defining the wealth effect on the aggregate demad, since it signals how interest rate alterations in the economy may impact the financial wealth of the private sector and, consequently, the aggregate demand. One way notice that the average duration of a post-set security at over/Selic rate is one (1) day. The average term is the term for securities redemption adjusted for anticipations performed by means of intermediate coupons, both expressed in months and calculated only for securities issued by means of public auctions.2/ Total of securities issued. Includes both securities issued in direct placements and in public offers.

Tesouro Nacional

Securities issued through public offer Securities issued2/

Tesouro Nacional Banco Central and


IV.13 – Federal securities1/

Maturity schedule

R$ million

Period Exchange Total %

participation

Fixed in Postfixed Partial

advance

2007 Aug 29 - 1 189 1 189 1 218 0.1

Sep 29 - 30 255 30 255 30 284 2.6

Oct 46 45 788 1 480 47 268 47 314 4.0

Nov 31 - 3 994 3 994 4 025 0.3

Dec 27 - 31 550 31 550 31 577 2.7

Year 162 45 788 68 468 114 256 114 418 9.8

2008 Jan 43 66 452 410 66 862 66 905 5.7

Feb 23 - 777 777 800 0.1

Mar 24 - 31 153 31 153 31 177 2.7

Apr 42 56 360 12 980 69 340 69 382 5.9

May 27 - 400 400 427 0.0

Jun 24 - 28 201 28 201 28 225 2.4

Jul 1 102 50 179 13 50 192 51 294 4.4

Aug 21 - 12 223 12 223 12 244 1.0

Sep 22 - 23 312 23 312 23 334 2.0

Oct 39 - 1 789 3 829 3 868 0.3

Nov 24 - 11 11 35 0.0

Dec 21 - 27 593 27 593 27 614 2.4

Year 1 412 175 031 138 862 313 893 315 305 26.9

As of Jan/2009 10 799 204 514 526 082 730 596 741 395 63.3

Total 12 373 425 333 733 412 1 158 745 1 171 118 100.0

1/ Position in 7.31.2007. Total at market. Amounts calculated, by using curve prices. Securities utilized in financing operations are not included.

No exchange


IV.14 – Monetary impact from federal securities operations National Treasury and Banco Central do Brasil

R$ million

End-

of-

period Placements Redemp- Balance Sales + net Buyings + Balance Placements Redemptions Balance

tions borrowings net loans + sales + net + buyings

borrowings + net loans

2003 332 352 245 087 -87 265 3 291 590 3 391 060 99 471 3 623 943 3 636 147 12 206 National Treasury 332 352 214 216 -118 136 3 284 137 3 383 908 99 771 3 616 490 3 598 124 -18 365

Banco Central - 30 871 30 871 7 453 7 152 -300 7 453 38 023 30 571

2004 272 177 263 666 -8 511 2 591 666 2 658 882 67 216 2 863 843 2 922 548 58 705 National Treasury 272 177 244 817 -27 361 2 586 815 2 653 908 67 094 2 858 992 2 898 725 39 733

Banco Central - 18 849 18 850 4 851 4 974 122 4 851 23 823 18 972

2005 466 334 442 553 -23 782 1 704 978 1 724 985 20 007 2 171 313 2 167 538 -3 775 National Treasury 466 334 436 380 -29 954 1 671 966 1 692 050 20 084 2 138 300 2 128 430 -9 870

Banco Central - 6 172 6 172 33 013 32 925 -77 33 013 39 107 6 095

2006 470 450 492 556 22 107 2 781 356 2 754 437 -26 919 3 251 806 3 246 994 -4 812 National Treasury 470 450 485 683 15 233 2 774 995 2 748 162 -26 833 3 245 445 3 233 845 -11 600

Banco Central - 6 874 6 874 6 362 6 275 -87 6 362 13 149 6 787

2007 Jan 50 730 68 722 17 992 545 304 506 628 -38 676 596 034 575 351 -20 683

Feb 38 736 18 672 -20 064 350 480 350 677 197 389 216 369 349 -19 867

Mar 51 230 41 258 -9 972 422 248 415 800 -6 448 473 478 457 058 -16 420

Apr 52 678 54 354 1 676 394 521 386 066 -8 455 447 199 440 419 -6 780

May 51 268 40 556 -10 713 196 270 175 244 -21 026 247 538 215 799 -31 739

Jun 60 086 46 418 -13 667 297 181 299 554 2 373 357 267 345 972 -11 295

Jul 28 765 68 457 39 692 617 554 565 576 -51 977 646 319 634 034 -12 285

LFT 4 812 3 081 -1 731 56 022 48 900 -7 122 60 833 51 981 -8 853

LTN 9 474 53 043 43 569 495 999 453 834 -42 165 505 473 506 877 1 404

NTN 14 479 12 333 -2 146 65 533 62 843 -2 691 80 013 75 176 -4 837

Accumulated in year 333 493 338 437 4 944 2 823 557 2 699 545 -124 012 3 157 050 3 037 982 -119 068

Primary market Secondary market Total


IV.15 – State and municipal securities Total issued

R$ million

End-

of-

period RS Total Total

market issued

Portfolio Market Partial Market

position total

2003 Dec 235 461 696 85 546 781

2004 Dec 273 536 809 98 634 907

2005 Dec 325 638 963 117 755 1 080

2006 Jan 330 647 977 119 766 1 096

Feb 334 654 988 120 775 1 108

Mar - - - 122 122 122

Apr - - - 123 123 123

May - - - 125 125 125

Jun - - - 126 126 126

Jul - - - 128 128 128

Aug - - - 129 129 129

Sep - - - 131 131 131

Oct - - - 132 132 132

Nov - - - 134 134 134Dec - - - 135 135 135

2007 Jan - - - 136 136 136

Feb - - - 138 138 138

Mar - - - 139 139 139

Apr - - - 140 140 140

May* - - - 142 142 142

Jun* - - - 143 143 143

Jul* - - - 144 144 144

State debt

SP


IV.16 – Net public sector debt

R$ million

Itemization 2007

Balances % of Balances % of Balances % of Balances % of Balances % of

GDP GDP GDP GDP GDP

Fiscal net debt (G=E-F) 763 347 35.4 833 230 35.1 841 086 34.3 840 409 34.0 846 593 34.0

Internal debt adjustment (F) 121 472 5.6 119 249 5.0 117 862 4.8 117 844 4.8 117 522 4.7

Fiscal net debt with exchange devaluation (E=A-B-C-D) 884 819 41.0 952 479 40.1 958 948 39.1 958 253 38.7 964 115 38.7

External debt adjustment (D) 80 080 3.7 79 723 3.4 101 919 4.2 101 416 4.1 105 398 4.2

Inventory adjustment (C) 103 021 4.8 102 646 4.3 103 340 4.2 102 858 4.2 103 942 4.2

Privatization asjustment (B) -65 436 -3.0 -67 485 -2.8 -67 485 -2.7 -67 485 -2.7 -68 750 -2.8

Total net debt (A) 1 002 485 46.5 1 067 363 44.9 1 096 721 44.7 1 095 042 44.3 1 104 706 44.4

Federal government and the Bacen 660 186 30.6 727 319 30.6 746 223 30.4 749 832 30.3 753 806 30.3

Banco Central 4 038 0.2 8 481 0.4 26 137 1.1 25 078 1.0 31 752 1.3

State governments 305 714 14.2 316 864 13.3 312 122 12.7 311 042 12.6 309 843 12.4

Local governments 44 341 2.1 47 073 2.0 47 083 1.9 47 175 1.9 47 143 1.9

State enterprises -11 794 -0.5 -32 373 -1.4 -34 844 -1.4 -38 085 -1.5 -37 838 -1.5

Federal -45 499 -2.1 -62 531 -2.6 -63 619 -2.6 -67 979 -2.7 -67 830 -2.7

State 30 433 1.4 26 712 1.1 25 277 1.0 26 362 1.1 26 462 1.1


Internal net debt 952 185 44.1 1 130 902 47.6 1 263 392 51.5 1 285 308 52.0 1 309 844 52.6

Federal government and the Bacen 488 154 22.6 591 211 24.9 627 755 25.6 631 091 25.5 640 611 25.7

Federal securities1/ 951 315 44.1 1 070 187 45.0 1 148 222 46.8 1 172 933 47.4 1 144 924 46.0

Privatization currencies 21 532 1.0 23 309 1.0 25 687 1.0 25 971 1.0 26 195 1.1

Bank debt 2 245 0.1 1 705 0.1 1 803 0.1 1 792 0.1 1 791 0.1

Tax collected (not transferred) -22 -0.0 -324 -0.0 -8 231 -0.3 -8 542 -0.3 -12 186 -0.5

Demand deposits -569 -0.0 -734 -0.0 -651 -0.0 -837 -0.0 -922 -0.0

Investment in funds2/ -74 532 -3.5 -64 410 -2.7 -68 221 -2.8 -68 994 -2.8 -65 976 -2.7

Laborer assistance fund (FAT) -116 890 -5.4 -130 807 -5.5 -135 110 -5.5 -136 102 -5.5 -136 855 -5.5

Social Security system 30 0.0 154 0.0 -16 -0.0 49 0.0 -156 -0.0

Renegotiation (Law 9,496/1997 and Proes) -289 123 -13.4 -306 932 -12.9 -311 354 -12.7 -312 559 -12.6 -313 212 -12.6

Renegotiation (Law 8,727/1993) -21 686 -1.0 -21 531 -0.9 -21 348 -0.9 -21 301 -0.9 -21 267 -0.9

Restructured debt3/ -17 283 -0.8 -12 245 -0.5 -10 545 -0.4 -10 268 -0.4 -9 942 -0.4

Credits with Official Financial Institutions4/ 0 0.0 -2 389 -0.1 -2 430 -0.1 -7 659 -0.3 -7 706 -0.3

Other federal government's credits4/ -38 049 -1.8 -35 922 -1.5 -34 785 -1.4 -34 662 -1.4 -34 520 -1.4

Relationship with Banco Central 71 187 3.3 71 151 3.0 44 734 1.8 31 269 1.3 70 443 2.8

Banco Central 129 277 6.0 191 592 8.1 288 992 11.8 308 135 12.5 324 028 13.0

Monetary base 101 247 4.7 121 102 5.1 108 251 4.4 115 604 4.7 115 812 4.7

Banco Central securities1/ 6 815 0.3 0 0.0 0 0.0 0 0.0 0 0.0

Repurchase agreement 37 168 1.7 77 367 3.3 157 911 6.4 156 961 6.3 210 726 8.5

Other deposits 73 336 3.4 83 165 3.5 87 256 3.6 88 683 3.6 90 318 3.6

Bacen credit to financial institutions -19 017 -0.9 -19 916 -0.8 -21 927 -0.9 -23 080 -0.9 -22 200 -0.9

Other accounts in Bacen 914 0.0 1 025 0.0 2 234 0.1 1 237 0.0 -185 -0.0

Relationship with Federal Government -71 187 -3.3 -71 151 -3.0 -44 734 -1.8 -31 269 -1.3 -70 443 -2.8


Securities net debt5/ 755 0.0 135 0.0 142 0.0 143 0.0 144 0.0

Renegotiation (Law 9,496/1997 and Proes) 251 041 11.6 265 603 11.2 269 632 11.0 270 548 10.9 271 119 10.9

Renegotiation (Law 8,727/1993) 27 892 1.3 27 025 1.1 26 356 1.1 26 231 1.1 26 119 1.0

Restructured debt3/ 9 225 0.4 7 382 0.3 6 394 0.3 6 184 0.2 5 964 0.2 Bank debt 5 897 0.3 6 339 0.3 6 262 0.3 6 234 0.3 6 187 0.2

Other state debts6/ 24 341 1.1 23 102 1.0 21 837 0.9 21 719 0.9 21 555 0.9 Tax collected (not transferred) -724 -0.0 -700 -0.0 -794 -0.0 -727 -0.0 -609 -0.0 Demand deposits -2 115 -0.1 -1 904 -0.1 -1 844 -0.1 -2 007 -0.1 -1 751 -0.1

Other state credits7/ -23 578 -1.1 -22 664 -1.0 -27 307 -1.1 -28 636 -1.2 -30 032 -1.2

(continues)

June July

20062005

Dec Dec May


IV.16 – Net public sector debt


Itemization

Balances % of Balances % of Balances % of Balances % of Balances % of

GDP GDP GDP GDP GDP


Securities net debt5/ 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0

Renegotiation (MP 2,118/2000) 38 082 1.8 41 329 1.7 41 722 1.7 42 011 1.7 42 092 1.7


Restructured debt3/ 866 0.0 661 0.0 582 0.0 538 0.0 522 0.0

Bank debt 3 855 0.2 3 967 0.2 4 023 0.2 4 006 0.2 4 040 0.2

Tax collected (not transferred) -135 -0.0 -180 -0.0 -178 -0.0 -173 -0.0 -183 -0.0

Demand deposits -2 849 -0.1 -2 889 -0.1 -3 001 -0.1 -3 127 -0.1 -3 187 -0.1

State enterprises -171 -0.0 -1 359 -0.1 624 0.0 958 0.0 1 055 0.0

Federal -29 767 -1.4 -26 936 -1.1 -24 043 -1.0 -24 871 -1.0 -24 945 -1.0

Restructured debt3/ 2 129 0.1 1 501 0.1 1 289 0.1 1 286 0.1 1 254 0.1

Bank debt 2 214 0.1 3 974 0.2 3 691 0.2 3 614 0.1 3 033 0.1

Other debts 25 906 1.2 24 219 1.0 23 347 1.0 23 296 0.9 23 039 0.9

Renegotiation (Law 8,727/1993) -588 -0.0 -641 -0.0 -660 -0.0 -663 -0.0 -667 -0.0

State enterprises portfolios -29 316 -1.4 -28 108 -1.2 -25 157 -1.0 -25 353 -1.0 -25 034 -1.0

Demand deposits -1 024 -0.0 -835 -0.0 -670 -0.0 -1 419 -0.1 -1 179 -0.0

Other credts -29 087 -1.3 -27 047 -1.1 -25 884 -1.1 -25 633 -1.0 -25 392 -1.0

States 26 324 1.2 22 132 0.9 21 171 0.9 22 297 0.9 22 470 0.9

Restructured debt3/ 3 860 0.2 1 784 0.1 1 485 0.1 1 468 0.1 1 430 0.1

Banking debt 10 441 0.5 7 933 0.3 7 532 0.3 7 561 0.3 7 388 0.3

Debentures 1 168 0.1 1 407 0.1 1 768 0.1 1 899 0.1 3 672 0.1


Fed.security portfolio of state enterprises -609 -0.0 -462 -0.0 -1 006 -0.0 -18 -0.0 -1 363 -0.1

Demand deposit -481 -0.0 -412 -0.0 -428 -0.0 -416 -0.0 -439 -0.0

Local government 3 271 0.2 3 445 0.1 3 497 0.1 3 532 0.1 3 530 0.1

Restructured debt3/ 105 0.0 87 0.0 75 0.0 75 0.0 73 0.0

Banking debt 117 0.0 144 0.0 169 0.0 171 0.0 169 0.0

Renegociation (Law 8,727/1993) 3 132 0.1 3 290 0.1 3 357 0.1 3 371 0.1 3 383 0.1

Demand deposit -83 -0.0 -76 -0.0 -104 -0.0 -85 -0.0 -95 -0.0

Foreign net debt 50 300 2.3 -63 538 -2.7 -166 670 -6.8 -190 266 -7.7 -205 139 -8.2

Federal government 172 032 8.0 136 108 5.7 118 468 4.8 118 741 4.8 113 195 4.5

Banco Central do Brasil8/ -125 238 -5.8 -183 111 -7.7 -262 854 -10.7 -283 057 -11.4 -292 276 -11.7



State enterprises -11 623 -0.5 -31 015 -1.3 -35 469 -1.4 -39 043 -1.6 -38 894 -1.6

Federal -15 732 -0.7 -35 595 -1.5 -39 576 -1.6 -43 108 -1.7 -42 886 -1.7

State 4 109 0.2 4 580 0.2 4 107 0.2 4 065 0.2 3 992 0.2

Local government 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0

GDP9/ 2 158 072 2 376 517 2 454 427 2 473 733 2 489 322

1/ Portfolio valuation.

2/ Includes constitutional funds and other funds and federal programs.

3/ Includes MF30, BIB, and others.

4/ Hybrid capital and debt instruments - BNDES and CEF.

5/ Includes royalties, agricultural debt and others.

6/ Includes royalties, Fundef and others.

7/ Includes securitized credit, CFTs, LFTs, and other financial accounts.

8/ Excludes international reserves.

9/ Last 12 month GDP at prices of month indicated. Deflator: centered IGP-C (geometric average of IGP-DI growth in the month and the subsequent month).

2005

Dec Dec May

2006 2007

June July


IV.17 – Net public sector debt Percentage share of index

Period Balance Total

(R$ million)

Selic IGP-M IGP-DI IPC-A TR TJLP Non Fixed in Other

interest- advance

Internal External Total earning

2001 Dec 660 867 25.8 19.8 45.6 36.6 3.1 6.6 0.0 3.8 -9.3 6.1 7.4 0.0 100.0

2002 Dec 881 108 13.3 25.7 39.0 46.0 5.6 4.2 1.1 2.9 -7.6 7.3 1.5 0.0 100.0

2003 Dec 913 145 6.7 20.4 27.1 50.4 7.0 4.0 1.9 1.5 -9.0 7.0 10.0 0.0 100.0

2004 Dec 956 994 2.3 14.5 16.8 49.5 8.4 3.5 2.7 3.8 -10.3 8.5 17.0 0.0 100.02005 Dec 1 002 485 0.6 4.7 5.3 48.9 6.8 3.1 7.2 3.3 -11.2 9.1 27.6 0.0 100.0

2006 Jan 1 014 358 0.6 3.4 4.0 49.7 6.7 3.0 10.8 4.0 -11.2 6.8 26.3 0.0 100.0

Feb 1 021 753 0.6 2.6 3.2 46.6 6.6 2.9 12.5 4.1 -11.2 7.3 27.9 0.0 100.0

Mar 1 021 772 0.5 1.7 2.3 46.1 6.5 3.0 13.6 4.4 -11.5 6.6 29.1 0.0 100.0

Apr 1 014 884 0.3 0.8 1.1 48.5 6.5 2.9 14.2 4.5 -11.5 6.2 27.6 0.0 100.0

May 1 018 764 0.3 -0.1 0.2 47.9 6.5 2.9 13.9 4.6 -11.7 6.4 29.3 0.0 100.0

Jun 1 024 290 0.4 -0.4 0.0 45.2 6.6 2.9 14.0 4.7 -12.0 7.2 31.5 0.0 100.0

Jul 1 030 933 0.3 -1.7 -1.4 48.0 6.5 2.9 14.1 4.8 -11.8 6.8 30.2 0.0 100.0

Aug 1 033 580 0.3 -2.8 -2.5 46.9 6.5 2.7 14.2 4.3 -12.1 7.9 32.0 0.0 100.0

Sep 1 039 823 0.1 -3.4 -3.4 46.0 6.5 2.7 14.5 4.2 -12.4 7.9 34.0 0.0 100.0

Oct 1 042 914 -0.3 -4.8 -5.1 47.8 6.5 2.7 15.1 4.3 -12.6 7.4 34.0 0.0 100.0

Nov 1 047 389 -0.6 -5.9 -6.5 44.6 6.6 2.7 15.5 4.5 -12.7 8.4 36.9 0.0 100.0Dec 1 067 363 -0.6 -6.6 -7.1 42.6 6.5 2.6 15.7 4.6 -12.8 10.3 37.6 0.0 100.0

2007 Jan 1 067 894 -0.5 -7.7 -8.2 47.1 6.4 2.6 16.1 4.9 -12.8 8.1 35.8 0.0 100.0

Feb 1 076 305 -0.5 -9.9 -10.4 47.5 6.4 2.6 16.2 4.9 -12.8 8.0 37.6 0.0 100.0

Mar 1 088 453 -0.5 -11.2 -11.7 46.4 6.3 2.5 16.6 4.9 -12.8 7.9 39.9 0.0 100.0

Apr 1 079 527 -0.5 -14.3 -14.8 48.4 6.1 2.6 17.8 5.1 -13.0 8.4 39.4 0.0 100.0

May 1 096 721 -0.4 -16.1 -16.4 49.8 6.1 2.5 17.6 4.8 -13.0 8.2 40.5 0.0 100.0

Jun 1 095 042 -0.3 -18.3 -18.6 48.0 6.1 2.5 18.4 4.9 -13.3 8.7 43.3 -0.1 100.0

Jul 1 104 706 -0.3 -19.5 -19.8 53.0 6.0 2.5 18.9 5.2 -13.2 8.4 39.4 -0.2 100.0

1/ Major components:

Internal foreign exchange: BTN, CFT-D, NTN-M, NTN-A, NTN-D, NTN-I, NTN-R, NBCE, NBCF, FAT (exchange indexed share);

External foreign exchange: foreign gross debt, international reserves, guarantees, foreign credits;

Selic: LFT, LFT-A, LFT-B, operations committed with federal public securities (repurchase and resale), financial accounts, bank debt, securitized debt;

IGP-M: CFT-E, NTN-C, CTN;

IGP-DI: CFT-A, renegotiation (Law 8,727/1993), renegotiation (Law 9,496/1997), securitized debt, financial accounts;

IPC-A: NTN-B;

TR: CFT-B, NTN-F, NTN-P, securitized debt, TDA, bank debt, Emgea debts and credits;

TJLP: constitutional funds, FAT (TJLP indexed share);

Non interest-earning: demand deposits, tax collected (not transferred), monetary base;

Fixed in advance : LTN, NTN-F (since December, 2003); external debt securities issued in Reais (BRL16);

Other: extramarket funds.

Index numbers1/

Foreign exchange


IV.18 – Net debt evolution – Conditioning factors Monthly flows

Itemization

R$ million % of R$ million % of R$ million % of R$ million % of R$ million % of

GDP GDP GDP GDP GDP

Total net debt - balance 1 088 453 44.8 1 079 527 44.2 1 096 721 44.7 1 095 042 44.3 1 104 706 44.4

Net debt - month growth 12 148 0.2 -8 926 -0.6 17 195 0.5 -1 679 -0.4 9 663 0.1

Conditioning factors:1/ 12 148 0.5 -8 926 -0.4 17 195 0.7 -1 679 -0.1 9 663 0.4

Public sector borrowing requirements 6 778 0.3 -11 173 -0.5 7 452 0.3 -677 -0.0 6 184 0.2

Primary -7 138 -0.3 -23 458 -1.0 -9 295 -0.4 -11 647 -0.5 -7 904 -0.3

Nominal interest 13 916 0.6 12 285 0.5 16 747 0.7 10 970 0.4 14 087 0.6

Exchange adjustment 3 038 0.1 774 0.0 7 603 0.3 286 0.0 4 535 0.2

Domestic securities debt indexed to exchange rate -454 -0.0 -111 -0.0 -691 -0.0 -18 -0.0 -322 -0.0

External debt 3 491 0.1 885 0.0 8 294 0.3 304 0.0 4 857 0.2

External debt adjustment - others2/ 1 545 0.1 1 721 0.1 1 959 0.1 -806 -0.0 -875 -0.0

Acknowledgement of debt 788 0.0 -249 -0.0 181 0.0 -481 -0.0 1 084 0.0

Privatizations 0 0.0 0 0.0 0 0.0 0 0.0 -1 265 -0.1

GDP Growfh effect - debt3/ -0.3 -0.2 -0.2 -0.3 -0.3

GDP accumulated in 12 months - valued 2 429 751 2 440 597 2 454 427 2 473 733 2 489 322

1/ Net debt growth as percentage of GDP when considering all factors taken together GDP, divided by the current GDP accumulated in the last 12-month period valuated,

calculated by the formula: (� CondictioningFactors/GDPAccumulatedIn12Months)*100, not reflecting debt growth as percentage of GDP.

2/ Includes adjustment of rate between the basket of currencies composing international reserves and the external debt as well as other adjustments in the external area.

3/ It takes into account the change in the ratio debt/GDP due to growth observed in GDP, calculated by the formula: Dt-1/(PIBMesAtual/PIBMesBase)-Dt-1 .

2007

JulyMar Apr May June


IV.19 – Net debt evolution – Conditioning factors Flows accumulated in the year

Itemization

R$ million % of R$ million % of R$ million % of R$ million % of R$ million % of

GDP GDP GDP GDP GDP

Total net debt – balance 1 002 485 46.5 1 067 363 44.9 1 096 721 44.7 1 095 042 44.3 1 104 706 44.4

Net debt – growth accumulated in the year 45 488 -0.5 64 879 -1.5 29 358 -0.2 27 679 -0.6 37 342 -0.5

Conditioning factors:1/ 45 488 2.1 64 879 2.7 29 358 1.2 27 679 1.1 37 342 1.5

Public sector borrowing requirements 63 641 2.9 69 883 2.9 7 857 0.3 7 179 0.3 13 363 0.5

Primary -93 505 -4.3 -90 144 -3.8 -60 027 -2.4 -71 674 -2.9 -79 578 -3.2

Nominal interest 157 146 7.3 160 027 6.7 67 884 2.8 78 854 3.2 92 941 3.7

Exchange adjustment2/ -18 202 -0.8 -4 881 -0.2 11 757 0.5 12 042 0.5 16 578 0.7

Domestic securities debt indexed to exchange rate -4 554 -0.2 -2 222 -0.1 -1 388 -0.1 -1 406 -0.1 -1 727 -0.1

External debt -13 648 -0.6 -2 659 -0.1 13 145 0.5 13 448 0.5 18 305 0.7

External debt adjustment – others3/ -2 258 -0.1 2 302 0.1 9 051 0.4 8 245 0.3 7 370 0.3

Acknowledgement of debt 3 262 0.2 -375 -0.0 694 0.0 212 0.0 1 296 0.1

Privatizations -954 -0.0 -2 049 -0.1 0 0.0 0 0.0 -1 265 -0.1

GDP Growfh effect – debt4/ -2.6 -4.3 -1.4 -1.8 -2.0

GDP accumulated in 12 months – valued 2 158 072 2 376 517 2 454 427 2 473 733 2 489 322

1/ Net accumulated debt growth as percentage of GDP when considering all factors taken together GDP, divided by the current GDP accumulated in the last 12-month period

valuated, calculated by the formula: (� CondictioningFactors/GDPAccumulatedIn12Months)*100, not reflecting debt growth as percentage of GDP.

2/ Indicates the sum of the monthly impacts up to the reference month.

3/ Includes adjustment of rate between the basket of currencies composing international reserves and the external debt as well as other adjustments in the external area.

4/ It takes into account the change in the ratio debt/GDP due to growth observed in GDP, calculated by the formula: Dt-1/(PIBMesAtual/PIBMesBase)-Dt-1

2005

Dec Dec May

2006 2007

June July


IV.20 – Gross and net general government debt1/

R$ million

Itemization

Balance % of Balance % of Balance % of Balance % of

GDP GDP GDP GDP

Net public debt 1 067 363 44.9 1 096 721 44.7 1 095 042 44.3 1 104 706 44.4

Net general government debt 1 091 255 45.9 1 105 428 45.0 1 108 049 44.8 1 110 792 44.6

Gross general government debt 1 556 476 65.5 1 628 950 66.4 1 655 279 66.9 1 617 528 65.0

Internal gross debt 1 405 889 59.2 1 497 298 61.0 1 523 445 61.6 1 491 497 59.9

Federal securities2/ 3/ 1 073 652 45.2 1 150 185 46.9 1 176 214 47.5 1 146 776 46.1

Federal securities in market 1 070 187 45.0 1 148 222 46.8 1 172 933 47.4 1 144 924 46.0

Securitized debt and TDA 23 309 1.0 25 687 1.0 25 971 1.0 26 195 1.1

Investment of public agencies in securities4/ -11 575 -0.5 -15 732 -0.6 -14 737 -0.6 -16 442 -0.7

Investment of subnational government in federal securities -8 268 -0.3 -7 991 -0.3 -7 952 -0.3 -7 901 -0.3

Federal securities in Bacen 297 198 12.5 312 527 12.7 312 781 12.6 310 380 12.5

Federal government bank debt 2 090 0.1 2 196 0.1 2 186 0.1 2 190 0.1

Renegotiation debt (Law 8,727/1993) 23 585 1.0 23 028 0.9 22 932 0.9 22 828 0.9

State securities debt5/ 135 0.0 142 0.0 143 0.0 144 0.0

State governments bank debt 6 339 0.3 6 262 0.3 6 234 0.3 6 187 0.2

Other state debts 0 0.0 0 0.0 0 0.0 0 0.0

Local government securities debt6/ 0 0.0 0 0.0 0 0.0 0 0.0

Local government bank debt 2 890 0.1 2 958 0.1 2 956 0.1 2 992 0.1

Foreign gross debt 150 587 6.3 131 653 5.4 131 834 5.3 126 031 5.1

Federal government 136 108 5.7 118 468 4.8 118 741 4.8 113 195 4.5

State government 12 545 0.5 11 443 0.5 11 354 0.5 11 146 0.4

Local government 1 934 0.1 1 741 0.1 1 739 0.1 1 689 0.1

Asset of general government -465 221 -19.6 -523 522 -21.3 -547 230 -22.1 -506 736 -20.4

Internal asset -465 221 -19.6 -523 522 -21.3 -547 230 -22.1 -506 736 -20.4

Available assets of general government -247 406 -10.4 -302 217 -12.3 -317 954 -12.9 -281 461 -11.3

Investment of social security system -231 -0.0 -409 -0.0 -344 -0.0 -555 -0.0

Tax collected (not transferred) -1 204 -0.1 -9 203 -0.4 -9 443 -0.4 -12 979 -0.5

Demand deposits -5 528 -0.2 -5 496 -0.2 -5 971 -0.2 -5 859 -0.2

Available assets of federal government in Banco Central -226 047 -9.5 -267 793 -10.9 -281 512 -11.4 -239 937 -9.6

Investment in the banking system (states) -14 396 -0.6 -19 316 -0.8 -20 684 -0.8 -22 132 -0.9

Investment in funds -60 247 -2.5 -63 947 -2.6 -64 706 -2.6 -61 674 -2.5

Credits with public enterprises -20 041 -0.8 -19 394 -0.8 -19 366 -0.8 -19 262 -0.8

Other federal government's credits -14 877 -0.6 -14 953 -0.6 -20 172 -0.8 -20 224 -0.8

Laborer assistance fund (FAT) -122 650 -5.2 -123 010 -5.0 -125 032 -5.1 -124 115 -5.0

Foreign credits 0 0.0 0 0.0 0 0.0 0 0.0

Collateral 0 0.0 0 0.0 0 0.0 0 0.0

State government - - - - - - - -

Local government - - - - - - - -

Bacen net debt 8 481 0.4 26 137 1.1 25 078 1.0 31 752 1.3

Public enterprises net debt -32 373 -1.4 -34 844 -1.4 -38 085 -1.5 -37 838 -1.5

GDP7/ 2 376 517 2 454 427 2 473 733 2 489 322

1/ Includes federal, state and local government debt with other economic agents, including the Banco Central.

2/ Includes market securities debt, and other securitized credits, less investment within the government and among different government levels.

3/ Federal government securities debt will follow an upward path as Banco Central' securities on market fall due and new issues are forbidden as stated in the Fiscal Responsibility Law.

4/ Includes investments of social security, Workers Support Fund and other Fund´s investments.

5/ Includes balance of market securities debt less intergovernment investments in state public securities and treasury bonds.

6/ Includes balance of market securities debt, less treasury bonds.

7/ GDP of the last 12 months, at prices of month indicated. Centered IGP-DI deflator (geometric mean of IGP-DI variation in the month and in the following month).

July

2006

Dec May June

2007


IV.21 – Public sector borrowing requirementsMonthly flows

R$ million

Itemization

July Dec July Dec May June July

Nominal 3 340 15 776 7 840 19 445 7 452 -677 6 184

Central government 5 569 11 742 5 833 13 506 9 841 2 774 6 804

Federal government1/ 5 966 13 077 4 483 12 622 7 246 3 234 5 530

Bacen -397 -1 335 1 351 883 2 595 -460 1 274

Regional government -290 4 917 2 392 7 409 -806 -865 200

State government -551 4 748 2 164 6 613 -1 321 -958 216

Local government 260 169 228 796 515 92 -16

State enterprises -1 938 -883 -385 -1 470 -1 584 -2 586 -820

Federal owner -1 940 -1 617 -320 -2 053 -1 575 -3 725 -955

State owner -14 733 -98 553 -58 1 104 137

Local governments owner 16 0 34 30 50 34 -2

Nominal interest 12 136 10 676 13 455 12 992 16 747 10 970 14 087

Central government 11 183 7 352 9 434 7 742 15 186 8 248 11 756

Federal government1/ 11 594 8 738 8 089 6 896 12 630 8 777 10 559

Bacen -411 -1 386 1 346 846 2 556 -529 1 197

Regional government 927 3 541 4 069 5 396 2 043 2 466 2 424

State government 666 3 003 3 440 4 325 1 645 2 029 1 955

Local government 261 537 630 1 071 399 438 469

State enterprises 25 -217 -48 -147 -482 256 -93

Federal owner -312 -698 -281 -316 -575 76 -247

State owner 313 456 212 152 78 159 138

Local governments owner 24 26 21 18 15 20 16

Primary -8 796 5 100 -5 615 6 453 -9 295 -11 647 -7 904

Central government -5 615 4 391 -3 601 5 763 -5 345 -5 474 -4 952

Federal government -8 715 -2 575 -7 044 3 671 -8 733 -8 929 -8 242

Bacen 14 52 5 37 39 69 77

INSS 3 087 6 914 3 438 2 055 3 350 3 386 3 213

Regional government -1 217 1 376 -1 677 2 013 -2 849 -3 332 -2 224

State government -1 217 1 745 -1 276 2 289 -2 965 -2 986 -1 739

Local government -1 -369 -401 -276 116 -345 -485

State enterprises -1 964 -667 -337 -1 323 -1 102 -2 842 -728

Federal owner -1 629 -919 -39 -1 737 -1 001 -3 801 -708

State owner -327 278 -311 401 -136 945 -1

Local governments owner -8 -25 13 13 35 14 -18

1/ Includes INSS.

(+) deficit (-) surplus

20072005 2006


IV.22 – Public sector borrowing requirements

Accumulated in the year as % of GDP

Itemization

2007

Jan-July Year Jan-July Year Jan-July

Nominal 1.95 2.96 2.49 3.01 0.94

Central government 2.25 3.41 2.80 3.21 1.93

Federal government1/ 2.28 3.45 2.30 2.83 1.53

Bacen -0.03 -0.04 0.50 0.38 0.40

Regional government 0.20 0.25 0.34 0.71 -0.30

State government 0.19 0.22 0.27 0.59 -0.31

Local government 0.01 0.03 0.07 0.12 0.02

State enterprises -0.51 -0.70 -0.65 -0.91 -0.70

Federal owner -0.41 -0.66 -0.54 -0.77 -0.72

States owner -0.11 -0.04 -0.12 -0.15 0.01

Local governments owner 0.01 0.01 0.01 0.01 0.01

Nominal interest 7.63 7.32 7.31 6.89 6.52

Central government 6.06 6.01 6.03 5.42 5.37

Federal government1/ 6.09 6.06 5.54 5.05 5.00

Bacen -0.03 -0.05 0.49 0.37 0.37

Regional government 1.44 1.24 1.36 1.56 1.23

State government 1.19 1.02 1.13 1.30 1.04

Local government 0.25 0.22 0.23 0.27 0.19

State enterprises 0.14 0.06 -0.09 -0.09 -0.08

Federal owner 0.04 -0.05 -0.18 -0.19 -0.17

States owner 0.08 0.10 0.09 0.09 0.07


Primary -5.69 -4.35 -4.83 -3.88 -5.58

Central government -3.81 -2.60 -3.24 -2.21 -3.44

Federal government -5.39 -4.36 -4.97 -4.03 -5.15

Bacen 0.00 0.01 0.01 0.01 0.03

INSS 1.59 1.75 1.72 1.81 1.68

Regional government -1.23 -0.99 -1.02 -0.85 -1.53

State government -0.99 -0.80 -0.86 -0.70 -1.35

Local government -0.24 -0.19 -0.16 -0.14 -0.18

State enterprises -0.65 -0.77 -0.57 -0.82 -0.61

Federal owner -0.45 -0.61 -0.36 -0.58 -0.55

States owner -0.19 -0.15 -0.21 -0.24 -0.06


1/ Includes INSS.


Current prices

2005 2006


IV.23 – Public sector borrowing requirementsFlows in 12 months

R$ million

Itemization

Feb Mar Apr May June July

Nominal 51 201 58 266 53 647 60 244 52 576 50 919

Central government 59 263 61 849 61 017 69 633 64 625 65 597

Federal government1/ 55 083 54 817 57 485 58 046 56 705 57 753

Bacen 4 180 7 032 3 532 11 587 7 920 7 844

Regional government 14 780 14 186 13 659 12 235 10 117 7 925

State government 12 556 12 305 11 584 9 826 7 707 5 760

Local government 2 224 1 881 2 076 2 408 2 409 2 165

State enterprises -22 841 -17 769 -21 030 -21 624 -22 166 -22 602

Federal owner -19 921 -14 370 -17 993 -18 492 -20 492 -21 127

States owner -3 061 -3 514 -3 143 -3 257 -1 839 -1 604

Local governments owner 141 115 105 125 165 129

Nominal interest 153 687 154 703 154 115 163 705 157 240 157 872

Central government 118 498 119 382 117 158 127 973 121 562 123 884

Federal government1/ 114 573 112 642 113 985 116 773 114 024 116 494

Bacen 3 925 6 741 3 173 11 200 7 539 7 390

Regional government 37 097 37 576 38 811 38 106 37 848 36 203

State government 31 284 31 669 32 631 31 964 31 731 30 246

Local government 5 813 5 907 6 181 6 143 6 118 5 957


Federal owner -4 499 -4 683 -4 378 -4 479 -4 441 -4 407

States owner 2 355 2 195 2 287 1 878 2 038 1 964

Local governments owner 236 233 237 227 233 229

Primary -102 485 -96 438 -100 469 -103 461 -104 664 -106 953

Central government -59 235 -57 534 -56 141 -58 340 -56 937 -58 288

Federal government -100 762 -101 176 -100 106 -102 370 -101 192 -102 390

Bacen 255 291 359 386 382 454

INSS 41 272 43 351 43 606 43 644 43 874 43 649

Regional government -22 317 -23 390 -25 152 -25 872 -27 732 -28 278

State government -18 729 -19 364 -21 047 -22 137 -24 023 -24 486

Local government -3 589 -4 027 -4 105 -3 735 -3 708 -3 792


Federal owner -15 422 -9 686 -13 615 -14 012 -16 051 -16 720

States owner -5 416 -5 709 -5 429 -5 135 -3 877 -3 568

Local governments owner -95 -118 -132 -101 -68 -100

GDP flows in 12 months* 2 357 900 2 379 671 2 395 298 2 412 421 2 431 590 2 446 956

1/ Includes INSS.

* Preliminary data.


Current prices

2007


IV.24 – Public accounts – Uses and sources

Flows in 12 months in R$ million

Itemization 2005 2006

Dec Dec May June July

Uses (1+2+3) 77 600 69 883 60 244 52 576 50 919

1 - Primary result -85 199 -90 144 -103 461 -104 664 -106 953

2 - Internal debt interest 148 979 152 116 159 047 153 460 155 027

Real interest 137 945 117 290 117 749 112 351 110 580

Monetary atualization 11 033 34 825 41 298 41 109 44 448

3 - External debt interest 13 819 7 911 4 658 3 780 2 845

Sources (4+5) 77 600 69 883 60 244 52 576 50 919

4 - Internal borrowing 153 850 183 364 250 214 262 978 266 471

Securities debt 172 197 155 060 227 226 250 985 253 564

Banking debt -29 633 7 765 -314 -10 393 -10 681

Renegotiations - - - - -

States - - - - -

Local governments - - - - -

State Enterprises - - - - -

Others 11 287 20 540 23 302 22 385 23 587

TN/Bacen relationship - - - - -

5 - External borrowing -76 251 -113 482 -189 970 -210 402 -215 552

GDP (accumulated in the year)1/ 1 949 819 2 322 818 2 412 421 2 431 590 2 446 956

In percentage of GDP2/

Uses (1+2+3) 3.98 3.01 2.50 2.16 2.08

1 - Primary result -4.37 -3.88 -4.29 -4.30 -4.37

2 - Internal debt interest 7.64 6.55 6.59 6.31 6.34

Real interest 7.07 5.05 4.88 4.62 4.52

Monetary atualizationMay 2006 0.57 1.50 1.71 1.69 1.82

3 - External debt interest 0.71 0.34 0.19 0.16 0.12

Sources (4+5) 3.98 3.01 2.50 2.16 2.08

4 - Internal borrowing 7.89 7.89 10.37 10.82 10.89

Securities debt 8.83 6.68 9.42 10.32 10.36

Banking debt -1.52 0.33 -0.01 -0.43 -0.44

Renegotiations - - - - -

States - - - - -

Local governments - - - - -

State Enterprises - - - - -

Others 0.58 0.88 0.97 0.92 0.96

TN/Bacen relationship - - - - -

5 - External borrowing -3.91 -4.89 -7.87 -8.65 -8.81

1/ GDP at current prices.

2/ Reflects ratio of flows to the GDP at current prices.

2007


IV.25 – Public net debt harmonized

End-

of-

period R$ million % of GDP R$ million % of GDP

2001 Dec 589 803 45.30 325 107 24.97

2002 Dec 753 029 50.96 418 747 28.34

2003 Dec 784 186 46.13 429 635 25.27

2004 Dec 803 943 41.41 416 286 21.44

2005 Dec 828 820 38.59 445 060 20.72

2006 Jan 848 831 39.27 467 710 21.64

Feb 853 911 39.21 471 397 21.64

Mar 859 759 39.23 476 872 21.76

Apr 852 102 38.78 471 438 21.45

May 859 362 38.88 475 521 21.51

Jun 854 380 38.44 471 471 21.21

Jul 860 655 38.42 476 495 21.27

Aug 857 691 37.98 474 532 21.01

Sep 861 969 37.93 477 069 20.99

Oct 865 396 37.78 481 140 21.00

Nov 862 434 37.37 475 997 20.62

Dec 864 237 37.21 470 143 20.24

2007 Jan 875 353 37.38 482 257 20.60

Feb 887 724 37.65 494 344 20.97

Mar 897 070 37.70 505 337 21.24

Apr 880 134 36.74 490 367 20.47

May* 902 436 37.41 514 456 21.33

Jun* 892 022 36.68 503 912 20.72

Jul* 899 803 36.77 512 825 20.96

1/ The Federal governments, the Banco Central and state owned enterprises are included.


Public sector National government1/


IV.26 – Variation of the harmonized net fiscal debt Flows in 12 months

End-

of-

period R$ million % of GDP R$ million % of GDP

2005 Jan 44 030 2.25 12 843 0.66

Feb 44 811 2.27 14 839 0.75

Mar 46 545 2.34 18 197 0.91

Apr 45 485 2.26 17 952 0.89

May 48 038 2.37 24 901 1.23

Jun 51 676 2.53 32 682 1.60

Jul 51 255 2.49 36 224 1.76

Aug 53 842 2.60 42 693 2.06

Sep 55 278 2.64 49 559 2.37

Oct 57 182 2.71 53 402 2.53

Nov 63 150 2.97 59 514 2.79

Dec 63 641 2.96 59 036 2.75

2006 Jan 77 600 3.59 72 297 3.34

Feb 78 552 3.61 71 056 3.26

Mar 76 606 3.50 71 110 3.24

Apr 73 110 3.33 71 411 3.25

May 66 568 3.01 63 932 2.89

Jun 67 948 3.06 64 194 2.89

Jul 72 448 3.23 66 079 2.95

Aug 71 597 3.17 64 874 2.87

Sep 71 121 3.13 60 279 2.65

Oct 69 124 3.02 58 851 2.57

Nov 66 214 2.87 55 194 2.39

Dec 69 883 3.01 56 521 2.43

2007 Jan 55 491 2.37 41 329 1.77

Feb 51 201 2.17 39 342 1.67

Mar 58 266 2.45 47 479 2.00

Apr 53 647 2.24 43 025 1.80

May* 60 244 2.50 51 141 2.12

Jun* 52 576 2.16 44 134 1.82

Jul* 50 919 2.08 44 470 1.82

1/ The Federal governments, the Banco Central and state owned enterprises are included.


Public sector National government1/

Foreign Sector of the Brazilian Economy

Statistical Tables V


V.1 – Balance of payments

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Trade balance (FOB) 13 121 24 794 33 641 44 703 46 458

Exports 60 362 73 084 96 475 118 308 137 807

Imports 47 240 48 290 62 835 73 606 91 350

Services -4 957 -4 931 -4 678 -8 309 -9 654

Credit 9 551 10 447 12 584 16 047 19 462

Debit 14 509 15 378 17 261 24 356 29 116

Income -18 191 -18 552 -20 520 -25 967 -27 489

Credit 3 295 3 339 3 199 3 194 6 438

Debit 21 486 21 891 23 719 29 162 33 927

Unrequited current transfers 2 390 2 867 3 236 3 558 4 306

Credit 2 627 3 132 3 542 4 051 4 847

Debit 237 265 306 493 541

Current account -7 637 4 177 11 679 13 985 13 621

Capital and financial account 8 004 5 111 -7 523 -9 464 15 982

Capital account1/ 433 498 372 663 869

Financial account 7 571 4 613 -7 895 -10 127 15 113

Direct investment 14 108 9 894 8 339 12 550 -9 420

Abroad -2 482 -249 -9 807 -2 517 -28 202

Equity capital -2 402 -62 -6 640 -2 695 -23 413

Intercompany loans -81 -187 -3 167 178 -4 789

In Brazil 16 590 10 144 18 146 15 066 18 782

Equity capital 17 118 9 320 18 570 15 045 15 373

Intercompany loans -528 823 -424 21 3 409

Portfolio investment -5 119 5 308 -4 750 4 885 9 573

Assets -321 179 -755 -1 771 523

Equity securities -389 -258 -121 -831 -915

Debt securities 67 437 -633 -940 1 438

Liabilities -4 797 5 129 -3 996 6 655 9 051

Equity securities 1 981 2 973 2 081 6 451 7 716

Debt securities -6 778 2 156 -6 076 204 1 335

Derivatives -356 -151 -677 -40 383

Assets 933 683 467 508 482

Liabilities -1 289 -834 -1 145 -548 -99

Other investment2/ -1 062 -10 438 -10 806 -27 521 14 577

Assets -3 211 -9 752 -2 085 -5 035 -8 914

Liabilities 2 150 -686 -8 721 -22 486 23 491

Errors and omissions -66 -793 -1 912 -201 965

Overall balance 302 8 496 2 244 4 319 30 569

Memo:

Current account/GDP (%) -1.51 0.75 1.76 1.58 1.28

Medium- and long-term amortizations3/ 31 084 27 115 33 199 32 694 43 944

(continues)


V.1 – Balance of payments

(concluded) US$ million

Itemization

July Jan-July Year July Jan-July

Trade balance (FOB) 5 659 25 192 46 458 3 347 23 985

Exports 13 651 74 708 137 807 14 120 87 333

Imports 7 992 49 516 91 350 10 773 63 348

Services -996 -5 193 -9 654 -1 264 -6 768

Credit 1 572 10 719 19 462 1 963 12 900

Debit 2 568 15 912 29 116 3 227 19 667

Income -1 944 -16 553 -27 489 -3 192 -15 939

Credit 463 4 063 6 438 842 5 931

Debit 2 408 20 615 33 927 4 034 21 870

Unrequited current transfers 336 2 372 4 306 392 2 388

Credit 394 2 673 4 847 467 2 787

Debit 58 301 541 75 399

Current account 3 055 5 819 13 621 -717 3 666

Capital and financial account 845 6 612 15 982 7 024 66 836

Capital account1/ 58 488 869 67 357

Financial account 787 6 124 15 113 6 957 66 479

Direct investment 930 3 813 -9 420 3 762 28 088

Abroad -656 -5 158 -28 202 179 3 640

Equity capital -160 -4 685 -23 413 -1 171 -5 755

Intercompany loans -496 -474 -4 789 1 350 9 396

In Brazil 1 586 8 971 18 782 3 584 24 448

Equity capital 942 6 318 15 373 3 033 18 202

Intercompany loans 644 2 654 3 409 551 6 247

Portfolio investment -81 -801 9 573 7 570 31 583

Assets -245 789 523 -67 -119


Debt securities -35 1 386 1 438 -15 620

Liabilities 163 -1 590 9 051 7 637 31 701

Equity securities 611 4 752 7 716 6 503 14 087

Debt securities -448 -6 342 1 335 1 134 17 615

Derivatives 12 231 383 60 208

Assets 23 293 482 3 91

Liabilities -11 -62 -99 57 117

Other investment2/ -74 2 881 14 577 -4 435 6 599

Assets -322 -4 252 -8 914 -3 364 -25 807

Liabilities 249 7 132 23 491 -1 071 32 406

Errors and omissions 17 -354 965 1 345 -1 240

Overall balance 3 917 12 077 30 569 7 652 69 263

Memo:

Current account/GDP (%) - 0.96 1.28 - 0.52

Medium- and long-term amortizations3/ 1 674 27 905 43 944 3 991 36 826

1/ Includes migrants transfers.

2/ Includes trade credits, loans, currency and deposits, other assets and liabilities and IMF credit facilities.

3/ Includes long-term trade credit repayments, long-term loan repayments, long-term issued abroad debt instrument redemptions (net of bond swaps and discounts). Excludes Monetary Authority loan repayments and intercompany loan repayments.

2006* 2007*


V.2 – Trade balance – FOB

US$ million

Period

Monthly Accumulated 12 months Monthly Accumulated 12 months Monthly Accumulated 12 months

1990 - 31 414 31 414 - 20 661 20 661 - 10 752 10 752

1991 - 31 620 31 620 - 21 040 21 040 - 10 580 10 580

1992 - 35 793 35 793 - 20 554 20 554 - 15 239 15 239

1993 - 38 555 38 555 - 25 256 25 256 - 13 299 13 299

1994 - 43 545 43 545 - 33 079 33 079 - 10 466 10 466

1995 - 46 506 46 506 - 49 972 49 972 - - 3 466 - 3 466

1996 - 47 747 47 747 - 53 346 53 346 - - 5 599 - 5 599

1997* - 52 994 52 994 - 59 747 59 747 - - 6 753 - 6 753

1998* - 51 140 51 140 - 57 763 57 763 - - 6 624 - 6 624

1999* - 48 013 48 013 - 49 302 49 302 - - 1 289 - 1 289

2000* - 55 119 55 119 - 55 851 55 851 - - 732 - 732

2001* - 58 287 58 287 - 55 602 55 602 - 2 685 2 685

2002* - 60 439 60 439 - 47 243 47 243 - 13 196 13 196

2003* - 73 203 73 203 - 48 326 48 326 - 24 878 24 878

2004* - 96 678 96 678 - 62 836 62 836 - 33 842 33 842

2005* - 118 529 118 529 - 73 600 73 600 - 44 929 44 929

2006* Jan 9 287 9 287 120 359 6 452 6 452 74 790 2 835 2 835 45 569

Feb 8 774 18 061 121 361 5 971 12 423 75 781 2 803 5 638 45 580

Mar 11 397 29 458 123 488 7 707 20 130 77 578 3 690 9 328 45 910

Apr 9 831 39 289 124 098 6 742 26 871 78 988 3 089 12 418 45 110

May 10 305 49 594 124 567 7 288 34 159 79 903 3 017 15 435 44 664

Jun 11 463 61 057 125 805 7 365 41 524 81 092 4 098 19 533 44 713

Jul 13 651 74 708 128 377 7 992 49 516 83 027 5 659 25 192 45 350

Aug 13 672 88 380 130 682 9 117 58 633 84 448 4 555 29 747 46 234

Sep 12 577 100 957 132 605 8 109 66 741 86 242 4 468 34 215 46 363

Oct 12 689 113 646 135 371 8 738 75 479 88 752 3 951 38 166 46 619

Nov 11 897 125 543 136 459 8 657 84 136 90 697 3 240 41 406 45 762

Dec 12 265 137 807 137 807 7 213 91 350 91 350 5 052 46 458 46 458

2007* Jan 10 984 10 984 139 504 8 466 8 466 93 364 2 518 2 518 46 141

Feb 10 130 21 113 140 860 7 225 15 692 94 618 2 904 5 422 46 241

Mar 12 889 34 002 142 352 9 545 25 237 96 457 3 344 8 765 45 895

Apr 12 446 46 449 144 967 8 255 33 492 97 970 4 191 12 957 46 997

May 13 647 60 096 148 310 9 781 43 273 100 463 3 867 16 823 47 846

Jun 13 118 73 214 149 964 9 303 52 576 102 401 3 815 20 638 47 563

Jul 14 120 87 333 150 433 10 773 63 348 105 182 3 347 23 985 45 251

Source: MDIC/Secex

Exports Imports Balance


V.3 – Exports – FOB By aggregated factor and main products1/

US$ million

Itemization 2001* 2002* 2003* 2004* 2005*

Total 58 287 60 439 73 203 96 678 118 529

Primary products 15 349 16 959 21 186 28 529 34 732 Iron ore and concentrates 2 932 3 049 3 456 4 759 7 297 Petroleum oils, crude 721 1 691 2 122 2 528 4 164 Soybeans, including grinded 2 726 3 032 4 290 5 395 5 345 Meat and edible offal of chicken, fresh, chilled or frozen 1 292 1 335 1 710 2 494 3 324 Meat of bovine animals, fresh, chilled or frozen 739 776 1 155 1 963 2 419 Coffee, not roasted 1 208 1 195 1 302 1 750 2 516 Oil-cake and other residues from soybeans 2 065 2 199 2 602 3 271 2 865 Tobacco, unmanufactured; tobacco refuse 921 978 1 052 1 380 1 660 Meat of swine, fresh, chilled or frozen 346 469 527 744 1 123 Maize, unmilled 497 268 375 597 121 Other 1 967 2 595 3 647 3 896 3 896

Semimanufactured products 8 244 8 965 10 945 13 433 15 963 Cane sugar, raw 1 401 1 111 1 350 1 511 2 382 Chemical wood pulp 1 246 1 160 1 744 1 722 2 034 Iron or nonalloy steel flat-rolled products 1 082 1 410 1 619 2 124 2 304 Hides and skins 872 956 1 057 1 290 1 394 Pig iron and spiegeleisen 428 473 573 1 179 1 810 Aluminum, unwrought 676 813 903 952 1 020 Ferroalloys 390 433 486 598 712 Soybean oil, crude 415 675 1 042 1 156 1 022 Wood, sawn or chipped lengthwise, over 6 mm thick 532 577 648 838 883 Gold, nonmonetary in semimanufactured forms 336 349 327 413 459 Other 1 009 1 196 1 649 1 943 1 943

Manufactured products 32 957 33 068 39 764 53 137 65 353 Passenger motor vehicles 1 951 2 005 2 656 3 352 4 395 Airplanes 2 839 2 335 1 939 3 269 3 168 Parts and accessories for motor cars and tractors 1 175 1 163 1 495 1 979 2 475 Iron or nonalloy steel flat-rolled products 602 813 1 410 2 007 2 383 Passenger motor vehicles engines and parts thereof 1 113 1 342 1 676 1 976 2 318 Transmission and reception apparatus, and components 1 763 1 783 1 678 1 379 2 733 Cane sugar, refined 878 982 790 1 129 1 537 Footwear, parts and components 1 686 1 519 1 625 1 904 1 984 Heavy fuel oils 798 623 1 006 1 199 1 572 Motor vehicles for the transport of goods 484 428 671 1 123 1 682 Ethyl alcohol 92 169 158 498 766 Polymers of ethylene, propylene and styrene 343 328 522 687 1 008 Electric motors, generators, transformers; parts thereof 459 441 501 601 906 Pumps, compressors, fans and others 650 696 795 1 033 1 217 Gasoline 500 524 548 570 1 066 Civil engineering and contractors' plant and equipment 344 359 457 905 1 234 Orange juice 813 869 910 790 796 Tractors 151 275 466 887 1 239 Aluminum oxide and aluminum hydroxide 211 181 334 431 576 Pneumatic rubber tires 468 490 615 690 830 Other 15 745 19 513 26 729 31 467 31 467

Special operations2/ 1 736 1 446 1 308 1 579 2 482

(continues)


V.3 – Exports – FOB By aggregated factor and main products1/


Itemization


Total 13 651 74 708 137 807 14 120 87 333

Primary products 4 655 21 705 40 285 4 877 27 257 Iron ore and concentrates 1 070 4 883 8 949 1 089 5 896 Petroleum oils, crude 870 3 406 6 894 702 4 192 Soybeans, including grinded 978 3 811 5 663 860 4 254 Meat and edible offal of chicken, fresh, chilled or frozen 195 1 528 2 923 370 2 285 Meat of bovine animals, fresh, chilled or frozen 291 1 597 3 135 262 2 005 Coffee, not roasted 201 1 430 2 928 241 1 839 Oil-cake and other residues from soybeans 317 1 270 2 419 271 1 603 Tobacco, unmanufactured; tobacco refuse 246 957 1 694 284 1 146 Meat of swine, fresh, chilled or frozen 75 467 990 84 602 Maize, unmilled 73 222 482 172 688 Other 340 2 134 4 208 541 2 746

Semimanufactured products 1 888 10 234 19 523 1 904 12 090 Cane sugar, raw 515 1 944 3 936 297 1 712 Chemical wood pulp 199 1 388 2 479 250 1 654 Iron or nonalloy steel flat-rolled products 132 1 118 2 277 175 1 319 Hides and skins 150 1 010 1 872 161 1 278 Pig iron and spiegeleisen 200 799 1 637 167 996 Aluminum, unwrought 125 822 1 495 147 935 Ferroalloys 88 467 839 114 711 Soybean oil, crude 96 415 829 137 637 Wood, sawn or chipped lengthwise, over 6 mm thick 65 468 846 64 496 Gold, nonmonetary in semimanufactured forms 60 363 659 80 452 Other 257 1 440 2 655 312 1 901

Manufactured products 6 812 41 016 75 018 7 078 46 251 Passenger motor vehicles 397 2 663 4 597 453 2 592 Airplanes 87 1 602 3 241 226 2 004 Parts and accessories for motor cars and tractors 254 1 647 2 972 279 1 793 Iron or nonalloy steel flat-rolled products 221 1 441 2 718 237 1 763 Passenger motor vehicles engines and parts thereof 239 1 615 2 797 204 1 429 Transmission and reception apparatus, and components 232 1 618 2 901 167 1 278 Cane sugar, refined 230 974 2 231 175 1 113 Footwear, parts and components 192 1 151 1 967 191 1 189 Heavy fuel oils 372 1 547 2 252 280 1 253 Motor vehicles for the transport of goods 163 1 067 1 869 173 1 143 Ethyl alcohol 289 641 1 605 162 860 Polymers of ethylene, propylene and styrene 116 677 1 375 156 942 Electric motors, generators, transformers; parts thereof 106 698 1 333 138 890 Pumps, compressors, fans and others 119 764 1 371 137 876 Gasoline 118 637 1 199 179 905 Civil engineering and contractors' plant and equipment 147 843 1 440 123 860 Orange juice 98 542 1 043 105 941 Tractors 110 659 1 239 136 791 Aluminum oxide and aluminum hydroxide 200 629 1 109 102 723 Pneumatic rubber tires 82 570 1 018 115 737 Other 3 039 19 031 34 739 3 341 22 171

Special operations2/ 296 1 753 2 981 260 1 736

Source: MDIC/Secex

1/ Main products by value in the last twelve months.

2/ Including special transactions, on-board consumption and reexports.

2006* 2007*


V.4 – Imports – FOB By end-use category and selected products

US$ million

Itemization 2001* 2002* 2003* 2004* 2005*

Total 55 602 47 243 48 326 62 836 73 600

Capital goods 14 829 11 643 10 353 12 145 15 387

Industrial machinery 4 878 4 367 3 426 3 279 4 251

Other fixed equipments 3 148 1 910 1 920 2 530 3 312

Machines and apparatuses for offices, scientific services 2 809 2 258 2 111 2 685 3 381

Parts for industrial capital goods 1 676 1 200 1 206 1 519 1 745

Moving equipment for transportation 837 607 445 610 969

Accessories for industrial machinery 1 018 975 911 1 068 1 240

Tools 231 167 178 221 253

Fixed equipment for transportation 146 78 61 90 122

Machines and tools 38 19 22 67 55

Capital goods – sundry 48 62 73 76 59

Consumer goods 7 154 5 912 5 540 6 864 8 484

Non-durable consumer goods 3 632 3 400 3 121 3 674 4 556

Foodstuffs 1 170 1 085 924 1 059 1 374

Pharmaceutical products 1 185 1 211 1 248 1 454 1 684

Beauty products 226 184 197 238 277

Apparel and other textil clothing 204 136 116 177 274

Beverage and tobacco 180 163 159 184 211

Non-durables – sundry 667 619 478 562 735

Durable consumer goods 3 522 2 512 2 419 3 190 3 928

Passenger vehicles 1 402 730 578 583 819

Articles of adornment – personal use and others 713 684 714 920 1 124

Machines and apparatuses for domestic use 466 411 410 640 822

Durable consumer goods parts and spares 425 332 394 618 637

Furniture and other house equipments 243 154 137 190 199

Household appliances 86 66 61 84 100

Durables – sundry 188 135 125 155 228

Fuels and lubricants 6 277 6 240 6 600 10 315 11 925

Intermediate products and raw materials 27 341 23 448 25 832 33 512 37 804

Chemical and pharmaceutical products 7 951 7 297 7 533 9 638 10 699

Intermediate products – parts and spares 4 654 3 785 4 154 5 591 6 700

Mineral products 4 433 3 061 3 599 5 073 6 372

Accessories for transportation equipment 4 234 3 567 3 714 4 912 5 912

Inedible farm products 1 894 1 602 1 693 2 213 2 360

Foodstuffs 1 598 1 679 2 017 1 517 1 308

Other raw materials for farming 1 606 1 616 2 275 3 473 3 017

Building materials 428 442 440 503 638

Transportation equipment – parts and spares 324 171 153 341 466

Animal feed 167 178 209 168 203

Intermediate products and raw material – sundry 54 49 45 83 128

(continues)


V.4 – Imports – FOB By end-use category and selected products


Itemization


Total 7 992 49 516 91 350 10 773 63 348

Capital goods 1 646 10 516 18 919 2 152 13 226

Industrial machinery 486 3 015 5 310 613 3 820

Other fixed equipments 341 2 223 3 971 256 1 714

Machines and apparatuses for offices, scientific services 350 2 376 4 305 506 3 140

Parts for industrial capital goods 173 1 105 2 009 369 2 202

Moving equipment for transportation 132 705 1 404 169 929

Accessories for industrial machinery 117 775 1 347 156 960

Tools 28 174 327 45 244

Fixed equipment for transportation 10 87 141 23 102

Machines and tools 5 23 42 4 56

Capital goods – sundry 4 32 65 13 59

Consumer goods 1 013 6 227 11 996 1 346 8 349

Non-durable consumer goods 478 3 115 5 918 664 4 269

Foodstuffs 122 932 1 728 144 1 108

Pharmaceutical products 186 1 159 2 171 280 1 648

Beauty products 28 168 325 41 242

Apparel and other textil clothing 29 232 449 55 407

Beverage and tobacco 29 140 285 32 193

Non-durables – sundry 84 484 959 112 672

Durable consumer goods 535 3 112 6 079 682 4 079

Passenger vehicles 181 891 1 914 251 1 341

Articles of adornment – personal use and others 117 723 1 393 160 975

Machines and apparatuses for domestic use 114 722 1 294 126 848

Durable consumer goods parts and spares 63 399 753 56 355

Furniture and other house equipments 23 142 274 31 214

Household appliances 10 67 132 19 117

Durables – sundry 28 168 318 39 229

Fuels and lubricants 1 249 8 165 15 197 2 007 10 086

Intermediate products and raw materials 4 084 24 608 45 237 5 268 31 687

Chemical and pharmaceutical products 1 017 6 591 12 243 1 324 8 446

Intermediate products – parts and spares 693 4 570 7 819 762 4 814

Mineral products 1 049 5 235 9 205 1 118 6 439

Accessories for transportation equipment 495 3 555 6 290 746 4 554

Inedible farm products 294 1 720 3 189 324 2 119

Foodstuffs 158 893 1 705 242 1 409

Other raw materials for farming 257 1 131 3 036 531 2 577

Building materials 56 414 801 92 614

Transportation equipment – parts and spares 40 308 553 77 427

Animal feed 16 93 227 25 126

Intermediate products and raw material – sundry 10 97 170 28 162

Source: MDIC/Secex

2006* 2007*


V.5 – Trade by area – FOB

US$ million

Itemization

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 58 287 55 602 2 685 60 439 47 243 13 196 73 203 48 326 24 878 96 678 62 836 33 842

Efta1/ 629 1 227 -598 619 1 118 -499 618 1 209 -592 680 1 423 -744

Africa2/ 1 989 3 331 -1 342 2 363 2 676 -312 2 862 3 291 -429 4 248 6 183 -1 936

Laia 12 249 10 000 2 249 9 891 8 225 1 666 12 959 8 210 4 749 19 766 10 026 9 739

Mercosur 6 374 7 010 -635 3 319 5 612 -2 293 5 684 5 685 -1 8 935 6 390 2 544

Argentina 5 010 6 207 -1 197 2 347 4 744 -2 397 4 570 4 673 -103 7 391 5 570 1 821

Paraguay 721 300 421 560 383 177 709 475 234 873 298 576

Uruguay 643 503 140 413 485 -72 406 538 -132 671 523 148

Chile 1 355 844 511 1 465 649 816 1 887 821 1 066 2 556 1 399 1 157

Mexico 1 871 695 1 176 2 346 580 1 765 2 747 533 2 214 3 958 704 3 254

Other3/ 2 648 1 451 1 197 2 762 1 384 1 377 2 640 1 171 1 470 4 317 1 533 2 784

Asia2/ 6 954 8 926 -1 972 8 798 7 996 802 11 685 8 923 2 762 14 577 12 280 2 298

China 1 902 1 328 574 2 521 1 554 967 4 533 2 148 2 386 5 442 3 710 1 731

Korea, Republic of 737 1 574 -838 853 1 067 -214 1 223 1 079 144 1 430 1 730 -300

Japan 1 990 3 064 -1 074 2 103 2 348 -245 2 316 2 521 -205 2 774 2 869 -94

Others 2 326 2 960 -634 3 322 3 028 294 3 613 3 176 437 4 932 3 971 961

Canada 556 927 -371 783 740 43 980 750 230 1 202 866 336

USA4/ 14 397 13 050 1 347 15 559 10 440 5 119 16 936 9 730 7 206 20 403 11 531 8 872

Eastern Europe5/ 1 161 584 577 1 357 584 772 1 696 821 874 2 014 1 254 761

Middle East 2 030 1 471 559 2 331 1 430 901 2 807 1 626 1 181 3 689 2 315 1 374

European Union 15 488 15 446 42 15 609 13 495 2 114 18 816 13 053 5 763 24 676 15 990 8 686

Germany 2 504 4 825 -2 321 2 540 4 419 -1 879 3 140 4 204 -1 064 4 047 5 072 -1 025

Belgium-Luxembourg 1 812 585 1 228 1 892 546 1 346 1 796 515 1 281 1 932 640 1 292

Spain6/ 1 043 1 225 -182 1 121 975 146 1 554 974 580 1 988 1 176 812

France 1 648 2 080 -431 1 526 1 773 -247 1 717 1 766 -49 2 194 2 289 -95

Italy 1 810 2 187 -376 1 818 1 758 60 2 210 1 739 471 2 909 2 049 860

Netherlands 2 864 533 2 331 3 183 535 2 648 4 248 509 3 739 5 919 618 5 302

United Kingdom 1 706 1 244 462 1 771 1 344 427 1 902 1 206 696 2 122 1 355 767

Other7/ 2 099 2 767 -667 1 758 2 145 -387 2 249 2 141 109 3 565 2 791 774

Other 2 833 640 2 193 3 129 538 2 590 3 844 711 3 133 5 424 967 4 457

Memo:

Opec8/ 3 500 4 639 -1 139 3 739 4 143 -405 4 083 4 560 -477 6 077 7 872 -1 795

(continues)

2001* 2002* 2003* 2004*


V.5 – Trade by area – FOB


Itemization

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 118 529 73 600 44 929 137 807 91 350 46 458 74 708 49 516 25 192 87 333 63 348 23 985

Efta1/ 984 1 516 -533 1 434 1 677 -244 785 915 -130 1 034 1 397 -363

Africa2/ 5 981 6 657 -675 7 456 8 111 -655 3 903 4 527 -624 4 806 5 736 -929

Laia 25 498 11 616 13 882 31 495 16 282 15 213 17 031 8 625 8 406 19 544 11 000 8 543

Mercosur 11 746 7 054 4 692 13 986 8 968 5 018 7 632 4 709 2 923 9 208 6 194 3 013

Argentina 9 930 6 241 3 689 11 740 8 054 3 686 6 452 4 266 2 186 7 625 5 585 2 040

Paraguay 963 319 644 1 234 296 938 638 140 499 860 189 671

Uruguay 853 494 359 1 013 618 394 541 303 238 722 420 302

Chile 3 624 1 746 1 878 3 914 2 866 1 047 2 112 1 561 551 2 391 1 958 433

Mexico 4 074 844 3 230 4 458 1 310 3 148 2 505 712 1 793 2 343 1 012 1 331

Other3/ 6 054 1 973 4 081 9 138 3 138 6 000 4 781 1 643 3 139 5 602 1 836 3 765

Asia2/ 18 566 16 870 1 696 20 816 22 887 -2 071 11 487 12 555 -1 068 13 885 15 527 -1 642

China 6 835 5 355 1 480 8 402 7 989 413 4 728 4 148 580 6 064 6 263 -199

Korea, Republic of 1 897 2 327 -430 1 963 3 106 -1 144 1 060 1 917 -857 1 094 1 812 -718

Japan 3 483 3 405 78 3 895 3 840 55 2 170 2 247 -76 2 451 2 504 -53

Others 6 352 5 784 568 6 557 7 952 -1 395 3 529 4 244 -715 4 277 4 949 -672

Canada 1 947 1 019 928 2 281 1 194 1 087 1 252 606 646 1 169 932 237

USA4/ 22 810 12 853 9 956 24 773 14 816 9 957 13 693 7 960 5 732 14 134 10 288 3 846

Eastern Europe5/ 3 359 1 084 2 275 3 892 1 434 2 458 1 981 592 1 389 2 268 1 389 879

Middle East 4 288 2 510 1 779 5 749 3 165 2 584 2 816 1 772 1 044 3 654 1 622 2 032

European Union 27 039 18 236 8 804 31 045 20 202 10 842 16 647 11 182 5 465 21 480 14 260 7 220

Germany 5 032 6 144 -1 112 5 691 6 503 -812 3 139 3 662 -523 3 907 4 660 -753

Belgium-Luxembourg 2 197 760 1 437 3 015 997 2 018 1 649 544 1 106 2 204 631 1 573

Spain6/ 2 177 1 333 845 2 330 1 431 899 1 228 744 484 1 812 1 054 758

France 2 507 2 700 -192 2 669 2 838 -168 1 370 1 576 -206 1 929 1 929 0

Italy 3 229 2 276 952 3 836 2 570 1 266 2 103 1 402 701 2 518 1 776 742

Netherlands 5 286 587 4 699 5 749 786 4 963 3 114 434 2 680 4 301 513 3 788

United Kingdom 2 597 1 376 1 222 2 829 1 417 1 412 1 442 772 670 1 718 993 725

Other7/ 4 014 3 060 954 4 925 3 660 1 265 2 602 2 048 554 3 091 2 703 388

Other 8 057 1 240 6 817 8 866 1 580 7 286 5 114 782 4 332 5 359 1 196 4 163

Memo:

Opec8/ 8 053 8 199 -146 11 427 10 484 943 5 780 5 859 -79 7 455 6 760 696

Source: MDIC/Secex

1/ Includes Iceland, Norway and Switzerland (includes Liechtenstein).

2/ Excludes Middle East countries.

3/ Includes Bolivia, Colombia, Ecuador, Peru and Venezuela.

4/ Includes Puerto Rico.

5/ Albania, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrqys, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan

6/ Includes Canary Islands.

7/ Austria, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic,

Slovenia, Sweden

8/ Algeria, Angola, Qatar, Indonesia, Iran (Islamic Rep.), Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.

Note: Imports according to the country of origin, and not from the country of acquisition of the product.

As of May 2007 the composition of the blocs for all periods is that of the reference month.

Jan-July Jan-July

2005* 2006* 2006* 2007*


V.6 – Services

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total -4 957 -4 931 -4 678 -8 309 -9 654

Credit 9 551 10 447 12 584 16 047 19 462

Debit 14 509 15 378 17 261 24 356 29 116

Transportation -1 959 -1 590 -1 986 -1 950 -3 126

Credit 1 536 1 822 2 467 3 139 3 439

Debit 3 494 3 412 4 453 5 089 6 565

Travel -398 218 351 -858 -1 448

Credit 1 998 2 479 3 222 3 861 4 316

Debit 2 396 2 261 2 871 4 720 5 764

Communication 14 84 174 127 104

Credit 135 449 243 239 205 Debit 122 366 70 112 102 Construction 12 10 1 8 18

Credit 12 10 1 8 23

Debit 0 0 0 0 4

Insurance -420 -436 -544 -568 -430

Credit 206 124 105 134 324

Debit 626 560 649 702 755

Financial -232 -383 -77 -230 -123

Credit 390 363 423 507 738

Debit 623 745 499 737 861

Computer and information -1 118 -1 034 -1 228 -1 626 -1 903

Credit 36 29 53 88 102

Debit 1 155 1 063 1 281 1 713 2 005

Royalties and license fees -1 129 -1 120 -792 -1 303 -1 513

Credit 100 108 113 102 150

Debit 1 229 1 228 905 1 404 1 664

Merchanting and trade-related -12 -92 -235 -279 1

Credit 421 389 379 606 967

Debit 433 480 613 885 967

Operational leasing -1 672 -2 312 -2 166 -4 130 -4 887

Credit 49 25 59 78 77

Debit 1 721 2 337 2 225 4 208 4 964

Misc. business, professional and technical 2 460 2 158 2 378 3 651 4 556

Credit 3 848 3 719 4 515 6 038 7 524

Debit 1 388 1 562 2 136 2 387 2 967

Personal, cultural and recreational -251 -283 -362 -396 -452

Credit 58 54 47 56 81

Debit 309 337 409 451 533

Government services -252 -151 -192 -755 -450

Credit 761 877 957 1 192 1 517

Debit 1 013 1 028 1 149 1 947 1 967

(continues)


V.6 – Services


Itemization


Total -996 -5 193 -9 654 -1 264 -6 768

Credit 1 572 10 719 19 462 1 963 12 900

Debit 2 568 15 912 29 116 3 227 19 667

Transportation -276 -1 656 -3 126 -366 -2 171

Credit 285 1 898 3 439 333 2 131

Debit 561 3 554 6 565 699 4 302

Travel -212 -681 -1 448 -415 -1 475

Credit 326 2 522 4 316 398 2 834

Debit 538 3 203 5 764 813 4 308

Communication 0 68 104 18 59

Credit 12 121 205 26 114 Debit 12 53 102 8 55 Construction 1 14 18 3 8

Credit 1 15 23 3 9

Debit 0 1 4 0 1

Insurance -65 -263 -430 -70 -439

Credit 2 102 324 25 219

Debit 68 365 755 96 657

Financial 14 10 -123 39 143

Credit 80 406 738 127 608

Debit 65 396 861 88 466

Computer and information -175 -1 164 -1 903 -195 -1 261

Credit 14 57 102 8 95

Debit 189 1 221 2 005 203 1 355

Royalties and license fees -129 -829 -1 513 -149 -975

Credit 11 76 150 18 194

Debit 140 906 1 664 167 1 169

Merchanting and trade-related -41 -69 1 6 32

Credit 50 459 967 68 538

Debit 91 528 967 62 507

Operational leasing -404 -2 756 -4 887 -475 -3 047

Credit 2 33 77 1 15

Debit 406 2 789 4 964 476 3 061

Misc. business, professional and technical 396 2 578 4 556 496 3 220

Credit 664 4 139 7 524 839 5 375

Debit 268 1 562 2 967 343 2 155

Personal, cultural and recreational -33 -280 -452 -41 -313

Credit 6 38 81 10 44

Debit 39 317 533 51 357

Government services -72 -165 -450 -114 -549

Credit 120 853 1 517 107 724

Debit 191 1 017 1 967 221 1 273

2006* 2007*


V.7 – Income

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Balance on income -18 191 -18 552 -20 520 -25 967 -27 489

Credit 3 295 3 339 3 199 3 194 6 438

Debit 21 486 21 891 23 719 29 162 33 927

Compensation of employees 102 109 181 214 177

Credit 293 269 354 325 397

Debit 191 160 173 111 220

Investment income -18 292 -18 661 -20 701 -26 181 -27 666

Credit 3 002 3 070 2 845 2 869 6 041

Debit 21 295 21 731 23 546 29 050 33 707

Direct investment income -4 983 -5 098 -5 789 -10 302 -12 811

Credit 967 886 1 114 733 1 073

Debit 5 950 5 984 6 903 11 035 13 884

Income on equity (profits and dividends) -4 034 -4 076 -4 937 -9 142 -11 431

Credit 857 760 916 641 928

Debit 4 891 4 836 5 853 9 783 12 359

Income on intercompany loans (interest) -949 -1 022 -852 -1 161 -1 380

Credit 109 126 198 92 145

Debit 1 058 1 148 1 050 1 253 1 525

Paid in cash 802 802 866 1 072 1 287

Converted to FDI 256 346 184 181 238

Portfolio investment income -8 384 -8 743 -10 415 -11 778 -11 051

Credit 1 383 1 323 733 785 3 049

Debit 9 767 10 066 11 149 12 563 14 101

Income on equity (profits and dividends) -1 128 -1 564 -2 400 -3 544 -4 924

Credit 1 3 4 10 21

Debit 1 129 1 568 2 404 3 554 4 945

Income on debt securities (interest) -7 256 -7 179 -8 015 -8 234 -6 128

Credit 1 382 1 320 729 775 3 028

Debit 8 638 8 499 8 744 9 009 9 156

Other investment income1/ -4 925 -4 820 -4 497 -4 101 -3 804

Credit 653 861 998 1 351 1 919

Debit 5 578 5 681 5 495 5 452 5 723

Memo:

Interests -13 130 -13 020 -13 364 -13 496 -11 312

Credit 2 144 2 307 1 925 2 218 5 092

Debit 15 275 15 328 15 289 15 713 16 404

Profits and dividends -5 162 -5 640 -7 338 -12 686 -16 354

Credit 858 763 920 651 949

Debit 6 020 6 403 8 257 13 337 17 303

(continues)


V.7 – Income


Itemization


Balance on income -1 944 -16 553 -27 489 -3 192 -15 939

Credit 463 4 063 6 438 842 5 931

Debit 2 408 20 615 33 927 4 034 21 870

Compensation of employees 12 107 177 35 268

Credit 32 223 397 40 297

Debit 19 116 220 6 29

Investment income -1 956 -16 660 -27 666 -3 227 -16 208

Credit 432 3 839 6 041 802 5 634

Debit 2 388 20 499 33 707 4 029 21 841

Direct investment income -727 -6 828 -12 811 -1 869 -8 862

Credit 54 939 1 073 69 1 243

Debit 782 7 767 13 884 1 938 10 105

Income on equity (profits and dividends) -635 -6 060 -11 431 -1 793 -8 203

Credit 50 845 928 27 986

Debit 685 6 905 12 359 1 820 9 189

Income on intercompany loans (interest) -92 -767 -1 380 -75 -659

Credit 5 94 145 43 257

Debit 97 861 1 525 118 916

Paid in cash 95 634 1 287 115 821

Converted to FDI 2 227 238 3 95

Portfolio investment income -1 066 -7 915 -11 051 -1 035 -4 586

Credit 178 1 798 3 049 543 3 228

Debit 1 244 9 714 14 101 1 578 7 814

Income on equity (profits and dividends) -229 -3 653 -4 924 -310 -2 525

Credit 0 17 21 1 6

Debit 229 3 670 4 945 311 2 531

Income on debt securities (interest) -837 -4 262 -6 128 -725 -2 061

Credit 178 1 782 3 028 542 3 223

Debit 1 015 6 044 9 156 1 267 5 284

Other investment income1/ -163 -1 917 -3 804 -323 -2 759

Credit 200 1 102 1 919 190 1 163

Debit 362 3 019 5 723 513 3 922

Memo:

Interests -1 092 -6 946 -11 312 -1 123 -5 479

Credit 382 2 978 5 092 775 4 642

Debit 1 474 9 924 16 404 1 898 10 122

Profits and dividends -864 -9 714 -16 354 -2 103 -10 728

Credit 50 861 949 28 991

Debit 914 10 575 17 303 2 131 11 720

1/ Includes interests on trade credits, loans, deposits and other assets and liabilities.

2006* 2007*


V.8 – Unrequited current transfers

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total 2 390 2 867 3 236 3 558 4 306

Credit 2 627 3 132 3 542 4 051 4 847

Debit 237 265 306 493 541

General government transfers -1 -21 -38 -59 -35

Credit 57 48 44 81 86

Debit 58 68 82 140 122

Other sectors transfers 2 391 2 887 3 274 3 616 4 342

Credit 2 570 3 084 3 498 3 969 4 761

Debit 179 197 224 353 419

Workers' remittances 1 573 1 882 2 292 2 217 2 581

Credit 1 711 2 018 2 459 2 480 2 890

United States 897 1 059 1 534 1 358 1 416

Japan 532 526 419 615 650

Remaining countries 282 433 506 507 824

Debit 138 136 167 263 309

Other transfers 818 1 005 982 1 399 1 761

Credit 859 1 066 1 039 1 490 1 871

Debit 41 61 57 91 110

(continues)


V.8 – Unrequited current transfers


Itemization


Total 336 2 372 4 306 392 2 388

Credit 394 2 673 4 847 467 2 787

Debit 58 301 541 75 399

General government transfers -11 -14 -35 2 14

Credit 5 45 86 9 74

Debit 16 59 122 7 61

Other sectors transfers 347 2 387 4 342 390 2 374

Credit 389 2 628 4 761 459 2 712

Debit 42 241 419 69 338

Workers' remittances 220 1 479 2 581 204 1 401

Credit 247 1 649 2 890 249 1 654

United States 122 822 1 416 122 684

Japan 54 378 650 55 320

Remaining countries 71 449 824 72 650

Debit 27 170 309 46 253

Other transfers 127 908 1 761 186 973

Credit 142 979 1 871 210 1 059

Debit 14 71 110 23 85

2006* 2007*


V.9 – Direct investment

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total direct investment 14 108 9 894 8 339 12 550 -9 420

Credit 27 045 20 975 27 087 31 577 33 425

Debit 12 937 11 081 18 748 19 027 42 846

Abroad -2 482 -249 -9 807 -2 517 -28 202

Credit 585 1 737 1 287 1 515 1 129

Debit 3 067 1 986 11 094 4 032 29 331

Equity capital -2 402 -62 -6 640 -2 695 -23 413

Credit 417 1 645 1 156 1 180 1 002

Debit 2 818 1 707 7 796 3 875 24 416

Intercompany loans -81 -187 -3 167 178 -4 789

Credit 168 93 131 335 126

Debit 249 280 3 298 157 4 915

Loans from headquarters in Brazil to affiliates abroad -79 -187 -3 170 103 -4 773

Credit 165 92 115 160 120

Debit 243 279 3 284 57 4 893

Loans from affiliates abroad to headquarters in Brazil -2 - 3 75 -16

Credit 4 1 16 175 6

Debit 6 1 13 100 22

Foreign direct investment in Brazil 16 590 10 144 18 146 15 066 18 782

Credit 26 460 19 238 25 801 30 062 32 297

Debit 9 870 9 094 7 655 14 996 13 514

Equity capital 17 118 9 320 18 570 15 045 15 373

Credit 18 960 13 087 20 542 22 043 22 706

Currency 10 400 7 846 15 972 16 406 20 463

Autonomous 10 120 7 846 15 972 16 406 20 233

Privatization related 280 - - - 230

Conversions 8 484 5 213 4 557 5 603 2 234

Autonomous 8 484 5 213 4 557 5 603 2 234

Privatization related - - - - -

Merchandise 76 29 13 35 9

Reinvested earnings ... ... ... ... ...

Debit 1 842 3 767 1 971 6 998 7 333

Intercompany loans -528 823 -424 21 3 409

Credit 7 500 6 150 5 259 8 018 9 590

Debit 8 028 5 327 5 683 7 997 6 181

Loans from headquarters abroad to affiliates in Brazil -529 803 -412 340 4 021

Credit 7 495 6 120 5 254 7 990 9 369

Debit 8 024 5 317 5 666 7 650 5 349

Paid in cash 5 796 3 903 4 617 6 380 4 758

Converted to FDI equity capital 2 229 1 414 1 049 1 269 591

Loans from affiliates in Brazil to headquarters abroad 2 21 -12 -319 -612

Credit 5 30 5 29 221

Debit 4 10 17 347 833

(continues)


V.9 – Direct investment


Itemization


Total direct investment 930 3 813 -9 420 3 762 28 088

Credit 2 380 17 022 33 425 6 383 43 997

Debit 1 450 13 208 42 846 2 620 15 908

Abroad -656 -5 158 -28 202 179 3 640

Credit 46 547 1 129 1 664 12 142

Debit 702 5 705 29 331 1 485 8 501

Equity capital -160 -4 685 -23 413 -1 171 -5 755

Credit 45 435 1 002 314 1 008

Debit 205 5 120 24 416 1 485 6 764

Intercompany loans -496 -474 -4 789 1 350 9 396

Credit 1 111 126 1 350 11 134

Debit 497 585 4 915 - 1 738

Loans from headquarters in Brazil to affiliates abroad -496 -461 -4 773 999 2 973

Credit 1 106 120 1 000 4 709

Debit 497 567 4 893 - 1 736

Loans from affiliates abroad to headquarters in Brazil - -13 -16 350 6 423

Credit - 5 6 350 6 425

Debit - 18 22 - 2

Foreign direct investment in Brazil 1 586 8 971 18 782 3 584 24 448

Credit 2 334 16 475 32 297 4 719 31 855

Debit 748 7 504 13 514 1 135 7 407

Equity capital 942 6 318 15 373 3 033 18 202

Credit 1 378 10 926 22 706 3 784 22 401

Currency 1 340 9 324 20 463 3 721 21 061

Autonomous 1 110 9 094 20 233 3 721 21 061

Privatization related 230 230 230 - -

Conversions 37 1 597 2 234 64 1 327

Autonomous 37 1 597 2 234 64 1 327

Privatization related - - - - -

Merchandise 1 5 9 - 13

Reinvested earnings ... ... ... ... ...

Debit 436 4 608 7 333 752 4 199

Intercompany loans 644 2 654 3 409 551 6 247

Credit 956 5 549 9 590 934 9 454

Debit 312 2 896 6 181 383 3 208

Loans from headquarters abroad to affiliates in Brazil 686 2 855 4 021 599 6 368

Credit 937 5 428 9 369 870 8 873

Debit 251 2 573 5 349 272 2 504

Paid in cash 225 2 258 4 758 222 2 173

Converted to FDI equity capital 26 314 591 49 331

Loans from affiliates in Brazil to headquarters abroad -42 -202 -612 -48 -122

Credit 19 121 221 64 582

Debit 62 323 833 112 703

2006* 2007*


V.10 – Portfolio investment – Assets

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total -321 179 -755 -1 771 523

Credit 1 016 1 805 2 767 3 159 6 024

Debit 1 337 1 626 3 522 4 929 5 501


Credit 320 66 36 70 406

Debit 709 324 157 901 1 322

Brazilian Depositary Receipts (BDR) 106 -10 0 -4 -614

Credit 113 2 1 - 6

Debit 7 12 1 4 620

Other equities -495 -248 -121 -827 -301

Credit 207 64 35 70 400

Debit 702 312 156 897 701

Debt securities 67 437 -633 -940 1 438

Credit 696 1 738 2 732 3 089 5 618

Debit 629 1 302 3 365 4 029 4 180

Bonds and notes 67 437 -633 -519 858

Credit 696 1 738 2 731 3 088 4 714

Colateral release - 359 8 - 846

Other 696 1 379 2 724 3 088 3 868

Debit 629 1 302 3 365 3 607 3 855

Short term - - 0 -421 579

Credit - - 0 - 904

Debt - - - 421 325

(continues)


V.10 – Portfolio investment – Assets


Itemization


Total -245 789 523 -67 -119

Credit 252 4 109 6 024 291 2 619

Debit 497 3 320 5 501 358 2 738


Credit 4 163 406 11 173

Debit 214 760 1 322 63 912

Brazilian Depositary Receipts (BDR) - -291 -614 -32 -484

Credit - 3 6 - 10

Debit - 294 620 32 494

Other equities -210 -306 -301 -20 -255

Credit 4 160 400 11 163

Debit 214 466 701 31 418

Debt securities -35 1 386 1 438 -15 620

Credit 248 3 946 5 618 281 2 446

Debit 283 2 560 4 180 295 1 826

Bonds and notes 115 1 102 858 -15 810

Credit 248 3 439 4 714 281 2 446

Colateral release - 846 846 - -

Other 248 2 594 3 868 281 2 446

Debit 133 2 337 3 855 295 1 636

Short term -150 284 579 - -190

Credit - 507 904 - -

Debt 150 222 325 - 190

2006* 2007*


V.11 – Portfolio investment – Liabilities

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total -4 797 5 129 -3 996 6 655 9 051

Credit 18 352 27 347 30 614 59 376 99 317

Debit 23 150 22 218 34 610 52 721 90 266

Equity securities 1 981 2 973 2 081 6 451 7 716

Credit 10 055 10 552 16 370 34 033 51 287

Debit 8 074 7 579 14 289 27 582 43 571

Issued in the country -723 2 094 1 236 5 421 5 859

Credit 7 103 9 475 14 797 32 332 48 511

Debit 7 826 7 381 13 562 26 911 42 652

Issued abroad (Annex V - ADR) 2 704 878 845 1 030 1 857

Credit 2 952 1 076 1 572 1 701 2 776

Debit 248 198 727 671 919

Debt securities -6 778 2 156 -6 076 204 1 335

Credit 8 297 16 795 14 245 25 344 48 030

Debit 15 076 14 639 20 321 25 139 46 695

Issued in the country -223 272 101 689 11 042

Medium and long-term -218 163 38 413 6 971

Credit 538 717 1 121 2 450 17 776

Debit 756 555 1 083 2 037 10 805

Short-term -5 109 63 276 4 070

Credit 383 479 748 1 633 10 400

Debit 388 370 685 1 358 6 330

Issued abroad -6 556 1 884 -6 178 -485 -9 707

Bonds 1 597 2 319 -440 2 207 -13 223

Disbursements 4 101 7 087 5 928 12 490 5 575

New issues 4 070 5 889 5 928 7 981 4 877

Bond swaps 30 1 198 - 4 509 698

Amortizations 2 504 4 768 6 368 10 282 18 798

Paid in cash 2 473 3 570 6 368 5 773 16 694

Bond swaps 30 1 198 - 4 509 2 103

Face value 30 1 289 - 4 509 648

Discounts -1 90 - - -1 455

Notes and commercial papers -7 338 -761 -6 111 -3 127 3 425

Disbursements 2 093 4 729 5 085 7 337 10 194

Amortizations 9 432 5 490 11 196 10 463 6 769

Money market instruments -815 326 373 435 91

Disbursements 1 182 3 783 1 363 1 434 4 084

Amortizations 1 996 3 457 990 999 3 993

(continues)


V.11 – Portfolio investment – Liabilities


Itemization


Total 163 -1 590 9 051 7 637 31 701

Credit 5 366 57 574 99 317 22 860 109 803

Debit 5 202 59 164 90 266 15 222 78 101

Equity securities 611 4 752 7 716 6 503 14 087

Credit 3 284 30 170 51 287 13 087 59 435

Debit 2 673 25 418 43 571 6 584 45 349

Issued in the country 589 2 923 5 859 6 289 12 528

Credit 3 225 27 825 48 511 12 738 57 284

Debit 2 636 24 902 42 652 6 449 44 756

Issued abroad (Annex V - ADR) 22 1 828 1 857 214 1 559

Credit 58 2 344 2 776 349 2 152

Debit 37 516 919 135 593

Debt securities -448 -6 342 1 335 1 134 17 615

Credit 2 082 27 405 48 030 9 773 50 368

Debit 2 530 33 746 46 695 8 638 32 753

Issued in the country -34 6 033 11 042 377 12 889

Medium and long-term -3 3 938 6 971 201 8 432

Credit 824 10 945 17 776 4 137 20 098

Debit 827 7 007 10 805 3 937 11 666

Short-term -31 2 095 4 070 177 4 457

Credit 519 6 400 10 400 2 013 10 312

Debit 550 4 306 6 330 1 837 5 855

Issued abroad -414 -12 374 -9 707 757 4 725

Bonds -583 -13 887 -13 223 -1 655 -5 089

Disbursements 50 2 110 5 575 - 2 883

New issues 50 1 912 4 877 - 2 883

Bond swaps - 198 698 - -

Amortizations 633 15 997 18 798 1 655 7 972

Paid in cash 548 14 805 16 694 1 582 6 860

Bond swaps 85 1 191 2 103 73 1 112

Face value - 148 648 - -

Discounts -85 -1 043 -1 455 -73 -1 112

Notes and commercial papers 215 1 958 3 425 2 408 6 672

Disbursements 489 5 943 10 194 3 061 11 277

Amortizations 273 3 985 6 769 654 4 604

Money market instruments -46 -445 91 4 3 142

Disbursements 201 2 007 4 084 561 5 798

Amortizations 247 2 452 3 993 557 2 655

2006* 2007*


V.12 – Portfolio of foreign investors1/

US$ million

Period Stock of

assets

(end of Stocks Derivatives Debentures Fixed Privatization Others Inflow Outflow Net

period) income currencies

1997 32 047 97 1 2 - - - 32 191 30 576 1 615

1998 17 365 95 4 1 - - - 21 887 24 349 -2 462

1999 23 110 99 - 1 - - - 12 396 11 296 1 100

2000 18 528 92 - 1 7 - - 10 831 12 666 -1 835

2001 15 532 89 - 1 9 - 1 9 348 10 076 -728

2002 10 373 75 2 1 22 - - 7 565 7 901 -336

2003 20 120 87 1 1 12 - - 11 020 8 599 2 421

2004 29 066 90 1 - 8 - - 20 219 19 949 270

2005 53 439 91 - - 7 - 2 36 039 35 332 707

2006 Jan 73 266 87 3 - 7 - 3 3 252 3 004 249

Feb 75 156 86 2 1 8 - 4 6 925 4 191 2 734

Mar 76 987 81 1 1 14 - 4 5 366 4 573 793

Apr 83 321 81 1 1 15 - 3 4 260 3 360 900

May 72 205 80 1 - 15 - 3 6 908 7 425 -517

Jun 77 615 80 1 - 15 - 3 5 461 5 908 -447

Jul 77 702 82 1 1 15 - 1 3 584 3 020 563

Aug 78 529 82 1 1 15 - 1 4 009 3 936 73

Sep 79 401 83 1 - 16 - 1 3 747 2 843 904

Oct 87 716 83 1 - 16 - 1 5 771 3 548 2 223

Nov 92 990 83 1 - 15 - 1 5 116 4 004 1 111

Dec 101 601 82 - - 17 - 1 5 446 3 830 1 616

Year 101 601 82 - - 17 - 1 54 399 45 813 8 585

2007 Jan 104 642 81 1 - 17 - - 5 516 5 437 80

Feb 107 443 80 1 - 18 - - 7 577 5 202 2 375

Mar 115 026 79 1 - 19 - - 8 388 7 881 507

Apr 123 971 79 1 - 20 - - 10 404 5 459 4 945

May 150 254 77 1 - 21 - - 12 324 8 384 3 940

Jun 153 610 77 1 - 22 - 1 12 986 11 012 1 974

Jul 169 018 77 1 - 21 - 1 14 639 10 432 4 207

Source: CVM

1/ Until March, 2000, refers to funds invested in accordance with Resolution 1,289, dated March 3, 1987. As of April, 2000, refers to funds

invested in accordance with Resolution 2,689, dated January 26, 2000.

2/ Figures compiled by CVM based on data reported by portfolio managers. They do not show necessarily the exchange flow of each period.

Portfolio composition (%) Effective flows2/


V.13 – Other investment – Assets

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total -3 211 -9 752 -2 085 -5 035 -8 802

Loans -1 740 -811 -1 489 -1 840 -5 015

Long-term -1 724 -665 -1 217 -1 872 -4 979

Credit 1 739 1 962 2 422 2 069 1 513

Debit 3 462 2 627 3 639 3 941 6 492

Short-term (net) -16 -145 -272 32 -35

Currency and deposits -1 300 -8 579 -668 -2 930 -3 130

Banks 4 341 -7 009 1 407 -1 187 -1 621

Remaining domestic sectors -5 641 -1 570 -2 075 -1 744 -1 509

Colateral release - - - - -

Other -5 641 -1 570 -2 075 -1 744 -1 509

Other assets -172 -363 73 -265 -658

Long-term -122 -77 -38 -169 -198

Credit 3 1 31 2 4

Debit 126 78 70 171 201

Short-term (net) -50 -286 111 -96 -460

(continues)


V.13 – Other investment – Assets


Itemization


Total -324 -4 193 -8 802 -3 364 -25 807

Loans -607 -2 590 -5 015 -279 -60

Long-term -606 -2 702 -4 979 -285 -125

Credit 34 822 1 513 29 1 931

Debit 640 3 524 6 492 314 2 056

Short-term (net) -1 113 -35 6 65

Currency and deposits 314 -1 324 -3 130 -3 162 -25 401

Banks 256 -387 -1 621 -1 366 -14 872

Remaining domestic sectors 58 -937 -1 509 -1 797 -10 528

Colateral release - - - - -

Other 58 -937 -1 509 -1 797 -10 528

Other assets -31 -279 -658 78 -346

Long-term -18 -69 -198 -2 -207

Credit - 3 4 34 270

Debit 18 72 201 36 477

Short-term (net) -12 -210 -460 79 -139

2006* 2007*


V.14 – Other investment – Liabilities

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total 2 150 -686 -8 721 -22 486 23 491

Trade credit (suppliers credit) 1 741 236 1 181 3 585 12 314

Long-term -1 370 -959 -1 387 -941 -841

Credit 1 284 1 007 969 740 812

Debit 2 654 1 967 2 356 1 681 1 653

Short-term (net) 3 111 1 195 2 568 4 526 13 155

Loans 1 031 -1 549 -10 421 -26 753 9 753

Monetary Authority 11 363 4 645 -4 494 -23 402 -138

Exceptional financing 11 480 4 769 -4 363 -23 271 -

IMF credit facitlities 11 480 4 769 -4 363 -23 271 -

Credit 16 045 17 596 - - -

Debit 4 564 12 826 4 363 23 271 -

Other1/ - - - - -

Credit - - - - -

Debit - - - - -

Other long-term loans -118 -125 -132 -132 -138

Credit - - - - -

Debit 118 125 132 132 138

Multilateral - - - - -

Other 118 125 132 132 138

Short-term loans - - - - -

Remaining sectors -10 332 -6 194 -5 927 -3 351 9 891

Long-term loans -5 321 -4 751 -4 743 -2 291 10 407

Credit 11 115 10 081 8 405 7 976 27 132

Multilateral 3 872 2 766 2 393 2 718 5 100

Agencies 1 519 1 731 785 1 219 1 469

Buyers credit 3 438 2 696 1 492 1 433 2 117

Direct loans 2 286 2 888 3 735 2 606 18 446

Debit 16 436 14 831 13 147 10 267 16 725

Multilateral 2 511 3 979 3 847 2 530 2 130

Agencies 2 030 2 585 2 617 2 624 3 470

Buyers credit 8 239 4 803 3 757 2 443 2 313

Direct loans 3 655 3 464 2 926 2 671 8 812

Short-term loans -5 011 -1 443 -1 184 -1 059 -516

Currency and deposits -621 625 517 567 1 419

Other liabilities - 3 1 115 5

Long-term - 3 1 - -

Short-term - - - 115 5

(continues)


V.14 – Other investment – Liabilities


Itemization


Total 249 7 132 23 491 -1 071 32 406

Trade credit (suppliers credit) -1 274 6 876 12 314 156 14 777

Long-term -3 -348 -841 10 -335

Credit 81 498 812 132 543

Debit 85 847 1 653 122 878

Short-term (net) -1 270 7 224 13 155 146 15 112

Loans 1 997 -275 9 753 -1 219 17 068

Monetary Authority - -69 -138 - -69

Exceptional financing - - - - -

IMF credit facitlities - - - - -

Credit - - - - -

Debit - - - - -

Other1/ - - - - -

Credit - - - - -

Debit - - - - -

Other long-term loans - -69 -138 - -69

Credit - - - - -

Debit - 69 138 - 69

Multilateral - - - - -

Other - 69 138 - 69

Short-term loans - - - - -

Remaining sectors 1 997 -206 9 891 -1 219 17 138

Long-term loans 323 1 275 10 407 640 -7 025

Credit 1 006 8 351 27 132 1 089 5 119

Multilateral 324 3 932 5 100 97 854

Agencies 114 866 1 469 11 277

Buyers credit 251 1 252 2 117 635 1 593

Direct loans 316 2 301 18 446 346 2 396

Debit 683 7 077 16 725 449 12 144

Multilateral 110 1 159 2 130 128 1 114

Agencies 141 3 272 3 470 70 339

Buyers credit 150 1 407 2 313 72 716

Direct loans 282 1 239 8 812 178 9 974

Short-term loans 1 674 -1 481 -516 -1 859 24 162

Currency and deposits -475 528 1 419 -9 543

Other liabilities - 4 5 - 18

Long-term - - - - -

Short-term - 4 5 - 18

1/ Includes loans provided by BIS and Bank of Japan.

2006* 2007*


V.15 – International reserves in the Banco Central do Brasil

US$ million

End-of-period

Position Change in position Months of imports

of goods

1997 52 173 -7 937 10

1998 44 556 -7 616 9

1999 36 342 -8 214 9

2000 33 011 -3 331 7

2001 35 866 2 855 8

2002 37 823 1 957 10

2003 49 296 11 473 12

2004 52 935 3 639 10

2005 53 799 864 9

2006 Jan 56 924 3 124 9

Feb 57 415 491 9

Mar 59 824 2 410 9

Apr 56 552 -3 272 9

May 63 381 6 829 10

Jun 62 670 -710 9

Jul 66 819 4 149 10

Aug 71 478 4 658 10

Sep 73 393 1 915 10

Oct 78 171 4 778 11

Nov 83 114 4 943 11

Dec 85 839 2 725 11

Year 85 839 32 040 11

2007 Jan 91 086 5 247 12

Feb 101 070 9 984 13

Mar 109 531 8 462 14

Apr 121 830 12 299 15

May 136 419 14 589 16

Jun 147 101 10 682 17

Jul 155 910 8 809 18

International liquidity


V.16 – Statement of international reserves changes International liquidity concept

US$ million

Itemization


I - Stock – end of previous period 62 670 53 799 53 799 147 101 85 839

II - Overall balance of payments (a + b) 3 917 12 077 30 569 7 652 69 263

a. Sales to/purchases from resident banks 4 401 18 853 34 336 6 956 63 918

b. Banco Central external operations -483 -6 776 -3 767 697 5 345

Income earned on international reserves 225 1 416 2 815 623 3 172

Exceptional financing (capital and interests accrued) - -107 -107 - -

Other -708 -8 085 -6 476 74 2 173

III - Change in market prices of international reserves 232 943 1 470 1 156 808

IV - Change in international reserves (II + III) 4 149 13 020 32 040 8 809 70 071

V - Stock – end-of-period (I + IV) 66 819 66 819 85 839 155 910 155 910

2006 2007


V.17 – Composition of adjusted net international reserves

US$ million

Period

Liabilities6/ Adjustments7/ Net balance

Gold2/ Cash3/ Securities4/ Deposits Other5/ Balance

1999 1 063 45 12 472 22 055 90 35 725 -12 245 382 23 861

2000 578 16 14 394 17 962 62 33 011 -1 764 293 31 541

2001 303 22 19 986 15 526 29 35 866 -8 313 244 27 797

2002 375 629 24 323 12 476 21 37 823 -20 793 -692 16 339

2003 450 634 27 292 20 866 54 49 296 -28 374 -397 20 525

2004 473 64 31 190 21 162 46 52 935 -24 946 -447 27 541

2005 554 126 41 100 11 947 72 53 799 - 1 714 55 513

2006 Jan 614 218 41 890 14 123 79 56 924 - -434 56 490

Feb 599 137 44 469 12 186 24 57 415 - -156 57 259

Mar 629 105 44 086 14 953 52 59 824 - -240 59 584

Apr 696 246 44 212 11 335 63 56 552 - -747 55 805

May 705 654 49 207 12 785 30 63 381 - -808 62 573

Jun 663 92 49 907 11 976 33 62 670 - -711 61 959

Jul 683 81 48 841 17 186 28 66 819 - -943 65 877

Aug 673 49 60 108 10 527 119 71 478 - -1 169 70 309

Sep 647 95 62 148 10 443 60 73 393 - -1 127 72 266

Oct 652 110 63 543 13 792 73 78 171 - -1 222 76 949

Nov 699 128 70 134 12 123 30 83 114 - -1 896 81 218

Dec 683 172 71 660 13 257 67 85 839 - -1 470 84 368

2007 Jan 703 124 74 878 15 336 45 91 086 - 423 91 509

Feb 717 106 83 629 16 590 27 101 070 - 376 101 446

Mar 715 101 97 513 11 145 58 109 531 - 904 110 435

Apr 731 105 110 207 10 746 41 121 830 - 565 122 396

May 712 339 110 861 24 469 38 136 419 - 1 511 137 930

Jun 703 104 125 966 20 253 75 147 101 - 1 575 148 676

Jul 719 128 143 985 10 934 143 155 910 - 138 156 048

1/ Does not include export-related loans (Finex).

2/ Includes metalic gold and deposit gold. Up to September 1999, market prices valued through 40-day London PMFixing medium price; as of October 1999,

prices valued by the closing date prices.

3/ Includes SDR, demand deposits and foreign currency.

4/ Prices marked to market beginning November 2000.

5/ Includes, until February 2001, CCR creditor balance and export-related loans to other countries; beginning March 2001, includes only CCR creditor balance.

6/ Includes CCR debtor balance, credits from the IMF and, beginning in December 1998, the IMF-lead Financial Assistance Program outstanding debt.

7/ Includes adjustments referring to changes in the parity of currencies in which reserve assets and liabilities are denominated, fluctuations in gold prices and,

as of November 2000, growth in securities prices and reclassifications whenever they may occur.

Adjusted net international reserves

Assets1/


V.18 – Foreign exchange operations

US$ million

Period Operations with Balance

banks abroad

Balance (net)1/

Exports Imports Balance Purchases Sales Balance

(A) (B) C=A+B (D) E=C+D

1998 47 735 43 903 3 833 126 562 120 093 6 470 10 302 -24 817 -14 515

1999 41 641 32 905 8 736 92 401 107 118 -14 717 -5 981 -10 201 -16 182

2000 51 699 46 069 5 629 99 290 92 971 6 319 11 948 -7 269 4 680

2001 58 036 47 248 10 789 85 710 93 350 -7 640 3 149 -6 110 -2 962

2002 60 083 39 756 20 327 69 781 93 989 -24 208 -3 881 -9 106 -12 987

2003 73 203 44 848 28 355 72 118 98 096 -25 978 2 377 -1 660 719

2004 93 466 56 794 36 672 84 621 109 369 -24 748 11 924 -5 562 6 362

2005 123 021 71 248 51 772 120 241 152 703 -32 462 19 310 -492 18 819

2006 Jan 9 410 6 261 3 149 13 631 14 831 -1 200 1 949 - 1 949

Feb 10 582 5 647 4 935 16 813 13 998 2 815 7 750 - 7 750

Mar 12 334 6 797 5 537 17 252 14 797 2 456 7 993 - 7 993

Apr 10 116 6 792 3 325 11 128 13 844 -2 715 609 - 609

May 14 080 6 750 7 330 17 372 17 199 174 7 504 - 7 504

Jun 11 144 7 568 3 575 16 689 22 940 -6 251 -2 676 - -2 676

Jul 11 831 7 036 4 795 11 575 13 878 -2 303 2 492 - 2 492

Aug 12 379 8 554 3 824 14 410 16 944 -2 533 1 291 - 1 291

Sep 12 522 7 022 5 501 14 516 14 882 -366 5 134 - 5 134

Oct 11 690 8 955 2 735 28 589 28 137 452 3 187 - 3 187

Nov 12 751 7 661 5 090 17 319 16 909 410 5 500 - 5 500

Dec 15 537 7 734 7 802 16 086 27 352 -11 265 -3 463 - -3 463

Year 144 376 86 778 57 598 195 382 215 710 -20 328 37 270 - 37 270

2007 Jan 17 335 7 272 10 063 17 193 23 486 -6 293 3 770 - 3 770

Feb 12 246 7 547 4 699 19 664 17 386 2 278 6 977 - 6 977

Mar 13 946 8 070 5 876 26 333 25 561 772 6 647 - 6 647

Apr 17 081 7 254 9 827 24 043 23 143 900 10 728 - 10 728

May 13 988 7 993 5 995 27 855 26 906 949 6 944 - 6 944

Jun 17 572 8 116 9 456 36 405 29 299 7 105 16 561 - 16 561

Jul 15 025 9 531 5 494 33 779 27 684 6 095 11 588 - 11 588

Memo:

2006 Jan-Jul 79 498 46 851 32 647 104 460 111 486 -7 026 25 621 - 25 621

2007 Jan-Jul 107 194 55 784 51 410 185 270 173 465 11 805 63 215 - 63 215

1/ Transactions related to international flows in reais, including non-residents' deposits held in Brazil.

Operations with clients in Brazil

Commercial Financial


V.19 – Total external debt

US$ million

Itemization 2003 2004 2007

Sep Dec Mar June Sep Dec Mar

Registered debt 200 107 185 382 169 998 153 749 152 850 143 490 145 707 156 062 156 037

Nonfinancial public sector 119 785 114 713 104 148 87 567 82 641 75 466 74 850 76 269 76 802

Banks 5 700 5 207 4 108 4 267 4 361 4 260 4 287 4 077 5 950

Brazilian 1 274 1 207 1 165 1 080 1 096 1 002 1 007 857 3 043

Foreign 4 425 4 000 2 943 3 187 3 265 3 258 3 280 3 220 2 907

Multilateral 45 978 41 706 31 769 16 248 16 639 18 328 18 217 18 729 18 282

Bilateral (Paris Club included) 6 795 6 706 5 329 5 111 3 353 2 571 2 438 2 328 2 282

Debt bond from banks 16 118 14 174 8 663 6 948 6 459 - - - -

Other 45 194 46 920 54 280 54 993 51 830 50 307 49 909 51 135 50 287

Private sector1/ 80 322 70 669 65 850 66 182 70 208 68 025 70 857 79 793 79 235

Banks 56 173 53 201 49 780 49 120 52 494 42 425 44 377 44 895 50 382

Brazilian 6 495 10 256 9 719 10 737 12 835 11 017 11 059 12 062 13 773

Foreign 49 678 42 945 40 061 38 383 39 659 31 408 33 318 32 833 36 609

Multilateral 5 737 5 490 5 165 5 531 5 649 6 056 6 542 6 429 6 837

Bilateral 6 061 4 264 3 387 3 504 3 824 3 638 3 755 3 931 3 941

Other 12 351 7 714 7 518 8 028 8 241 15 906 16 183 24 537 18 075

Nonregistered debt 14 822 15 991 13 153 15 701 13 802 13 170 13 853 16 527 26 045

Nonfinancial public sector - - - - - - - - -

Credit lines - - - - - - - - -

Banco Central do Brasil - - - - - - - - -

Private sector1/ 14 822 15 991 13 153 15 701 13 802 13 170 13 853 16 527 26 045

Commercial banks (liabilities) 14 822 15 991 13 153 15 701 13 802 13 170 13 853 16 527 26 045

Total external debt2/ 214 930 201 373 183 151 169 450 166 652 156 661 159 560 172 589 182 082

Nonfinancial public sector 119 785 114 713 104 148 87 567 82 641 75 466 74 850 76 269 76 802

Private sector1/ 95 144 86 660 79 002 81 884 84 010 81 195 84 710 96 320 105 279

International reserves 49 296 52 935 57 008 53 799 59 824 62 670 73 393 85 839 109 531

Brazilian credit abroad 2 915 2 597 2 708 2 778 2 790 2 836 2 848 2 939 2 905

Commercial banks assets 11 726 10 140 13 456 11 790 15 685 11 747 12 489 8 990 9 616

Net total external debt 150 992 135 701 109 979 101 082 88 352 79 408 70 830 74 821 60 029

Intercompany loans 20 484 18 808 18 847 18 537 20 216 20 998 22 775 26 783 33 462

Total external debt, includes intercompany loans 235 414 220 181 201 998 187 987 186 868 177 659 182 335 199 372 215 543

Memo:

Foreign banks 67 424 61 316 54 824 55 681 55 328 46 503 49 048 50 906 62 922

Registered 54 103 46 945 43 004 41 570 42 924 34 666 36 598 36 053 39 516

Nonregistered 13 321 14 371 11 820 14 111 12 404 11 836 12 450 14 853 23 406

Brazilian banks 9 271 13 083 12 216 13 407 15 330 13 353 13 469 14 593 19 454

Registered 7 770 11 463 10 884 11 817 13 932 12 019 12 066 12 919 16 816

Nonregistered 1 501 1 620 1 332 1 591 1 398 1 334 1 403 1 674 2 638

1/ Includes financial public sector.

2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.

2005 2006


V.20 – Registered external debt Distribution by interest rate category

Itemization

US$ % US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share million share

Floating rates 63 391 37.3 48 350 31.4 48 792 31.9 44 545 31.0 46 399 31.8 56 047 35.9 50 920 32.6

Libor 26 679 15.7 26 649 17.3 26 642 17.4 20 590 14.3 22 010 15.1 31 223 20.0 26 626 17.1

Prime 1 730 1.0 1 633 1.1 1 462 1.0 1 196 0.8 1 149 0.8 1 122 0.7 1 119 0.7

New York 21 0.0 21 0.0 21 0.0 22 0.0 22 0.0 27 0.0 28 0.0

Other 1 710 1.0 1 612 1.0 1 441 0.9 1 174 0.8 1 127 0.8 1 095 0.7 1 091 0.7

IMF 15 638 9.2 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0

IBRD 8 034 4.7 8 085 5.3 8 112 5.3 9 475 6.6 9 460 6.5 9 623 6.2 9 533 6.1

IDB 10 350 6.1 10 672 6.9 11 058 7.2 11 831 8.2 12 062 8.3 12 248 7.8 11 089 7.1

Others 959 0.6 1 312 0.9 1 518 1.0 1 453 1.0 1 719 1.2 1 831 1.2 2 554 1.6

Fixed rates 106 607 62.7 105 399 68.6 104 058 68.1 98 945 69.0 99 309 68.2 100 015 64.1 105 117 67.4

IBRD - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0

IDB 941 0.6 881 0.6 845 0.6 816 0.6 773 0.5 685 0.4 1 768 1.1

Other 105 667 62.2 104 518 68.0 103 212 67.5 98 129 68.4 98 536 67.6 99 331 63.6 103 349 66.2

Total 169 998 100.0 153 749 100.0 152 850 100.0 143 490 100.0 145 707 100.0 156 062 100.0 156 037 100.0

Note: Excludes debt related to intercompany loans and includes revision of debt position.

2006

MarSep Dec Mar June Sep Dec

2005 2007


V.21 – Registered external debt Distribution by currency

Itemization

US$ % US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share million share

US dollar1/ 127 024 74.7 126 233 82.1 125 717 82.2 117 066 81.6 117 620 80.7 127 068 81.4 122 178 78.3

Yen 10 444 6.1 10 481 6.8 10 671 7.0 10 128 7.1 10 982 7.5 11 084 7.1 14 222 9.1

Euro zone2/ 13 389 7.9 13 114 8.5 12 374 8.1 12 226 8.5 12 149 8.3 11 684 7.5 11 047 7.1

Euro 9 675 5.7 9 587 6.2 9 871 6.5 10 037 7.0 10 037 6.9 9 606 6.2 9 581 6.1

Deutsche mark 2 631 1.5 2 496 1.6 1 663 1.1 1 679 1.2 1 626 1.1 1 673 1.1 1 057 0.7

French franc 608 0.4 561 0.4 376 0.2 23 0.0 4 0.0 3 0.0 2 0.0

Italian lira 367 0.2 364 0.2 371 0.2 391 0.3 387 0.3 401 0.3 406 0.3

Austrian schilling 7 0.0 7 0.0 - - - 0.0 - 0.0 - 0.0 - -

Portuguese escudo - 0.0 - 0.0 - - - 0.0 - 0.0 - 0.0 - -

Dutch guilder 4 0.0 4 0.0 3 0.0 1 0.0 1 0.0 1 0.0 1 0.0

Belgian franc 96 0.1 95 0.1 90 0.1 95 0.1 94 0.1 - 0.0 - 0.0

Special Drawing Right 15 649 9.2 11 0.0 10 0.0 11 0.0 10 0.0 10 0.0 9 0.0

Sterling pound 523 0.3 507 0.3 284 0.2 300 0.2 285 0.2 299 0.2 299 0.2

Swiss franc 151 0.1 143 0.1 85 0.1 88 0.1 86 0.1 76 0.0 79 0.1

Canadian dollar 114 0.1 116 0.1 55 0.0 68 0.0 64 0.0 66 0.0 69 0.0

Other 2 704 1.6 3 145 2.0 3 653 2.4 3 603 2.5 4 511 3.1 5 774 3.7 8 134 5.2

Total 169 998 100.0 153 749 100.0 152 850 100.0 143 490 100.0 145 707 100.0 156 062 100.0 156 037 100.0

Memo:

IDB 11 291 6.6 11 553 7.5 11 903 7.8 12 647 8.8 12 835 8.8 12 933 8.3 12 856 8.2

IBRD 8 034 4.7 8 085 5.3 8 112 5.3 9 475 6.6 9 460 6.5 9 623 6.2 9 533 6.1

1/ Includes World Bank and IDB.

2/ Original currency.

Note: Excludes debt related to intercompany loans and includes revision of debt position.

Mar Mar

2007 2005 2006

Sep Dec Sep DecJune


V.22 – Medium and long-term registered external debt Principal amortization schedule

US$ million

Itemization Outstanding 2007 2007 2008 2009 2010 2011 2012 2013

I Q (Apr-Dec)

3.31.2007 Paid

IMF loans1/ - - - - - - - - -

Import financing 39 921 1 224 3 963 4 294 4 232 5 396 3 725 4 358 2 898

International entities 25 109 434 1 422 1 989 2 358 2 551 2 564 3 387 2 080

World Bank 9 533 214 601 808 962 947 1 125 2 021 821

IDB 12 856 206 648 920 974 1 073 1 055 1 003 957

IFC 1 345 9 108 164 169 172 165 130 248

Other 1 374 6 64 98 253 359 218 234 54

Government agencies 6 223 145 551 778 826 820 618 586 503

USAID – project loans 74 - 15 15 12 10 7 7 5

Eximbank – USA 331 - 32 43 41 36 32 33 34

Eximbank – Japan 4 089 28 271 460 519 398 382 398 371

KFW 777 - 122 118 101 225 67 52 22

Paris Club - - - - - - - - -

Other 952 117 111 142 153 151 131 97 69

Other financing sources 8 588 644 1 990 1 526 1 047 2 025 543 385 316

Foreign commercial banks 2 190 197 456 505 397 268 195 206 64

Brazilian banks 1 457 131 332 284 239 129 123 102 97

Nonfinancial institutions 4 942 316 1 202 737 412 1 628 225 77 154

Currency loans 56 545 8 945 8 356 11 569 5 632 4 806 3 029 1 961 4 313

Foreign commercial banks 41 436 6 565 5 753 9 530 3 960 3 519 1 571 1 621 3 587

Brazilian banks 13 142 2 060 2 267 1 496 1 479 1 202 1 287 230 719

Nonbanks 1 967 320 337 543 193 85 172 111 7

Program loans (IDA) - - - - - - - - -

Bonds 51 043 3 106 2 587 2 029 1 667 2 450 3 087 2 912 2 251

Other loans - - - - - - - -

Total medium and long-term debts2/ 147 509 13 275 14 906 17 892 11 530 12 652 9 841 9 231 9 462

Intercompany loans – m.l.t. 28 893 2 408 4 807 3 276 2 174 2 185 2 724 1 311 1 149

Total medium and long-term debts,

includes intercompany loans 176 402 15 683 19 713 21 167 13 704 14 836 12 565 10 542 10 611

(continues)


V.22 – Medium and long-term registered external debt Principal amortization schedule


Itemization 2014 2015 2016 2017 2018 2019 2020 2021 2022 Due and

postponed

IMF loans1/ - - - - - - - - - -

Import financing 2 019 1 784 1 498 1 287 990 820 647 502 353 1 157

International entities 1 446 1 306 1 164 1 054 835 734 606 483 335 797

World Bank 413 357 346 301 212 203 203 133 67 14

IDB 893 872 792 725 620 528 402 349 267 778

IFC 102 35 22 24 2 2 - - - 2

Other 37 42 4 3 2 1 1 1 1 2

Government agencies 403 352 288 202 134 82 36 14 12 18

USAID – project loans 1 - - - - - - - - -

Eximbank – USA 33 31 14 1 1 - - - - 1

Eximbank – Japan 324 284 230 171 130 78 36 13 11 13

KFW 20 20 16 10 1 1 - - - 2

Paris Club - - - - - - - - - -

Other 26 17 28 20 2 3 1 1 0 1

Other financing sources 170 127 45 31 21 4 5 5 6 343

Foreign commercial banks 37 30 13 3 - - - - - 16

Brazilian banks 97 48 - - - - - - - 6

Nonfinancial institutions 36 48 32 28 21 4 5 5 6 321

Currency loans 1 970 3 645 3 323 2 050 190 125 638 264 100 4 575

Foreign commercial banks 1 596 2 053 1 715 1 333 185 124 170 174 100 4 445

Brazilian banks 371 1 376 1 388 715 5 - 468 90 - 50

Nonbanks 2 216 220 1 1 - - - - 80

Program loans (IDA) - - - - - - - - - -

Bonds 1 660 3 663 2 281 2 517 250 1 455 731 - 1 460 20 043

Other loans - - - - - - - - - -

Total medium and long-term debts2/ 5 648 9 091 7 102 5 854 1 430 2 400 2 016 766 1 913 25 774

Intercompany loans – m.l.t. 1 335 1 375 1 899 950 981 921 769 405 348 2 283

Total medium and long-term debts,

includes intercompany loans 6 983 10 467 9 001 6 804 2 412 3 322 2 785 1 171 2 261 28 058

1/ Repurchases of reais by Brazil in IMF are included as reduction of liabilities in balance of payments.

2/ Excludes debt related to intercompany loans and includes revision of debt position.


V.23 – Registered external debt Distribution by type of debtor and creditor Outstanding as of 3.31.2007

US$ million

Itemization Total

Total

Total Government

Nonfinancial Financial

(1)=(2)+(11) (2)=(3)+(7) (3)=(4)+(5)+(6) (4) (5) (6)

IMF loans1/ - - - - - -

Import financing 39 921 26 671 19 091 12 945 1 771 4 375

International entities 25 109 21 619 14 982 10 887 759 3 336

World Bank 9 533 9 444 7 312 7 278 - 35

IDB 12 856 11 935 7 532 3 605 626 3 302

IFC 1 345 - - - - -

Other 1 374 239 138 5 133 -

Government agencies 6 223 3 147 2 350 695 790 865

USAID – project loans 74 74 74 64 1 10

Eximbank – USA 331 33 33 12 21 -

Eximbank – Japan 4 089 2 507 1 744 501 552 691

KFW 777 319 285 12 110 164

Opic 50 - - - - -

PL-480 (USA Government) - - - - - -

Paris Club - - - - - -

Other 902 214 214 107 107 - 0

Other financing sources 8 588 1 905 1 759 1 363 222 174

Foreign commercial banks 2 190 551 421 264 120 37

Brazilian banks 1 457 988 976 838 - 137

Nonfinancial institutions 4 942 365 363 261 102 -

Currency loans 56 545 6 830 5 541 7 1 106 4 428

Foreign commercial banks 41 436 5 094 3 807 1 1 105 2 701

Brazilian banks 13 142 1 735 1 733 6 - 1 727

Nonbanks 1 967 1 1 - 1 -

Program loans (IDA) - - - - - -

Bonds 51 043 49 915 49 915 49 915 - -

Other loans - - - - - -

Total medium and long-term debts 147 509 83 416 74 547 62 867 2 877 8 803

Total short term debts 8 528 485 480 6 - 474

International entities 10 - - - - -

Government agencies 5 - - - - -

Foreign commercial banks 3 918 1 - - - -

Brazilian banks 4 238 478 474 - - 474

Nonfinancial institutions 357 6 6 6 - -

Bonds - - - - - -

Total2/ 156 037 83 901 75 027 62 873 2 877 9 276

Intercompany loans 33 462 35 35 - 35 -

Total external debt,

includes intercompany loans 189 499 83 936 75 062 62 873 2 913 9 276

(continues)

Federal sector

Enterprises

Public sector


V.23 – Registered external debt Distribution by type of debtor and creditor Outstanding as of 3.31.2007(concluded) US$ million

Itemization

Total Nonfinancial Financial

Total Government

Nonfinancial Financial

(7)=(8)+(9)+(10) (8) (9) (10) (11)=(12)+(13) (12) (13)

IMF loans1/ - - - - - - -

Import financing 7 580 6 607 972 - 13 250 11 489 1 761

International entities 6 636 6 113 523 - 3 491 2 623 868

World Bank 2 132 2 132 - - 89 89 -

IDB 4 403 3 880 523 - 921 914 7

IFC - - - - 1 345 1 011 335

Other 101 101 - - 1 135 609 526

Government agencies 797 418 380 - 3 076 2 988 89

USAID – project loans - - - - - - -

Eximbank – USA - - - - 298 298 -

Eximbank – Japan 763 397 366 - 1 582 1 573 9

KFW 34 21 13 - 458 446 12

Opic - - - - 50 50 -

PL-480 (USA Government) - - - - - - -

Paris Club - - - - - - 7

Other 0 0 - 0 - 688 620 61

Other financing sources 146 77 70 - 6 683 5 879 804

Foreign commercial banks 131 74 57 - 1 638 1 215 423

Brazilian banks 13 - 13 - 469 88 381

Nonfinancial institutions 3 3 - - 4 576 4 575 1

Currency loans 1 289 123 1 164 2 49 715 31 938 17 777

Foreign commercial banks 1 287 123 1 164 - 36 342 28 509 7 832

Brazilian banks 2 - - 2 11 407 3 042 8 365

Nonbanks - - - - 1 966 387 1 579

Program loans (IDA) - - - - - - -

Bonds - - - - 1 128 1 003 125

Other loans - - - - - - -

Total medium and long-term debts 8 869 6 731 2 136 2 64 093 44 431 19 663

Total short term debts 5 - - 5 8 043 946 7 097

International entities - - - - 10 - 10

Government agencies - - - - 5 5 -

Foreign commercial banks 1 - - 1 3 917 405 3 513

Brazilian banks 5 - - 5 3 760 295 3 464

Nonfinancial institutions - - - - 351 241 110

Bonds - - - - - - -

Total2/ 8 874 6 731 2 136 7 72 136 45 377 26 759

Intercompany loans - - - - 33 426 33 310 116


includes intercompany loans 8 874 6 731 2 136 7 105 562 78 687 26 875

1/ "Reais" repurchases by Brazil in IMF are included as reduction of liabilities in the balance of payments.

2/ Excludes debt related to intercompany loans and includes revision of debt position.

Private sector

State and local sector

Enterprises

Public sector


V.24 – Total external debt by debtor

US$ million

Itemization 20071/

Sep Dec Mar June Sep Dec Mar

Medium and long-term debt2/ 166 706 150 674 148 837 140 251 141 471 152 266 147 509

Nonfinancial public sector 104 148 87 567 82 641 75 466 74 844 76 263 76 337

Private sector and financial public sector 62 557 63 107 66 195 64 785 66 627 76 003 71 172

Short-term debt 16 445 18 777 17 815 16 410 18 088 20 323 34 573

Nonfinancial public sector - 0 - - 6 6 465

Banco Central (liabilities) - - - - - - -

Credit lines - - - - - - -

Short-term registered debt2/ - 0 - - 6 6 465

Private sector and financial public sector 16 445 18 776 17 815 16 410 18 082 20 317 34 108

Commercial banks (liabilities) 13 153 15 701 13 802 13 170 13 853 16 527 26 045

Short-term registered debt2/ 3 293 3 075 4 013 3 239 4 229 3 790 8 063

Resolution 2,483 - Rural financing - - - - - - -

Import financing 626 602 480 499 524 531 393

Other3/ 2 667 2 473 3 533 2 740 3 705 3 258 7 670

Total external debt4/ 183 151 169 451 166 652 156 660 159 559 172 589 182 082

Intercompany loans 18 847 18 537 20 216 20 998 22 775 26 783 33 462


includes intercompany loans 201 998 187 988 186 868 177 659 182 334 199 372 215 543

1/ Estimated data.

2/ Registered debt at Banco Central do Brasil.

3/ Includes financing to exporting companies, bridge loans and other short-term registered debt.

4/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.

20051/ 20061/


V.25 – Foreign exchange rate1/

R$/US$

Period

Rate % Rate % Rate % Rate

change change change

In In In 12

month year months

1999 1.7882 48.04 1.7890 48.01 1.8150 56.43 1.8158 0.00 56.39 0.00

2000 1.9546 9.31 1.9554 9.30 1.8287 0.75 1.8295 0.00 0.75 0.00

2001 2.3196 18.67 2.3204 18.67 2.3514 28.58 2.3522 0.00 28.57 0.00

2002 3.5325 52.29 3.5333 52.27 2.9301 24.61 2.9309 0.00 24.60 0.00

2003 2.8884 -18.23 2.8892 -18.23 3.0707 4.80 3.0715 0.00 4.80 0.00

2004 2.6536 -8.13 2.6544 -8.13 2.9249 -4.75 2.9257 0.00 -4.75 0.00

2005 2.3399 -11.82 2.3407 -11.82 2.4333 -16.81 2.4341 - -16.80 -

2006 Jan 2.2152 -5.33 2.2160 -5.33 2.2731 -0.51 2.2739 -0.51 -0.51 -15.56

Feb 2.1347 -3.63 2.1355 -3.63 2.1611 -4.92 2.1619 -4.92 -5.41 -16.78

Mar 2.1716 1.73 2.1724 1.73 2.1512 -0.46 2.1520 -0.46 -5.84 -20.44

Apr 2.0884 -3.83 2.0892 -3.83 2.1285 -1.05 2.1293 -1.05 -6.83 -17.44

May 2.2997 10.12 2.3005 10.11 2.1773 2.29 2.1781 2.29 -4.70 -11.20

Jun 2.1635 -5.92 2.1643 -5.92 2.2475 3.22 2.2483 3.22 -1.63 -6.85

Jul 2.1754 0.55 2.1762 0.55 2.1885 -2.63 2.1893 -2.62 -4.21 -7.76

Aug 2.1380 -1.72 2.1388 -1.72 2.1551 -1.53 2.1559 -1.53 -5.67 -8.67

Sep 2.1734 1.66 2.1742 1.66 2.1679 0.60 2.1687 0.60 -5.11 -5.48

Oct 2.1422 -1.44 2.1430 -1.44 2.1475 -0.94 2.1483 -0.94 -6.00 -4.79

Nov 2.1660 1.11 2.1668 1.11 2.1571 0.45 2.1579 0.45 -5.58 -2.39

Dec 2.1372 -1.33 2.1380 -1.33 2.1491 -0.37 2.1499 -0.37 -5.93 -5.93

Year 2.1372 -8.66 2.1380 -8.66 2.1763 -10.56 2.1771 - -10.56 -

2007 Jan 2.1239 -0.62 2.1247 -0.62 2.1377 -0.53 2.1385 -0.53 -0.53 -5.95

Feb 2.1174 -0.31 2.1182 -0.31 2.0955 -1.98 2.0963 -1.97 -2.50 -3.04

Mar 2.0496 -3.20 2.0504 -3.20 2.0879 -0.36 2.0887 -0.36 -2.85 -2.94

Apr 2.0331 -0.81 2.0339 -0.80 2.0312 -2.71 2.0320 -2.71 -5.48 -4.57

May 1.9281 -5.16 1.9289 -5.16 1.9808 -2.48 1.9816 -2.48 -7.83 -9.02

Jun 1.9254 -0.14 1.9262 -0.14 1.9311 -2.51 1.9319 -2.51 -10.14 -14.07

Jul 1.8768 -2.52 1.8776 -2.52 1.8820 -2.54 1.8828 -2.54 -12.42 -14.00

1/ Rates for accounting purpose.

Percentage changes

Commercial

End-of-period Average exchange rate

Buying Selling Buying Selling

The International Economy

Statistical Tables VI


VI.1 – Interest rates Prime rate and 6 month Libor in various currencies1/

In percent per year

Period average Prime rate

American Yen EUR Sterling

dollar pound

2005 6.16 3.90 0.09 2.30 4.76

2006 Jan 7.25 4.84 0.12 2.83 4.62

Feb 7.47 5.07 0.16 2.91 4.63

Mar 7.51 5.19 0.28 3.11 4.72

Apr 7.75 5.33 0.37 3.22 4.79

May 7.89 5.40 0.51 3.31 4.97

Jun 8.00 5.60 0.58 3.40 5.00

Jan-Jun 7.65 5.24 0.34 3.13 4.79

Jul 8.24 5.66 0.65 3.54 5.00

Aug 8.25 5.50 0.65 3.62 5.22

Sep 8.25 5.38 0.60 3.72 5.30

Oct 8.25 5.36 0.65 3.80 5.39

Nov 8.25 5.31 0.71 3.86 5.43

Dec 8.25 5.24 0.74 3.92 5.49

Jul-Dec 8.25 5.41 0.67 3.74 5.31

Year 7.95 5.32 0.50 3.44 5.05

2007 Jan 8.25 5.37 0.74 4.06 5.78

Feb 8.25 5.39 0.73 4.08 5.82

Mar 8.25 5.22 0.78 4.18 5.86

Apr 8.25 5.28 0.81 4.25 5.92

May 8.25 5.34 0.86 4.37 6.00

Jun 8.25 5.45 0.98 4.51 6.24

Jan-Jun 8.25 5.34 0.82 4.24 5.94

Jul 8.25 5.38 1.00 4.56 6.34

1/ Rates in accordance with daily interest bulletin of Banco Central do Brasil.

Libor


VI.2 – Selected country indicators1/

In percent

Period

United Japan Germany United United Japan Germany United United Japan Germany United

States Kingdom States Kingdom States Kingdom

2005 Dec 3.4 -0.1 2.1 1.9 3.6 4.9 6.2 -2.4 4.9 4.4 11.1 5.1

2006 Jan 4.0 0.5 2.1 1.9 3.3 0.6 3.4 -1.6 4.7 4.5 12.1 5.0

Feb 3.6 0.4 2.1 2.0 3.0 2.5 5.2 -1.5 4.8 4.1 12.2 5.1

Mar 3.4 0.3 1.8 1.8 3.7 3.7 5.8 0.4 4.7 4.1 12.0 5.2

Apr 3.5 0.4 2.0 2.0 4.4 3.1 4.7 -1.0 4.7 4.1 11.5 5.3

May 4.2 0.6 1.9 2.2 4.0 3.7 6.8 -0.5 4.6 4.0 10.8 5.4

Jun 4.3 1.0 2.0 2.5 4.3 5.3 6.2 -0.6 4.6 4.2 10.5 5.5

Jul 4.1 0.3 1.9 2.4 4.7 6.1 6.0 -0.6 4.8 4.1 10.5 5.5

Aug 3.8 0.9 1.7 2.5 4.6 6.2 7.5 0.8 4.7 4.1 10.5 5.5

Sep 2.1 0.6 1.0 2.4 6.0 5.5 5.3 1.0 4.6 4.2 10.1 5.6

Oct 1.3 0.4 1.1 2.4 4.6 6.6 6.1 1.0 4.4 4.1 9.8 5.5

Nov 2.0 0.3 1.5 2.7 3.0 4.9 7.2 1.0 4.5 4.0 9.6 5.5

Dec 2.5 0.3 1.4 3.0 2.8 4.5 6.5 0.2 4.5 4.1 9.6 5.5

2007 Jan 2.1 0.0 1.6 2.7 2.4 3.2 7.8 0.2 4.6 4.0 10.2 5.5

Feb 2.4 -0.2 1.6 2.8 2.8 4.5 6.8 -0.3 4.5 4.0 10.1 5.5

Mar 2.8 -0.1 1.9 3.1 2.2 3.2 7.3 -0.2 4.4 4.0 9.8 5.5

Apr 2.6 0.0 1.9 2.8 2.0 2.4 6.2 0.6 4.5 3.8 9.5 5.5

May 2.7 0.0 1.9 2.5 1.7 2.4 4.9 0.8 4.5 3.8 9.1 5.4

Jun 2.7 -0.2 1.8 2.4 1.4 2.3 5.0 0.8 4.5 3.7 8.8 5.4

Jul 2.4 0.0 1.9 1.9 1.4 2.0 5.8 1.1 4.6 3.6 8.9 5.4

Sources: United States: Bureau of Labour Statistics (BLS) and Federal Reserve System (FED)

Japan: Statistics Bureau of Ministry of Internal Affairs and Communications and Ministry of Economy, Trade and Industry (METI)

Official National Statistics (United Kingdom).Germany: Statistisches Bundesamt Deutschland

United Kingdom: Official National Statistics (ONS). From August 2006 on, the Consumer Price Index (CPI) replaces the Retail Price Index (RPI).

1/ Percentage change in 12 months.

Consumer prices Industrial output Unemployment rate


VI.3 – International reserves

US$ billion

End of Germany Argentina Brazil Canada United France Italy Japan Mexico United

period States Kingdom

2005 Dec 51 27 54 33 67 32 29 836 74 44

2006 Jan 52 19 57 33 68 34 30 842 77 44

Feb 51 20 57 33 68 34 30 841 76 44

Mar 51 21 60 36 67 33 29 838 76 43

Apr 48 21 57 36 69 36 29 845 78 45

May 49 23 63 36 70 38 29 847 81 41

Jun 49 25 63 36 71 37 30 857 ... 39

Jul 50 25 67 36 70 38 30 861 83 39

Aug 49 26 71 36 69 40 30 866 84 41

Sep 49 28 73 37 70 43 30 888 85 42

Oct 49 29 78 36 69 44 30 890 79 42

Nov 48 29 83 36 70 43 31 884 77 43

Dec 48 31 86 35 69 47 30 884 77 41

2007 Jan 49 33 91 36 69 47 31 892 78 42

Feb 48 34 101 36 69 49 31 893 77 43

Mar 47 36 110 39 69 48 31 894 76 44

Apr 49 37 122 40 69 48 31 892 77 45

May 50 39 136 40 69 47 32 895 78 45

Jun ... ... 147 ... ... ... ... ... ... ...

Jul ... ... 156 ... ... ... ... ... ... ...

Source: International Financial Statistics (IMF), except for Brazil.

Brazil: Banco Central do Brasil


VI.4 – Currencies per US dollar1/

End of ¥ Sw.Fr. US$/£ Can$ US$/SDR US$/EUR

period

2005 Dec 118.10 1.3158 1.7183 1.1630 1.42927 1.18300

2006 Jan 116.88 1.2762 1.7836 1.1423 1.44540 1.21790

Feb 117.00 1.3175 1.7446 1.1483 1.43559 1.18740

Mar 117.74 1.3046 1.7367 1.1681 1.44062 1.21190

Apr 113.79 1.2409 1.8236 1.1175 1.47106 1.26180

May 112.66 1.2187 1.8693 1.1015 1.49418 1.28140

Jun 114.43 1.2235 1.8484 1.1164 1.47370 1.27900

Jul 114.62 1.2303 1.8684 1.1321 1.48386 1.27670

Aug 117.36 1.2309 1.9049 1.1053 1.48852 1.28110

Sep 118.15 1.2508 1.8718 1.1182 1.47637 1.26830

Oct 116.95 1.2443 1.9079 1.1224 1.48004 1.27650

Nov 115.67 1.1974 1.9685 1.1414 1.50733 1.32640

Dec 119.11 1.2202 1.9576 1.1650 1.50440 1.31910

2007 Jan 120.99 1.2468 1.9616 1.1800 1.49015 1.30120

Feb 118.40 1.2185 1.9635 1.1704 1.50472 1.32350

Mar 117.90 1.2158 1.9676 1.1547 1.51019 1.33580

Apr 119.51 1.2078 2.0002 1.1094 1.52418 1.36510

May 121.70 1.2251 1.9807 1.0697 1.51286 1.34570

Jun 123.00 1.2213 2.0079 1.0638 1.51557 1.35360

Jul 118.89 1.2029 2.0339 1.0650 1.53122 1.36850

Sources: International Financial Statistics (IMF) and Bacen

1/ Refer to rates utilized by the Banco Central do Brasil in its accounts.


Members of the National Monetary Council

Banco Central do Brasil Management

Central units (departments) of the Banco Central do Brasil

Regional offices of the Banco Central do Brasil

Appendix


Members of the National Monetary Council (September 30, 2007)

Guido MantegaMinister of Finance

Paulo BernardoMinister of Planning and Budget

Henrique de Campos MeirellesGovernor


Banco Central do Brasil Management (September 30, 2007)

Board of directors

GovernorHenrique de Campos Meirelles

Directors

Administration (Dirad)Antonio Gustavo Matos do Vale

Bank Liquidation and Privatization (Dilid)Antonio Gustavo Matos do Vale

Economic Policy (Dipec)Mário Magalhães Carvalho Mesquita

Financial System Regulation and Organization (Dinor)Alexandre Antonio Tombini

International Affairs (Direx)Paulo Vieira da Cunha

Monetary Policy (Dipom)Mario Gomes Torós

Supervision (Difis)Paulo Sérgio Cavalheiro

Executive Secretariat Executive SecretarySérgio Almeida de Souza Lima

Head of Governor´s OfficeIsaac Sidney Menezes Ferreira

Secretaries

Board of Directors and National Monetary Council Affairs (Sucon)Sergio Albuquerque de Abreu e Lima

Institutional Relations (Surel)José Linaldo Gomes de Aguiar


Banco Central do Brasil Management (September 30, 2007)

Senior Advisors

Administration (Dirad)Carolina de Assis Barros

Bank Liquidation and Privatization (Dilid)Marco Antonio Belém da Silva

Economic Policy (Dipec)Katherine Hennings

Financial System Regulation and Organization (Dinor)Clarence Joseph Hillerman Junior

International Affairs (Direx)Dalmir Sérgio Louzada

Monetary Policy (Dipom)Flávio Pinheiro de Melo

Supervision (Difis)Sidinei Corrêa Marques


Congressional Affairs Office (Aspar)Head: Luiz do Couto NetoEdifício-Sede – 19º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Currency Management Department (Mecir) Head: João Sidney de Figueiredo FilhoAv. Rio Branco, 30 – Centro20090-001 Rio de Janeiro (RJ)

Department of Analysis and Control of Disciplinary Actions (Decap)Head: Claudio JalorettoEdifício-Sede – 14º andar SBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Bank Liquidation (Deliq)Head: José Irenaldo Leite de AtaídeEdifício-Sede – 2º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Banking Operations and Payments System (Deban) Head: José Antonio MarcianoEdifício-Sede – 18º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Economics (Depec) Head: Altamir LopesEdifício-Sede – 10º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Central units of the Banco Central do Brasil (September 30, 2007)

Department of External Debt and International Relations (Derin) Head: Ronaldo Malagoni de Almeida CavalcanteEdifício-Sede – 4º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Human Resources Administration and Organization (Depes) Head: Miriam de OliveiraEdifício-Sede – 17º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Infrastructure (Demap) Head: Dimas Luís Rodrigues da CostaEdifício-Sede – 1º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Off-site Supervision and Information Management (Desig) Head: Cornélio Farias PimentelEdifício-Sede – 6º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Planning and Management Overview of SupervisoryActivities (Decop) Head: Arnaldo de Castro CostaEdifício-Sede – 14º andar SBS – Quadra 3 – Zona Central70074-900 Brasília (DF)


Department of Supervision of Credit Unions and Non-banking Financial Institutions and Financial System Consumer Complaints(Desuc) Head: Gilson Marcos BallianaEdifício-Sede – 16º andar SBS – Quadra 3 – Zona Central70074-900 Brasília (DF) Department of Surveillance of Illegal Activities and Supervision of Foreign Exchange and International Capital Flows (Decic)Head: Ricardo LiáoEdifício-Sede – 7º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Financial System Organization (Deorf) Head: Luiz Edson FeltrimEdifício-Sede – 19º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Financial System Regulation (Denor) Head: Amaro Luiz de Oliveira GomesEdifício-Sede – 15º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of International Reserves Operations (Depin) Head: Márcio Barreira de Ayrosa Moreira Edifício-Sede – 5º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Open Market Operations (Demab)Head: Ivan Luis Gonçalves de Oliveira Lima Av. Pres. Vargas, 730 – 6º andar20071-001 Rio de Janeiro (RJ)

Financial Administration and Budget Department (Deafi)Head: Jefferson MoreiraEdifício-Sede – 16º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Information Technology Department (Deinf)Head: Fernando de Abreu FariaEdifício-Sede – 2º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Internal Auditing Department (Deaud)Head: José Aísio Catunda AragãoEdifício-Sede – 15º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Legal Department (PGBCB)General Attorney: Francisco José de SiqueiraEdifício-Sede – 11º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

On site Supervision Department (Desup) Head: Osvaldo WatanabeAv. Paulista, 1804 – 14º andarCerqueira César01310-922 São Paulo (SP)

Office of the Corregidor (CGBCB)Corregidor: Jaime Alves de FreitasEdifício-Sede – 12º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Office of the Ombundsman (Ouvid) Ouvidor: Hélio José FerreiraEdifício-Sede – 13º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Planning and Budget Department (Depla)Head: José Clóvis Batista DattoliEdifício-Sede – 9º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Research Department (Depep)Head: Carlos Hamilton Vasconcelos AraújoEdifício-Sede – 9º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)


Security Department (Deseg) Head: Sidney Furtado BezerraEdifício-Sede – 1º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office

Exchange and Foreign Capital Regulation Executive Office (Gence)Gerente-Executivo: Geraldo Magela Siqueira Edifício-Sede – 3º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office for Monetary Policy Integrated Risk Management (Gepom)Gerente-Executivo: Isabela Ribeiro Damaso MaiaEdifício-Sede – 5º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office for Projects (Gepro)Gerente-Executivo: Nivaldo Peçanha de OliveiraEdifício-Sede – 17º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office of Special Studies (Geesp)Gerente-Executivo: Eduardo FernandesEdifício-Sede – 20º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office on Bank Privatization (Gedes)Gerente-Executivo: Geraldo Pereira Junior Edifício-Sede – 12º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Investor Relations Group (Gerin)Gerente-Executivo: Renato Jansson RosekEdifício-Sede – 1º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Proagro Executive Office (GTPRO)Gerente-Executivo: Deoclécio Pereira de Souza Edifício-Sede – 19º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Supervision Relations Group (Gefis)Gerente-Executivo: Andreia Lais de Melo Silva VargasEdifício-Sede – 6º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)


1st Region Regional Office in Belém (ADBEL)Regional Delegate: Maria de Fátima Moraes de

LimaJurisdiction: Acre, Amapá, Amazonas, Pará, Rondônia e RoraimaBoulevard Castilhos França, 708 – CentroCaixa Postal 65166010-020 Belém (PA)

2nd RegionRegional Office in Fortaleza (ADFOR)Regional Delegate: Luiz Edivam CarvalhoJurisdiction: Ceará, Maranhão e PiauíAv. Heráclito Graça, 273 – CentroCaixa Postal 89160140-061 Fortaleza (CE)

3rd RegionRegional Office in Recife (ADREC)Regional Delegate: Cléber Pinto dos SantosJurisdiction: Alagoas, Paraíba, Pernambuco e Rio Grande do NorteRua da Aurora, 1.259 – Santo AmaroCaixa Postal 1.44550040-090 Recife (PE)

4th RegionRegional Office in Salvador (ADSAL)Regional Delegate: Antonio Carlos Mendes Oliveira Jurisdiction: Bahia e SergipeAv. Anita Garibaldi, 1.211 – OndinaCaixa Postal 4440176-900 Salvador (BA)

Regional offices of the Banco Central do Brasil (September 30, 2007)

5th RegionRegional Office in Belo Horizonte (ADBHO)Regional Delegate: Anthero de Moraes MeirellesJurisdiction: Minas Gerais, Goiás e TocantinsAv. Álvares Cabral, 1.605 – Santo AgostinhoCaixa Postal 88730170-001 Belo Horizonte (MG) 6th RegionRegional Office in Rio de Janeiro (ADRJA)Regional Delegate: Paulo dos SantosJurisdiction: Espírito Santo e Rio de JaneiroAv. Presidente Vargas, 730 – CentroCaixa Postal 49520071-001 Rio de Janeiro (RJ)

7th RegionRegional Office in São Paulo (ADSPA)Regional Delegate: Fernando Roberto MedeirosJurisdiction: São PauloAv. Paulista, 1.804 – Cerqueira CésarCaixa Postal 89401310-922 São Paulo (SP)

8th RegionRegional Office in Curitiba (ADCUR)Regional Delegate: Salim Cafruni SobrinhoJurisdiction: Paraná, Mato Grosso e Mato Grosso do Sul Rua Carlos Pioli, 133 – Bom RetiroCaixa Postal 1.40880520-170 Curitiba (PR) 9th RegionRegional Office in Porto Alegre (ADPAL)Regional Delegate: José Afonso NedelJurisdiction: Rio Grande do Sul e Santa CatarinaRua 7 de Setembro, 586 – CentroCaixa Postal 91990010-190 Porto Alegre (RS)

boletim do banco central do brasilboletim do banco central do brasil brasília v. 43 n. 9 sep 2007...

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