boletim do banco central do brasil · boletim do banco central do brasil january 2005 35 i.2 -...
TRANSCRIPT
ISSN 1517-7270
Boletim do Banco Central do Brasil
January 2005
Volume 41 – Number 1
I - Economic activity
Boletim do Banco Central do Brasil January 2005
34
I.1 - National accounts
Itemization 1999 2000 2001 2002 2003
GDP at market prices (R$ thousand) 973 845 966 1 101 255 078 1 198 736 188 1 346 027 553 1 556 182 114
Real GDP change rate (%) 0.8 4.4 1.3 1.9 0.5
Implicit GDP deflator (%) 5.7 8.4 7.4 10.2 15.0
Nominal GDP change rate (%) 6.5 13.1 8.9 12.3 15.6
Net income/payments abroad (R$ thousand)1/ 34 106 815 32 597 271 45 284 441 51 943 778 55 149 917
GNP at market prices (R$ thousand) 939 739 151 1 068 657 807 1 153 451 747 1 294 083 775 1 501 032 197
Other current transfers (R$ thousand) 3 026 999 2 790 640 3 866 547 7 267 024 8 752 133
Gross national disposable income (R$ thousand) 942 766 150 1 071 448 447 1 157 318 294 1 301 350 799 1 509 784 330
Final consumption (R$ thousand) 792 528 541 880 655 448 956 501 328 1 052 139 114 1 192 613 281
Gross savings (R$ thousand) 150 237 609 190 792 999 200 816 966 249 211 685 317 171 049
Gross capital formation (R$ thousand) 196 335 889 237 254 899 254 136 764 265 953 462 307 491 071
Capital transfers (R$ thousand) 47 690 498 510 - 89 359 1 307 996 1 511 961
Balance of payments deficit in current account (R$ thousand) - 46 050 590 - 45 963 390 - 53 409 157 - 15 433 781 11 191 939
GDP (US$ billion)2/ 536.6 602.2 509.8 459.4 506.8
Source: Bacen and IBGE
1/ Nonresident employees earnings included.
2/ Banco Central do Brasil estimates.
Boletim do Banco Central do Brasil January 2005
35
I.2 - Gross Domestic Product (GDP)
Year GDP at current Implicit Real change rates (%) Real GDP Population Per capita GDP
prices in R$ deflator index (1,000 inh.)
(%) Agricul- Industry Services GDP 2003=100 At constant Real change Real index
ture and 2003 prices rate (%) 2003=100
livestock (R$)
1986 1 274 149.2 - 8.0 11.7 8.1 7.5 73.2 134 653 8 235.01 5.4 96.1
1987 4 038 206.2 15.0 1.0 3.1 3.5 75.8 137 268 8 363.29 1.6 97.6
1988 29 376 628.0 0.8 - 2.6 2.3 - 0.1 75.7 139 819 8 205.78 - 1.9 95.8
1989 425 595 1 304.4 2.8 2.9 3.5 3.2 78.1 142 307 8 317.08 1.4 97.1
1990 11 548 795 2 737.0 - 3.7 - 8.2 - 0.8 - 4.3 74.7 147 594 7 670.32 - 7.8 89.6
1991 60 285 999 416.7 1.4 0.3 2.0 1.0 75.5 149 926 7 628.79 - 0.5 89.1
1992 640 958 768 969.0 4.9 - 4.2 1.5 - 0.5 75.1 152 227 7 472.63 - 2.0 87.2
1993 14 097 114 182 1 996.2 - 0.1 7.0 3.2 4.9 78.8 154 513 7 724.64 3.4 90.2
1994 349 204 679 000 2 240.2 5.5 6.7 4.7 5.9 83.4 156 775 8 058.78 4.3 94.1
1995 646 191 517 000 77.5 4.1 1.9 1.3 4.2 86.9 159 016 8 280.79 2.8 96.7
1996 778 886 727 000 17.4 3.1 3.3 2.3 2.7 89.2 161 247 8 383.33 1.2 97.9
1997 870 743 034 000 8.3 - 0.8 4.6 2.6 3.3 92.2 163 471 8 539.79 1.9 99.7
1998 914 187 877 000 4.9 1.3 - 1.0 0.9 0.1 92.3 165 688 8 436.64 - 1.2 98.5
1999 973 845 966 000 5.7 8.3 - 2.2 2.0 0.8 93.0 167 910 8 390.39 - 0.5 98.0
2000 1 101 255 078 000 8.4 2.1 4.8 3.8 4.4 97.1 170 143 8 641.35 3.0 100.9
2001 1 198 736 188 000 7.4 5.8 - 0.5 1.8 1.3 98.3 172 386 8 640.86 0.0 100.9
2002 1 346 027 553 000 10.2 5.5 2.6 1.6 1.9 100.2 174 633 8 694.03 0.6 101.5
2003 1 556 182 114 000 15.0 4.5 0.1 0.6 0.5 100.0 178 985 8 694.47 - 0.9 100.0
Source: IBGE
Boletim do Banco Central do Brasil January 2005
36
I.3 - Economic indicators
1992 average=100
Period Industrial production Level of Capacity utilization Real industrial sales Hours worked
Activity in manufacturing in production
Total Manufacturing Mineral Indicator industry1/ in manufacturing
industry extraction (INA) industry
(SP) (SP) (CNI)2/ (SP) (CNI)2/ (SP) (CNI)2/
1992 100.00 100.00 100.00 100.00 70.69 72.29 100.00 100.00 100.00 100.00
1993 107.51 108.07 100.63 108.56 74.69 75.23 108.72 106.65 100.51 98.19
1994 115.68 116.53 105.38 118.01 77.44 77.13 124.26 116.25 99.39 98.24
1995 117.80 118.54 108.85 120.02 78.78 78.05 141.64 127.37 98.67 98.01
1996 119.84 119.87 119.46 118.45 78.44 78.19 150.65 134.92 89.35 89.17
1997 124.50 124.20 128.10 124.12 79.21 78.71 168.60 146.69 86.10 86.12
1998 121.97 120.15 144.04 121.07 78.84 78.24 168.84 144.38 79.79 79.77
1999 121.18 118.22 157.14 115.98 78.03 78.23 168.33 145.99 70.44 72.75
2000 129.23 125.38 173.00 123.56 81.63 80.70 191.42 161.76 73.74 75.79
2001 131.27 127.08 178.92 126.71 80.76 80.30 217.49 181.01 74.45 77.23
2002 134.85 127.75 212.84 125.38 81.08 80.65 217.50 184.41 73.64 78.45
2003 Jan 124.37 117.13 218.17 113.58 79.63 79.32 204.76 168.17 72.00 75.92
Feb 121.72 115.00 202.17 114.80 80.92 79.20 210.20 175.34 70.20 74.99
Mar 129.52 121.95 228.60 120.80 81.32 80.14 208.87 175.40 73.08 77.21
Apr 128.63 121.33 219.90 118.21 80.05 79.74 205.76 171.58 72.87 77.98
May 133.86 126.14 232.86 126.47 81.04 80.38 213.82 179.33 74.76 80.66
Jun 128.14 121.12 211.02 120.98 78.59 78.98 207.61 172.26 72.24 78.29
Jul 137.42 129.93 224.69 131.45 78.96 79.28 224.67 185.19 73.80 81.19
Aug 138.15 130.39 233.22 135.53 80.11 79.58 231.69 190.26 73.46 80.13
Sep 145.61 138.07 225.73 138.91 81.32 80.64 243.74 197.67 74.54 81.29
Oct 153.63 145.85 232.44 145.38 82.24 81.27 259.17 208.14 76.61 83.63
Nov 145.54 138.12 221.77 135.06 81.04 80.26 243.66 195.85 73.68 79.19
Dec 132.47 125.04 224.16 115.28 78.89 78.71 233.17 190.37 71.34 74.19
2004 Jan 129.10 121.86 218.00 118.62 80.59 79.50 235.56 184.21 72.64 75.34
Feb 124.19 117.18 211.02 118.31 79.88 79.64 223.22 175.52 72.03 75.06
Mar 146.86 139.26 227.65 ... 82.62 82.06 272.79 214.27 79.35 83.68
Apr 138.34 130.95 221.54 ... 81.33 81.23 256.12 200.14 76.43 80.17
May 145.69 138.08 227.71 ... 83.74 82.39 268.90 214.80 78.79 83.78
Jun 145.43 137.74 230.65 ... 84.06 83.13 274.11 220.81 79.30 84.71
Jul 151.85 143.81 241.06 ... 84.89 83.52 276.52 220.57 80.33 87.10
Aug 156.59 148.23 250.66 ... ... 83.85 ... 230.64 ... 88.46
Sep 156.52 148.49 239.99 ... ... 83.76 ... 222.44 ... 87.34
Oct 158.62 150.38 246.76 ... ... 84.03 ... 220.04 ... 87.52
Nov 157.27 149.40 235.01 ... ... 83.60 ... 217.57 ... 86.89
(continues)
Boletim do Banco Central do Brasil January 2005
37
I.3 - Economic indicators
(concluded) 1992 average=100
Period Own Corrugated Inputs Consultations Industrial employment Real Real industrial Productivity
electric paper production with telephone industrial overall wages3/ in the
charge shipments for the check & credit wages3/ manufacturing
building department industry4/
(SP) industry (SP) (SP) (CNI)2/ (SP) (SP) (CNI)2/
1992 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1993 104.53 120.44 104.77 101.72 96.29 96.72 111.31 107.33 102.87 109.93
1994 108.90 132.47 111.13 103.97 93.96 95.43 121.42 114.15 107.54 118.43
1995 113.36 138.46 111.14 123.05 92.57 94.38 132.02 122.30 118.15 121.13
1996 116.58 150.83 117.41 152.75 84.52 87.40 139.25 117.81 115.54 134.35
1997 124.15 162.55 127.47 200.15 81.15 83.82 146.86 119.29 116.92 144.04
1998 126.67 165.26 129.78 220.47 76.92 78.83 153.64 118.26 111.18 150.51
1999 125.37 171.43 125.07 207.37 72.24 74.20 151.18 109.86 100.85 162.30
2000 135.83 179.59 127.71 223.57 72.94 74.80 155.22 113.98 103.70 165.27
2001 121.71 178.89 124.75 230.26 73.37 75.66 164.72 121.24 107.01 164.47
2002 127.80 185.74 120.30 242.97 71.71 75.57 174.14 125.08 106.38 162.76
2003 Jan 127.24 159.51 112.98 225.26 71.29 75.43 172.03 122.82 100.52 154.34
Feb 135.72 156.16 111.58 207.40 71.34 75.61 165.15 118.00 97.52 153.40
Mar 129.60 166.09 112.52 210.07 71.24 75.97 167.04 119.18 98.11 158.01
Apr 128.25 ... 108.71 209.67 71.22 76.41 169.64 121.00 99.57 155.67
May 124.75 ... 112.58 236.86 71.13 76.62 172.20 122.66 100.65 156.44
Jun 123.25 ... 104.30 230.67 70.96 76.53 172.36 122.72 101.44 154.77
Jul 123.45 ... 112.91 252.09 70.70 76.31 173.91 123.15 102.18 160.11
Aug 124.87 ... 113.68 248.80 70.41 76.15 173.49 122.34 102.16 162.80
Sep 129.80 ... 116.92 238.15 70.39 76.12 171.32 120.78 101.42 169.92
Oct 133.24 ... 124.88 259.05 70.54 76.22 173.33 122.45 102.92 174.46
Nov 131.53 ... 118.98 248.65 70.67 76.15 183.53 129.90 108.32 174.49
Dec 133.33 ... 106.21 307.13 70.48 75.20 183.54 129.56 108.06 168.61
2004 Jan 132.40 ... 109.90 225.19 70.94 75.27 181.16 128.70 104.86 161.81
Feb 131.10 ... 107.16 206.38 71.41 75.74 179.40 128.31 104.45 156.17
Mar 149.90 ... 122.57 235.38 71.85 76.58 182.03 130.98 106.82 166.49
Apr 147.94 ... 114.10 218.33 72.05 77.31 183.59 132.48 108.16 163.41
May 144.65 ... 117.30 244.53 72.45 78.08 184.28 133.71 109.59 164.88
Jun 145.79 ... 117.00 240.77 72.75 78.64 183.36 133.59 110.53 162.67
Jul 145.65 ... 124.91 266.46 73.17 79.33 182.59 133.81 110.75 165.17
Aug 149.52 ... 129.69 261.84 ... 80.05 ... ... 112.28 167.62
Sep 154.03 ... 127.88 241.87 ... 80.72 ... ... 112.61 170.09
Oct 149.65 ... 128.51 257.34 ... 81.08 ... ... 114.01 171.89
Nov 150.63 ... 121.69 261.43 ... 81.17 ... ... 119.44 172.02
Source: ABPO, ACSP, CNI, Eletrobrás, Fiesp and IBGE
1/ Percentage of maximum operating capacity utilized in the month. The complement to 100 stands for the average level of idleness.
2/ 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.
3/ Deflated by IPC-Fipe.
4/ 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.
Boletim do Banco Central do Brasil January 2005
38
I.4 - Economic indicators - seasonally adjusted
1992 average=100
Period Industrial production Level of Capacity utilization Real industrial sales Hours worked
Activity in manufacturing in production
Total Manufacturing Mineral Indicator industry1/ in manufacturing
industry extraction (INA) industry
(SP) (SP) (CNI)2/ (SP) (CNI)2/ (SP) (CNI)2/
1992 100.00 100.00 100.00 100.00 70.74 72.29 100.00 100.00 100.00 100.00
1993 107.64 108.19 100.58 108.56 74.74 75.23 109.10 106.89 100.73 98.42
1994 115.87 116.72 105.37 118.01 77.48 77.10 124.45 116.47 99.74 98.57
1995 118.26 119.03 108.88 120.02 78.80 78.06 142.19 128.03 98.88 98.36
1996 119.42 119.41 119.44 118.45 78.44 78.18 150.29 134.72 89.19 89.10
1997 124.49 124.15 128.01 124.12 79.21 78.71 168.53 147.00 86.22 86.34
1998 121.99 120.18 143.90 121.07 78.85 78.25 169.00 144.86 79.90 79.99
1999 121.20 118.20 157.07 115.98 78.04 78.24 168.43 146.25 70.57 72.96
2000 129.60 125.79 172.87 123.57 81.65 80.68 192.99 162.28 73.85 75.93
2001 131.68 127.49 178.79 126.71 80.76 80.32 220.37 181.49 74.67 77.45
2002 135.26 128.16 212.74 125.39 81.07 80.67 220.37 184.85 73.86 78.64
2003 Jan 133.45 126.80 221.12 128.84 80.83 80.42 219.16 182.52 74.30 79.35
Feb 133.06 126.31 220.63 130.54 81.47 80.27 234.46 199.82 73.78 80.32
Mar 133.22 126.37 225.85 125.74 80.51 79.84 207.80 176.35 71.74 76.61
Apr 133.72 126.84 225.51 127.51 79.94 79.74 213.70 177.20 73.03 78.65
May 132.34 124.41 234.38 124.48 80.03 79.74 213.88 175.90 72.96 78.79
Jun 130.57 123.14 212.59 117.27 78.84 79.29 214.27 174.13 72.30 78.29
Jul 131.77 124.32 217.78 120.24 78.75 78.97 220.73 177.65 72.50 78.37
Aug 133.11 125.54 221.61 120.53 79.32 79.15 226.85 182.74 72.66 78.25
Sep 138.35 130.57 224.68 127.73 81.06 79.89 233.75 186.43 74.01 79.66
Oct 141.20 132.46 224.30 132.00 80.94 79.91 243.81 191.38 74.38 80.04
Nov 141.61 134.08 224.61 131.21 80.72 79.98 244.51 196.15 74.74 79.97
Dec 140.60 133.53 218.17 130.39 81.62 80.50 248.15 198.52 74.67 78.80
2004 Jan 140.21 133.41 223.64 133.85 81.72 80.68 254.69 203.67 75.39 79.64
Feb 139.02 132.50 229.89 134.05 80.46 80.00 232.70 196.27 73.70 78.48
Mar 142.69 134.94 225.42 ... 81.80 81.41 265.81 207.13 76.37 81.13
Apr 143.04 135.60 227.91 ... 81.28 81.19 266.85 208.34 76.83 81.29
May 146.34 138.83 229.23 ... 82.81 82.01 272.82 214.60 77.58 82.77
Jun 147.10 139.33 232.51 ... 84.38 83.30 277.59 218.00 78.57 83.57
Jul 148.07 140.14 233.64 ... 84.75 83.27 277.74 216.09 79.57 85.02
Aug 149.55 141.21 237.47 ... ... 83.27 ... 217.55 ... 85.55
Sep 149.32 141.16 237.94 ... ... 83.02 ... 209.50 ... 85.57
Oct 149.33 140.32 237.94 ... ... 82.96 ... 210.10 ... 85.40
Nov 148.80 140.39 238.43 ... ... 82.90 ... 209.70 ... 85.53
(continues)
Boletim do Banco Central do Brasil January 2005
39
I.4 - Economic indicators - seasonally adjusted
(concluded) 1992 average=100
Period Own Corrugated Inputs Consultations Industrial employment Real Real industrial Productivity
electric paper production with telephone industrial overall wages3/ in the
charge shipments for the check & credit wages3/ manufacturing
building department industry4/
(SP) industry (SP-Cap.) (SP) (CNI)2/ (SP) (SP) (CNI)2/
1992 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1993 104.78 120.57 105.10 102.02 96.28 96.71 111.42 107.40 102.88 109.92
1994 109.24 132.69 111.57 103.97 93.94 95.40 121.44 114.10 107.46 118.34
1995 113.72 138.37 111.48 122.89 92.53 94.37 131.99 122.18 118.14 121.24
1996 116.50 149.99 117.44 152.02 84.48 87.38 139.19 117.66 115.52 134.29
1997 124.50 162.07 127.78 199.45 81.11 83.80 146.75 119.10 116.90 144.06
1998 126.97 165.01 130.07 221.56 76.89 78.81 153.51 118.07 111.16 150.58
1999 125.62 171.04 125.44 207.89 72.22 74.19 151.07 109.69 100.85 162.75
2000 135.93 180.05 128.05 224.09 72.94 74.81 155.18 113.98 103.75 165.25
2001 121.78 179.81 125.35 231.41 73.38 75.67 164.67 121.21 107.02 164.43
2002 128.07 186.62 120.83 244.12 71.71 75.56 174.07 124.98 106.34 162.73
2003 Jan 129.77 166.33 118.84 245.14 71.43 76.04 170.73 122.04 101.31 160.69
Feb 137.21 174.78 121.64 245.74 71.36 76.15 166.40 119.01 100.00 161.33
Mar 123.17 163.58 110.51 224.53 71.22 76.18 167.50 119.39 99.44 159.22
Apr 123.99 ... 111.43 233.81 71.12 76.38 168.47 119.84 99.72 159.58
May 124.92 ... 111.23 232.41 70.92 76.18 170.00 120.69 99.98 157.94
Jun 125.62 ... 109.76 238.09 70.77 76.05 172.42 122.18 101.21 158.47
Jul 125.96 ... 109.60 237.42 70.58 75.96 173.71 122.56 101.87 159.19
Aug 127.33 ... 108.42 238.78 70.45 75.89 174.64 123.34 102.25 159.85
Sep 129.89 ... 112.52 245.00 70.46 75.86 175.27 123.84 102.39 164.38
Oct 132.00 ... 115.37 248.66 70.54 76.00 176.45 124.82 103.41 165.51
Nov 133.36 ... 118.37 248.84 70.69 76.20 181.30 128.21 105.02 166.44
Dec 135.75 ... 114.45 242.12 70.77 75.76 179.60 127.36 105.78 170.14
2004 Jan 135.62 ... 116.69 244.22 71.06 75.90 179.80 128.08 105.76 167.88
Feb 129.45 ... 112.95 242.05 71.41 76.29 180.94 129.59 107.03 163.96
Mar 140.91 ... 117.75 246.04 71.80 76.79 182.58 131.11 108.16 167.55
Apr 143.01 ... 117.74 244.93 71.93 77.26 182.52 131.51 108.56 167.25
May 145.40 ... 118.24 246.34 72.24 77.68 182.28 131.98 109.21 166.82
Jun 147.41 ... 120.50 243.30 72.57 78.18 183.19 132.79 110.28 166.76
Jul 148.69 ... 123.26 249.25 73.06 79.00 182.27 133.11 110.68 164.91
Aug 150.93 ... 123.58 252.77 ... 79.76 ... ... 112.31 165.18
Sep 154.85 ... 122.57 247.91 ... 80.40 ... ... 113.49 164.32
Oct 150.15 ... 121.46 252.46 ... 80.81 ... ... 114.38 162.76
Nov 150.32 ... 118.22 254.78 ... 81.20 ... ... 115.79 163.48
Source: ABPO, ACSP, CNI, Eletrobrás, Fiesp and IBGE
1/ Percentage of maximum operating capacity utilized in the month. The complement to 100 stands for the average level of idleness.
2/ 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.
3/ Deflated by IPC-Fipe.
4/ 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.
Boletim do Banco Central do Brasil January 2005
40
I.5 - Sales Volume Index in the Retail Sector - Brasil
Média 2003=100
Period Retail sector Fuel and lubricants Supermarkets Textiles, clothing Furniture and Vehicles, motorcycles
and footwear home appliances
2000 106.21 101.74 106.63 102.85 102.81 134.66
2001 104.54 98.90 107.03 104.49 101.49 129.83
2002 103.81 104.48 105.11 103.17 100.88 107.76
2003 Jan 93.38 95.64 96.38 78.34 89.25 98.61
Feb 90.20 88.71 92.68 80.60 82.53 101.07
Mar 93.13 95.64 98.67 81.72 81.48 92.10
Apr 94.59 95.38 99.88 87.72 81.52 95.78
May 98.68 100.80 99.11 97.45 95.85 94.15
Jun 92.65 96.85 92.17 95.10 86.95 90.69
Jul 97.91 107.02 97.26 96.70 95.04 96.98
Aug 99.58 104.23 100.50 96.38 97.27 92.33
Sep 94.96 101.06 94.80 85.68 96.77 105.33
Oct 102.71 106.22 101.09 97.62 107.58 109.61
Nov 103.16 103.01 101.00 104.17 109.11 107.42
Dec 139.05 105.43 126.46 198.52 176.63 115.91
2004 Jan 98.97 100.43 99.39 79.67 106.14 106.86
Feb 94.73 93.98 97.21 75.87 96.06 100.24
Mar 103.38 106.70 102.48 87.54 110.88 121.79
Apr 104.19 104.18 106.62 87.58 108.59 108.23
May 109.37 104.94 104.09 119.90 129.54 113.91
Jun 104.56 104.44 100.38 108.53 118.47 116.80
Jul 109.69 110.67 107.37 104.34 125.67 118.40
Aug 106.50 105.98 104.36 95.33 125.29 121.95
Sep 103.74 105.16 103.48 89.16 116.41 121.56
Oct 111.32 107.55 111.85 96.24 128.48 120.31
Nov 109.80 102.98 107.33 104.67 133.59 125.88
Fonte: IBGE
Boletim do Banco Central do Brasil January 2005
41
I.6 - Industrial production indicators
Annual change (%)
Itemization 1997 1998 1999 2000 2001 2002 2003 20041/
Total2/ 3.9 - 2.0 - 0.7 6.6 1.6 2.7 - 0.1 8.3
Extraction industries 6.9 12.2 8.5 11.8 3.4 19.0 3.8 4.1
Manufacturing industry 3.6 - 3.3 - 1.6 6.1 1.4 0.5 - 0.3 8.6
By segment
Food products 1.0 1.3 3.1 - 2.1 4.9 3.0 - 1.4 3.6
Beverages - 0.3 - 2.2 0.0 4.0 0.3 - 12.2 - 4.3 6.7
Tobacco leaves 22.2 - 22.7 - 7.1 - 7.8 - 4.7 - 40.0 - 6.4 20.3
Textiles - 6.4 - 6.8 2.1 6.1 - 5.4 0.2 - 4.5 10.5
Clothing and cloth goods - 5.9 1.2 - 4.3 8.8 - 9.6 5.6 - 12.2 0.7
Leather and footwear goods - 6.4 - 12.5 - 1.4 0.5 - 4.0 - 1.5 - 9.8 1.4
Wood 2.5 - 6.7 7.0 3.1 - 0.3 4.4 5.3 8.5
Pulp, paper and paper produtcts 2.9 0.3 6.3 4.1 0.1 3.3 6.3 8.0
Issue, priting and copy of recording ... ... ... ... ... ... 0.7 - 1.4
Petroleum and alcohol refining 3.8 5.6 - 0.5 - 1.8 4.0 - 2.6 - 2.2 1.3
Pharmaceuticals 11.4 4.0 - 0.4 - 2.0 - 1.0 16.3 - 9.1 0.9
Perfumes, soaps, detergents and cleaning products 5.5 3.3 7.3 2.7 - 1.2 1.9 0.9 11.7
Other chemical products 5.1 1.1 3.8 6.0 - 8.3 - 4.2 3.0 7.1
Rubber and plastics 3.8 - 5.7 - 1.8 4.1 - 4.5 0.1 - 3.4 8.0
Nonmetallic minerals 8.0 - 0.5 - 2.9 1.7 - 2.3 - 1.0 - 3.6 4.7
Metallurgy 6.7 - 3.7 - 1.3 9.2 0.2 3.6 5.8 3.7
Metal products - excludes machinery and equipments 4.0 - 4.1 - 1.1 2.2 2.3 2.7 - 5.5 9.2
Machinery and equipments 6.9 - 3.8 - 5.9 18.9 4.2 2.8 5.3 17.1
Office and computer equipments ... ... ... ... ... ... 8.0 34.2
Eletrical appliances and equipments 10.3 0.8 - 6.7 10.5 20.3 - 0.9 1.8 8.1
Eletronical anda communications equipments - 6.5 - 29.7 - 19.4 32.7 - 2.8 - 11.1 0.5 18.7
Medical and hospital equipments ... ... ... ... ... - 3.4 7.9
Automotives vehicles 13.7 - 19.3 - 9.3 18.5 0.0 - 2.1 4.1 29.9
Other transportation vehicles - 4.1 27.9 11.0 21.4 24.2 21.8 9.2 9.7
Furniture - 0.3 - 10.2 0.1 8.1 0.0 - 1.9 - 9.2 7.3
Other ... ... ... ... ... ... - 1.7 9.9
By category of use
Capital goods 4.8 - 1.6 - 9.1 13.1 13.5 - 5.8 2.2 20.4
Intermediate goods 4.6 - 0.7 1.9 6.8 - 0.1 4.2 1.9 7.4
Consumer goods 1.2 - 5.4 - 2.8 3.5 1.2 1.5 - 2.8 7.2
Durable 3.5 - 19.6 - 9.3 20.8 - 0.6 4.7 3.0 22.3
Semidurable and nondurable 0.5 - 1.1 - 1.2 - 0.4 1.6 1.1 - 4.0 3.8
Source: IBGE
1/ Production in January-November/2004 compared to that of the same period of the previous year.
2/ New segments of industrial production accordingly by newly issued survey of IBGE.
Boletim do Banco Central do Brasil January 2005
42
I.7 - Automotive industry
Units
Period Production Sales Imports
Domestic External Total
Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated
average average average average average
1993 115 948 1 391 376 88 461 1 061 526 27 411 328 935 115 872 1 390 461 6 811 81 735
1994 131 993 1 583 912 100 608 1 207 299 31 337 376 042 131 945 1 583 341 14 812 177 738
1995 135 751 1 629 008 113 323 1 359 879 22 516 270 187 135 839 1 630 066 34 161 409 933
1996 150 361 1 804 328 125 565 1 506 782 24 613 295 359 150 178 1 802 141 28 422 341 059
1997 172 475 2 069 703 136 687 1 640 243 34 739 416 872 171 426 2 057 115 28 250 339 004
1998 132 136 1 585 630 98 921 1 187 050 33 300 399 597 132 221 1 586 647 29 167 349 998
1999 113 060 1 356 714 89 851 1 078 215 22 900 274 799 112 751 1 353 014 13 844 166 132
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
Monthly Monthly Monthly Monthly Monthly
2003 Jan 144 215 144 215 97 684 97 684 28 760 28 760 126 444 126 444 13 473 13 473
Feb 154 481 298 696 117 470 215 154 35 775 64 535 153 245 279 689 8 736 22 209
Mar 142 085 440 781 100 424 315 578 43 192 107 727 143 616 423 305 6 107 28 316
Apr 152 228 593 009 101 724 417 302 49 375 157 102 151 099 574 404 8 654 36 970
May 164 682 757 691 101 812 519 114 48 236 205 338 150 048 724 452 7 160 44 130
Jun 146 571 904 262 92 253 611 367 61 106 266 444 153 359 877 811 6 136 50 266
Jul 135 920 1 040 182 100 538 711 905 36 086 302 530 136 624 1 014 435 6 399 56 665
Aug 134 699 1 174 881 99 314 811 219 43 483 346 013 142 797 1 157 232 6 345 63 010
Sep 161 821 1 336 702 114 765 925 984 51 648 397 661 166 413 1 323 645 10 989 73 999
Oct 167 869 1 504 571 129 455 1 055 439 52 400 450 061 181 855 1 505 500 9 875 83 874
Nov 168 412 1 672 983 131 037 1 186 476 43 813 493 874 174 850 1 680 350 6 344 90 218
Dec 154 055 1 827 038 128 406 1 314 882 40 871 534 745 169 277 1 849 627 5 194 95 412
2004 Jan 156 057 156 057 114 140 114 140 38 109 38 109 152 249 152 249 5 897 5 897
Feb 154 934 310 991 123 259 237 399 33 364 71 473 156 623 308 872 8 506 14 403
Mar 190 955 501 946 135 747 373 146 52 717 124 190 188 464 497 336 4 351 18 754
Apr 169 991 671 937 119 966 493 112 43 132 167 322 163 098 660 434 5 208 23 962
May 179 256 851 193 119 403 612 515 49 282 216 604 168 685 829 119 6 919 30 881
Jun 187 180 1 038 373 123 793 736 308 61 452 278 056 185 245 1 014 364 6 514 37 395
Jul 187 777 1 226 150 129 300 865 608 61 562 339 618 190 862 1 205 226 6 242 43 637
Aug 199 843 1 425 993 132 739 998 347 68 432 408 050 201 171 1 406 397 4 948 48 585
Sep 203 062 1 629 055 139 182 1 137 529 57 417 465 467 196 599 1 602 996 7 058 55 643
Oct 190 302 1 819 357 130 473 1 268 002 62 856 528 323 193 329 1 796 325 5 250 60 893
Nov 201 350 2 020 707 140 793 1 408 795 58 395 586 718 199 188 1 995 513 7 356 68 249
Source: Anfavea and MDIC/Secex
Boletim do Banco Central do Brasil January 2005
43
I.8 - Crop production (major crops)
1000 t
Itemization 1995 1996 1997 1998 1999 2000 2001 2002 2003 20041/
Grain production 79 376 73 611 77 517 75 178 82 356 83 250 98 544 97 122 123 174 119 242
Cotton (seed) 1 016 708 585 824 990 1 307 1 718 1 407 1 429 2 352
Rice (in husk) 11 226 9 990 9 293 7 744 11 710 11 135 10 195 10 472 10 199 13 251
Beans 2 946 2 822 2 990 2 200 2 831 3 056 2 436 3 050 3 310 2 998
Corn 36 275 32 185 34 602 29 494 32 239 32 321 41 439 35 502 47 809 41 864
Soybeans 25 651 23 562 26 431 31 374 30 987 32 821 37 683 42 020 51 532 49 205
Wheat 1 534 3 359 2 441 2 232 2 462 1 726 3 261 2 935 5 900 5 963
Others 728 985 1 175 1 310 1 137 884 1 812 1 736 2 995 3 608
Other crops
Bananas (millions of bunches) 568 562 595 533 547 566 5 959 6 455 6 518 6 603
White potatoes 2 677 2 703 2 757 2 675 2 905 2 607 2 787 2 882 3 070 2 892
Cocoa (beans) 296 257 285 280 205 197 184 173 171 169
Coffee (beans) 1 858 2 686 2 343 3 450 3 263 3 807 1 918 2 444 1 970 2 476
Sugarcane 303 557 325 929 337 255 338 972 333 848 326 121 345 941 367 496 389 929 410 983
Onion ... ... ... ... ... ... ... ... 1 187 1 121
Tobacco (in leaf) 455 471 620 510 630 580 565 657 649 928
Oranges (millions of fruits) 98 066 109 325 114 891 103 659 114 398 106 651 16 844 18 932 16 936 18 257
Cassava 25 316 24 584 24 310 19 661 20 864 23 041 22 479 22 990 22 236 24 039
Tomatoes 2 700 2 675 2 602 2 755 3 305 3 005 3 043 3 596 3 641 3 420
Real output change of crop sector (%) 0.0 3.4 - 0.1 1.3 8.3 2.8 ... ... ... ...
Source: IBGE
1/ Refers to the November/2004 Systematic Survey of Agricultural Production.
Boletim do Banco Central do Brasil January 2005
44
I.9 - Formal employment level index - Brazil
December 2003 = 100
Period Total Manufacturing industry Commerce Services Building
Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally
data adjusted data adjusted data adjusted data adjusted data adjusted
2000 Dec 91.40 91.30 92.74 92.63 85.60 85.72 90.69 90.63 108.30 108.27
2001 Dec 93.86 93.79 94.62 94.53 89.68 89.73 93.99 93.93 105.42 105.37
2002 Dec 97.20 97.10 97.58 97.47 95.50 95.45 97.19 97.09 104.21 104.11
2003 Jan 97.36 97.28 98.08 97.87 95.44 95.82 97.32 97.27 103.69 103.02
Feb 97.73 97.50 98.12 98.00 95.72 96.26 97.86 97.61 103.03 102.37
Mar 97.81 97.63 98.34 98.17 95.62 96.52 97.99 97.73 101.83 101.28
Apr 98.47 97.93 99.26 98.65 95.98 96.86 98.36 97.89 101.92 100.72
May 99.09 98.09 99.81 98.67 96.28 97.16 98.68 98.11 101.95 100.22
Jun 99.63 98.34 99.97 98.84 96.72 97.57 98.93 98.31 102.34 100.18
Jul 99.79 98.44 99.80 98.78 96.88 97.83 99.02 98.45 102.65 100.02
Aug 100.14 98.64 100.16 98.98 97.38 98.18 99.47 98.66 102.92 99.76
Sep 100.84 99.13 101.52 99.35 98.07 98.62 100.07 99.03 103.52 99.82
Oct 101.14 99.39 101.82 99.55 98.80 99.03 100.42 99.36 103.88 100.04
Nov 101.29 99.72 101.58 99.76 99.99 99.47 100.81 99.74 103.40 100.42
Dec 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
2004 Jan 100.43 100.42 100.67 100.55 100.06 100.50 100.37 100.38 101.29 100.71
Feb 101.02 100.83 101.37 101.34 100.46 101.05 100.93 100.71 101.43 100.90
Mar 101.48 101.33 102.31 102.20 100.69 101.66 101.31 101.07 102.13 101.69
Apr 102.28 101.75 103.51 102.90 101.21 102.18 101.84 101.39 103.27 102.15
May 103.53 102.49 105.17 103.99 101.98 102.93 102.44 101.85 104.59 102.89
Jun 104.42 103.08 106.05 104.86 102.53 103.45 102.86 102.23 105.49 103.31
Jul 105.29 103.89 107.09 106.01 103.18 104.23 103.32 102.75 106.45 103.74
Aug 106.27 104.68 108.43 107.13 104.16 105.02 104.12 103.28 108.12 104.76
Sep 107.12 105.30 110.29 107.89 105.03 105.62 104.76 103.68 108.87 104.89
Oct 107.68 105.81 111.26 108.72 105.96 106.21 105.25 104.13 108.99 104.86
Nov 108.61 106.89 111.40 109.37 107.59 107.01 105.77 104.62 107.79 104.62
Source: Ministério do Trabalho e Emprego
Boletim do Banco Central do Brasil January 2005
45
I.10 - Unemployment rate (weekly)1/
Period Average rate São Paulo Rio de Janeiro Belo Horizonte Porto Alegre Salvador Recife
2003 Jan 11.20 13.00 8.30 9.80 7.90 15.20 11.70
Feb 11.60 13.60 8.60 10.10 8.60 15.00 12.10
Mar 12.10 13.90 9.10 10.30 10.00 16.30 12.70
Apr 12.40 14.30 9.20 10.50 9.80 16.70 14.00
May 12.80 14.60 9.60 11.00 10.20 17.30 15.10
Jun 13.00 14.50 9.80 12.10 10.20 17.90 14.90
Jul 12.80 14.50 9.60 11.40 9.50 17.60 14.20
Aug 13.00 14.90 9.50 12.10 9.80 17.60 15.00
Sep 12.90 14.80 9.70 10.80 10.10 17.60 15.00
Oct 12.90 15.00 9.40 11.20 10.10 17.00 14.40
Nov 12.20 14.00 8.90 10.30 9.40 16.40 14.00
Dec 10.90 11.80 8.60 10.40 7.90 15.70 12.10
2004 Jan 11.70 12.90 8.90 12.30 7.60 16.20 12.80
Feb 12.00 13.60 8.60 11.90 8.50 17.10 12.70
Mar 12.80 14.60 9.80 12.10 9.60 17.10 12.60
Apr 13.10 14.50 10.70 11.40 10.70 16.60 14.30
May 12.20 13.60 9.60 10.90 9.70 16.20 13.30
Jun 11.70 13.40 8.90 10.50 9.50 14.90 12.80
Jul 11.20 12.50 8.10 10.70 8.90 14.90 13.40
Aug 11.40 12.60 8.60 10.20 8.50 16.60 13.50
Sep 10.90 11.70 8.80 10.20 8.70 15.60 12.40
Oct 10.50 11.20 8.50 9.60 7.60 15.80 12.10
Nov 10.60 11.20 9.40 9.20 7.80 15.90 11.20
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.
Boletim do Banco Central do Brasil January 2005
46
I.11 - Real average earnings1/
By different types of employment and by sector
R$1.00
Period Total Registered Nonregistered Self-employed Private sector Public sector
2003 Jan 977.79 968.53 608.13 756.29 876.53 1 463.87
Feb 942.93 964.53 598.41 714.21 867.99 1 398.36
Mar 942.45 976.66 593.47 707.97 873.71 1 351.37
Apr 916.47 947.39 589.68 714.56 851.37 1 353.39
May 916.68 937.19 586.67 726.27 842.47 1 353.43
Jun 903.83 924.77 582.29 740.80 834.13 1 345.75
Jul 916.37 947.50 608.59 710.04 855.82 1 347.40
Aug 901.48 925.37 595.56 719.17 834.75 1 362.40
Sep 891.52 909.80 588.71 693.83 823.61 1 345.78
Oct 896.91 924.46 593.95 684.45 834.82 1 346.32
Nov 922.32 983.39 567.91 697.75 868.42 1 395.82
Dec 1 065.28 1 195.66 643.39 738.92 1 048.48 1 672.66
2004 Jan 906.36 955.81 567.00 710.02 851.80 1 319.79
Feb 918.18 954.17 570.15 733.81 852.63 1 340.59
Mar 909.68 946.85 575.11 729.40 843.72 1 314.35
Apr 902.40 937.41 599.78 717.42 843.22 1 322.25
May 919.42 952.33 617.75 709.05 858.45 1 333.89
Jun 928.36 961.59 595.60 721.24 859.87 1 328.19
Jul 913.36 940.30 599.79 715.56 844.89 1 331.65
Aug 926.08 940.08 593.91 718.44 844.07 1 356.68
Sep 914.75 924.00 580.71 736.67 828.58 1 344.53
Oct 917.68 926.32 620.42 711.71 842.16 1 343.58
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.
Boletim do Banco Central do Brasil January 2005
47
I.12 - Price indices
Percentage change
Period IGP-DI1/ IPA-DI2/ INCC3/ IPC-BR4/
Average In 12 months Average In 12 months Average In 12 months Average In 12 months
1992 991.39 1 157.95 976.91 1 154.18 1 071.92 1 194.51 998.49 1 156.15
1993 2 103.68 2 708.55 2 065.39 2 639.27 2 124.19 2 763.64 2 169.16 2 828.74
1994 2 123.60 909.61 2 015.72 857.75 2 250.48 961.39 2 287.96 992.03
1995 59.65 14.78 51.39 6.39 72.57 31.45 71.87 25.91
1996 11.10 9.34 6.33 8.09 15.19 9.56 18.22 11.34
1997 7.91 7.48 8.14 7.78 7.43 6.81 7.73 7.21
1998 3.89 1.70 3.55 1.51 4.87 2.75 4.12 1.66
1999 11.32 19.98 16.56 28.90 5.35 9.21 4.87 9.12
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 9.15 12.23 9.71 14.97 11.28 10.64 6.11 6.06
Monthly Monthly Monthly Monthly
2003 Jan 2.17 28.92 2.21 38.58 1.51 14.16 2.32 13.88
Feb 1.59 30.73 1.71 40.76 1.39 15.09 1.37 15.28
Mar 1.66 32.75 1.93 43.63 1.38 16.04 1.06 16.01
Apr 0.41 32.37 0.07 42.65 0.90 16.70 1.12 16.48
May - 0.67 30.05 - 1.68 38.50 2.84 17.05 0.69 16.95
Jun - 0.70 26.94 - 1.16 33.55 1.05 17.61 - 0.16 16.12
Jul - 0.20 24.14 - 0.59 29.12 0.99 18.43 0.34 15.33
Aug 0.62 22.03 0.70 25.85 1.44 18.94 0.13 14.61
Sep 1.05 20.13 1.29 22.76 0.22 18.37 0.76 14.72
Oct 0.44 15.78 0.50 16.36 0.65 17.80 0.21 13.67
Nov 0.48 9.92 0.46 8.79 1.04 16.18 0.33 10.58
Dec 0.60 7.67 0.74 6.26 0.16 14.42 0.43 8.93
2004 Jan 0.80 6.22 0.75 4.75 0.33 13.09 1.08 7.81
Feb 1.08 5.69 1.42 4.45 1.00 12.64 0.28 6.46
Mar 0.93 4.94 1.09 3.59 1.16 12.40 0.46 5.83
Apr 1.15 5.71 1.57 5.14 0.59 12.04 0.31 4.98
May 1.46 7.97 1.71 8.76 1.83 10.94 0.71 5.00
Jun 1.29 10.13 1.57 11.76 0.70 10.56 0.78 5.99
Jul 1.14 11.60 1.35 13.95 1.12 10.71 0.59 6.25
Aug 1.31 12.37 1.59 14.94 0.81 10.01 0.79 6.94
Sep 0.48 11.74 0.65 14.22 0.58 10.41 0.01 6.14
Oct 0.53 11.85 0.61 14.35 1.19 11.00 0.10 6.02
Nov 0.82 12.23 1.00 14.97 0.71 10.64 0.37 6.06
(continues)
Boletim do Banco Central do Brasil January 2005
48
I.12 - Price indices
(concluded) Percentage change
Period IGP-M5/ IPC-Fipe6/ IPCA7/ INPC8/
Average In 12 months Average In 12 months Average In 12 months Average In 12 months
1992 986.77 1 174.47 965.20 1 129.45 951.96 1 119.10 980.80 1 149.06
1993 2 006.78 2 567.33 1 920.41 2 490.99 1 927.38 2 477.15 1 936.32 2 489.11
1994 2 036.30 869.79 2 149.26 941.25 2 075.89 916.46 2 111.61 929.32
1995 58.75 15.24 67.34 23.17 66.01 22.41 65.96 21.98
1996 12.11 9.20 16.48 10.03 15.76 9.56 15.52 9.12
1997 8.02 7.74 6.44 4.82 6.93 5.22 5.99 4.34
1998 4.36 1.78 1.43 - 1.79 3.20 1.65 3.78 2.49
1999 10.73 20.10 2.56 8.64 4.86 8.94 4.85 8.43
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 9.09 12.28 5.60 6.30 6.50 7.24 6.28 5.80
Monthly Monthly Monthly Monthly
2003 Jan 2.33 27.76 2.19 11.69 2.25 14.47 2.47 16.33
Feb 2.28 30.60 1.61 13.19 1.57 15.85 1.46 17.66
Mar 1.53 32.48 0.67 13.87 1.23 16.57 1.37 18.54
Apr 0.92 32.97 0.57 14.45 0.97 16.77 1.38 19.36
May - 0.26 31.53 0.31 14.74 0.61 17.24 0.99 20.44
Jun - 1.00 28.23 - 0.16 14.20 - 0.15 16.57 - 0.06 19.64
Jul - 0.42 25.25 - 0.08 13.35 0.20 15.43 0.04 18.32
Aug 0.38 22.88 0.63 12.92 0.34 15.07 0.18 17.53
Sep 1.18 21.42 0.84 13.01 0.78 15.14 0.82 17.51
Oct 0.38 17.34 0.63 12.29 0.29 13.98 0.39 16.15
Nov 0.49 12.09 0.27 9.69 0.34 11.02 0.37 12.76
Dec 0.61 8.71 0.42 8.17 0.52 9.30 0.54 10.38
2004 Jan 0.88 7.17 0.65 6.54 0.76 7.71 0.83 8.62
Feb 0.69 5.50 0.19 5.05 0.61 6.69 0.39 7.47
Mar 1.13 5.08 0.12 4.47 0.47 5.89 0.57 6.62
Apr 1.21 5.38 0.29 4.18 0.37 5.26 0.41 5.60
May 1.31 7.04 0.57 4.45 0.51 5.15 0.40 4.99
Jun 1.38 9.61 0.92 5.58 0.71 6.06 0.50 5.57
Jul 1.31 11.51 0.59 6.29 0.91 6.81 0.73 6.30
Aug 1.22 12.44 0.99 6.67 0.69 7.18 0.50 6.64
Sep 0.69 11.90 0.21 6.00 0.33 6.70 0.17 5.95
Oct 0.39 11.91 0.62 5.99 0.44 6.86 0.17 5.72
Nov 0.82 12.28 0.56 6.30 0.69 7.24 0.44 5.80
Source: 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.
II - Money and credit
Boletim do Banco Central do Brasil January 2005
50
Explanatory note to the tables in Chapter II of 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 forclassifying credit operations, with the aim of making them more objective and broader in scope, and instituted a newtechnically more suitable foundation for setting aside provisions for possible losses. In this way, as of March 1, 2000,the newly adopted system determined to be necessary an analysis of the potential risk of the borrower by the financialinstitution in addition to the consideration of the length of default and the guaranties offered, following internationalstandard procedures. In the framework of the alterations introduced, one should highlight the classification of thecredit portfolio into nine different levels with increasingly more serious risk levels: AA, A, B, C, D, E, F, G and H, ascompared to the previous three classification levels.
Thus, as of the release of the August 2000 Boletim, statistics referring to financial system loans (tables II.11 to II.13) aregoing to be replaced by tables II.18 to II.26, which contain more detailed information on the classification of creditoperations.
It is important to clarify that, with the new methodology of registering National Financial System credit operations, itwill not be possible to ensure compatibility with the previous series published by Banco Central. Therefore, as of March2000 a new series on credit assets was initiated.
Further details on the alterations defined by Resolution 2,682 may be found at the Banco Central’s homepage(http:\\www.bcb.gov.br). Please search for the Monetary Policy Press Release May 2000, following Economic Information,Press Releases and Previous Editions.
As of November, 2001
With regard to the Banco Central and financial institutions’ analytical accounts (tables II.12 to II.17), changes areconsequent upon a sector-by-sector distribution of committed operations as of December 2000.
Previously, the result of committed operations had been included under the heading “other items (net)”. As data havebeen broken down, the amounts were reclassified as credit, reserves (financial institutions’ available funds), deposits,money market instruments and liabilities among financial institutions or among financial institutions and the BancoCentral.
Soon, the historically reviewed series will be released on the Banco Central’s website.
As of June, 2002
In the tables II.13 to II.17, the following series have changed data since September, 2001:a) Other claims on monetary authority, Claims on central government and Claims on private sector (tables II.13, II.15
and II.17);b) Claims on central government, Claims on private sector and Liabilities for Central Bank securities (tables II.14 and II.16).
The review was consequent upon changes in the Accounting Plan of National Financial System Institutions (Cosif).The revised amounts for months prior to September 2001 may be found at the Banco Central do Brasil web site:www.bcb.gov.br; Economic and Financial Information; Time Series.
Boletim do Banco Central do Brasil January 2005
51
II.1 - Factors affecting the monetary base
Flows in R$ million
Period National Operations External Bacen's Deposits Operations with Other Monetary base change
Treasury1/ with federal sector rediscount derivative ac-
securitites operations operations2/ Financial Investment Total instruments - counts4/ Currency Banking Total
institutions3/ funds Adjustments issued reserves
1999 Dec 221 13 672 - 2 759 - 15 8 - 8 - - 35 8 213 2 880 11 093
2000 Dec - 90 9 095 - 1 942 - - 127 - - 127 - 20 7 092 - 137 6 955
2001 Dec 8 398 1 537 - 2 232 - - 614 - - 614 - - 66 7 602 - 580 7 022
2002 Dec 197 15 954 - 4 982 - 1 - 276 - - 276 1 707 144 8 859 3 884 12 743
2003 Jan 1 056 - 17 800 3 342 - 0 1 259 - 1 259 3 677 - 466 - 6 292 - 2 640 - 8 932
Feb - 5 371 10 755 - 2 918 2 - 274 - - 274 937 - 7 24 3 100 3 124
Mar - 2 491 2 662 - 1 009 - 3 1 858 - 1 858 - 2 360 - 119 - 3 754 2 292 - 1 462
Apr - 6 998 20 048 - 256 - 0 481 - 481 - 11 076 - 2 - 862 3 058 2 196
May - 7 569 873 1 467 - 0 1 548 - 1 548 392 174 - 231 - 2 884 - 3 115
Jun 1 156 - 990 13 43 964 - 964 - 2 551 90 - 18 - 1 258 - 1 276
Jul 4 059 - 1 883 - 26 - 43 885 - 885 924 88 433 3 571 4 003
Aug - 1 734 - 7 534 14 29 79 - 79 - 270 5 581 - 9 993 - 9 411
Sep 1 636 - 3 394 - 6 - 30 1 171 - 1 171 - 1 530 - 165 - 657 - 1 663 - 2 320
Oct 2 283 3 669 - 1 - 0 298 - 298 - 3 125 - 1 524 984 616 1 600
Nov 1 198 1 544 11 9 126 - 126 1 858 - 38 2 552 2 155 4 707
Dec 11 712 3 231 13 - 4 - 1 666 - - 1 666 - 2 508 23 8 672 2 130 10 802
2004 Jan 1 720 - 15 010 7 396 - 6 718 - 718 872 - 10 - 5 300 981 - 4 319
Feb - 6 224 5 839 20 66 656 - 656 - 399 10 - 53 22 - 31
Mar - 5 436 - 260 - 19 - 66 871 - 871 - 684 - 152 - 1 529 - 4 217 - 5 746
Apr - 9 271 11 862 3 - - 340 - - 340 251 - 14 679 1 812 2 490
May - 7 345 6 875 8 6 188 - 188 1 461 17 864 345 1 209
Jun - 3 609 6 328 3 - 6 - 1 187 - - 1 187 - 361 1 621 549 1 170
Jul - 928 7 661 - 28 - 0 - 555 - - 555 - 874 - 157 1 583 3 535 5 118
Aug - 6 315 7 339 - 1 - 1 - 513 - - 513 - 1 452 34 - 165 - 745 - 909
Sep - 3 852 4 443 - 15 4 - 325 - - 325 - 1 355 - 145 1 763 - 3 009 - 1 246
Oct - 3 019 4 283 - 5 - 2 - 445 - - 445 - 83 - 12 944 - 227 717
Nov - 1 225 6 295 9 - 1 110 - 110 - 1 828 65 1 382 2 043 3 425
1/ Securities operations are not included.
2/ Up to November 2000, discount window operations and Proes are included.
3/ Includes reserve requirements on legal deposits and on bails, deposits earmarked to the SBPE, deposits on insufficient investments on rural credit, Proagro's deposits, financial
institution deposits - Resolution 2,461, payments on Advances on Exchange Contract (ACC), additional requirements on demand deposits, time deposits and savings deposits,
deposits in advance for check clearing and payment of demand deposits which were not invested in microfinance.
4/ Includes credits receivable of the Department of Bank Liquidation, Monetary Reserve investments, Mecir expenditures and office supplies, payroll,
deposits for capital payment and increase, penalties and costs on insufficient banking reserves and other accounts.
Boletim do Banco Central do Brasil January 2005
52
II.2 - Monetary base and money supply (M1)
R$ million
Period Monetary base Money supply
End of period Daily average1/ End of period Daily average1/
Currency Banking Total Currency Banking Total Currency Demand Total Currency Demand Total
issued reserves issued reserves outside deposits outside deposits
banks banks
1999 Dec 29 838 18 592 48 430 27 307 18 101 45 407 25 951 36 794 62 744 23 573 35 459 59 032
2000 Dec 32 633 15 053 47 686 30 815 15 489 46 304 28 641 45 712 74 352 26 678 43 697 70 375
2001 Dec 37 669 15 587 53 256 35 871 16 976 52 846 32 628 51 079 83 707 30 640 48 303 78 943
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 Jan 43 639 20 731 64 370 46 311 22 575 68 886 37 004 55 448 92 451 39 390 59 328 98 719
Feb 43 664 23 831 67 494 43 113 20 980 64 092 36 241 54 732 90 973 36 590 55 321 91 911
Mar 39 910 26 123 66 032 41 326 27 964 69 290 33 215 53 892 87 107 34 886 54 526 89 413
Apr 39 048 29 181 68 229 40 519 26 852 67 372 32 515 51 985 84 500 34 126 53 359 87 485
May 38 816 26 297 65 114 39 472 26 727 66 199 32 575 50 759 83 334 33 322 51 767 85 089
Jun 38 799 25 039 63 838 39 777 25 926 65 703 32 003 53 622 85 625 33 477 51 921 85 398
Jul 39 231 28 610 67 841 40 122 26 235 66 357 32 508 51 756 84 264 33 833 52 248 86 081
Aug 39 813 18 617 58 430 40 499 23 994 64 493 33 308 51 032 84 339 33 956 51 791 85 746
Sep 39 156 16 954 56 110 40 811 18 040 58 851 32 549 52 835 85 384 34 274 51 873 86 147
Oct 40 140 17 571 57 710 40 900 18 315 59 216 33 385 52 145 85 530 34 241 53 002 87 243
Nov 42 692 19 726 62 417 41 748 19 235 60 983 35 292 56 805 92 097 34 865 55 220 90 084
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 Jan 46 064 22 836 68 900 48 231 22 583 70 815 38 345 59 730 98 075 40 330 62 412 102 742
Feb 46 011 22 858 68 869 47 066 21 700 68 766 37 691 61 847 99 539 39 074 61 221 100 295
Mar 44 482 18 641 63 123 45 485 21 274 66 759 36 202 61 522 97 725 37 951 60 938 98 889
Apr 45 161 20 452 65 613 46 340 21 727 68 067 36 928 60 992 97 920 38 195 61 993 100 189
May 46 025 20 797 66 822 46 564 22 032 68 595 37 333 63 937 101 270 38 721 63 855 102 576
Jun 46 646 21 347 67 992 47 819 22 950 70 769 37 919 64 562 102 481 39 826 64 131 103 958
Jul 48 229 24 882 73 110 49 139 22 890 72 029 39 560 63 651 103 211 40 959 65 606 106 565
Aug 48 064 24 137 72 201 49 519 23 000 72 520 39 137 66 653 105 790 41 116 65 164 106 280
Sep 49 827 21 129 70 955 50 236 22 961 73 198 40 631 69 084 109 715 41 704 67 763 109 467
Oct 50 771 20 902 71 672 51 571 24 295 75 866 41 657 68 810 110 467 42 788 70 456 113 244
Nov 52 152 22 945 75 098 52 076 24 902 76 978 42 391 72 428 114 819 43 059 70 168 113 227
1/ Based on working days of the month indicated.
Note: Monetary programming for the fourth quarter 2004 (Base): R$73.6 billion - R$99.6 billion (average point of forecasts: 22.4% in 12 months).
Monetary programming for the fourth quarter 2004 (M1): R$108.7 billion - R$147 billion (average point of forecasts: 21.9% in 12 months).
Boletim do Banco Central do Brasil January 2005
53
II.3 - Monetary behavior factors1/
Working day average in month
Period Individual behavior Bank behavior Multiplier
1999 Dec 0.40 0.60 0.11 0.51 1.30
2000 Dec 0.38 0.62 0.09 0.35 1.52
2001 Dec 0.39 0.61 0.11 0.35 1.49
2002 Dec 0.40 0.60 0.12 0.36 1.46
2003 Jan 0.40 0.60 0.12 0.38 1.43
Feb 0.40 0.60 0.12 0.38 1.43
Mar 0.39 0.61 0.12 0.51 1.29
Apr 0.39 0.61 0.12 0.50 1.30
May 0.39 0.61 0.12 0.52 1.29
Jun 0.39 0.61 0.12 0.50 1.30
Jul 0.39 0.61 0.12 0.50 1.30
Aug 0.40 0.60 0.13 0.46 1.33
Sep 0.40 0.60 0.13 0.35 1.46
Oct 0.39 0.61 0.13 0.35 1.47
Nov 0.39 0.61 0.12 0.35 1.48
Dec 0.40 0.60 0.13 0.33 1.48
2004 Jan 0.39 0.61 0.13 0.36 1.45
Feb 0.39 0.61 0.13 0.35 1.46
Mar 0.38 0.62 0.12 0.35 1.48
Apr 0.38 0.62 0.13 0.35 1.47
May 0.38 0.62 0.12 0.35 1.50
Jun 0.38 0.62 0.12 0.36 1.47
Jul 0.38 0.62 0.12 0.35 1.48
Aug 0.39 0.61 0.13 0.35 1.47
Sep 0.38 0.62 0.13 0.34 1.50
Oct 0.38 0.62 0.12 0.34 1.49
Nov 0.38 0.62 0.13 0.35 1.47
1/ Where (based on average daily balance):
C - Individual preference for currency
PMPP - Currency outside banks
M1 - Money supply
D - Individual preference for demand deposits
DV - Demand deposits
R1 - Bank deposit ratio in currency
CX - Bank currency reserves
R2 - Banking reserves ratio
RB - Banking reserves
K - Monetary base multiplier
B - Monetary base
CPMPP
M=
1D
DV
M=
1R
CX
DV1 = R
RB
DV2 = B
M
RRDCK 1
)21(
1=
++=
Boletim do Banco Central do Brasil January 2005
54
II.4 - Extended monetary base End-of-period balances
R$ million
Period Monetary Reserve Federal securities3/ Total Percentage
base requirements extended change
monetary in
Bacen securities National Treasury securities Total base month
securities
Earnings1/ Non- Portfolio Financing5/ Total Portfolio Financing5/ Total
earnings2/position4/ position
1999 Dec 48 430 14 917 215 62 468 - 62 468 323 706 - 2 604 321 102 383 570 447 132 4.47
2000 Dec 47 686 14 748 154 85 680 - 1 766 83 914 394 413 - 2 222 392 191 476 105 538 693 0.78
2001 Dec 53 256 17 585 235 126 055 - 4 011 122 044 468 180 - 14 628 453 552 575 596 646 672 0.52
2002 Dec 73 302 54 594 183 66 326 - 66 326 529 407 64 222 593 629 659 955 788 034 1.05
2003 Jan 64 370 54 293 124 64 785 - 140 64 645 557 508 75 045 632 553 697 198 815 985 3.55
Feb 67 494 54 139 1 621 59 921 - 96 59 825 554 524 75 843 630 367 690 192 813 446 -0.31
Mar 66 032 53 464 1 171 53 201 - 58 53 143 549 224 87 175 636 399 689 542 810 209 -0.40
Apr 68 229 53 517 1 364 42 510 - 61 42 449 570 843 52 200 623 043 665 492 788 602 -2.67
May 65 114 52 907 1 190 40 601 - 40 601 582 146 55 393 637 539 678 140 797 351 1.11
Jun 63 838 52 906 952 37 002 - 37 002 604 992 44 801 649 793 686 795 804 491 0.90
Jul 67 841 52 956 819 36 046 - 36 046 622 873 45 383 668 256 704 302 825 918 2.66
Aug 58 430 53 483 826 34 136 - 34 136 631 638 57 573 689 211 723 347 836 086 1.23
Sep 56 110 53 124 786 33 660 - 33 660 644 670 58 949 703 619 737 279 847 299 1.34
Oct 57 710 53 402 839 32 599 - 32 599 654 078 54 747 708 825 741 424 853 375 0.72
Nov 62 417 53 712 925 32 841 - 32 841 664 109 55 012 719 121 751 962 869 016 1.83
Dec 73 219 55 615 1 251 30 659 - 30 659 670 426 55 724 726 150 756 809 886 894 2.06
2004 Jan 68 900 55 765 904 31 427 - 31 427 675 296 76 179 751 475 782 902 908 471 2.43
Feb 68 869 55 666 807 31 184 - 31 184 681 178 72 469 753 647 784 831 910 173 0.19
Mar 63 123 55 516 660 28 215 - 28 215 703 210 66 125 769 335 797 550 916 849 0.73
Apr 65 613 56 174 825 25 981 - 25 981 713 051 58 187 771 238 797 219 919 831 0.33
May 66 822 56 701 678 26 250 - 48 26 202 693 661 85 393 779 054 805 256 929 457 1.05
Jun 67 992 58 265 834 24 360 - 24 360 705 767 79 088 784 855 809 215 936 306 0.74
Jul 73 110 59 458 773 22 766 - 25 22 741 708 315 79 616 787 931 810 672 944 014 0.82
Aug 72 201 59 684 1 675 18 527 - 183 18 344 714 864 79 527 794 391 812 735 946 296 0.24
Sep 70 955 60 406 1 843 15 991 - 15 991 726 341 74 852 801 193 817 184 950 388 0.43
Oct 71 672 61 315 1 922 14 797 - 14 797 731 449 76 396 807 845 822 642 957 551 0.75
Nov 75 098 61 768 1 951 13 866 - 322 13 544 744 156 67 378 811 534 825 078 963 894 0.66
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 fourth quarter of 2004 (extended base): R$880 billion - R$1,190.6 billion (average point of forecasts: 16.7% in 12 months).
Boletim do Banco Central do Brasil January 2005
55
II.5 - Extended monetary base Average daily balance
R$ million
Period Monetary Reserve Federal securities3/ Total Percentage
base requirements extended change
Bacen securities National Treasury securities Total monetary in
securities base month
Earnings1/ Non- Portfolio Financing5/ Total Portfolio Financing5/ Total
earnings2/ position4/ position
1999 Dec 45 407 14 812 216 64 610 - 112 64 498 316 408 - 1 776 314 632 379 130 439 565 3.14
2000 Dec 46 304 14 664 143 85 515 - 206 85 310 391 153 4 326 395 479 480 789 541 900 1.32
2001 Dec 52 846 17 150 180 130 000 - 5 714 124 286 459 392 - 14 062 445 331 569 616 639 792 -0.61
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 Jan 68 886 54 610 141 63 353 - 154 63 199 540 518 70 439 610 957 674 156 797 793 1.09
Feb 64 092 54 163 124 62 021 - 79 61 942 550 147 76 455 626 602 688 544 806 923 1.14
Mar 69 290 54 061 1 593 56 330 - 61 56 269 562 356 70 666 633 022 689 291 814 236 0.91
Apr 67 372 53 582 1 163 49 046 - 74 48 972 562 571 66 597 629 168 678 140 800 257 -1.72
May 66 199 53 085 1 283 41 862 - 34 41 827 578 809 50 454 629 263 671 090 791 658 -1.07
Jun 65 703 53 132 1 024 38 359 - 8 38 351 596 491 44 488 640 979 679 330 799 189 0.95
Jul 66 357 53 006 1 010 36 027 - 1 36 026 609 028 51 014 660 043 696 069 816 442 2.16
Aug 64 493 53 225 801 35 298 - 34 35 264 628 372 51 094 679 466 714 729 833 248 2.06
Sep 58 851 53 277 829 33 611 - 44 33 566 638 497 55 767 694 264 727 830 840 787 0.90
Oct 59 216 53 423 815 32 690 - 1 32 689 647 616 55 787 703 403 736 092 849 546 1.04
Nov 60 983 53 383 877 32 759 - 34 32 725 661 432 50 947 712 380 745 105 860 348 1.27
Dec 70 802 54 564 951 32 035 - 2 32 034 666 090 56 199 722 289 754 323 880 639 2.36
2004 Jan 70 815 55 855 904 30 343 - 30 343 666 373 72 892 739 265 769 608 897 181 1.88
Feb 68 766 55 453 777 31 299 - 11 31 288 678 004 73 375 751 379 782 667 907 662 1.17
Mar 66 759 55 677 781 29 805 - 0 29 805 687 857 70 272 758 129 787 934 911 151 0.38
Apr 68 067 55 955 716 26 649 21 26 670 699 781 67 078 766 858 793 528 918 266 0.78
May 68 595 56 342 796 26 412 - 6 26 405 704 377 70 448 774 825 801 230 926 963 0.95
Jun 70 769 57 842 747 25 480 2 25 482 700 080 80 358 780 438 805 921 935 279 0.90
Jul 72 029 58 928 748 23 380 - 1 23 379 699 410 88 500 787 910 811 288 942 993 0.82
Aug 72 520 59 636 1 099 20 630 - 19 20 611 710 474 82 475 792 949 813 561 946 814 0.41
Sep 73 198 60 304 1 743 17 408 - 17 408 722 399 76 784 799 182 816 591 951 835 0.53
Oct 75 866 60 909 1 838 15 334 - 5 15 329 725 579 79 649 805 228 820 557 959 170 0.77
Nov 76 978 61 664 1 918 14 343 - 77 14 266 740 655 67 324 807 979 822 246 962 805 0.38
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.
Boletim do Banco Central do Brasil January 2005
56
II.6 - Money supply (M4) - balances
R$ million
End-of- M1 Investment 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/
1999 Dec 62 744 - 111 407 100 619 274 770 184 381 9 577 468 728 80 819 1 545 551 092
2000 Dec 74 352 - 111 936 97 496 283 785 253 832 18 961 556 577 93 624 1 892 652 093
2001 Dec 83 707 - 120 030 117 875 321 612 285 329 18 115 625 057 128 569 2 555 756 181
2002 Dec 107 846 - 140 896 148 761 397 503 279 560 11 205 688 269 117 332 1 922 807 523
2003 Jan 92 451 - 141 283 154 771 388 506 293 544 11 274 693 323 122 815 1 928 818 066
Feb 90 973 - 140 815 159 313 391 101 300 440 12 372 703 913 117 595 1 999 823 507
Mar 87 107 - 139 705 158 427 385 238 310 325 12 245 707 808 117 565 2 036 827 409
Apr 84 500 - 138 719 167 479 390 699 315 260 12 073 718 031 117 632 2 074 837 737
May 83 334 - 138 432 163 603 385 368 320 748 12 083 718 199 118 943 2 114 839 256
Jun 85 625 - 138 247 159 375 383 248 332 070 13 122 728 440 115 669 2 154 846 263
Jul 84 264 - 138 812 162 597 385 674 344 467 15 825 745 965 114 548 2 199 862 711
Aug 84 339 - 139 451 163 821 387 611 357 283 17 996 762 890 111 892 2 238 877 020
Sep 85 384 - 139 203 163 510 388 097 368 588 19 221 775 906 115 248 2 228 893 382
Oct 85 530 - 139 142 161 351 386 023 381 604 20 141 787 768 112 429 2 251 902 448
Nov 92 097 - 141 201 165 127 398 425 392 546 20 600 811 571 113 760 2 279 927 610
Dec 109 648 - 144 118 159 128 412 895 408 096 17 394 838 386 119 373 2 302 960 061
2004 Jan 98 075 - 144 684 162 297 405 056 425 437 16 690 847 183 125 438 2 331 974 952
Feb 99 539 - 144 902 163 655 408 096 430 628 18 294 857 017 128 805 2 360 988 182
Mar 97 725 - 144 292 167 741 409 758 438 609 18 689 867 056 127 181 2 393 996 630
Apr 97 920 - 144 735 168 323 410 978 442 522 18 796 872 295 126 630 2 422 1 001 348
May 101 270 - 147 288 179 204 427 762 439 941 19 239 886 942 127 028 2 452 1 016 422
Jun 102 481 - 149 287 184 700 436 469 443 690 19 480 899 639 125 451 2 485 1 027 575
Jul 103 211 - 151 503 187 190 441 904 449 865 18 644 910 414 126 212 2 513 1 039 139
Aug 105 790 - 152 155 192 303 450 248 454 418 19 987 924 653 122 103 2 542 1 049 298
Sep 109 715 - 152 921 194 487 457 123 463 211 18 508 938 841 122 344 2 574 1 063 759
Oct 110 467 299 153 685 199 738 464 190 466 961 18 736 949 887 121 573 2 604 1 074 064
Nov* 114 819 349 155 220 200 370 470 758 472 191 18 961 961 911 121 344 2 635 1 085 890
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 fourth quarter 2004 (M4): R$954.2 billion - R$1,291 billion (average point of forecasts: 16.9% in 12 months).
Boletim do Banco Central do Brasil January 2005
57
II.7 - Money supply (M4)
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
funds2/ with federal securities
securities3/
1999 Dec 11.4 0.0 20.2 18.3 49.9 33.5 1.7 85.1 14.7 0.3 100.0
2000 Dec 11.4 0.0 17.2 15.0 43.5 38.9 2.9 85.4 14.4 0.3 100.0
2001 Dec 11.1 0.0 15.9 15.6 42.5 37.7 2.4 82.7 17.0 0.3 100.0
2002 Dec 13.4 0.0 17.4 18.4 49.2 34.6 1.4 85.2 14.5 0.2 100.0
2003 Jan 11.3 0.0 17.3 18.9 47.5 35.9 1.4 84.8 15.0 0.2 100.0
Feb 11.0 0.0 17.1 19.3 47.5 36.5 1.5 85.5 14.3 0.2 100.0
Mar 10.5 0.0 16.9 19.1 46.6 37.5 1.5 85.5 14.2 0.2 100.0
Apr 10.1 0.0 16.6 20.0 46.6 37.6 1.4 85.7 14.0 0.2 100.0
May 9.9 0.0 16.5 19.5 45.9 38.2 1.4 85.6 14.2 0.3 100.0
Jun 10.1 0.0 16.3 18.8 45.3 39.2 1.6 86.1 13.7 0.3 100.0
Jul 9.8 0.0 16.1 18.8 44.7 39.9 1.8 86.5 13.3 0.3 100.0
Aug 9.6 0.0 15.9 18.7 44.2 40.7 2.1 87.0 12.8 0.3 100.0
Sep 9.6 0.0 15.6 18.3 43.4 41.3 2.2 86.9 12.9 0.2 100.0
Oct 9.5 0.0 15.4 17.9 42.8 42.3 2.2 87.3 12.5 0.2 100.0
Nov 9.9 0.0 15.2 17.8 43.0 42.3 2.2 87.5 12.3 0.2 100.0
Dec 11.4 0.0 15.0 16.6 43.0 42.5 1.8 87.3 12.4 0.2 100.0
2004 Jan 10.1 0.0 14.8 16.6 41.5 43.6 1.7 86.9 12.9 0.2 100.0
Feb 10.1 0.0 14.7 16.6 41.3 43.6 1.9 86.7 13.0 0.2 100.0
Mar 9.8 0.0 14.5 16.8 41.1 44.0 1.9 87.0 12.8 0.2 100.0
Apr 9.8 0.0 14.5 16.8 41.0 44.2 1.9 87.1 12.6 0.2 100.0
May 10.0 0.0 14.5 17.6 42.1 43.3 1.9 87.3 12.5 0.2 100.0
Jun 10.0 0.0 14.5 18.0 42.5 43.2 1.9 87.5 12.2 0.2 100.0
Jul 9.9 0.0 14.6 18.0 42.5 43.3 1.8 87.6 12.1 0.2 100.0
Aug 10.1 0.0 14.5 18.3 42.9 43.3 1.9 88.1 11.6 0.2 100.0
Sep 10.3 0.0 14.4 18.3 43.0 43.5 1.7 88.3 11.5 0.2 100.0
Oct 10.3 0.0 14.3 18.6 43.2 43.5 1.7 88.4 11.3 0.2 100.0
Nov* 10.6 0.0 14.3 18.5 43.4 43.5 1.7 88.6 11.2 0.2 100.0
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.
Boletim do Banco Central do Brasil January 2005
58
II.8 - Monetary base and money supply (M4) End-of-period balance as percentage of GDP1/
Percentage share
Period Monetary base M1 Investment Savings
deposits deposits
Currency Banking Total Currency Demand Total
issued reserves outside banks deposits
1999 Dec 2.8 1.8 4.6 2.4 3.5 5.9 0.0 10.5
2000 Dec 2.8 1.3 4.1 2.5 4.0 6.4 0.0 9.7
2001 Dec 3.0 1.2 4.2 2.6 4.1 6.7 0.0 9.6
2002 Dec 3.1 1.5 4.6 2.7 4.1 6.8 0.0 8.9
2003 Jan 2.7 1.3 4.0 2.3 3.5 5.8 0.0 8.8
Feb 2.7 1.5 4.2 2.2 3.4 5.6 0.0 8.7
Mar 2.5 1.6 4.1 2.0 3.3 5.4 0.0 8.6
Apr 2.4 1.8 4.2 2.0 3.2 5.3 0.0 8.6
May 2.5 1.7 4.1 2.1 3.2 5.3 0.0 8.7
Jun 2.5 1.6 4.1 2.1 3.4 5.5 0.0 8.9
Jul 2.5 1.8 4.4 2.1 3.3 5.4 0.0 8.9
Aug 2.6 1.2 3.8 2.1 3.3 5.4 0.0 9.0
Sep 2.5 1.1 3.6 2.1 3.4 5.5 0.0 8.9
Oct 2.6 1.1 3.7 2.1 3.3 5.4 0.0 8.9
Nov 2.7 1.2 3.9 2.2 3.6 5.8 0.0 8.9
Dec 3.2 1.4 4.6 2.7 4.2 6.9 0.0 9.0
2004 Jan 2.8 1.4 4.3 2.4 3.7 6.1 0.0 8.9
Feb 2.8 1.4 4.2 2.3 3.8 6.1 0.0 8.9
Mar 2.7 1.1 3.8 2.2 3.7 5.9 0.0 8.7
Apr 2.7 1.2 3.9 2.2 3.6 5.8 0.0 8.6
May 2.7 1.2 3.9 2.2 3.7 5.9 0.0 8.6
Jun 2.7 1.2 3.9 2.2 3.7 5.9 0.0 8.5
Jul 2.7 1.4 4.1 2.2 3.6 5.8 0.0 8.5
Aug 2.7 1.3 4.0 2.2 3.7 5.9 0.0 8.5
Sep 2.8 1.2 3.9 2.2 3.8 6.1 0.0 8.5
Oct 2.8 1.1 3.9 2.3 3.7 6.0 0.0 8.4
Nov* 2.8 1.2 4.1 2.3 3.9 6.2 0.0 8.4
(continues)
Boletim do Banco Central do Brasil January 2005
59
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
funds3/ with federal securities
securities4/
1999 Dec 9.5 25.9 17.4 0.9 44.2 7.6 0.1 51.9
2000 Dec 8.4 24.6 22.0 1.6 48.2 8.1 0.2 56.5
2001 Dec 9.4 25.6 22.7 1.4 49.8 10.2 0.2 60.2
2002 Dec 9.4 25.0 17.6 0.7 43.4 7.4 0.1 50.9
2003 Jan 9.6 24.2 18.3 0.7 43.2 7.6 0.1 50.9
Feb 9.8 24.1 18.5 0.8 43.4 7.3 0.1 50.8
Mar 9.7 23.7 19.1 0.8 43.5 7.2 0.1 50.9
Apr 9.9 23.8 19.6 0.8 44.1 7.3 0.1 51.6
May 10.3 24.3 20.3 0.8 45.4 7.5 0.1 53.0
Jun 10.2 24.6 21.3 0.8 46.7 7.4 0.1 54.2
Jul 10.5 24.8 22.2 1.0 48.1 7.4 0.1 55.6
Aug 10.5 24.9 23.0 1.2 49.0 7.2 0.1 56.4
Sep 10.4 24.8 23.5 1.2 49.5 7.4 0.1 57.0
Oct 10.3 24.6 24.3 1.3 50.1 7.2 0.1 57.4
Nov 10.4 25.2 24.8 1.3 51.4 7.2 0.1 58.7
Dec 10.0 25.9 25.6 1.1 52.5 7.5 0.0 60.0
2004 Jan 10.0 25.1 26.3 1.0 52.4 7.8 0.0 60.2
Feb 10.0 24.9 26.3 1.1 52.4 7.9 0.0 60.3
Mar 10.1 24.7 26.4 1.1 52.2 7.7 0.0 59.9
Apr 10.0 24.3 26.2 1.1 51.7 7.5 0.0 59.2
May 10.4 24.9 25.6 1.1 51.6 7.4 0.0 59.1
Jun 10.6 25.0 25.4 1.1 51.5 7.2 0.0 58.7
Jul 10.5 24.9 25.3 1.1 51.3 7.1 0.0 58.4
Aug 10.7 25.1 25.3 1.1 51.5 6.8 0.0 58.3
Sep 10.8 25.3 25.6 1.0 51.9 6.8 0.0 58.7
Oct 10.9 25.4 25.7 1.0 52.1 6.7 0.0 58.8
Nov* 11.0 25.6 25.8 1.2 52.6 6.6 0.0 59.2
Source: Bacen and Ipea
1/ GDP of the last twelve months at prices of the month indicated (deflator: IGP-DI) based on series published by the IBGE.
2/ Includes time deposits, exchange bills, mortgage bonds and real estate bonds.
3/ Excludes guaranties issued primarily by financial institutions.
4/ 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.
Boletim do Banco Central do Brasil January 2005
60
II.9 - Income-velocity of money1/
End-of- M1 M2 M3 M4
period
1999 Dec 16.9 3.9 2.3 1.9
2000 Dec 15.5 4.1 2.1 1.8
2001 Dec 15.0 3.9 2.0 1.7
2002 Dec 14.7 4.0 2.3 2.0
2003 Jan 17.4 4.1 2.3 2.0
Feb 17.8 4.1 2.3 2.0
Mar 18.7 4.2 2.3 2.0
Apr 19.0 4.1 2.2 1.9
May 19.0 4.1 2.2 1.9
Jun 18.2 4.1 2.1 1.8
Jul 18.4 4.0 2.1 1.8
Aug 18.4 4.0 2.0 1.8
Sep 18.3 4.0 2.0 1.8
Oct 18.4 4.1 2.0 1.7
Nov 17.2 4.0 1.9 1.7
Dec 14.6 3.9 1.9 1.7
2004 Jan 16.5 4.0 1.9 1.7
Feb 16.4 4.0 1.9 1.7
Mar 17.0 4.1 1.9 1.7
Apr 17.3 4.1 1.9 1.7
May 17.0 4.0 1.9 1.7
Jun 17.1 4.0 1.9 1.7
Jul 17.2 4.0 2.0 1.7
Aug 17.0 4.0 1.9 1.7
Sep 16.5 4.0 1.9 1.7
Oct 16.5 3.9 1.9 1.7
Nov* 16.0 3.9 1.9 1.7
Source: Bacen and IBGE
1/ GDP/Mi (i=1,2,3,4) ratio based on the end-of-period balance and on the GDP of the last 12 months at prices of the month indicated (deflator: IGP-DI)
based on the series published by the IBGE.
Boletim do Banco Central do Brasil January 2005
61
II.10 - Net domestic assets of the Banco Central do Brasil
Accumulated flows in R$ million
Itemization 2003 2004
March June September December March June September November
A - Currency outside banks1/ - 5 528 - 6 937 - 6 140 1 231 - 3 693 - 1 818 60 1 414
B - Net adjusted international reserves2/ 2 523 3 908 7 711 12 243 12 733 13 933 12 723 10 317
C - Net domestic assets (A-B) - 8 050 - 10 845 - 13 851 - 11 012 - 16 427 - 15 751 - 12 663 - 8 903
1/ Working day average balance.
2/ From 1995 on, it refers to net adjusted international reserves and converted into reais at average buying exchange rate.
Boletim do Banco Central do Brasil January 2005
62
II.11 - Banco Central do Brasil - adjusted balance sheet Assets
R$ million
End-of- Credits to financial institutions1/ Memorandum
period
Liquidity loans2/ Special Others3/ Total Banking Total
transactions
Government Private
1999 Dec 8 224 521 24 442 33 187 11 138 22 049 33 187
2000 Dec 8 402 - 23 614 32 016 10 023 21 993 32 016
2001 Dec - - 21 573 21 573 1 481 20 092 21 573
2002 Dec - - 19 895 19 895 983 18 912 19 895
2003 Jan - - 17 105 17 105 935 16 170 17 105
Feb 2 - 17 141 17 143 910 16 233 17 143
Mar - - 18 936 18 936 872 18 064 18 936
Apr - - 18 971 18 971 832 18 139 18 971
May - - 19 014 19 014 790 18 224 19 014
Jun 51 - 18 885 18 936 804 18 132 18 936
Jul - - 18 953 18 953 717 18 236 18 953
Aug 37 - 18 979 19 016 711 18 305 19 016
Sep - - 19 386 19 386 645 18 741 19 386
Oct - - 16 444 16 444 607 15 837 16 444
Nov 9 - 16 431 16 440 573 15 867 16 440
Dec 6 - 16 979 16 985 530 16 455 16 985
2004 Jan - - 16 958 16 958 481 16 477 16 958
Feb 66 - 16 922 16 988 502 16 486 16 988
Mar - - 17 179 17 179 389 16 790 17 179
Apr - - 17 149 17 149 344 16 805 17 149
May 6 - 17 129 17 135 304 16 831 17 135
Jun - - 18 016 18 016 252 17 764 18 016
Jul - - 17 332 17 332 205 17 127 17 332
Aug - - 17 319 17 319 158 17 161 17 319
Sep 4 - 17 740 17 744 115 17 629 17 744
Oct 2 - 17 712 17 714 65 17 649 17 714
Nov 1 - 17 684 17 685 15 17 670 17 685
(continues)
Boletim do Banco Central do Brasil January 2005
63
II.11 - Banco Central do Brasil - adjusted balance sheet Assets
(continued) R$ million
End-of- Securities Open-market operations
period
National Treasury issue Other Provision for Total Lending (resale Borrowing Total
securities market value commitments) (repurchase
Not Earmarked Earmarked to reduction5/ commitments)
earmarked to foreign liability
repurchase (NTN-L)4/
1999 Dec 56 818 59 010 - 1 848 - 117 676 2 604 - 7 343 - 4 739
2000 Dec 114 358 13 385 - 1 801 159 129 703 7 961 - 14 010 - 6 049
2001 Dec 171 243 13 781 - 2 796 35 187 855 22 483 - 13 707 8 776
2002 Dec 167 132 82 209 - 28 924 - 7 845 270 420 3 011 - 80 100 - 77 089
2003 Jan 170 687 95 263 - 27 491 - 4 146 289 295 2 284 - 93 364 - 91 080
Feb 179 035 91 217 - 28 809 - 3 149 295 912 2 909 - 89 193 - 86 284
Mar 184 757 83 543 - 28 766 - 281 296 785 1 088 - 83 526 - 82 438
Apr 195 906 64 551 - 29 340 1 747 291 544 1 131 - 64 644 - 63 513
May 206 276 60 254 - 28 542 2 636 297 708 39 - 60 275 - 60 236
Jun 206 124 59 909 - 29 143 3 983 299 159 - - 60 088 - 60 088
Jul 210 894 58 114 - 29 791 3 866 302 665 957 - 58 236 - 57 279
Aug 200 588 69 378 - 30 359 5 265 305 590 - - 69 655 - 69 655
Sep 219 013 71 016 - 19 490 6 082 315 601 - - 71 295 - 71 295
Oct 222 776 64 395 - 19 839 5 985 312 995 - - 64 663 - 64 663
Nov 218 527 64 811 - 19 500 6 985 309 823 - - 65 136 - 65 136
Dec 188 530 65 285 - 19 810 6 647 280 272 302 - 66 112 - 65 810
2004 Jan 176 159 85 536 - 14 561 6 646 282 902 10 - 86 413 - 86 403
Feb 187 293 81 992 - 12 723 5 772 287 780 - - 82 825 - 82 825
Mar 197 136 76 756 - 12 543 5 504 291 939 634 - 77 409 - 76 775
Apr 200 270 68 524 - 12 707 4 310 285 811 24 - 69 298 - 69 274
May 180 084 96 528 - 12 897 1 910 291 419 886 - 97 420 - 96 534
Jun 196 816 90 445 - 11 151 2 883 301 295 171 - 90 711 - 90 540
Jul 193 784 91 713 - 11 310 2 411 299 218 994 - 91 485 - 90 491
Aug 194 638 91 625 - 11 470 1 987 299 720 1 075 - 91 423 - 90 348
Sep 202 681 86 327 - 8 386 1 952 299 346 1 022 - 86 396 - 85 374
Oct 206 237 86 022 - 7 689 1 576 301 524 720 - 86 088 - 85 368
Nov 209 260 81 731 - 7 792 5 702 304 485 2 735 - 81 682 - 78 947
(continues)
Boletim do Banco Central do Brasil January 2005
64
II.11 - Banco Central do Brasil - adjusted balance sheet Assets
(continued) R$ million
End-of- Foreign assets Funds and Other Total assets
period program accounts (net
Foreign currency Stocks and Gold SDR Total operations balance)
quotas of (IMF)
Available funds Agreements Others Total international
and short-term organizations
investment
1999 Dec 38 789 147 28 412 67 348 7 492 1 697 18 76 555 4 217 16 501 243 397
2000 Dec 34 538 293 36 383 71 214 7 787 1 072 1 80 074 2 697 24 402 262 843
2001 Dec 40 398 182 47 304 87 884 8 908 318 24 97 134 3 557 12 066 330 962
2002 Dec 45 570 222 99 889 145 681 14 626 546 923 161 776 3 839 21 906 415 683
2003 Jan 44 410 48 106 383 150 841 14 829 579 979 167 228 4 213 10 725 397 486
Feb 45 076 78 114 688 159 842 14 925 555 187 175 509 4 398 6 696 413 370
Mar 53 825 99 103 799 157 723 14 075 506 948 173 252 6 231 6 264 419 031
Apr 47 580 125 96 506 144 211 12 218 440 823 157 692 6 336 8 313 419 343
May 54 869 47 94 451 149 367 12 862 491 111 162 831 6 637 6 715 432 668
Jun 63 880 82 95 906 159 868 12 290 448 1 071 173 677 4 728 8 786 445 197
Jul 68 743 102 94 165 163 010 12 610 475 1 097 177 192 4 940 7 843 454 314
Aug 69 701 138 99 281 169 120 12 483 502 240 182 345 5 160 7 446 449 902
Sep 79 336 62 94 869 174 267 12 766 509 181 187 723 5 297 9 478 466 190
Oct 77 629 83 102 362 180 074 12 490 501 993 194 058 5 476 8 336 472 647
Nov 85 359 105 106 252 191 716 12 967 526 44 205 253 5 628 8 615 480 624
Dec 63 102 190 104 016 167 308 13 109 544 7 180 968 5 017 7 889 425 321
2004 Jan 78 224 46 110 534 188 804 13 302 534 876 203 516 5 167 1 975 424 115
Feb 81 059 52 105 759 186 870 13 168 521 24 200 583 5 246 2 495 430 266
Mar 74 899 71 102 968 177 938 13 149 559 24 191 670 5 517 2 371 431 900
Apr 76 215 93 102 363 178 671 13 056 519 792 193 038 5 647 2 690 435 060
May 99 707 70 102 693 202 470 14 035 558 20 217 083 5 821 995 435 918
Jun 86 781 124 101 096 188 001 13 914 547 20 202 482 5 224 2 164 438 642
Jul 62 622 133 116 887 179 642 13 475 536 922 194 575 5 388 2 164 428 187
Aug 56 632 170 112 676 169 478 13 087 542 39 183 146 5 568 2 584 417 987
Sep 55 878 58 110 837 166 773 12 823 539 4 180 139 5 792 2 406 420 054
Oct 56 861 86 111 701 168 648 13 075 554 922 183 199 6 396 2 610 426 076
Nov 52 641 149 108 458 161 248 12 809 558 13 174 628 6 566 3 276 427 692
(continues)
Boletim do Banco Central do Brasil January 2005
65
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(continued) R$ million
End-of- Currency and security liabilities
period
Monetary base Securities issued by the Bacen Total
Currency Banking reserves Total Banco Banco Banco Earnings Total
issued Central Central Central appropriation
Government Private Total bills bonds notes
(LBC) (BBC) (NBC)
1999 Dec 29 838 8 918 9 673 18 591 48 429 1 122 - 61 346 - 62 468 110 897
2000 Dec 32 633 8 097 6 956 15 053 47 686 - - 85 781 58 85 839 133 525
2001 Dec 37 669 7 860 7 719 15 579 53 248 - - 126 489 35 126 524 179 772
2002 Dec 49 931 8 969 14 402 23 371 73 302 - - 67 021 - 67 021 140 323
2003 Jan 43 639 7 137 13 594 20 731 64 370 - - 62 744 - 62 744 127 114
Feb 43 664 8 626 15 205 23 831 67 495 - - 59 868 - 59 868 127 363
Mar 39 910 10 418 15 705 26 123 66 033 - - 53 103 - 53 103 119 136
Apr 39 048 14 591 14 590 29 181 68 229 - - 42 423 - 42 423 110 652
May 38 816 12 392 13 905 26 297 65 113 - - 40 512 - 40 512 105 625
Jun 38 799 12 188 12 851 25 039 63 838 - - 36 900 - 36 900 100 738
Jul 39 231 14 232 14 378 28 610 67 841 - - 35 972 - 35 972 103 813
Aug 39 813 9 772 8 845 18 617 58 430 - - 34 069 - 34 069 92 499
Sep 39 156 8 368 8 586 16 954 56 110 - - 33 592 - 33 592 89 702
Oct 40 140 8 838 8 733 17 571 57 711 - - 32 555 - 32 555 90 266
Nov 42 692 9 169 10 557 19 726 62 418 - - 32 803 - 32 803 95 221
Dec 51 364 9 787 12 068 21 855 73 219 - - 30 619 - 30 619 103 838
2004 Jan 46 064 10 602 12 234 22 836 68 900 - - 31 391 - 31 391 100 291
Feb 46 011 11 175 11 683 22 858 68 869 - - 31 137 - 31 137 100 006
Mar 44 482 8 068 10 573 18 641 63 123 - - 28 172 - 28 172 91 295
Apr 45 161 8 967 11 485 20 452 65 613 - - 25 929 - 25 929 91 542
May 46 025 8 415 12 382 20 797 66 822 - - 26 066 - 26 066 92 888
Jun 46 646 9 075 12 272 21 347 67 993 - - 24 314 - 24 314 92 307
Jul 48 229 10 704 14 178 24 882 73 111 - - 22 731 - 22 731 95 842
Aug 48 064 10 442 13 695 24 137 72 201 - - 18 491 - 18 491 90 692
Sep 49 827 8 416 12 713 21 129 70 956 - - 16 008 - 16 008 86 964
Oct 50 771 8 575 12 327 20 902 71 673 - - 14 770 - 14 770 86 443
Nov 52 152 9 729 13 216 22 945 75 097 - - 13 811 - 13 811 88 908
(continues)
Boletim do Banco Central do Brasil January 2005
66
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(continued) R$ million
End-of- Deposits
period
Foreign Brazilian Financial Short- Asset and Others7/ Total
currency savings investment term liabilities
deposits and loan funds financial operations
system investment
funds6/
1999 Dec 13 14 909 - - 214 283 15 419
2000 Dec 13 14 716 - - 153 135 15 017
2001 Dec 15 17 575 - - 234 4 742 22 566
2002 Dec 23 28 046 - - 182 27 202 55 453
2003 Jan 23 28 054 - - 123 27 095 55 295
Feb 23 27 929 - - 146 29 105 57 203
Mar 22 27 687 - - 203 27 150 55 062
Apr 19 27 644 - - 201 29 168 57 032
May 19 27 431 - - 177 29 392 57 019
Jun 18 27 366 - - 135 27 877 55 396
Jul 19 27 515 - - 120 27 981 55 635
Aug 19 27 597 - - 145 30 245 58 006
Sep 19 27 631 - - 121 28 494 56 265
Oct 18 27 640 - - 127 27 710 55 495
Nov 19 27 682 - - 158 28 398 56 257
Dec 18 28 559 - - 125 29 223 57 925
2004 Jan 18 28 791 - - 140 28 504 57 453
Feb 18 28 726 - - 126 31 225 60 095
Mar 18 28 627 - - 112 30 319 59 076
Apr 18 28 766 - - 136 32 275 61 195
May 20 28 896 - - 143 39 387 68 446
Jun 19 29 505 - - 158 33 850 63 532
Jul 19 30 015 - - 155 33 235 63 424
Aug 18 30 133 - - 203 32 700 63 054
Sep 18 30 335 - - 223 32 401 62 977
Oct 18 30 426 - - 206 35 843 66 493
Nov 17 30 506 - - 231 33 746 64 500
(continues)
Boletim do Banco Central do Brasil January 2005
67
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(continued) R$ million
End-of- National Treasury operations
period
Non-earmarked resources Earmarked resources Total
Fiscal Non-fiscal Total Compulsory on From the Total
vehicles and fuels Bacen to the
National Treasury
1999 Dec 24 025 51 754 75 779 - 4 4 75 783
2000 Dec 86 294 2 086 88 380 - 1 149 1 149 89 529
2001 Dec 81 318 1 198 82 516 - 4 995 4 995 87 511
2002 Dec 86 833 2 318 89 151 - - - 89 151
2003 Jan 93 000 1 689 94 689 - - - 94 689
Feb 99 101 620 99 721 - - - 99 721
Mar 102 929 2 262 105 191 - - - 105 191
Apr 109 599 393 109 992 - - - 109 992
May 125 873 633 126 506 - - - 126 506
Jun 133 173 - 2 715 130 458 - 24 186 24 186 154 644
Jul 131 768 1 774 133 542 - 24 802 24 802 158 344
Aug 134 177 488 134 665 - 25 208 25 208 159 873
Sep 150 510 20 948 171 458 - - - 171 458
Oct 171 258 812 172 070 - - - 172 070
Nov 162 582 1 339 163 921 - - - 163 921
Dec 117 467 2 797 120 264 - 5 356 5 356 125 620
2004 Jan 109 069 1 318 110 387 - 5 433 5 433 115 820
Feb 125 032 433 125 465 - - - 125 465
Mar 107 632 36 049 143 681 - - - 143 681
Apr 143 796 914 144 710 - - - 144 710
May 124 287 681 124 968 - - - 124 968
Jun 137 239 2 192 139 431 - 2 456 2 456 141 887
Jul 131 324 689 132 013 - 2 473 2 473 134 486
Aug 134 576 274 134 850 - 2 494 2 494 137 344
Sep 143 840 448 144 288 - - - 144 288
Oct 142 984 590 143 574 - - - 143 574
Nov 144 828 435 145 263 - - - 145 263
(continues)
Boletim do Banco Central do Brasil January 2005
68
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(continued) R$ million
End-of- Funds and Foreign liabilities
period programs
resources Deposits earmarked to foreign debt
Brazilian Paris Club Under Other deposits Total
Financing Resolution 1,564
Plan dated 1.16.1989
1999 Dec 4 217 1 850 99 46 22 328 24 323
2000 Dec 2 697 1 804 84 - 56 3 494 5 326
2001 Dec 3 557 1 836 4 - 19 520 21 360
2002 Dec 3 839 2 367 6 - 73 967 76 340
2003 Jan 4 213 2 367 6 - 75 302 77 675
Feb 4 398 2 398 6 - 75 263 77 667
Mar 6 231 2 022 6 - 84 489 86 517
Apr 6 336 1 746 5 - 73 581 75 332
May 6 637 1 796 6 - 77 018 78 820
Jun 4 728 1 743 5 - 86 180 87 928
Jul 4 940 1 804 5 - 88 779 90 588
Aug 5 160 1 805 5 - 87 288 89 098
Sep 5 297 1 578 6 - 98 105 99 689
Oct 5 476 1 547 6 - 96 669 98 222
Nov 5 628 1 600 6 - 99 733 101 339
Dec 5 017 1 570 6 - 82 663 84 239
2004 Jan 5 167 1 601 6 - 84 139 85 746
Feb 5 246 1 589 6 - 82 604 84 199
Mar 5 517 1 381 6 - 78 784 80 171
Apr 5 647 1 401 6 - 78 479 79 886
May 5 821 1 491 6 - 83 843 85 340
Jun 5 224 1 483 6 - 79 250 80 739
Jul 5 388 1 447 6 - 77 055 78 508
Aug 5 568 1 405 6 - 74 263 75 674
Sep 5 792 1 170 6 - 71 039 72 215
Oct 6 396 1 172 6 - 72 709 73 887
Nov 6 566 1 123 6 - 70 688 71 817
(continues)
Boletim do Banco Central do Brasil January 2005
69
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(concluded) R$ million
End-of- Foreign liabilities Own resources Total liabilities
period
Liabilities based on International Others Total
agreements organizations
1999 Dec 223 8 891 448 33 885 3 196 243 397
2000 Dec 327 9 021 2 398 17 072 5 003 262 843
2001 Dec 176 10 337 541 32 414 5 142 330 962
2002 Dec 210 16 703 28 257 121 510 5 407 415 683
2003 Jan 117 16 968 15 349 110 109 6 066 397 486
Feb 131 17 083 22 225 117 106 7 579 413 370
Mar 135 16 127 17 036 119 815 13 596 419 031
Apr 127 14 003 23 486 112 948 22 383 419 343
May 100 14 742 18 570 112 232 24 649 432 668
Jun 146 13 960 22 182 124 216 5 475 445 197
Jul 147 14 352 21 504 126 591 4 991 454 314
Aug 152 14 213 24 517 127 980 6 384 449 902
Sep 91 14 541 18 770 133 091 10 377 466 190
Oct 94 14 225 26 121 138 662 10 678 472 647
Nov 105 14 768 30 377 146 589 13 008 480 624
Dec 116 14 926 24 574 123 855 9 066 425 321
2004 Jan 97 15 193 33 281 134 317 11 067 424 115
Feb 95 15 042 29 763 129 099 10 355 430 266
Mar 104 15 035 25 776 121 086 11 245 431 900
Apr 111 14 942 27 228 122 167 9 799 435 060
May 120 16 057 33 737 135 254 8 541 435 918
Jun 118 15 927 29 404 126 188 9 504 438 642
Jul 120 15 310 27 636 121 574 7 473 428 187
Aug 113 14 872 22 806 113 465 7 864 417 987
Sep 87 14 588 25 063 111 953 8 080 420 054
Oct 110 14 874 25 649 114 520 8 650 426 076
Nov 114 14 557 24 057 110 545 11 910 427 692
1/ Operations involving resources from funds and programs are not included.
2/ Includes the Program of Incentives to the Restructuring and Strengthening of the Financial system (Proer) and Program of Incentives to Reduce the Presence
of State Public Sector in the Banking Activity (Proes). As of February 2000, includes rediscount.
3/ Includes credits receivable of the Department of Bank Liquidation, and up to november 1999 included, also, counterpart to LBCE purchase and sale time operations.
4/ Decree 916, dated 9.8.1993 (up to April 1999).
5/ As of January 2000, includes adjustments of securities issued by the National Treasury to the market value.
6/ Circular 2,596 dated 7.27.1995 (up to July 1999).
7/ Includes time deposits, deposits in foreign currency earmarked to foreign exchange market and deposits due to insufficient investments in real state and rural credits, Financial
investment funds (Resolution 1,787 dated 2.2.1991 - up to January 1996, Resolution 2,069 dated 4.29.1994, Circular 2,420 dated 4.29.1994 - up to December 1995),
credit operations, additional requirements on demand deposits (Circular 3,144 dated 8.14.2002), among others.
Boletim do Banco Central do Brasil January 2005
70
II.12 - Monetary authority
R$ million
Itemization 2004
May Jun Jul Aug Sep Oct Nov
Assets 468 128 476 722 466 128 458 341 457 426 460 447 460 960
Foreign assets 169 087 168 912 160 057 151 856 151 852 152 944 148 554
Claims on central governmment (includes securities debt) 297 857 307 387 304 872 305 252 304 437 306 718 309 656
Claims on state and local governments (includes securities debt) - - - - - - -
Claims on private sector - - - - - - -
Claims on deposit money banks 858 185 1 008 1 089 1 031 736 2 750
Claims on other banking institutions 43 - - - 9 - -
Claims on nonbanking financial institutions 283 238 191 144 97 49 -
Liabilities 468 128 476 722 466 128 458 341 457 426 460 447 460 960
Reserve money (IMF) 221 364 210 668 217 011 215 552 208 946 212 387 209 339
of which: currency outside deposit money banks 37 351 37 919 39 559 39 137 40 464 41 579 42 198
Money market instruments 9 298 9 425 9 021 9 120 9 378 9 844 9 923
Liabilities for Banco Central securities 26 066 24 314 22 731 18 491 16 008 14 770 13 811
Foreign currency deposits 20 19 19 18 18 18 17
Foreign liabilities 83 485 78 577 76 096 73 900 70 380 71 757 70 292
Long-term foreign liabilities 35 965 31 944 30 300 24 820 27 141 28 031 25 811
Central government deposits 124 968 139 430 132 014 134 850 144 288 143 574 145 263
Capital accounts 10 189 13 595 11 528 11 895 9 586 10 186 13 414
Other items (net) - 43 228 - 31 250 - 32 592 - 30 305 - 28 320 - 30 120 - 26 910
Boletim do Banco Central do Brasil January 2005
71
II.13 - Deposit money banks1/
R$ million
Itemization 2004
May Jun Jul Aug Sep Oct Nov
Assets 962 076 963 571 982 355 974 590 977 516 987 729 1 003 069
Reserves 182 626 169 175 175 621 172 397 164 960 165 554 162 975
Other claims on monetary authority 16 405 14 186 14 316 12 081 10 448 9 584 8 840
Foreign assets 43 555 47 706 48 782 48 697 49 409 52 085 51 201
Claims on central governmment (includes securities debt) 253 280 261 879 266 022 257 053 258 975 259 783 266 855
Claims on state and local governments (includes securities debt) 2 407 2 700 2 541 2 863 3 193 3 095 2 952
Claims on nonfinancial public enterprises 2 814 3 153 3 116 3 115 3 116 3 253 3 185
Claims on private sector 458 188 461 143 468 512 475 342 484 475 491 809 502 958
Claims on other banking institutions 2 322 2 773 2 913 2 626 2 128 1 918 3 666
Claims on nonbanking financial institutions 479 855 533 415 812 648 437
Liabilities 962 076 963 571 982 355 974 590 977 516 987 729 1 003 069
Demand deposits 63 672 64 377 63 443 66 339 69 243 67 712 70 937
Time, savings and other deposits 365 228 370 766 375 035 381 825 385 586 390 963 396 142
Money market instruments 33 330 33 447 33 207 32 896 32 079 32 879 33 746
Restricted deposits - - - - - - -
Foreign liabilities 72 529 73 578 69 613 67 688 65 001 65 811 62 066
Long-term foreign liabilities 23 589 22 881 21 900 21 144 19 819 20 196 19 769
Central government deposits 20 620 17 795 19 745 17 484 18 995 22 737 20 196
Credit from monetary authority 935 189 1 146 1 172 1 089 772 2 948
Liabilities to other banking institutions 51 675 53 062 52 481 52 084 52 788 50 695 52 297
Liabilities to nonbanking financial institutions 137 447 128 357 140 317 130 986 124 807 121 896 124 607
Capital accounts 230 055 232 908 237 439 240 696 243 183 246 081 252 924
Other items (net) - 37 005 - 33 789 - 31 971 - 37 724 - 35 074 - 32 014 - 32 563
1/ Comprises commercial banks, Banco do Brasil S.A, multiple banks and Caixa Econômica Federal.
Boletim do Banco Central do Brasil January 2005
72
II.14 - Monetary survey1/
R$ million
Itemization 2004
May Jun Jul Aug Sep Oct Nov
Assets 928 713 947 367 960 070 953 442 959 839 968 423 991 647
Foreign assets (net) 56 628 64 463 63 130 58 965 65 880 67 461 67 397
Domestic credit 872 085 882 903 896 941 894 476 893 959 900 962 924 250
Claims on central government (net) - includes securities debt 405 549 412 041 419 135 409 971 400 129 400 190 411 052
Claims on state and local governments (includes securities debt) 2 407 2 700 2 541 2 863 3 193 3 095 2 952
Claims on nonfinancial public enterprises 2 814 3 153 3 116 3 115 3 116 3 253 3 185
Claims on private sector 458 188 461 143 468 512 475 342 484 475 491 809 502 958
Claims on other banking institutions 2 365 2 773 2 913 2 626 2 137 1 918 3 666
Claims on nonbanking financial institutions 762 1 093 724 559 909 697 437
Liabilities 928 713 947 367 960 070 953 442 959 839 968 423 991 647
Money 102 533 104 698 105 543 108 183 112 498 112 223 116 902
Quasi-money 365 228 370 766 375 035 381 825 385 586 390 963 396 142
Money market instruments 42 629 42 872 42 228 42 016 41 457 42 723 43 669
Liabilities for Banco Central securities 9 661 10 128 8 415 6 410 5 560 5 186 4 971
Restricted deposits 20 19 19 18 18 18 17
Long-term foreign liabilities 59 554 54 825 52 200 45 964 46 960 48 227 45 580
Liabilities to other banking institutions 51 675 53 062 52 481 52 084 52 788 50 695 52 297
Liabilities to nonbanking financial institutions 137 447 128 357 140 317 130 986 124 807 121 896 124 607
Capital accounts 240 244 246 503 248 967 252 591 252 769 256 267 266 338
Other items (net) - 80 279 - 63 863 - 65 134 - 66 635 - 62 605 - 59 776 - 58 876
1/ Consolidation of tables monetary authority and deposit money banks.
Boletim do Banco Central do Brasil January 2005
73
II.15 - Other banking institutions1/
R$ million
Itemization 2004
May Jun Jul Aug Sep Oct Nov
Assets 214 094 214 584 212 923 212 291 213 410 214 822 217 908
Reserves 3 952 3 863 4 152 4 284 3 363 5 008 4 241
Other claims on monetary authority 505 595 579 509 740 357 299
Foreign assets 2 670 1 303 882 540 578 534 404
Claims on central governmment (includes securities debt) 8 090 9 550 10 777 9 015 8 304 8 343 9 860
Claims on state and local governments (includes securities debt) 5 376 5 482 5 578 5 955 6 101 6 187 6 293
Claims on nonfinancial public enterprises 5 427 5 364 5 331 5 260 5 197 5 228 5 045
Claims on private sector 98 016 100 043 99 318 100 472 102 808 103 291 104 224
Claims on deposit money banks 90 057 88 384 86 307 86 256 86 282 85 875 87 540
Claims on nonbanking financial institutions 0 0 0 0 37 0 3
Liabilities 214 094 214 584 212 923 212 291 213 410 214 822 217 908
Demand deposits - - - - - - -
Time, savings and other deposits 7 129 7 780 8 009 8 133 8 150 8 113 7 838
Money market instruments 740 746 736 735 682 656 674
Restricted deposits - - - - - - -
Foreign liabilities 3 088 959 1 001 751 977 706 652
Long-term foreign liabilities 26 633 26 152 24 589 23 021 22 276 22 467 21 773
Central government deposits 38 219 38 383 38 023 38 113 39 182 38 857 39 059
Credit from monetary authority 329 277 279 282 295 286 288
Credit from deposit money banks 2 595 3 508 3 755 3 013 2 507 2 200 4 409
Liabilities to nonbanking financial institutions 2 665 2 952 3 011 2 668 3 287 3 004 3 454
Capital accounts 95 671 97 013 96 766 97 486 98 381 100 027 100 214
Other items (net) 37 024 36 814 36 754 38 089 37 673 38 506 39 547
1/ Comprises investment banks, Banco Nacional de Desenvolvimento Econômico e Social, state development banks, fostering agencies, financial and investment companies,
housing credit companies, savings and loans associations and mortgage companies.
Boletim do Banco Central do Brasil January 2005
74
II.16 - Banking survey1/
R$ million
Itemization 2004
May Jun Jul Aug Sep Oct Nov
Assets 1 004 621 1 026 994 1 040 020 1 033 194 1 040 568 1 050 524 1 074 098
Foreign assets (net) 56 210 64 807 63 011 58 754 65 481 67 289 67 149
Domestic credit 948 411 962 187 977 009 974 440 975 088 983 235 1 006 950
Claims on central government (net) - includes securities debt 375 421 383 208 391 889 380 874 369 251 369 676 381 853
Claims on state and local governments (includes securities debt) 7 783 8 182 8 119 8 818 9 294 9 282 9 245
Claims on nonfinancial public enterprises 8 241 8 517 8 447 8 375 8 313 8 481 8 230
Claims on private sector 556 204 561 186 567 830 575 814 587 283 595 100 607 182
Claims on nonbanking financial institutions 762 1 094 724 559 947 697 440
Liabilities 1 004 621 1 026 994 1 040 020 1 033 194 1 040 568 1 050 524 1 074 098
Liquidity liabilities 470 939 479 381 484 434 493 857 502 871 506 291 516 641
Money market instruments 43 369 43 618 42 964 42 751 42 139 43 379 44 343
Liabilities for Central Bank securities 9 156 9 533 7 837 5 901 4 820 4 829 4 672
Restricted deposits 20 19 19 18 18 18 17
Long-term foreign liabilities 86 187 80 977 76 789 68 985 69 236 70 694 67 353
Liabilities to nonbanking financial institutions 140 112 131 309 143 329 133 654 128 095 124 901 128 061
Capital accounts 335 915 343 516 345 733 350 077 351 150 356 294 366 552
Other items (net) - 81 077 - 61 359 - 61 084 - 62 048 - 57 761 - 55 882 - 53 541
1/ Consolidation of tables monetary survey and other banking institutions.
Boletim do Banco Central do Brasil January 2005
75
II.17 - Nonbanking financial institutions1/
R$ million
Itemization 2004
May Jun Jul Aug Sep Oct Nov
Assets 21 361 21 964 22 110 23 114 22 731 22 888 23 726
Reserves 9 11 11 6 7 7 7
Other claims on monetary authority 97 72 43 41 39 39 38
Foreign assets 32 33 31 30 31 31 29
Claims on central government (net) - includes securities debt 1 620 1 614 1 369 1 335 1 452 1 604 1 555
Claims on state and local governments (includes securities debt) 2 3 2 1 1 1 1
Claims on nonfinancial public enterprises 128 121 115 106 107 104 95
Claims on private sector 14 439 14 807 15 596 16 287 15 609 16 217 16 540
Claims on deposit money banks 4 953 5 205 4 841 5 057 5 312 4 753 5 309
Claims on other banking institutions 82 98 102 251 173 132 153
Liabilities 21 361 21 964 22 110 23 114 22 731 22 888 23 726
Money market instruments 10 911 11 085 11 757 11 911 12 080 12 275 12 393
Restricted deposits - - - - - - -
Foreign liabilities 504 505 267 254 250 206 199
Long-term foreign liabilities 2 903 2 836 2 624 2 468 2 385 2 344 2 055
Central government deposits - - - 1 - - 1
Credit from monetary authority - - - - - - -
Credit from deposit money banks 200 572 264 208 253 433 276
Liabilities to other banking institutions 661 628 619 637 676 628 660
Capital accounts 23 753 23 820 24 387 24 795 23 887 23 992 24 163
Other items (net) - 17 570 - 17 482 - 17 807 - 17 160 - 16 799 - 16 990 - 16 021
1/ Comprises leasing companies, stock brokerage houses and distributor companies.
Boletim do Banco Central do Brasil January 2005
76
II.18 - Total credit operations in the financial system1/
End-of-period balances
R$ million
Period Public sector2/ Private sector Total
Federal State and Public Industry Housing Rural Commerce Individuals Other Private
government municipal sector services sector
governments total total
2002 Dec 4 169 9 312 13 481 115 868 24 081 34 671 39 974 81 943 69 505 366 042 379 523
2003 Jan 4 087 9 351 13 438 115 816 24 125 34 754 39 823 82 403 68 892 365 813 379 251
Feb 3 698 10 209 13 907 117 220 24 220 35 395 40 191 82 941 68 930 368 897 382 804
Mar 4 164 9 607 13 771 115 401 24 298 35 657 39 867 83 971 68 599 367 793 381 564
Apr 3 947 9 211 13 158 111 916 24 430 36 300 40 139 85 114 66 815 364 714 377 872
May 4 380 9 447 13 827 112 387 24 516 37 139 40 125 86 162 66 274 366 603 380 430
Jun 3 888 9 266 13 154 112 543 24 694 38 432 40 191 87 080 66 415 369 355 382 509
Jul 4 356 10 196 14 552 112 249 24 708 38 447 40 016 86 886 67 267 369 573 384 125
Aug 4 894 10 213 15 107 112 909 24 823 39 293 39 983 87 773 66 750 371 531 386 638
Sep 4 841 10 199 15 040 113 294 24 888 41 244 40 633 90 183 65 981 376 223 391 263
Oct 4 877 10 341 15 218 113 491 24 964 42 943 41 415 91 468 66 969 381 250 396 468
Nov 4 873 9 990 14 863 117 200 25 048 43 815 42 700 92 801 69 900 391 464 406 327
Dec 4 737 10 246 14 983 116 868 25 056 44 861 43 285 94 431 71 908 396 409 411 392
2004 Jan 4 957 10 564 15 521 113 268 24 935 44 740 43 521 95 655 73 157 395 276 410 797
Feb 5 060 10 660 15 720 114 271 24 632 45 327 43 988 97 564 72 097 397 879 413 599
Mar 5 354 10 960 16 314 114 529 24 935 45 581 44 136 100 048 72 629 401 858 418 172
Apr 5 379 12 211 17 590 117 437 25 105 46 091 45 285 102 465 73 806 410 189 427 779
May 5 333 12 547 17 880 120 006 25 127 46 746 47 352 104 979 75 720 419 930 437 810
Jun 5 208 13 274 18 482 120 481 25 236 47 968 48 688 107 213 76 691 426 277 444 759
Jul 5 257 13 403 18 660 121 605 25 413 47 208 49 037 109 959 77 105 430 327 448 987
Aug 5 342 13 916 19 258 121 365 25 489 48 151 50 971 113 447 77 337 436 760 456 018
Sep* 5 455 14 006 19 461 122 069 25 434 50 570 52 651 116 432 77 955 445 111 464 572
Oct* 5 272 14 336 19 608 123 893 25 487 51 935 53 458 119 256 81 117 455 146 474 754
Nov* 5 165 14 273 19 438 124 648 25 608 53 597 54 866 122 251 79 171 460 141 479 579
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Boletim do Banco Central do Brasil January 2005
77
II.19 - Total credit operations in the private financial system1/
End-of-period balances
R$ million
Period Public sector2/ Private sector Total
Federal State and Public Industry Housing Rural Commerce Individuals Other Private
government municipal sector services sector
governments total total
2002 Dec 1 701 802 2 503 67 222 8 525 14 204 31 567 63 410 47 711 232 639 235 142
2003 Jan 1 733 797 2 530 66 435 8 474 14 083 31 288 63 803 47 256 231 339 233 869
Feb 1 737 762 2 499 67 096 8 397 14 386 31 447 64 065 47 242 232 633 235 132
Mar 1 657 779 2 436 65 515 8 361 14 358 31 247 64 517 46 243 230 241 232 677
Apr 1 439 772 2 211 63 167 8 341 14 366 31 379 65 383 44 809 227 445 229 656
May 1 463 760 2 223 63 626 8 313 14 359 31 340 66 037 44 161 227 836 230 059
Jun 1 347 756 2 103 63 360 8 320 14 621 31 314 66 698 43 447 227 760 229 863
Jul 1 368 740 2 108 62 596 8 327 14 665 31 145 66 604 44 201 227 538 229 646
Aug 1 363 968 2 331 63 081 8 354 14 831 31 005 67 270 43 753 228 294 230 625
Sep 1 336 1 006 2 342 63 500 8 297 15 539 31 437 69 064 42 519 230 356 232 698
Oct 1 379 1 123 2 502 63 975 8 291 15 970 31 909 69 908 43 217 233 270 235 772
Nov 1 396 644 2 040 66 916 8 283 16 069 32 835 71 037 44 145 239 285 241 325
Dec 1 273 721 1 994 67 424 8 262 16 363 33 244 72 615 44 729 242 637 244 631
2004 Jan 1 514 766 2 280 65 860 8 203 16 482 33 099 73 315 44 676 241 635 243 915
Feb 1 540 871 2 411 67 581 8 157 16 753 33 530 74 466 44 825 245 312 247 723
Mar 1 610 1 200 2 810 67 931 8 094 16 864 33 734 76 157 44 506 247 286 250 096
Apr 1 642 1 181 2 823 70 283 8 084 17 337 34 812 77 835 45 342 253 693 256 516
May 1 714 1 208 2 922 72 614 8 061 17 992 36 579 79 662 46 190 261 098 264 020
Jun 1 618 1 646 3 264 72 835 8 087 18 858 37 558 81 356 46 208 264 902 268 166
Jul 1 581 1 686 3 267 73 610 8 104 19 239 37 744 83 783 46 445 268 925 272 192
Aug 1 542 1 728 3 270 73 520 8 119 19 955 39 458 86 585 46 635 274 272 277 542
Sep* 1 508 1 730 3 238 73 149 8 024 20 944 40 912 89 146 46 876 279 051 282 289
Oct* 1 502 1 908 3 410 74 896 8 041 21 207 41 512 91 920 49 369 286 945 290 355
Nov* 1 413 1 823 3 236 75 209 8 065 21 492 42 504 94 610 47 426 289 306 292 542
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Boletim do Banco Central do Brasil January 2005
78
II.20 - Total credit operations in the public financial system1/
End-of-period balances
R$ million
Period Public sector2/ Private sector Total
Federal State and Public Industry Housing Rural Commerce Individuals Other Private
government municipal sector services sector
governments total total
2002 Dec 2 468 8 510 10 978 48 646 15 556 20 467 8 407 18 533 21 794 133 403 144 381
2003 Jan 2 354 8 554 10 908 49 381 15 651 20 671 8 535 18 600 21 636 134 474 145 382
Feb 1 961 9 447 11 408 50 124 15 823 21 009 8 744 18 876 21 688 136 264 147 672
Mar 2 507 8 828 11 335 49 886 15 937 21 299 8 620 19 454 22 356 137 552 148 887
Apr 2 508 8 439 10 947 48 749 16 089 21 934 8 760 19 731 22 006 137 269 148 216
May 2 917 8 687 11 604 48 761 16 203 22 780 8 785 20 125 22 113 138 767 150 371
Jun 2 541 8 510 11 051 49 183 16 374 23 811 8 877 20 382 22 968 141 595 152 646
Jul 2 988 9 456 12 444 49 653 16 381 23 782 8 871 20 282 23 066 142 035 154 479
Aug 3 531 9 245 12 776 49 828 16 469 24 462 8 978 20 503 22 997 143 237 156 013
Sep 3 505 9 193 12 698 49 794 16 591 25 705 9 196 21 119 23 462 145 867 158 565
Oct 3 498 9 218 12 716 49 516 16 673 26 973 9 506 21 560 23 752 147 980 160 696
Nov 3 477 9 346 12 823 50 284 16 765 27 746 9 865 21 764 25 755 152 179 165 002
Dec 3 464 9 525 12 989 49 444 16 794 28 498 10 041 21 816 27 179 153 772 166 761
2004 Jan 3 443 9 798 13 241 47 408 16 732 28 258 10 422 22 340 28 481 153 641 166 882
Feb 3 520 9 789 13 309 46 690 16 475 28 574 10 458 23 098 27 272 152 567 165 876
Mar 3 744 9 760 13 504 46 598 16 841 28 717 10 402 23 891 28 123 154 572 168 076
Apr 3 737 11 030 14 767 47 154 17 021 28 754 10 473 24 630 28 464 156 496 171 263
May 3 619 11 339 14 958 47 392 17 066 28 754 10 773 25 317 29 530 158 832 173 790
Jun 3 590 11 628 15 218 47 646 17 149 29 110 11 130 25 857 30 483 161 375 176 593
Jul 3 676 11 717 15 393 47 995 17 309 27 969 11 293 26 176 30 660 161 402 176 795
Aug 3 800 12 188 15 988 47 845 17 370 28 196 11 513 26 862 30 702 162 488 178 476
Sep* 3 947 12 276 16 223 48 920 17 410 29 626 11 739 27 286 31 079 166 060 182 283
Oct* 3 770 12 428 16 198 48 997 17 446 30 728 11 946 27 336 31 748 168 201 184 399
Nov* 3 752 12 450 16 202 49 439 17 543 32 105 12 362 27 641 31 745 170 835 187 037
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Boletim do Banco Central do Brasil January 2005
79
II.21 - Credit operations in the financial system1/
Balances in R$ million and % participation on total
Segment November 2004*
Total Risk level
AA A B C D E F G H
Public sector2/ 19 438 11 221 2 577 2 248 907 1 075 59 0 1 1 350
100.0 57.7 13.3 11.6 4.7 5.5 0.3 0.0 0.0 6.9
Federal government 5 165 5 101 17 11 34 1 1 0 0 0
100.0 98.8 0.3 0.2 0.7 0.0 0.0 0.0 0.0 0.0
State and municipal governments 14 273 6 120 2 560 2 237 873 1 074 58 0 1 1 350
100.0 42.9 17.9 15.7 6.1 7.5 0.4 0.0 0.0 9.5
Private sector 460 141 122 036 156 468 86 495 47 347 19 656 5 781 5 162 2 745 14 451
100.0 26.5 34.0 18.8 10.3 4.3 1.3 1.1 0.6 3.1
Industry 124 648 52 305 32 459 21 064 11 011 3 370 983 581 586 2 289
100.0 42.0 26.0 16.9 8.8 2.7 0.8 0.5 0.5 1.8
Housing 25 608 2 948 7 324 3 258 3 712 5 215 644 452 281 1 774
100.0 11.5 28.6 12.7 14.5 20.4 2.5 1.8 1.1 6.9
Rural 53 597 13 483 17 911 13 253 5 680 1 413 507 310 283 757
100.0 25.2 33.4 24.7 10.6 2.6 0.9 0.6 0.5 1.4
Commerce 54 866 15 689 15 975 13 678 5 450 1 527 611 408 202 1 326
100.0 28.6 29.1 24.9 9.9 2.8 1.1 0.7 0.4 2.4
Individuals 122 251 7 148 64 881 20 057 13 013 5 521 2 037 1 912 1 174 6 508
100.0 5.8 53.1 16.4 10.6 4.5 1.7 1.6 1.0 5.3
Other services 79 171 30 463 17 918 15 185 8 481 2 610 999 1 499 219 1 797
100.0 38.5 22.6 19.2 10.7 3.3 1.3 1.9 0.3 2.3
Total 479 579 133 257 159 045 88 743 48 254 20 731 5 840 5 162 2 746 15 801
100.0 27.8 33.2 18.5 10.1 4.3 1.2 1.1 0.6 3.3
(continues)
Boletim do Banco Central do Brasil January 2005
80
II.21 - Credit operations in the financial system1/
(concluded) Balances in R$ million and % participation on total
Segment October 2004*
Total Risk level
AA A B C D E F G H
Public sector2/ 19 608 11 454 2 616 2 188 901 1 094 34 0 10 1 311
100.0 58.4 13.3 11.2 4.6 5.6 0.2 0.0 0.1 6.7
Federal government 5 272 5 220 17 35 0 0 0 0 0 0
100.0 99.0 0.3 0.7 0.0 0.0 0.0 0.0 0.0 0.0
State and municipal governments 14 336 6 234 2 599 2 153 901 1 094 34 0 10 1 311
100.0 43.5 18.1 15.0 6.3 7.6 0.2 0.0 0.1 9.1
Private sector 455 146 123 990 151 859 84 390 47 368 19 344 5 707 5 248 2 753 14 487
100.0 27.2 33.4 18.5 10.4 4.3 1.3 1.2 0.6 3.2
Industry 123 893 51 957 32 326 21 009 10 934 3 136 986 622 621 2 302
100.0 41.9 26.1 17.0 8.8 2.5 0.8 0.5 0.5 1.9
Housing 25 487 2 848 7 380 3 272 3 734 5 080 645 463 280 1 785
100.0 11.2 29.0 12.8 14.7 19.9 2.5 1.8 1.1 7.0
Rural 51 935 12 911 17 425 12 820 5 439 1 494 550 327 283 686
100.0 24.9 33.6 24.7 10.5 2.9 1.1 0.6 0.5 1.3
Commerce 53 458 15 409 15 564 13 125 5 363 1 474 582 387 205 1 349
100.0 28.8 29.1 24.6 10.0 2.8 1.1 0.7 0.4 2.5
Individuals 119 256 7 444 62 072 19 199 13 426 5 560 1 938 1 953 1 144 6 520
100.0 6.2 52.0 16.1 11.3 4.7 1.6 1.6 1.0 5.5
Other services 81 117 33 421 17 092 14 965 8 472 2 600 1 006 1 496 220 1 845
100.0 41.2 21.1 18.4 10.4 3.2 1.2 1.8 0.3 2.3
Total 474 754 135 444 154 475 86 578 48 269 20 438 5 741 5 248 2 763 15 798
100.0 28.5 32.5 18.2 10.2 4.3 1.2 1.1 0.6 3.3
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
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) of more than 180 days: risk level H.
Boletim do Banco Central do Brasil January 2005
81
II.22 - Credit operations in the private financial system1/
Balances in R$ million and % participation on total
Segment November 2004*
Total Risk level
AA A B C D E F G H
Public sector2/ 3 236 1 872 781 537 25 11 1 0 0 9
100.0 57.8 24.1 16.6 0.8 0.3 0.0 0.0 0.0 0.3
Federal government 1 413 1 402 0 10 0 0 1 0 0 0
100.0 99.2 0.0 0.7 0.0 0.0 0.1 0.0 0.0 0.0
State and municipal governments 1 823 470 781 527 25 11 0 0 0 9
100.0 25.8 42.8 28.9 1.4 0.6 0.0 0.0 0.0 0.5
Private sector 289 306 74 030 118 305 48 268 25 740 7 991 3 055 2 431 1 536 7 950
100.0 25.6 40.9 16.7 8.9 2.8 1.1 0.8 0.5 2.7
Industry 75 209 29 545 21 364 13 276 7 043 1 705 411 380 279 1 206
100.0 39.3 28.4 17.7 9.4 2.3 0.5 0.5 0.4 1.6
Housing 8 065 2 309 2 524 1 405 511 452 101 108 78 577
100.0 28.6 31.3 17.4 6.3 5.6 1.3 1.3 1.0 7.2
Rural 21 492 6 239 7 611 4 015 2 242 598 314 161 163 149
100.0 29.0 35.4 18.7 10.4 2.8 1.5 0.7 0.8 0.7
Commerce 42 504 13 339 12 896 9 224 4 466 990 420 242 117 810
100.0 31.4 30.3 21.7 10.5 2.3 1.0 0.6 0.3 1.9
Individuals 94 610 5 747 60 811 12 094 4 801 3 080 1 514 1 312 822 4 429
100.0 6.1 64.3 12.8 5.1 3.3 1.6 1.4 0.9 4.7
Other services 47 426 16 851 13 099 8 254 6 677 1 166 295 228 77 779
100.0 35.5 27.6 17.4 14.1 2.5 0.6 0.5 0.2 1.6
Total 292 542 75 902 119 086 48 805 25 765 8 002 3 056 2 431 1 536 7 959
100.0 25.9 40.7 16.7 8.8 2.7 1.0 0.8 0.5 2.7
(continues)
Boletim do Banco Central do Brasil January 2005
82
II.22 - Credit operations in the private financial system1/
(concluded) Balances in R$ million and % participation on total
Segment October 2004*
Total Risk level
AA A B C D E F G H
Public sector2/ 3 410 2 047 805 495 44 10 0 0 9 0
100.0 60.0 23.6 14.5 1.3 0.3 0.0 0.0 0.3 0.0
Federal government 1 502 1 502 0 0 0 0 0 0 0 0
100.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
State and municipal governments 1 908 545 805 495 44 10 0 0 9 0
100.0 28.6 42.2 25.9 2.3 0.5 0.0 0.0 0.5 0.0
Private sector 286 945 76 990 114 780 47 337 25 314 7 637 3 000 2 459 1 512 7 916
100.0 26.8 40.0 16.5 8.8 2.7 1.0 0.9 0.5 2.8
Industry 74 896 29 355 21 544 13 188 6 967 1 475 433 420 275 1 239
100.0 39.2 28.8 17.6 9.3 2.0 0.6 0.6 0.4 1.7
Housing 8 041 2 274 2 531 1 404 537 432 101 106 77 579
100.0 28.3 31.5 17.5 6.7 5.4 1.3 1.3 1.0 7.2
Rural 21 207 5 990 7 598 4 093 2 157 601 316 164 162 126
100.0 28.2 35.8 19.3 10.2 2.8 1.5 0.8 0.8 0.6
Commerce 41 512 13 223 12 589 8 807 4 354 965 398 227 120 829
100.0 31.9 30.3 21.2 10.5 2.3 1.0 0.5 0.3 2.0
Individuals 91 920 6 362 58 179 11 699 4 720 3 027 1 447 1 320 800 4 366
100.0 6.9 63.3 12.7 5.1 3.3 1.6 1.4 0.9 4.7
Other services 49 369 19 786 12 339 8 146 6 579 1 137 305 222 78 777
100.0 40.1 25.0 16.5 13.3 2.3 0.6 0.4 0.2 1.6
Total 290 355 79 037 115 585 47 832 25 358 7 647 3 000 2 459 1 521 7 916
100.0 27.2 39.8 16.5 8.7 2.6 1.0 0.8 0.5 2.7
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
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) of more than 180 days: risk level H.
Boletim do Banco Central do Brasil January 2005
83
II.23 - Credit operations in the public financial system1/
Balances in R$ million and % participation on total
Segment November 2004*
Total Risk level
AA A B C D E F G H
Public sector2/ 16 202 9 349 1 796 1 711 882 1 064 58 0 1 1 341
100.0 57.7 11.1 10.6 5.4 6.6 0.4 0.0 0.0 8.3
Federal government 3 752 3 699 17 1 34 1 0 0 0 0
100.0 98.6 0.5 0.0 0.9 0.0 0.0 0.0 0.0 0.0
State and municipal governments 12 450 5 650 1 779 1 710 848 1 063 58 0 1 1 341
100.0 45.4 14.3 13.7 6.8 8.5 0.5 0.0 0.0 10.8
Private sector 170 835 48 006 38 163 38 227 21 607 11 665 2 726 2 731 1 209 6 501
100.0 28.1 22.3 22.4 12.6 6.8 1.6 1.6 0.7 3.8
Industry 49 439 22 760 11 095 7 788 3 968 1 665 572 201 307 1 083
100.0 46.0 22.4 15.8 8.0 3.4 1.2 0.4 0.6 2.2
Housing 17 543 639 4 800 1 853 3 201 4 763 543 344 203 1 197
100.0 3.6 27.4 10.6 18.2 27.2 3.1 2.0 1.2 6.8
Rural 32 105 7 244 10 300 9 238 3 438 815 193 149 120 608
100.0 22.6 32.1 28.8 10.7 2.5 0.6 0.5 0.4 1.9
Commerce 12 362 2 350 3 079 4 454 984 537 191 166 85 516
100.0 19.0 24.9 36.0 8.0 4.3 1.5 1.3 0.7 4.2
Individuals 27 641 1 401 4 070 7 963 8 212 2 441 523 600 352 2 079
100.0 5.1 14.7 28.8 29.7 8.8 1.9 2.2 1.3 7.5
Other services 31 745 13 612 4 819 6 931 1 804 1 444 704 1 271 142 1 018
100.0 42.9 15.2 21.8 5.7 4.5 2.2 4.0 0.4 3.2
Total 187 037 57 355 39 959 39 938 22 489 12 729 2 784 2 731 1 210 7 842
100.0 30.7 21.4 21.4 12.0 6.8 1.5 1.5 0.6 4.2
(continues)
Boletim do Banco Central do Brasil January 2005
84
II.23 - Credit operations in the public financial system1/
(concluded) Balances in R$ million and % participation on total
Segment October 2004*
Total Risk level
AA A B C D E F G H
Public sector2/ 16 198 9 407 1 811 1 693 857 1 084 34 0 1 1 311
100.0 58.1 11.2 10.5 5.3 6.7 0.2 0.0 0.0 8.1
Federal government 3 770 3 718 17 35 0 0 0 0 0 0
100.0 98.6 0.5 0.9 0.0 0.0 0.0 0.0 0.0 0.0
State and municipal governments 12 428 5 689 1 794 1 658 857 1 084 34 0 1 1 311
100.0 45.8 14.4 13.3 6.9 8.7 0.3 0.0 0.0 10.5
Private sector 168 201 47 000 37 079 37 053 22 054 11 707 2 707 2 789 1 241 6 571
100.0 27.9 22.0 22.0 13.1 7.0 1.6 1.7 0.7 3.9
Industry 48 997 22 602 10 782 7 821 3 967 1 661 553 202 346 1 063
100.0 46.1 22.0 16.0 8.1 3.4 1.1 0.4 0.7 2.2
Housing 17 446 574 4 849 1 868 3 197 4 648 544 357 203 1 206
100.0 3.3 27.8 10.7 18.3 26.6 3.1 2.0 1.2 6.9
Rural 30 728 6 921 9 827 8 727 3 282 893 234 163 121 560
100.0 22.5 32.0 28.4 10.7 2.9 0.8 0.5 0.4 1.8
Commerce 11 946 2 186 2 975 4 318 1 009 509 184 160 85 520
100.0 18.3 24.9 36.1 8.4 4.3 1.5 1.3 0.7 4.4
Individuals 27 336 1 082 3 893 7 500 8 706 2 533 491 633 344 2 154
100.0 4.0 14.2 27.4 31.8 9.3 1.8 2.3 1.3 7.9
Other services 31 748 13 635 4 753 6 819 1 893 1 463 701 1 274 142 1 068
100.0 42.9 15.0 21.5 6.0 4.6 2.2 4.0 0.4 3.4
Total 184 399 56 407 38 890 38 746 22 911 12 791 2 741 2 789 1 242 7 882
100.0 30.6 21.1 21.0 12.4 6.9 1.5 1.5 0.7 4.3
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
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) of more than 180 days: risk level H.
Boletim do Banco Central do Brasil January 2005
85
II.24 - Credit operations in the financial system Provisions
R$ million
Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total
2002 Dec 183 795 831 1 458 2 561 3 855 2 209 2 196 13 193 27 281
2003 Jan 98 883 825 1 507 2 514 3 930 2 413 2 225 13 130 27 525
Feb 106 891 822 1 565 2 540 3 304 3 127 2 708 12 809 27 872
Mar 101 865 832 1 776 2 770 3 139 2 356 3 717 13 321 28 877
Apr 81 854 843 1 709 2 656 3 306 2 277 2 425 15 150 29 301
May 48 887 862 1 628 2 819 3 192 2 637 2 257 15 458 29 788
Jun 49 905 876 1 608 2 900 2 532 2 213 4 225 15 830 31 138
Jul 54 904 901 1 568 2 852 2 677 2 139 3 843 16 636 31 574
Aug 53 904 894 1 570 2 936 2 479 2 323 3 795 16 692 31 646
Sep 48 932 930 1 614 2 761 2 512 2 242 3 687 16 992 31 718
Oct 55 972 931 1 576 2 774 2 515 2 298 3 586 17 232 31 939
Nov 54 977 946 1 601 2 795 2 417 2 128 2 296 18 677 31 891
Dec 76 995 944 1 647 2 796 2 431 2 208 2 111 16 723 29 931
2004 Jan 66 961 868 1 660 2 830 2 359 2 364 2 203 16 810 30 121
Feb 64 931 974 1 632 2 921 2 408 2 263 2 196 15 027 28 416
Mar 79 932 964 1 830 2 938 2 400 2 383 2 015 14 526 28 067
Apr 76 956 984 1 853 2 907 2 236 2 828 2 066 14 485 28 391
May 80 979 1 004 1 950 2 861 2 213 2 943 1 984 14 694 28 708
Jun 102 1 000 1 007 1 961 2 921 2 070 3 029 2 022 14 702 28 814
Jul 104 997 1 024 2 026 2 861 2 145 2 932 2 093 14 761 28 943
Aug 98 1 018 1 045 1 993 2 964 2 057 2 790 2 088 15 117 29 170
Sep* 88 945 1 089 2 086 2 979 2 046 2 816 1 978 15 212 29 239
Oct* 96 875 1 102 2 084 3 000 2 037 2 931 2 099 15 779 30 003
Nov* 97 894 1 071 2 102 3 048 2 120 2 884 2 098 15 787 30 101
Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits.
Provisions cannot be lower than the amounts obtained when applying the following percentuals:
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.
Boletim do Banco Central do Brasil January 2005
86
II.25 - Credit operations in the private financial system Provisions
R$ million
Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total
2002 Dec 183 585 541 949 1 226 1 447 1 370 1 239 7 329 14 869
2003 Jan 98 670 520 1 005 1 178 1 472 1 602 1 383 7 271 15 199
Feb 106 674 525 1 032 1 216 1 392 1 417 1 759 7 084 15 205
Mar 101 650 518 1 273 1 329 1 312 1 523 1 512 7 624 15 842
Apr 81 637 527 1 215 1 375 1 330 1 460 1 514 7 853 15 992
May 48 665 538 1 141 1 556 1 363 1 441 1 356 8 091 16 199
Jun 49 683 541 1 085 1 636 1 385 1 341 1 355 8 170 16 245
Jul 54 683 560 1 060 1 536 1 521 1 276 1 431 8 305 16 426
Aug 53 682 542 1 065 1 564 1 384 1 511 1 319 8 594 16 714
Sep 48 701 565 1 104 1 455 1 444 1 443 1 365 8 553 16 678
Oct 55 734 570 1 061 1 496 1 448 1 459 1 265 8 797 16 885
Nov 54 727 566 1 099 1 499 1 369 1 320 1 402 8 242 16 278
Dec 76 737 651 1 145 1 399 1 364 1 402 1 250 8 083 16 107
2004 Jan 66 705 576 1 143 1 492 1 306 1 461 1 275 8 148 16 172
Feb 64 719 601 1 097 1 490 1 314 1 431 1 286 8 286 16 288
Mar 79 736 595 1 154 1 509 1 333 1 523 1 111 7 941 15 981
Apr 76 757 603 1 170 1 552 1 384 1 458 1 169 7 887 16 056
May 80 779 624 1 246 1 418 1 366 1 526 1 106 7 906 16 051
Jun 102 799 629 1 232 1 428 1 196 1 644 1 176 7 797 16 003
Jul 104 800 650 1 277 1 416 1 257 1 563 1 222 7 714 16 003
Aug 98 819 662 1 244 1 463 1 228 1 477 1 274 7 696 15 961
Sep* 88 748 687 1 306 1 489 1 230 1 479 1 156 7 650 15 833
Oct* 96 674 700 1 310 1 449 1 206 1 496 1 224 7 919 16 074
Nov* 97 688 656 1 337 1 494 1 268 1 479 1 244 7 967 16 230
Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits.
Provisions cannot be lower than the amounts obtained when applying the following percentuals:
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.
Boletim do Banco Central do Brasil January 2005
87
II.26 - Credit operations in the public financial system Provisions
R$ million
Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total
2002 Dec 0 210 290 509 1 335 2 408 839 957 5 864 12 412
2003 Jan 0 213 305 502 1 336 2 458 811 842 5 859 12 326
Feb 0 217 297 533 1 324 1 912 1 710 949 5 725 12 667
Mar 0 215 314 503 1 441 1 827 833 2 205 5 697 13 035
Apr 0 217 316 494 1 281 1 976 817 911 7 297 13 309
May 0 222 324 487 1 263 1 829 1 196 901 7 367 13 589
Jun 0 222 335 523 1 264 1 147 872 2 870 7 660 14 893
Jul 0 221 341 508 1 316 1 156 863 2 412 8 331 15 148
Aug 0 222 352 505 1 372 1 095 812 2 476 8 098 14 932
Sep 0 231 365 510 1 306 1 068 799 2 322 8 439 15 040
Oct 0 238 361 515 1 278 1 067 839 2 321 8 435 15 054
Nov 0 250 380 502 1 296 1 048 808 894 10 435 15 613
Dec 0 258 293 502 1 397 1 067 806 861 8 640 13 824
2004 Jan 0 256 292 517 1 338 1 053 903 928 8 662 13 949
Feb 0 212 373 535 1 431 1 094 832 910 6 741 12 128
Mar 0 196 369 676 1 429 1 067 860 904 6 585 12 086
Apr 0 199 381 683 1 355 852 1 370 897 6 598 12 335
May 0 200 380 704 1 443 847 1 417 878 6 788 12 657
Jun 0 201 378 729 1 493 874 1 385 846 6 905 12 811
Jul 0 197 374 749 1 445 888 1 369 871 7 047 12 940
Aug 0 199 383 749 1 501 829 1 313 814 7 421 13 209
Sep* 0 197 402 780 1 490 816 1 337 822 7 562 13 406
Oct* 0 201 402 774 1 551 831 1 435 875 7 860 13 929
Nov* 0 206 415 765 1 554 852 1 405 854 7 820 13 871
Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits.
Provisions cannot be lower than the amounts obtained when applying the following percentuals:
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.
III - Capital and financial markets
Boletim do Banco Central do Brasil January 2005
90
III.1 - Interest rates
###
Period Federal funds rate Money market interest Reference rate1/ Financial basic rate1/ Long-term interest rate2/
% p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y.
2000 Dec 1.20 16.19 1.19 16.13 0.10 1.26 1.16 15.64 0.78 9.75
2001 Dec 1.39 19.05 1.39 19.05 0.20 2.53 1.27 17.28 0.80 10.00
2002 Dec 1.74 23.03 1.73 22.91 0.36 4.42 1.66 21.78 0.80 10.00
2003 Jan 1.97 25.06 1.97 24.98 0.49 5.73 1.90 24.13 0.87 11.00
Feb 1.83 25.68 1.83 25.63 0.41 5.31 1.76 24.54 0.87 11.00
Mar 1.78 26.32 1.77 26.25 0.38 5.13 1.69 24.94 0.87 11.00
Apr 1.87 26.32 1.87 26.23 0.42 5.40 1.77 24.80 0.95 12.00
May 1.97 26.31 1.96 26.22 0.47 5.72 1.86 24.77 0.95 12.00
Jun 1.86 26.09 1.85 25.99 0.42 5.38 1.78 24.93 0.95 12.00
Jul 2.08 25.36 2.08 25.24 0.55 6.15 2.03 24.69 0.95 12.00
Aug 1.77 23.50 1.76 23.36 0.40 4.95 1.75 23.13 0.95 12.00
Sep 1.68 21.02 1.67 20.88 0.34 3.92 1.62 20.22 0.95 12.00
Oct 1.64 19.54 1.63 19.42 0.32 3.58 1.59 18.81 0.87 11.00
Nov 1.34 18.31 1.34 18.23 0.18 2.26 1.31 17.81 0.87 11.00
Dec 1.37 16.91 1.37 16.81 0.19 2.20 1.33 16.37 0.87 11.00
2004 Jan 1.27 16.32 1.26 16.22 0.13 1.55 1.21 15.52 0.80 10.00
Feb 1.08 16.30 1.08 16.22 0.05 0.64 1.05 15.69 0.80 10.00
Mar 1.38 16.19 1.37 16.13 0.18 1.97 1.31 15.32 0.80 10.00
Apr 1.18 15.96 1.17 15.85 0.09 1.11 1.13 15.19 0.78 9.75
May 1.23 15.77 1.22 15.73 0.15 1.87 1.18 15.06 0.78 9.75
Jun 1.23 15.80 1.22 15.71 0.18 2.13 1.22 15.63 0.78 9.75
Jul 1.29 15.77 1.28 15.71 0.20 2.26 1.25 15.26 0.78 9.75
Aug 1.29 15.86 1.29 15.76 0.20 2.32 1.26 15.46 0.78 9.75
Sep 1.25 16.09 1.24 15.99 0.17 2.09 1.20 15.45 0.78 9.75
Oct 1.21 16.41 1.21 16.34 0.11 1.41 1.17 15.81 0.78 9.75
Nov 1.25 16.96 1.25 16.93 0.11 1.45 1.19 16.01 0.78 9.75
1/ Refers to the first day of the month. Rate annualized according to base 252 (252 working days).
2/ Fixed for the quarter.
Boletim do Banco Central do Brasil January 2005
91
III.2 - Velocity of circulation of main financial assets
###
Period Velocity of circulation1/ Memorandum (R$ million)2/
Demand Savings Time Demand deposits Savings deposits Time deposits
deposits deposits deposits
Redemptions Average Redemptions Average Redemptions Average
in month3/ daily in month daily in month daily
balances balances balances
2000 Dec 3.5 0.3 0.4 152 545 43 697 37 497 110 531 32 927 93 259
2001 Dec 3.4 0.4 0.4 162 044 48 255 43 823 118 365 40 680 109 035
2002 Dec 1.8 0.4 0.3 110 334 61 894 54 173 140 311 37 718 140 269
2003 Jan 1.7 0.3 0.2 102 842 59 328 46 600 140 100 32 828 141 365
Feb 1.7 0.3 0.2 92 049 55 321 43 827 139 444 27 998 144 985
Mar 1.6 0.3 0.2 89 785 54 526 43 066 138 864 31 358 146 516
Apr 1.7 0.3 0.2 89 650 53 359 44 502 138 057 35 588 147 597
May 1.7 0.3 0.3 89 742 51 767 46 047 137 117 41 868 147 352
Jun 1.7 0.3 0.3 87 219 51 921 45 297 136 925 52 032 149 498
Jul 1.7 0.3 0.3 90 782 52 248 47 977 137 380 38 274 147 302
Aug 1.6 0.3 0.2 82 714 51 791 44 458 137 739 35 704 149 955
Sep 1.7 0.3 0.3 89 412 51 873 47 220 138 074 41 023 149 466
Oct 1.7 0.3 0.3 91 410 53 002 48 020 138 066 37 817 148 671
Nov 1.5 0.3 0.2 82 996 55 220 44 961 138 407 31 874 148 913
Dec 1.6 0.4 0.3 103 783 63 247 58 658 142 497 40 135 147 439
2004 Jan 1.4 0.3 0.2 87 263 62 412 49 491 143 617 33 041 145 207
Feb 1.2 0.3 0.2 76 469 61 221 45 693 143 445 30 299 146 529
Mar 1.6 0.4 0.2 94 787 60 938 53 274 143 311 33 553 149 379
Apr 1.4 0.3 0.2 87 143 61 993 49 107 143 727 29 671 151 980
May 1.4 0.4 0.2 88 957 63 855 51 783 144 867 30 288 157 587
Jun 1.4 0.3 0.2 88 881 64 131 51 510 147 523 34 536 165 564
Jul 1.4 0.4 0.2 90 903 65 606 53 372 149 731 35 007 168 286
Aug 1.4 0.4 0.2 93 296 65 164 54 232 150 840 42 798 172 850
Sep 1.3 0.3 0.3 90 540 67 763 50 508 151 534 59 890 176 082
Oct 1.3 0.3 0.2 90 840 70 456 52 525 152 050 37 171 179 270
Nov 1.4 0.4 0.2 101 570 70 168 56 187 152 818 38 184 184 369
1/ Relation redemptions/balances.
2/ Average daily balances of working days of the month indicated.
3/ Flow of the check clearing.
Boletim do Banco Central do Brasil January 2005
92
III.3 - Investment funds - portfolio destination1/
####R$ million
Period Destination Financial Investment fund Stocks Mutual Total
investment of state funds privatization
funds2/companies funds
2003 Dec Federal securities 308 987 2 469 744 32 312 232
State and municipal securities 93 - - - 93
Private securities 34 805 - 72 - 34 878
Debenture 15 900 - 179 - 16 079
Commercial papers 15 - - - 15
Fund quotas - - 780 - 780
Repurchase agreements 90 319 10 162 98 - 100 579
Stocks 4 704 - 33 424 5 149 43 278
Deposits with the Bacen - - - - -
Other 11 969 - 607 583 13 159
Portfolio total 466 793 12 631 35 904 5 765 521 093
2004 Jan Federal securities 319 307 2 601 717 32 322 656
State and municipal securities 94 - - - 94
Private securities 36 305 - 48 - 36 353
Debenture 16 260 - 190 - 16 450
Commercial papers 15 - - - 15
Fund quotas - - 770 - 770
Repurchase agreements 97 364 9 526 104 - 106 994
Stocks 4 859 - 33 633 4 989 43 480
Deposits with the Bacen - - - - -
Other 12 288 - 906 559 13 753
Portfolio total 486 492 12 127 36 367 5 579 540 565
Feb Federal securities 324 277 2 562 615 43 327 497
State and municipal securities 224 - - - 224
Private securities 36 947 - 52 - 36 999
Debenture 16 948 - 183 - 17 131
Commercial papers 15 - - - 15
Fund quotas - - 769 - 769
Repurchase agreements 96 637 9 974 144 - 106 755
Stocks 4 476 - 32 320 5 286 42 082
Deposits with the Bacen - - - - -
Other 11 901 - 1 450 480 13 831
Portfolio total 491 426 12 536 35 533 5 809 545 304
1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.
Boletim do Banco Central do Brasil January 2005
93
III.4 - Investment funds - portfolio destination1/
Relative participation %
Period Destination Financial Investment fund Stocks Mutual Total
investment of state funds privatization
funds2/companies funds
2003 Dec Federal securities 66.2 19.5 2.1 0.6 59.9
State and municipal securities 0.0 - - - 0.0
Private securities 7.5 - 0.2 - 6.7
Debenture 3.4 - 0.5 - 3.1
Commercial papers 0.0 - - - 0.0
Fund quotas - - 2.2 - 0.1
Repurchase agreements 19.3 80.5 0.3 - 19.3
Stocks 1.0 - 93.1 89.3 8.3
Deposits with the Bacen - - - - -
Other 2.6 - 1.7 10.1 2.5
Portfolio total 100.0 100.0 100.0 100.0 100.0
2004 Jan Federal securities 65.6 21.4 2.0 0.6 59.7
State and municipal securities 0.0 - - - 0.0
Private securities 7.5 - 0.1 - 6.7
Debenture 3.3 - 0.5 - 3.0
Commercial papers 0.0 - - - 0.0
Fund quotas - - 2.1 - 0.1
Repurchase agreements 20.0 78.6 0.3 - 19.8
Stocks 1.0 - 92.5 89.4 8.0
Deposits with the Bacen - - - - -
Other 2.5 - 2.5 10.0 2.5
Portfolio total 100.0 100.0 100.0 100.0 100.0
Feb Federal securities 66.0 20.4 1.7 0.7 60.1
State and municipal securities 0.0 - - - 0.0
Private securities 7.5 - 0.1 - 6.8
Debenture 3.4 - 0.5 - 3.1
Commercial papers 0.0 - - - 0.0
Fund quotas - - 2.2 - 0.1
Repurchase agreements 19.7 79.6 0.4 - 19.6
Stocks 0.9 - 91.0 91.0 7.7
Deposits with the Bacen - - - - -
Other 2.4 - 4.1 8.3 2.5
Portfolio total 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.
Boletim do Banco Central do Brasil January 2005
94
III.5 - Mutual investment funds
###R$ million
Period Financial investment funds Investment fund of state companies Stock funds
Net worth Net inflow Net worth Net inflow Net worth Net inflow
(balance) (flow) (balance) (flow) (balance) (flow)
2000 Dec 271 538 - 938 10 407 -2 169 24 466 - 439
2001 Dec 320 604 -1 828 12 345 - 616 24 925 - 368
2002 Dec 321 605 - 806 11 590 -1 897 32 221 124
2003 Jan 336 650 7 253 11 185 - 638 31 317 - 335
Feb 347 367 3 624 11 178 - 210 30 579 - 193
Mar 359 720 6 634 11 256 408 31 261 - 105
Apr 368 974 5 319 10 776 - 632 32 051 119
May 378 686 2 976 10 374 - 353 32 827 11
Jun 387 196 3 136 10 935 382 31 855 - 306
Jul 401 851 6 424 11 462 289 32 861 - 105
Aug 414 269 6 146 12 107 443 34 266 - 217
Sep 426 970 5 621 12 642 343 34 792 - 15
Oct 439 316 5 507 12 342 - 494 35 840 - 421
Nov 450 226 3 267 12 021 - 495 37 399 58
Dec 466 793 10 249 13 318 1 124 41 669 - 81
2004 Jan 486 492 12 948 12 867 - 620 41 946 570
Feb 491 426 560 13 263 259 41 342 - 664
Mar 500 605 2 482 14 430 603 41 980 - 155
Apr 506 827 1 027 14 114 - 505 37 845 - 484
May 510 178 -3 153 15 200 882 36 943 - 705
Jun 513 855 -2 931 14 183 -1 197 37 634 - 274
Jul 518 615 - 655 14 809 452 39 928 659
Aug 520 912 -2 720 15 150 165 41 302 79
Sep 531 940 4 722 15 744 414 43 134 277
Oct 534 796 -2 611 17 504 1 559 43 307 199
Nov 538 054 1 892 16 062 - 822 44 137 - 225
Boletim do Banco Central do Brasil January 2005
95
III.6 - Savings deposits and time deposits
###R$ million
Period Time deposits Savings deposits
Brazilian System of Rural Total
Savings and Loans
Balance1/ Net inflow2/ Balance Net inflow Balance Net inflow Balance Net inflow
2000 Dec 89 936 -2 047 91 433 2 291 20 311 34 111 744 2 325
2001 Dec 107 609 689 97 148 1 444 21 553 114 118 701 1 558
2002 Dec 137 559 -4 521 112 423 - 333 27 219 - 336 139 642 - 670
2003 Jan 143 601 6 043 112 317 -1 006 27 433 - 594 139 751 -1 600
Feb 147 301 3 700 112 167 - 701 27 252 - 376 139 419 -1 077
Mar 146 355 - 946 111 141 -1 923 27 075 - 403 138 216 -2 326
Apr 146 377 22 110 352 -1 807 26 944 - 390 137 296 -2 197
May 150 294 3 917 110 032 -1 229 26 778 - 397 136 810 -1 626
Jun 145 982 -4 312 110 032 -1 015 26 692 - 347 136 724 -1 362
Jul 148 696 2 713 110 514 - 503 26 744 - 194 137 258 - 696
Aug 149 635 940 111 065 - 464 26 834 - 165 137 900 - 629
Sep 149 985 350 110 945 -1 042 26 875 - 198 137 820 -1 239
Oct 147 718 -2 267 110 897 - 891 26 885 - 196 137 782 -1 088
Nov 150 428 2 709 112 630 927 27 145 56 139 774 983
Dec 144 242 -6 185 115 257 1 909 27 799 469 143 057 2 378
2004 Jan 146 374 2 132 115 306 - 643 28 021 53 143 326 - 590
Feb 147 471 1 097 115 632 - 346 27 997 - 195 143 629 - 541
Mar 151 637 2 250 115 016 -1 232 27 978 - 179 142 993 -1 411
Apr 152 319 - 982 115 227 - 485 28 226 76 143 453 - 409
May 162 630 8 467 117 209 1 323 28 783 387 145 992 1 710
Jun 167 505 2 930 118 593 960 29 337 348 147 930 1 308
Jul 170 509 967 120 211 694 29 857 315 150 068 1 009
Aug 176 749 4 111 120 729 - 248 30 074 16 150 803 - 233
Sep 177 760 -1 170 121 178 - 332 30 246 - 29 151 423 - 361
Oct 183 381 3 542 121 853 - 44 30 398 - 40 152 251 - 84
Nov 184 025 41 123 184 635 30 587 - 9 153 771 626
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.
Boletim do Banco Central do Brasil January 2005
96
III.7 - Nominal income of major financial investments
#% p.m.
Period Savings1/ Banking certificates Investment funds3/ Gold4/ Commercial Ibovespa4/
of deposits2/ exchange
Individuals No financial Average Investment Stocks rate4/
corporate funds of state
entities companies
2000 Dec 0.60 1.15 1.11 1.13 1.15 5.96 1.15 -0.21 14.84
2001 Dec 0.70 1.25 1.35 1.36 1.31 3.56 -2.27 -8.24 4.47
2002 Dec 0.86 1.61 1.72 1.72 1.70 4.20 5.42 -2.84 7.23
2003 Jan 0.99 1.72 1.87 1.88 1.92 -1.84 4.63 -0.21 -2.90
Feb 0.91 1.63 1.76 1.76 1.79 -1.72 -2.83 1.06 -6.04
Mar 0.88 1.53 1.69 1.68 1.74 2.56 -8.85 -5.90 9.66
Apr 0.92 1.59 1.76 1.76 1.83 2.16 -12.34 -13.82 11.38
May 0.97 1.60 1.83 1.83 1.93 3.21 10.76 2.62 6.89
Jun 0.92 1.50 1.73 1.72 1.83 -1.85 -7.43 -3.16 -3.35
Jul 1.05 1.66 1.89 1.89 2.05 3.53 3.55 3.26 4.62
Aug 0.91 1.45 1.63 1.62 1.75 5.03 6.41 0.03 11.81
Sep 0.84 1.37 1.54 1.53 1.65 2.04 0.42 -1.45 5.51
Oct 0.82 1.35 1.52 1.51 1.61 4.59 -0.73 -2.30 11.98
Nov 0.68 1.17 1.26 1.26 1.32 4.50 5.37 3.26 12.58
Dec 0.69 1.18 1.29 1.28 1.34 11.77 2.93 -2.04 10.17
2004 Jan 0.63 1.06 1.19 1.18 1.24 -0.04 -1.81 1.79 -1.73
Feb 0.55 0.92 1.02 1.02 1.06 0.57 -2.37 -0.92 -0.44
Mar 0.68 1.16 1.31 1.29 1.36 1.69 6.22 -0.18 1.78
Apr 0.59 0.96 1.11 1.10 1.16 -6.90 -7.38 1.24 -11.45
May 0.66 1.07 1.18 1.18 1.20 -0.43 8.93 6.26 -0.32
Jun 0.68 1.06 1.18 1.18 1.22 2.66 -2.90 -0.69 8.21
Jul 0.70 1.06 1.23 1.22 1.27 4.36 -1.30 -2.60 5.62
Aug 0.70 1.10 1.24 1.25 1.27 3.25 1.05 -3.07 2.09
Sep 0.67 1.19 1.24 1.25 1.22 3.76 0.26 -2.56 1.94
Oct 0.61 1.06 1.17 1.17 1.20 -0.01 1.56 -0.07 -0.83
Nov 0.62 1.12 1.21 1.20 1.23 2.47 0.05 -4.40 9.01
1/ Reference rate (TR) +0,5% per month; earning credited at first working day following the month indicated.
2/ Since December 2003, data refer to Art. 2nd of Circular 2,132, dated 2.6.1992. The average rate encompasses all certificates of banking deposits issued, including those traded with financial institutions and institutional investors. Before December 2003, estimates for the month were based on data collected by dealers of the Open-market Operations Department at the major financial institutions. 3/ Average yield estimate based on financial institution figures.
4/ Change at the end of the period.
Boletim do Banco Central do Brasil January 2005
97
III.8 - One day ID futures contracts Adjustment rates, traded volumes and outstanding contracts#####
Period Interest rates1/ Traded volumes2/ Outstanding contracts3/
% p.y. (R$ million) (thousand)
1st 2nd 3rd 4th 5th 6th 7th 1st to 4th 5th e 6th 7th 1st to 4th 5th e 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
2002 Dec 24.79 25.56 26.37 26.76 27.50 28.30 29.10 10 282 388 175 569 68 98
2003 Jan 25.33 25.69 26.25 26.75 27.15 27.96 28.90 8 735 7 763 462 418 133 110
Feb 26.25 26.77 27.19 27.51 27.76 28.35 28.77 4 126 10 594 640 394 220 139
Mar 26.26 26.44 26.70 26.80 26.85 26.97 27.15 16 805 2 556 344 727 182 105
Apr 26.26 26.08 25.77 25.36 24.61 23.97 23.95 6 562 11 403 782 412 316 160
May 26.19 26.15 25.90 25.67 25.29 24.15 23.69 2 847 14 319 1 033 416 394 179
Jun 25.67 25.39 24.77 24.22 22.93 22.26 21.98 5 045 12 611 701 523 442 166
Jul 24.21 23.81 23.22 22.74 22.11 21.50 21.33 4 636 15 560 1 393 395 533 246
Aug 21.70 21.10 20.50 20.12 19.87 19.35 19.02 4 118 17 435 2 111 416 664 300
Sep 19.72 19.41 19.01 18.68 18.16 18.05 18.06 8 550 14 110 1 281 680 453 253
Oct 18.72 18.46 18.13 17.92 17.75 17.62 17.58 7 227 12 160 2 571 679 552 354
Nov 17.25 16.91 16.55 16.32 16.14 15.94 15.97 8 274 14 267 3 394 655 699 467
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 Jan 16.23 16.22 16.19 16.16 16.09 15.95 15.74 12 960 17 931 9 845 788 632 493
Feb 16.24 16.20 16.16 16.12 16.06 15.88 15.78 6 390 9 937 20 622 726 578 594
Mar 16.02 15.84 15.71 15.57 15.32 15.17 15.24 12 364 22 880 2 879 927 609 332
Apr 15.74 15.64 15.54 15.46 15.45 15.60 15.78 15 447 26 801 4 907 818 775 465
May 15.84 15.90 16.06 16.41 16.88 17.80 18.45 9 312 26 836 3 763 822 774 497
Jun 15.70 15.77 15.87 16.02 16.54 16.79 17.04 10 593 20 399 1 428 1 226 721 285
Jul 15.74 15.84 15.99 16.18 16.69 17.19 17.54 8 246 26 071 2 147 999 886 319
Aug 15.82 15.98 16.14 16.41 16.73 17.36 17.80 8 327 26 289 2 393 1 132 1 081 385
Sep 16.17 16.29 16.49 16.67 17.08 17.30 17.41 23 225 8 813 1 852 1 464 621 289
Oct 16.66 16.92 17.21 17.41 17.69 17.85 17.91 9 151 17 951 2 603 1 188 791 367
Nov 17.20 17.42 17.59 17.76 17.89 18.01 17.96 6 912 24 485 6 307 1 013 947 486
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.
Boletim do Banco Central do Brasil January 2005
98
III.9 - Dollar futures contracts Adjustment prices, traded volumes and outstanding contracts#####
Period Adjustment prices1/ Traded volumes2/ Outstanding contracts3/
(R$/US$) (R$ million) (thousand)
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
2002 Dec 3.5333 3.5145 3.5268 7 593 1 141 53 71 60 17
2003 Jan 3.5258 3.5423 3.5796 9 155 1 463 76 76 73 19
Feb 3.5632 3.6159 3.6665 9 993 1 377 89 78 72 10
Mar 3.3531 3.4082 3.4578 9 158 1 512 61 92 73 8
Apr 2.8898 2.9704 3.0156 10 692 1 858 129 133 132 12
May 2.9656 3.0199 3.0769 10 398 1 528 80 111 99 11
Jun 2.8720 2.8981 2.9456 8 886 1 453 69 105 95 14
Jul 2.9655 3.0189 3.0672 7 794 1 310 102 92 93 12
Aug 2.9665 3.0271 3.0743 8 893 1 290 102 83 95 13
Sep 2.9234 2.9439 2.9821 7 987 1 259 138 102 93 16
Oct 2.8562 2.9054 2.9445 7 199 1 004 113 86 71 17
Nov 2.9494 2.9807 3.0143 8 660 1 483 121 117 91 12
Dec 2.8892 2.9419 2.9704 7 928 1 597 106 111 104 16
2004 Jan 2.9409 2.9600 2.9954 9 992 1 919 159 107 124 22
Feb 2.9138 2.9439 2.9752 11 782 2 008 156 134 117 23
Mar 2.9086 2.9268 2.9600 10 704 1 461 176 111 106 24
Apr 2.9447 2.9723 3.0064 11 884 1 982 145 102 127 26
May 3.1291 3.2333 3.2756 16 105 2 049 196 111 122 27
Jun 3.1075 3.1307 3.1702 11 460 2 022 97 105 117 28
Jul 3.0268 3.0758 3.1130 11 416 2 041 115 88 116 27
Aug 2.9338 2.9624 2.9949 11 575 1 719 96 104 111 17
Sep 2.8586 2.8894 2.9223 10 989 1 938 186 126 132 19
Oct 2.8565 2.8916 2.9313 14 031 2 024 327 97 113 32
Nov 2.7307 2.7555 2.7892 12 604 2 395 77 138 144 16
Source: BM&F
1/ Adjustment prices of contracts corresponding to the last working day of the first three maturities.
2/ Daily average.
3/ Outstanding contracts at the end of session.
Boletim do Banco Central do Brasil January 2005
99
III.10 - Forward rate agreement on the ID x U.S. Dollar spread Adjustment rates, traded volumes and outstanding contracts#####
Period Interest rates1/ Traded volumes2/ Outstanding contracts3/
% p.y. (R$ million) (thousand)
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
2002 Dec 19.00 18.99 19.40 18.60 18.90 19.90 5 534 511 647 268 67 293
2003 Jan 9.99 10.59 13.10 14.80 15.60 16.00 6 117 1 536 1 488 250 91 308
Feb 6.35 8.21 9.80 11.80 12.80 13.47 4 326 4 645 1 284 219 127 319
Mar 6.35 7.15 7.99 8.80 9.55 10.10 9 119 1 481 1 392 314 111 277
Apr 3.56 4.30 5.33 6.60 7.20 7.70 5 743 3 924 2 415 331 141 306
May 2.51 3.40 4.16 5.28 5.85 6.36 4 727 6 437 2 102 318 148 340
Jun 2.00 2.50 3.37 4.00 4.61 5.30 4 093 5 494 1 898 307 172 292
Jul 2.35 2.90 3.76 4.46 5.21 6.00 4 303 6 408 2 657 297 175 301
Aug 1.17 1.65 2.22 3.08 3.79 4.39 5 039 9 259 3 413 306 209 325
Sep 0.80 1.42 2.19 2.75 3.35 3.85 6 933 5 292 2 218 361 159 273
Oct 1.09 1.38 1.82 2.26 2.79 3.33 7 085 6 635 3 396 363 162 287
Nov 1.49 1.72 1.95 2.41 2.76 3.11 7 285 6 358 4 125 339 177 319
Dec 1.05 1.34 1.79 2.26 2.73 3.13 6 590 2 648 4 740 378 147 309
2004 Jan 2.08 2.14 2.36 2.76 3.00 3.29 7 419 2 430 7 301 394 161 338
Feb 1.44 1.65 1.95 2.50 2.92 3.19 7 604 3 120 10 208 372 176 350
Mar 0.99 1.18 1.64 2.01 2.32 2.64 9 021 8 433 2 725 379 174 256
Apr 0.68 0.89 1.39 1.98 2.50 2.97 11 695 8 798 3 294 325 166 289
May 0.13 0.70 1.46 2.98 3.64 4.17 9 064 12 903 3 411 302 162 298
Jun 0.46 0.94 1.88 2.59 3.25 3.85 7 826 13 321 2 037 361 179 268
Jul 0.55 0.81 1.25 1.73 2.24 2.82 8 230 7 536 3 143 273 145 274
Aug 1.23 1.36 1.50 1.91 2.40 2.89 9 129 4 362 3 795 290 161 300
Sep 1.16 1.33 1.69 2.01 2.39 2.65 14 360 1 068 3 447 376 88 264
Oct 1.15 1.34 1.60 1.85 2.21 2.48 9 648 1 770 4 370 332 101 288
Nov 1.85 2.10 2.28 2.43 2.71 2.82 12 625 2 682 3 727 356 118 298
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.
3/ Outstanding contracts at the end of session.
Boletim do Banco Central do Brasil January 2005
100
III.11 - Capital market indicators
#
Period Stock exchanges Primary issue2/
R$ million
Index Accumulated in the month (%) Total Stocks Corporate Commercial
amount bonds papers
Ibovespa Dow Jones Nasdaq Ibovespa Dow Jones Nasdaq Bovespa1/
R$ million
2000 Dec 15 259 10 787 2 471 14.84 3.58 -4.90 655.97 278 1 729 1 083
2001 Dec 13 509 10 137 1 987 4.47 2.90 2.94 725.25 129 5 256 77
2002 Dec 11 268 8 342 1 336 7.23 -6.23 -9.69 604.09 - 6 646 7
2003 Jan 10 941 8 054 1 321 -2.90 -3.45 -1.09 577.30 - - 2
Feb 10 280 7 702 1 309 -6.04 -4.37 -0.89 471.10 80 150 700
Mar 11 273 7 992 1 341 9.66 3.77 2.44 566.12 - 69 200
Apr 12 556 8 480 1 464 11.38 6.11 9.18 817.45 - 1 800 150
May 13 421 8 850 1 596 6.89 4.37 8.99 813.80 - 60 -
Jun 12 972 8 985 1 623 -3.35 1.53 1.68 781.99 - 350 23
Jul 13 572 9 234 1 735 4.62 2.76 6.92 572.65 - 250 3
Aug 15 174 9 416 1 810 11.81 1.97 4.35 828.25 - 830 -
Sep 16 010 9 275 1 787 5.51 -1.49 -1.30 1037.86 - 260 180
Oct 17 928 9 801 1 932 11.98 5.67 8.13 1139.14 - 205 475
Nov 20 183 9 782 1 960 12.58 -0.19 1.45 976.78 150 340 95
Dec 22 236 10 454 2 003 10.17 6.86 2.20 1174.95 - 969 300
2004 Jan 21 851 10 488 2 066 -1.73 0.33 3.13 950.54 - 1 580 1
Feb 21 755 10 584 2 030 -0.44 0.91 -1.76 1309.20 - - 40
Mar 22 142 10 357 1 995 1.78 -2.14 -1.73 1033.79 - 180 -
Apr 19 607 10 229 1 920 -11.45 -1.24 -3.73 1176.93 375 50 -
May 19 544 10 188 1 987 -0.32 -0.40 3.47 1003.38 - 150 -
Jun 21 148 10 435 2 048 8.21 2.42 3.07 1053.47 808 180 -
Jul 22 336 10 140 1 887 5.62 -2.83 -7.83 1124.43 - 1 629 200
Aug 22 803 10 174 1 838 2.09 0.34 -2.61 1205.31 - 1 380 -
Sep 23 245 10 080 1 897 1.94 -0.92 3.20 1161.24 1 889 1 857 -
Oct 23 052 10 027 1 975 -0.83 -0.52 4.12 1362.93 - 1 839 -
Nov 25 128 10 428 2 097 9.01 3.99 6.17 1224.93 321 314 2 000
Source: Bacen and Securities and Exchange Commission (CVM)
1/ Daily average.
2/ Flows in the month.
Boletim do Banco Central do Brasil January 2005
101
III.12 - Market value Open capital companies - Bovespa
##
Period Value of companies listed in the Bovespa index Total value of companies listed in Bovespa
R$ billion Variation % US$ billion1/ Variation % R$ billion Variation % US$ billion1/ Variation % Number of
companies
2000 Dec 299.7 11.63 153.3 11.87 441.0 7.94 225.5 8.17 459
2001 Dec 294.5 3.73 126.9 12.99 430.3 2.70 185.4 11.86 428
2002 Dec 294.0 5.32 83.2 8.40 438.3 4.36 124.0 7.41 399
2003 Jan 278.6 -5.23 79.0 -5.03 425.3 -2.97 120.6 -2.76 395
Feb 272.3 -2.28 76.4 -3.31 414.4 -2.56 116.3 -3.58 392
Mar 285.4 4.83 85.1 11.40 426.0 2.81 127.1 9.25 391
Apr 302.2 5.87 104.6 22.85 449.4 5.50 155.5 22.41 391
May 316.4 4.72 106.7 2.04 465.4 3.56 156.9 0.91 388
Jun 307.9 -2.71 107.2 0.46 456.6 -1.89 159.0 1.31 388
Jul 326.6 6.07 110.1 2.73 476.5 4.36 160.7 1.07 382
Aug 360.1 10.26 121.4 10.22 512.3 7.51 172.7 7.47 380
Sep 367.9 2.17 125.8 3.68 524.1 2.31 179.3 3.82 377
Oct 399.8 8.68 140.0 11.24 559.1 6.67 195.7 9.18 372
Nov 432.0 8.04 146.5 4.63 598.5 7.04 202.9 3.66 370
Dec 493.6 14.27 170.9 16.65 676.7 13.07 234.2 15.43 369
2004 Jan 479.8 -2.81 163.1 -4.52 668.0 -1.29 227.1 -3.03 368
Feb 490.0 2.14 168.2 3.09 679.0 1.65 233.0 2.60 366
Mar 497.5 1.52 171.0 1.70 688.0 1.33 236.5 1.51 364
Apr 435.0 -12.55 147.7 -13.62 619.6 -9.95 210.4 -11.05 364
May 444.5 2.18 142.1 -3.84 625.5 0.96 199.9 -4.99 361
Jun 469.6 5.64 151.1 6.38 667.5 6.71 214.8 7.46 361
Jul 496.7 5.78 164.1 8.60 704.0 5.46 232.6 8.27 360
Aug 526.6 6.00 179.5 9.36 745.3 5.86 254.0 9.22 355
Sep 563.6 7.03 197.1 9.85 791.4 6.20 276.9 8.99 358
Oct 569.0 0.96 199.2 1.03 800.1 1.09 280.1 1.16 357
Nov 604.5 6.25 221.4 11.14 848.3 6.03 310.7 10.92 359
Source: São Paulo Stock Exchange (Bovespa)
1/ Exchange rate (selling price) end of period free market.
IV - Public finance
Boletim do Banco Central do Brasil January 2005
104
Explanatory note to the tables in Chapter IV of theBoletim do Banco Central do Brasil
Since March 2001, the Boletim do Banco Central do Brasil no longer divulged the tables referring to thePublic sector borrowing requirements without exchange devaluation.
However, two tables concerning harmonized fiscal data for Mercosul1 were added. The first onepresents data on the Harmonized public net debt, which contrasts from the traditional methodologyfor not considering the monetary base. The other table presents the Variation of the harmonized netfiscal debt or, in other words, the consolidated public sector borrowing requirements, with a conceptsimilar to the methodology without exchange devaluation.
1/ Further information may be found at https://gmm.mecon.gov.ar.
Boletim do Banco Central do Brasil January 2005
105
IV.1 - Central government primary result Above the line concept
Flows in R$ million
End- Revenues Expenditures
of-
period National Treasury Social Security Total National Treasury Social Security Total
(a) (b) c = (a+b) (d) (e) f = (d+e)
1997 115 990 44 260 160 250 110 746 47 051 157 797
1998 138 251 46 283 184 534 123 626 53 375 177 001
1999 161 838 49 068 210 906 131 365 58 541 189 906
2000 180 801 55 717 236 518 149 118 65 786 214 904
2001 209 437 62 491 271 928 174 171 75 329 249 500
2002 250 815 71 027 321 842 201 354 88 027 289 381
2003 277 159 80 732 357 891 211 272 107 135 318 407
Jan 26 978 5 461 32 439 18 026 7 204 25 230
Feb 21 610 6 112 27 722 16 717 7 195 23 912
Mar 20 540 5 712 26 252 14 861 7 249 22 110
Apr 26 257 5 850 32 107 15 009 7 405 22 414
May 23 532 6 047 29 579 17 972 7 857 25 829
Jun 18 950 6 172 25 122 16 300 8 063 24 363
Jul 23 188 6 407 29 595 17 882 8 877 26 759
Aug 21 714 6 535 28 249 16 465 9 070 25 535
Sep 21 561 6 603 28 164 15 435 8 906 24 341
Oct 24 795 6 966 31 761 18 454 8 966 27 420
Nov 23 314 6 569 29 883 17 704 9 790 27 494
Dec 24 720 12 298 37 018 26 447 16 553 43 000
2004 293 867 80 534 374 401 216 143 105 057 321 200
Jan 28 842 5 850 34 692 18 720 8 857 27 577
Feb 24 412 7 113 31 525 18 098 9 090 27 188
Mar 25 889 7 138 33 028 18 184 8 628 26 812
Apr 27 766 7 198 34 964 18 294 9 145 27 438
May 25 757 7 276 33 033 20 195 9 086 29 282
Jun 25 624 7 900 33 524 18 023 9 789 27 812
Jul 27 526 7 509 35 035 21 654 9 774 31 427
Aug 26 135 7 583 33 718 19 986 10 154 30 140
Sep 27 246 7 527 34 773 19 895 10 078 29 973
Oct 28 411 7 759 36 170 21 081 10 314 31 395
Nov 26 259 7 681 33 940 22 014 10 142 32 156
(continues)
Boletim do Banco Central do Brasil January 2005
106
IV.1 - Central government primary result Above the line concept
(concluded) Flows in R$ million
End- Federal government result 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)
1997 5 244 - 2 791 2 453 - 695 1 758
1998 14 625 - 7 092 7 533 - 152 7 381
1999 30 473 - 9 473 21 000 - 742 20 258
2000 31 683 - 10 069 21 614 - 477 21 137
2001 35 266 - 12 838 22 428 - 690 21 738
2002 49 461 - 17 000 32 461 - 780 31 681
2003 65 887 - 26 403 39 484 - 196 39 288
Jan 8 952 - 1 743 7 209 - 38 7 171
Feb 4 893 - 1 083 3 810 24 3 834
Mar 5 679 - 1 537 4 142 - 14 4 128
Apr 11 248 - 1 555 9 693 - 21 9 672
May 5 560 - 1 810 3 750 - 26 3 724
Jun 2 650 - 1 891 759 2 761
Jul 5 306 - 2 470 2 836 - 30 2 806
Aug 5 249 - 2 535 2 714 - 19 2 695
Sep 6 126 - 2 303 3 823 - 58 3 765
Oct 6 341 - 2 000 4 341 - 13 4 328
Nov 5 610 - 3 221 2 389 - 27 2 362
Dec - 1 727 - 4 255 - 5 982 24 - 5 958
2004 77 724 - 24 523 53 201 - 198 53 002
Jan 10 123 - 3 007 7 116 - 4 7 112
Feb 6 314 - 1 977 4 337 - 36 4 301
Mar 7 706 - 1 490 6 215 4 6 219
Apr 9 472 - 1 946 7 526 - 5 7 520
May 5 562 - 1 810 3 751 - 26 3 725
Jun 7 601 - 1 889 5 712 - 27 5 685
Jul 5 873 - 2 265 3 608 - 18 3 590
Aug 6 149 - 2 571 3 578 - 30 3 548
Sep 7 351 - 2 551 4 800 - 10 4 790
Oct 7 330 - 2 555 4 775 - 20 4 755
Nov 4 245 - 2 461 1 784 - 26 1 758
Source: STN
1/ (+) = surplus; (-) = deficit.
Boletim do Banco Central do Brasil January 2005
107
IV.2 - National Treasury performance summary Cash 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
1996 97 132 106 257 - 9 125 20 846 3 386 - - 1 671 - 6 504 - 5 321 1 611
1997 116 034 121 680 - 5 646 29 209 3 843 - - 3 146 - 161 - 9 947 14 152
1998 139 086 148 333 - 9 247 31 240 9 821 - - 4 269 - 578 - 8 260 18 707
1999 158 781 163 709 - 4 928 39 794 17 388 - - 9 326 - 798 - 12 665 29 465
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 - - 6 225 0 - 18 325 38 261
2002 328 257 338 008 - 9 751 59 876 16 263 - - 6 944 0 - 16 853 38 261
2003 370 911 367 665 3 246 66 265 19 848 0 - 15 696 0 - 38 632 35 031
Jan 26 460 24 823 1 637 8 080 920 0 - 1 267 0 - 878 8 492
Feb 30 579 29 763 816 481 3 172 0 - 194 0 - 2 516 1 759
Mar 28 028 25 310 2 718 7 627 84 0 - 1 308 0 - 668 8 453
Apr 28 921 28 884 37 38 505 - 1 680 0 - 239 0 - 3 334 33 289
May 34 035 27 883 6 152 9 799 1 543 0 - 793 0 - 1 739 14 962
Jun 28 052 38 144 - 10 092 6 151 900 0 - 1 100 0 - 2 866 - 7 007
Jul 28 133 20 373 7 760 11 417 2 117 0 - 2 388 0 - 4 455 14 451
Aug 29 750 29 531 219 496 3 728 0 - 971 0 - 3 427 45
Sep 29 614 33 259 - 3 645 - 6 514 1 236 0 - 1 924 0 - 1 019 - 11 866
Oct 30 493 30 660 - 167 29 338 1 975 0 - 545 0 - 3 566 27 035
Nov 33 123 29 289 3 834 - 15 766 3 683 0 - 1 700 0 - 5 777 - 15 726
Dec 43 723 49 746 - 6 023 - 23 349 2 170 0 - 3 267 0 - 8 387 - 38 856
2004 381 262 374 163 7 099 5 630 17 276 7 998 - 21 340 0 - 19 304 - 2 640
Jan 28 236 33 043 - 4 807 - 3 180 645 0 - 2 039 0 - 1 164 - 10 545
Feb 33 289 27 472 5 817 6 220 2 541 5 502 - 874 0 668 19 874
Mar 34 340 33 884 456 - 21 025 1 228 0 - 3 392 0 - 486 - 23 219
Apr 35 427 28 658 6 769 31 551 1 812 0 - 460 0 - 1 035 38 637
May 36 042 35 211 831 - 22 634 4 413 0 - 2 250 0 - 551 - 20 191
Jun 33 525 29 881 3 644 13 566 885 0 - 814 0 - 3 620 13 660
Jul 34 411 34 109 302 2 644 995 0 - 3 685 0 - 2 249 - 1 993
Aug 36 786 35 003 1 783 1 416 1 377 0 - 1 450 0 - 1 041 2 085
Sep 35 683 35 617 66 15 914 851 2 496 - 1 414 0 - 2 122 15 791
Oct 35 172 36 987 - 1 815 - 26 236 1 535 0 - 2 800 0 - 4 786 - 34 102
Nov 38 351 44 298 - 5 947 7 394 995 0 - 2 162 0 - 2 917 - 2 637
Source: STN
1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.
Boletim do Banco Central do Brasil January 2005
108
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
1996 91 878 5 254 ...'''' 97 132
1997 108 731 7 303 ...'''' 116 034
1998 130 681 8 405 ...'''' 139 086
1999 147 366 11 415 ...'''' 158 781
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
Jan 19 479 976 6 005 26 460
Feb 22 877 1 119 6 583 30 579
Mar 20 771 1 127 6 130 28 028
Apr 21 115 1 578 6 228 28 921
May 26 273 1 254 6 508 34 035
Jun 20 419 1 056 6 577 28 052
Jul 20 083 1 112 6 938 28 133
Aug 21 448 1 268 7 034 29 750
Sep 20 900 1 617 7 097 29 614
Oct 21 609 1 298 7 586 30 493
Nov 24 863 1 139 7 121 33 123
Dec 29 476 1 192 13 055 43 723
2004 279 180 14 427 87 655 381 262
Jan 20 659 1 061 6 516 28 236
Feb 24 388 1 236 7 665 33 289
Mar 25 126 1 555 7 659 34 340
Apr 25 555 2 154 7 718 35 427
May 27 620 530 7 892 36 042
Jun 23 439 1 294 8 792 33 525
Jul 24 858 1 416 8 137 34 411
Aug 27 451 1 138 8 197 36 786
Sep 26 266 1 225 8 192 35 683
Oct 24 981 1 633 8 558 35 172
Nov 28 837 1 185 8 329 38 351
Source: STN
1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.
Boletim do Banco Central do Brasil January 2005
109
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
1996 40 505 20 830 6 357 10 809 2 288 5 183 20 285 ...'''' 106 257
1997 42 848 25 042 7 151 10 169 2 522 7 806 26 142 ...'''' 121 680
1998 47 296 29 166 9 302 18 475 2 394 9 231 32 469 ...'''' 148 333
1999 50 169 33 432 6 630 24 618 2 414 11 321 35 125 ...'''' 163 709
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
Jan 6 803 5 561 1 296 934 231 2 114 3 042 4 842 24 823
Feb 6 048 5 922 1 050 1 885 192 2 875 3 836 7 955 29 763
Mar 5 714 4 672 1 030 786 97 2 671 3 692 6 648 25 310
Apr 5 711 4 518 1 043 2 566 134 3 491 3 916 7 505 28 884
May 6 276 6 690 1 102 564 233 669 4 447 7 902 27 883
Jun 7 607 4 313 1 182 2 082 321 3 090 3 857 15 692 38 144
Jul 6 204 3 728 1 072 2 560 411 433 5 314 651 20 373
Aug 5 651 5 142 1 168 2 693 291 1 709 4 050 8 827 29 531
Sep 5 983 4 181 1 004 3 435 265 4 169 4 372 9 850 33 259
Oct 6 048 4 421 1 136 2 629 888 2 570 4 319 8 649 30 660
Nov 8 648 5 273 1 270 53 453 186 3 713 9 693 29 289
Dec 7 505 4 832 1 006 3 553 1 159 5 200 6 758 19 733 49 746
2004 79 118 60 762 13 565 30 360 3 922 13 266 64 349 108 822 374 163
Jan 7 578 5 462 1 686 2 662 228 2 133 3 829 9 465 33 043
Feb 6 719 6 313 1 235 1 203 302 212 4 978 6 510 27 472
Mar 6 317 4 789 1 094 3 434 207 269 5 606 12 168 33 884
Apr 6 192 5 621 1 142 617 149 146 6 607 8 184 28 658
May 6 649 6 570 172 6 077 193 381 5 569 9 600 35 211
Jun 7 938 4 156 1 323 240 227 410 5 914 9 674 29 881
Jul 6 470 5 130 1 497 2 328 430 2 279 6 472 9 503 34 109
Aug 6 938 6 115 1 441 3 209 423 1 168 5 877 9 832 35 003
Sep 7 124 4 878 1 275 2 514 299 911 8 553 10 063 35 617
Oct 6 924 5 717 1 356 3 769 355 3 498 5 338 10 030 36 987
Nov 10 269 6 011 1 344 4 308 1 109 1 859 5 606 13 792 44 298
Source: STN
1/ As of January 2000, Social Security benefits were also included.
2/ Excludes charges on Banco Central's portfolio.
Boletim do Banco Central do Brasil January 2005
110
IV.5 - Social SecurityCash basis
R$ million
End- Revenues Expenditures Operating Social
of- balance Security
period Inflow1/ Other National Federal Total Benefits 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)
1996 43 698 3 964 ... 3 043 50 705 41 389 ... 7 280 3 309 51 978 - 1 273 - 1 000
1997 47 970 6 392 ... 4 225 58 587 47 249 ... 3 654 3 821 54 724 3 862 - 3 101
1998 50 141 2 207 ... 10 041 62 389 53 742 1 908 5 442 3 501 64 593 - 2 204 - 7 102
1999 52 423 323 123 15 545 68 414 58 541 2 294 4 093 3 298 68 226 188 - 9 412
2000 59 606 533 1 760 15 283 77 182 65 786 2 721 4 072 3 889 76 468 714 - 10 069
2001 66 997 635 - 3 20 543 88 172 75 329 3 368 4 830 4 506 88 033 139 - 12 838
2002 76 080 361 2 939 25 652 105 032 88 029 4 083 4 980 5 053 102 145 2 887 - 17 002
2003 86 588 602 - 3 238 38 275 122 227 107 135 5 062 5 304 5 857 123 359 - 1 131 - 26 405
Jan 6 224 38 - 2 215 2 307 6 354 7 204 336 578 762 8 880 - 2 526 - 1 742
Feb 6 472 85 - 432 2 524 8 649 7 195 366 347 360 8 268 381 - 1 083
Mar 6 138 18 - 710 2 349 7 795 7 249 378 394 426 8 447 - 652 - 1 537
Apr 6 284 15 428 2 422 9 149 7 405 387 383 434 8 609 540 - 1 555
May 6 494 78 139 2 752 9 463 7 857 442 395 447 9 141 322 - 1 810
Jun 6 628 51 6 682 3 911 17 272 8 063 446 440 457 9 406 7 866 - 1 892
Jul 6 870 102 - 6 367 954 1 559 8 877 440 546 463 10 326 - 8 767 - 2 470
Aug 6 996 79 950 2 390 10 415 9 070 444 361 461 10 336 79 - 2 535
Sep 7 092 18 166 3 974 11 250 8 906 447 409 488 10 250 1 000 - 2 302
Oct 7 466 29 - 1 732 4 216 9 979 8 966 450 432 500 10 349 - 369 - 2 001
Nov 7 100 63 2 722 1 326 11 211 9 790 454 394 532 11 170 41 - 3 222
Dec 12 824 26 - 2 869 9 150 19 131 16 553 472 625 527 18 177 954 - 4 256
2004 70 384 738 - 3 858 36 512 103 776 84 793 6 545 8 946 5 289 105 573 - 1 797 - 19 698
Jan 6 799 29 - 910 5 474 11 392 8 857 537 515 949 10 857 535 - 3 007
Feb 7 558 96 - 3 167 3 931 8 418 9 090 644 681 445 10 861 - 2 442 - 1 977
Mar 7 690 95 2 070 4 596 14 452 8 628 586 558 551 10 323 4 128 - 1 490
Apr 7 728 151 - 1 887 3 725 9 717 9 145 777 399 530 10 851 - 1 133 - 1 946
May 7 793 274 - 480 3 989 11 576 9 086 785 492 518 10 881 695 - 1 810
Jun 8 456 59 1 737 1 534 11 786 9 789 846 415 556 11 606 180 - 1 889
Jul 8 061 96 - 1 106 4 326 11 376 9 774 928 531 551 11 785 - 409 - 2 265
Aug 8 161 - 130 - 155 3 647 11 522 10 154 709 904 578 12 345 - 822 - 2 571
Sep 8 138 69 41 5 247 13 494 10 078 733 4 662 610 16 083 - 2 589 - 2 550
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.
Boletim do Banco Central do Brasil January 2005
111
IV.6 - Circulation of Goods and Services Tax (ICMS)
Flows in R$ thousand
End- North region
of-
period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total
1996 44 641 1 186 807 745 992 234 192 43 640 52 130 138 757 2 446 159
1997 51 288 1 234 842 770 221 357 767 53 342 54 867 156 182 2 678 509
1998 77 233 1 034 703 875 349 302 805 69 067 65 091 181 855 2 606 103
1999 78 306 1 102 680 902 985 359 089 68 342 68 837 213 911 2 794 150
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
Jan 16 628 190 246 166 510 67 774 11 525 12 660 43 331 508 674
Feb 17 915 173 663 183 822 55 410 11 249 10 290 39 344 491 693
Mar 16 199 185 387 151 921 55 661 10 784 10 505 44 661 475 118
Apr 15 550 190 191 147 878 60 666 11 780 11 755 38 801 476 621
May 19 637 172 559 171 728 58 835 11 012 11 851 41 773 487 395
Jun 14 777 180 859 167 294 74 133 12 146 11 264 45 615 506 088
Jul 16 321 164 880 180 103 90 126 11 407 12 055 44 301 519 193
Aug 17 483 183 124 184 431 83 821 9 514 12 359 52 525 543 257
Sep 17 617 184 285 194 357 82 127 12 577 13 437 47 413 551 813
Oct 17 555 184 813 189 247 81 803 9 597 12 991 48 957 544 963
Nov 18 134 198 311 200 818 78 812 11 091 13 184 52 495 572 845
Dec 20 639 185 180 193 579 76 366 11 730 15 112 49 448 552 054
2004 206 845 2 049 161 1 961 441 832 617 121 979 153 806 486 496 5 812 345
Jan 18 244 192 980 210 472 76 224 11 606 17 197 48 383 575 106
Fev 19 667 182 516 197 888 70 307 11 071 12 706 42 377 536 532
Mar 19 031 170 999 161 724 77 150 11 071 14 420 39 658 494 053
Apr 22 229 198 553 178 255 77 150 11 071 13 200 43 773 544 231
May 25 200 199 160 199 714 78 040 14 919 10 838 47 179 575 050
Jun 20 191 211 551 194 106 82 808 12 454 19 156 50 228 590 494
Jul 18 728 219 131 196 042 87 413 12 454 13 286 52 579 599 633
Aug* 18 728 219 131 199 520 87 413 12 454 22 759 52 579 612 584
Sep* 22 747 219 131 210 452 90 180 12 731 14 739 53 045 623 025
Oct* 22 080 236 009 213 268 105 932 12 148 15 505 56 695 661 637
(continues)
Boletim do Banco Central do Brasil January 2005
112
IV.6 - Circulation of Goods and Services Tax (ICMS)
(continued) Flows in R$ thousand
End- Northeast region
of-
period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total
do Norte
1996 437 471 281 319 1 183 795 378 849 448 563 1 465 778 352 226 307 435 2 529 957 7 385 393
1997 396 985 305 527 1 254 253 458 903 491 206 1 616 235 368 070 366 729 2 572 078 7 829 986
1998 430 756 320 621 1 361 763 510 153 548 126 1 719 572 422 651 358 570 2 701 392 8 373 604
1999 458 868 340 412 1 541 324 614 280 605 357 1 793 663 416 803 396 497 3 023 236 9 190 440
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 3 150 689 799 452 764 511 5 871 356 17 038 876
Jan 76 458 54 449 237 257 113 178 103 698 269 255 68 337 63 817 496 151 1 482 600
Feb 94 337 47 703 222 300 96 653 93 950 258 574 66 975 60 159 497 568 1 438 219
Mar 76 468 49 571 190 894 91 945 81 132 257 319 67 570 59 961 445 134 1 319 994
Apr 69 836 45 993 209 624 92 023 76 426 245 868 64 911 62 487 489 390 1 356 558
May 77 637 46 360 202 149 90 398 73 622 264 771 63 219 59 040 455 590 1 332 786
Jun 73 173 50 537 221 381 100 302 90 200 267 173 62 284 58 851 465 120 1 389 021
Jul 93 750 50 476 212 652 88 886 91 887 266 434 58 745 58 897 469 413 1 391 140
Aug 94 615 51 417 255 673 98 516 79 674 247 634 59 298 60 681 471 597 1 419 105
Sep 85 950 52 832 242 223 104 831 81 442 247 314 73 644 66 154 499 765 1 454 155
Oct 88 945 53 418 204 713 96 056 93 704 258 348 58 590 73 390 510 071 1 437 235
Nov 71 119 55 725 209 900 105 112 81 182 281 890 68 490 73 273 518 459 1 465 150
Dec 77 147 53 870 224 785 108 666 94 048 286 109 87 389 67 801 553 098 1 552 913
2004 954 859 601 206 2 318 023 1 117 343 922 009 2 992 701 737 455 714 556 5 844 097 16 202 249
Jan 91 132 63 231 221 846 117 325 91 239 292 629 72 616 68 349 534 582 1 552 949
Feb 95 623 59 122 235 760 99 718 95 364 296 022 69 756 62 292 487 096 1 500 753
Mar 87 714 54 834 215 375 100 286 84 503 276 368 68 181 71 564 512 860 1 471 685
Apr 86 092 56 614 217 372 100 286 88 479 292 295 69 628 69 886 679 648 1 660 300
May 93 987 58 195 232 366 107 044 93 547 281 104 67 295 68 581 566 127 1 568 246
Jun 96 077 59 238 215 294 111 351 84 602 302 976 72 035 72 087 564 730 1 578 390
Jul 104 597 54 501 232 253 112 896 85 433 306 112 65 233 71 668 591 949 1 624 642
Aug* 88 115 67 006 246 793 121 061 87 625 306 112 81 625 70 938 610 585 1 679 860
Sep* 89 516 63 522 242 551 124 415 116 682 320 597 79 866 81 372 600 131 1 718 652
Oct* 122 006 64 943 258 413 122 961 94 535 318 486 91 220 77 819 696 389 1 846 772
(continues)
Boletim do Banco Central do Brasil January 2005
113
IV.6 - Circulation of Goods and Services Tax (ICMS)
(continued) Flows in R$ thousand
End- Southeast region South region
of-
period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total
Catarina do Sul
1996 5 429 860 1 381 742 5 215 680 21 430 364 33 457 646 2 811 606 1 915 829 4 015 924 8 743 359
1997 5 641 644 1 635 427 5 239 173 23 519 063 36 035 307 2 839 026 2 033 430 4 006 564 8 879 020
1998 5 578 565 1 496 776 6 360 804 23 319 364 36 755 509 2 929 402 2 016 151 4 232 062 9 177 615
1999 6 471 129 1 605 703 7 229 981 25 244 406 40 551 219 3 454 255 2 275 124 4 659 503 10 388 882
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 4 511 875 8 988 843 20 210 421
Jan 856 171 222 164 998 778 3 385 535 5 462 648 509 985 387 385 794 242 1 691 612
Feb 892 038 243 554 948 944 3 222 084 5 306 620 585 046 367 593 702 851 1 655 490
Mar 861 884 224 287 994 135 3 190 684 5 270 990 570 015 375 722 637 995 1 583 732
Apr 879 147 227 645 934 185 3 247 464 5 288 441 562 735 391 902 601 807 1 556 444
May 887 235 241 965 1 004 094 3 134 552 5 267 846 506 821 382 014 669 075 1 557 910
Jun 937 923 254 718 836 157 3 147 564 5 176 362 524 858 381 607 921 916 1 828 381
Jul 912 709 221 940 921 079 3 236 911 5 292 639 539 620 354 848 604 492 1 498 960
Aug 901 368 231 651 906 302 3 190 349 5 229 670 555 691 380 011 680 056 1 615 758
Sep 942 861 239 250 889 678 3 379 856 5 451 645 608 370 409 825 706 278 1 724 473
Oct 946 596 285 209 891 410 3 459 851 5 583 066 518 767 399 894 768 727 1 687 388
Nov 981 263 280 180 925 191 3 511 342 5 697 976 616 467 340 537 919 748 1 876 752
Dec 1 027 137 261 953 930 610 4 183 213 6 402 913 611 328 340 537 981 656 1 933 521
2004 10 701 331 2 949 766 10 802 018 37 573 359 62 026 474 6 483 045 3 948 029 7 706 162 18 137 236
Jan 1 026 574 304 256 1 668 433 3 606 948 6 606 211 671 826 340 537 776 549 1 788 912
Feb 942 810 267 499 966 558 3 291 269 5 468 136 617 549 340 537 741 213 1 699 299
Mar 942 703 249 811 895 695 3 510 949 5 599 158 670 720 340 537 702 883 1 714 140
Apr 1 028 669 249 811 963 803 3 697 706 5 939 989 630 956 340 537 684 896 1 656 389
May 1 013 192 279 336 958 768 3 708 325 5 959 621 607 208 437 866 763 895 1 808 969
Jun 1 054 091 293 702 1 052 941 3 875 064 6 275 798 644 373 427 795 732 145 1 804 313
Jul 1 097 473 314 863 1 094 094 3 784 852 6 291 282 575 465 427 795 805 141 1 808 401
Aug* 1 244 834 336 993 1 112 656 3 960 949 6 655 432 677 544 417 047 826 937 1 921 528
Sep* 1 164 069 307 270 1 068 963 4 083 619 6 623 921 767 414 443 985 796 644 2 008 043
Oct* 1 186 916 346 225 1 020 107 4 053 678 6 606 926 619 990 431 393 875 859 1 927 242
(continues)
Boletim do Banco Central do Brasil January 2005
114
IV.6 - Circulation of Goods and Services Tax (ICMS)
(concluded) Flows in R$ thousand
End- Central-west region Total - Brazil
of-
period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total
1996 801 024 1 437 525 798 875 610 832 3 648 256 55 680 843
1997 905 504 1 587 604 957 700 673 718 4 124 526 59 573 866
1998 979 625 1 558 743 816 110 652 895 4 007 373 60 930 304
1999 1 121 094 1 830 593 1 113 259 883 951 4 948 897 67 874 156
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 10 239 481 119 149 308
Jan 181 831 260 750 175 829 140 229 758 639 9 904 173
Feb 187 560 296 605 161 013 146 059 791 237 9 683 259
Mar 159 632 281 112 176 585 151 030 768 359 9 418 193
Apr 173 541 335 924 180 083 156 204 845 752 9 523 816
May 169 874 258 112 180 184 152 121 760 291 9 406 228
Jun 175 926 319 725 204 141 153 112 852 904 9 752 756
Jul 181 204 298 174 210 669 154 471 844 518 9 546 450
Aug 179 771 302 881 212 386 156 066 851 104 9 658 894
Sep 178 992 322 307 254 564 158 167 914 030 10 096 116
Oct 187 465 342 295 242 973 161 025 933 758 10 186 410
Nov 222 155 299 203 247 617 164 287 933 262 10 545 985
Dec 208 623 381 627 228 511 166 866 985 627 11 427 028
2004 2 099 281 3 248 978 2 705 818 1 906 600 9 960 677 112 138 981
Jan 218 042 320 986 242 207 172 843 954 078 11 477 256
Feb 203 813 269 300 216 195 171 701 861 009 10 065 729
Mar 174 765 302 296 216 195 175 047 868 303 10 147 339
Apr 195 085 315 849 276 481 184 079 971 494 10 772 403
May 204 351 315 646 263 232 185 925 969 154 10 881 040
Jun 213 510 336 789 269 062 192 945 1 012 306 11 261 301
Jul 225 274 339 999 297 104 193 437 1 055 814 11 379 772
Aug* 224 028 392 486 323 463 202 969 1 142 946 12 012 350
Sep* 224 625 339 394 306 460 213 827 1 084 306 12 057 947
Oct* 215 788 316 233 295 419 213 827 1 041 267 12 083 844
Source: MF/Cotepe
Boletim do Banco Central do Brasil January 2005
115
IV.7 - Transfers of funds from the National Treasury to states and
municipalities1/
Flows in R$ thousand
End- North region
of-
period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total
1996 347 466 369 602 933 852 324 112 242 367 335 748 521 042 3 074 188
1997 390 846 416 302 1 231 042 365 131 272 185 375 065 585 542 3 636 114
1998 443 232 505 892 1 489 393 412 923 305 913 435 209 664 376 4 256 938
1999 486 336 574 451 1 632 821 458 523 336 627 475 421 737 545 4 701 724
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
Jan 13 944 93 454 224 308 74 682 55 950 75 827 116 086 654 251
Feb 82 247 97 491 231 906 78 084 59 262 79 343 121 984 750 317
Mar 71 295 83 409 198 329 67 852 53 103 68 890 105 832 648 710
Apr 67 876 80 344 190 518 64 591 51 196 65 605 100 688 620 818
May 95 128 108 060 256 399 90 204 70 856 91 536 141 146 853 329
Jun 66 893 78 516 187 102 63 624 49 801 64 602 99 284 609 822
Jul 56 125 66 784 168 378 53 423 41 768 54 324 83 262 524 064
Aug 73 536 85 695 203 502 69 834 54 757 70 928 109 099 667 351
Sep 63 846 74 847 178 921 60 730 47 531 61 686 94 754 582 315
Oct 66 017 78 108 182 219 63 086 49 163 63 763 98 652 601 008
Nov 73 449 86 192 208 582 69 853 54 694 70 853 109 069 672 692
Dec 76 553 89 879 225 189 72 971 57 031 74 029 113 503 709 155
2004 810 562 1 056 773 2 589 901 848 987 657 172 854 436 1 313 432 8 131 263
Jan 14 996 96 746 233 210 80 282 62 629 81 446 124 911 694 220
Feb 91 756 105 355 251 921 87 035 68 343 88 379 136 111 828 900
Mar 74 307 86 423 208 267 70 696 55 353 71 830 110 244 677 120
Apr 84 821 101 137 239 636 82 700 63 931 81 217 128 166 781 608
May 95 256 109 681 261 210 90 313 70 943 91 654 141 327 860 384
Jun 61 935 74 091 178 392 58 960 46 097 59 900 91 873 571 248
Jul 65 839 94 089 270 748 67 185 49 270 67 484 99 398 714 013
Aug 83 906 100 410 244 193 80 725 62 553 81 740 124 712 778 239
Sep 72 723 88 244 215 809 69 939 54 194 70 836 108 119 679 864
Oct 81 117 100 187 242 322 80 427 61 306 78 210 123 859 767 428
Nov 83 906 100 410 244 193 80 725 62 553 81 740 124 712 778 239
(continues)
Boletim do Banco Central do Brasil January 2005
116
IV.7 - Transfers of funds from the National Treasury to states and
municipalities1/
(continued) Flows in R$ thousand
End- Northeast region
of-
period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total
do Norte
1996 1 029 739 609 623 1 133 808 592 832 721 836 1 094 971 584 821 491 138 1 736 703 7 995 471
1997 1 174 412 688 072 1 276 230 667 028 812 823 1 231 036 650 938 556 001 2 121 471 9 178 011
1998 1 492 721 806 399 1 544 743 761 014 929 876 1 442 019 758 726 626 429 2 484 230 10 846 157
1999 1 710 024 904 819 1 739 014 844 797 1 039 256 1 587 200 842 149 694 292 2 854 336 12 215 887
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
Jan 246 988 137 468 256 517 133 534 160 530 241 817 132 444 112 911 414 656 1 836 865
Feb 258 625 144 477 269 095 140 350 168 797 253 716 138 891 118 670 432 756 1 925 377
Mar 217 654 124 937 233 928 121 836 146 467 220 535 120 702 103 035 359 225 1 648 319
Apr 208 050 119 039 223 147 116 104 139 552 210 331 115 056 98 104 343 988 1 573 371
May 285 687 166 151 310 033 162 132 195 093 292 709 160 260 137 328 470 733 2 180 126
Jun 205 013 117 293 219 677 114 332 137 428 207 112 113 351 96 656 338 146 1 549 008
Jul 191 156 100 853 185 079 96 078 115 412 174 497 95 438 81 161 298 751 1 338 425
Aug 224 057 128 822 241 037 125 621 151 045 227 352 124 444 106 256 369 629 1 698 263
Sep 196 219 112 059 209 795 109 149 131 190 197 813 108 291 92 283 323 171 1 479 970
Oct 194 709 115 143 217 214 113 025 135 811 204 787 112 103 95 480 331 008 1 519 280
Nov 232 586 129 819 241 005 125 543 150 939 227 257 124 339 106 136 376 408 1 714 032
Dec 258 444 137 311 251 089 130 827 157 305 236 663 129 498 110 596 403 181 1 814 914
2004 2 771 900 1 556 890 2 899 301 1 535 018 1 817 510 2 720 669 1 528 318 1 257 395 4 460 533 20 547 534
Jan 257 958 147 395 274 393 144 266 172 337 258 421 142 254 119 698 417 861 1 934 583
Feb 279 974 160 659 299 145 157 415 188 091 283 048 155 478 130 625 454 609 2 109 044
Mar 229 993 130 515 243 204 127 645 152 436 228 918 125 978 105 854 371 616 1 716 159
Apr 263 925 151 505 282 015 149 523 175 770 266 690 145 010 121 965 435 176 1 991 579
May 290 129 166 909 310 878 163 630 195 465 292 430 160 970 135 707 472 725 2 188 843
Jun 194 893 109 411 205 560 108 931 128 784 191 675 107 059 89 698 315 019 1 451 030
Jul 249 351 121 261 222 361 120 984 139 819 202 830 133 174 93 289 354 871 1 637 940
Aug 260 571 147 476 275 289 146 479 172 863 258 097 144 958 120 788 422 398 1 948 919
Sep 228 538 128 134 239 440 126 159 149 968 224 267 126 369 103 545 369 388 1 695 808
Oct 255 997 146 149 271 727 143 507 169 114 256 196 142 110 115 438 424 472 1 924 710
Nov 260 571 147 476 275 289 146 479 172 863 258 097 144 958 120 788 422 398 1 948 919
(continues)
Boletim do Banco Central do Brasil January 2005
117
IV.7 - Transfers of funds from the National Treasury to states and
municipalities1/
(continued) Flows in R$ thousand
End- Southeast region South region
of-
period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total
Catarina do Sul
1996 1 810 340 373 227 525 809 1 616 890 4 326 266 1 006 392 617 899 1 103 569 2 727 860
1997 2 137 118 445 075 1 109 193 1 956 750 5 648 136 1 388 689 737 625 1 257 139 3 383 453
1998 2 664 368 535 180 810 342 2 080 576 6 090 466 1 695 508 885 661 1 824 104 4 405 273
1999 3 145 610 692 888 814 016 3 751 486 8 404 000 1 893 100 977 706 1 852 057 4 722 863
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
Jan 437 449 108 223 120 080 575 772 1 241 524 261 583 150 805 294 168 706 556
Feb 449 235 110 965 122 719 583 545 1 266 464 265 996 155 417 298 329 719 742
Mar 373 016 76 627 109 184 377 241 936 068 220 620 120 129 218 636 559 385
Apr 359 573 74 436 106 623 367 907 908 539 214 094 117 258 213 378 544 730
May 478 986 95 856 135 165 461 878 1 171 885 277 862 150 005 271 640 699 507
Jun 352 438 72 738 103 675 359 810 888 661 209 129 113 632 207 484 530 245
Jul 306 159 63 412 90 635 318 066 778 272 181 400 98 378 180 787 460 565
Aug 384 088 78 370 111 494 384 709 958 661 225 876 122 694 223 345 571 915
Sep 337 398 69 725 99 193 346 290 852 606 200 331 108 333 198 452 507 116
Oct 358 141 73 326 104 622 373 560 909 649 217 576 115 556 214 627 547 759
Nov 386 094 79 085 112 850 390 835 968 864 229 105 124 533 227 387 581 025
Dec 399 612 82 047 117 262 401 810 1 000 731 236 549 129 765 235 120 601 434
2004 4 734 344 1 050 443 1 456 338 4 811 087 12 052 212 2 838 356 1 537 454 2 767 715 7 143 525
Jan 436 302 89 497 128 811 435 076 1 089 686 255 586 134 891 248 919 639 396
Feb 471 721 96 564 138 940 463 647 1 170 872 274 060 146 200 267 048 687 308
Mar 390 947 81 345 117 622 395 902 985 816 229 363 121 878 224 255 575 496
Apr 472 406 97 877 152 190 501 650 1 224 123 281 086 150 709 273 200 704 995
May 489 880 100 400 144 966 480 638 1 215 884 284 853 152 505 278 098 715 456
Jun 337 539 72 154 106 013 354 819 870 525 201 564 107 598 199 095 508 257
Jul 383 407 123 521 122 341 385 153 1 014 422 254 580 151 426 245 770 651 776
Aug 443 997 98 452 135 277 440 452 1 118 178 264 547 144 189 259 036 667 772
Sep 392 241 88 673 121 444 400 241 1 002 599 236 176 128 657 232 108 596 941
Oct 471 907 103 508 153 457 513 057 1 241 929 291 994 155 212 281 150 728 356
Nov 443 997 98 452 135 277 440 452 1 118 178 264 547 144 189 259 036 667 772
(continues)
Boletim do Banco Central do Brasil January 2005
118
IV.7 - Transfers of funds from the National Treasury to states and
municipalities1/
(concluded) Flows in R$ thousand
End- Central-west region Total - Brazil
of-
period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total
1996 87 351 601 368 392 264 268 778 1 349 761 19 473 546
1997 98 308 677 465 536 569 379 642 1 691 983 23 537 697
1998 111 376 785 969 572 871 420 649 1 890 865 27 489 699
1999 123 608 868 055 638 262 419 497 2 049 422 32 093 896
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
Jan 20 284 137 148 95 056 64 186 316 674 4 755 870
Feb 20 959 142 290 95 023 64 614 322 886 4 984 786
Mar 18 419 123 902 83 271 56 491 282 083 4 074 565
Apr 17 628 118 321 79 563 54 152 269 664 3 917 122
May 23 872 163 502 108 641 73 760 369 775 5 274 622
Jun 17 421 116 612 78 300 53 250 265 583 3 843 319
Jul 14 955 98 752 66 606 45 330 225 643 3 326 969
Aug 18 993 127 516 85 286 58 083 289 878 4 186 068
Sep 16 730 111 298 75 207 50 927 254 162 3 676 169
Oct 17 283 119 984 82 368 58 191 277 826 3 855 522
Nov 18 934 128 620 86 344 59 747 293 645 4 230 258
Dec 19 620 132 707 88 806 60 388 301 521 4 427 755
2004 234 168 1 579 274 1 121 945 725 290 3 660 677 51 535 211
Jan 21 261 146 650 98 997 67 773 334 681 4 692 566
Feb 22 971 158 041 105 423 70 791 357 226 5 153 350
Mar 19 032 128 842 86 708 58 063 292 645 4 247 236
Apr 26 512 160 623 106 129 74 712 367 976 5 070 281
May 23 806 163 954 109 263 73 380 370 403 5 350 970
Jun 16 237 108 580 73 559 49 266 247 642 3 648 702
Jul 17 075 127 047 125 650 60 065 329 837 4 347 988
Aug 21 187 146 940 104 385 66 415 338 927 4 852 035
Sep 18 667 128 275 92 190 58 326 297 458 4 272 670
Oct 26 233 163 382 115 256 80 084 384 955 5 047 378
Nov 21 187 146 940 104 385 66 415 338 927 4 852 035
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.
Boletim do Banco Central do Brasil January 2005
119
IV.8 - Federal domestic securities issued National Treasury liabilities
Balances in R$ million
End- LFT LTN BTN NTN CTN/ Partial Securitized Total Percentage change
of- CFT credits
period TDA/CDP/ Nominal Real1/
Agrarian
debt In In In 12 In In In 12
month year months month year months
1996 Dec ... 49 101 54 65 620 ... 114 775 ... 114 775 3.0 35.7 35.7 1.7 24.2 24.2
1997 Dec 72 181 87 056 60 66 436 ... 225 732 ... 225 732 59.7 96.7 96.7 58.5 83.6 83.6
1998 Dec 264 933 20 748 64 53 838 4 237 343 820 ... 343 820 8.1 52.3 52.3 6.9 49.5 49.5
1999 Dec 291 895 49 253 67 111 999 11 292 464 507 ... 464 507 0.5 20.0 20.0 - 0.6 0.1 0.1
2000 Dec 349 498 108 852 64 48 049 14 280 520 743 27 982 548 724 1.2 34.7 34.7 0.6 23.0 23.0
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 Jan 484 624 31 570 100 217 275 19 616 753 185 24 899 778 083 3.9 3.9 24.6 2.0 2.0 - 4.0
Fev 510 304 22 080 102 221 756 19 915 774 157 25 170 799 327 1.9 5.9 25.6 0.2 2.3 - 4.7
Mar 504 619 51 352 89 213 483 19 767 789 311 25 204 814 515 1.1 7.0 26.7 0.0 2.3 - 4.4
Apr 551 698 45 015 77 189 767 19 435 805 992 25 485 831 477 - 0.2 6.8 23.3 - 0.4 1.9 - 6.4
May 561 522 59 401 80 192 069 19 395 832 467 25 809 858 276 2.6 9.6 24.1 4.0 6.0 - 3.1
Jun 567 360 70 602 78 187 875 19 118 845 033 25 819 870 851 1.3 11.0 22.8 3.7 9.9 0.0
Jul 572 067 92 571 81 188 756 19 250 872 725 25 942 898 667 2.7 14.0 17.3 3.5 13.7 - 1.6
Aug 536 093 124 847 81 189 917 19 163 870 101 25 421 895 522 1.0 15.1 21.0 1.6 15.5 4.7
Sep 521 999 158 916 74 190 103 18 900 889 992 25 242 915 234 2.2 17.7 17.4 2.2 18.0 4.9
Oct 523 393 171 845 73 192 019 18 802 906 132 24 516 930 648 0.9 18.7 21.0 0.4 18.5 13.1
Nov 515 580 180 057 76 196 954 18 809 911 476 24 804 936 281 0.6 19.4 20.0 1.0 19.7 17.4
Dec 499 621 169 774 74 200 748 18 236 888 453 23 789 912 242 - 2.4 16.6 16.6 - 3.0 16.0 16.0
2004 Jan 494 833 164 236 76 197 722 18 097 874 965 23 717 898 682 0.7 0.7 13.0 - 6.9 - 6.9 5.9
Feb 496 011 179 683 76 196 037 17 964 889 772 23 874 913 646 1.2 1.9 12.2 0.1 - 6.7 5.8
Mar 503 934 207 273 70 191 236 17 982 920 495 22 999 943 494 2.4 4.3 13.7 1.3 - 5.5 7.2
Apr 508 314 209 748 71 196 015 18 099 932 248 23 130 955 378 0.6 4.9 14.6 0.5 - 5.0 8.2
May 457 871 213 827 76 204 641 18 377 894 792 23 248 918 040 - 1.1 3.7 10.4 - 0.8 - 5.8 3.2
Jun 476 712 218 201 76 207 040 18 445 920 473 23 440 943 913 2.0 5.8 11.1 1.8 - 4.1 1.2
Jul 528 014 169 912 74 204 844 18 235 921 079 23 441 944 520 0.1 5.9 8.3 0.3 - 3.9 - 1.9
Aug 521 051 184 591 73 204 368 18 216 928 299 23 805 952 103 0.7 6.7 8.0 0.1 - 3.8 - 3.4
Sep* 517 987 209 056 65 200 125 18 166 945 398 23 647 969 045 1.1 7.8 6.9 1.1 - 2.8 - 4.4
Oct* 538 345 197 969 66 198 050 17 968 952 398 23 590 975 988 0.7 8.5 6.6 0.9 - 1.9 - 3.9
Nov* 536 890 218 178 63 194 108 17 851 967 091 23 369 990 460 0.8 9.4 6.8 0.0 - 1.9 - 4.9
Source: Bacen and STN
1/ Deflator: IGP-DI centered at end of referencemonth (geometric average of month indicated and subsequent month indices).
Boletim do Banco Central do Brasil January 2005
120
IV.9 - Federal domestic securitiesBanco Central do Brasil portfolio
Balances in R$ million
End- LTN LFT NTN Partial Securitized Total Entreasured Percentage change
of- credit securities
period MP 1,789 Nominal Real1/
In In In 12 In In In 12
month year months month year months
1996 Dec 1 024 - 20 645 21 669 - 21 669 - 2.9 - 14.9 - 14.9 1.6 - 22.1 - 22.1
1997 Dec 22 302 8 588 4 571 35 461 - 35 461 - 71.6 63.6 63.6 70.3 52.8 52.8
1998 Dec 15 311 107 763 1 596 124 670 - 124 670 - 21.5 251.6 251.6 20.2 245.2 245.2
1999 Dec 11 135 35 919 13 818 60 871 - 60 871 51 754 - 22.2 - 9.7 - 9.7 - 22.9 - 39.0 - 39.0
2000 Dec 33 453 87 197 1 817 122 466 1 246 123 713 - 10.9 9.8 9.8 10.2 24.4 24.4
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 Jan 19 458 93 717 89 165 202 340 1 694 204 034 - 0.6 0.6 8.4 - 1.2 - 1.2 - 16.5
Fev 9 342 113 128 90 323 212 793 1 709 214 502 - 5.1 5.8 13.5 3.4 2.2 - 13.8
Mar 35 735 96 155 84 404 216 294 1 723 218 017 - 1.6 7.5 18.2 0.6 2.8 - 10.9
Apr 32 757 122 548 72 545 227 849 1 738 229 588 - 5.3 13.2 24.2 5.1 8.0 - 5.7
May 37 872 124 624 73 868 236 364 1 755 238 118 - 3.7 17.4 24.7 5.1 13.5 - 2.6
Jun 40 678 124 683 71 299 236 660 1 770 238 430 - 0.1 17.6 26.8 2.5 16.4 3.3
Jul 49 114 120 771 73 051 242 935 1 788 244 723 - 2.6 20.7 19.8 3.4 20.4 0.5
Aug 73 285 85 489 73 130 231 904 1 804 233 707 - - 4.5 15.3 4.8 - 4.0 15.6 - 9.4
Sep 94 962 72 174 72 199 239 335 1 818 241 153 - 3.2 18.9 14.2 2.7 18.7 1.6
Oct 100 898 69 201 73 456 243 555 1 833 245 388 - 1.8 21.0 19.0 1.8 20.8 11.2
Nov 98 001 65 411 75 559 238 971 1 844 240 815 - - 1.9 18.8 18.4 - 1.5 19.0 15.8
Dec 78 719 56 441 74 026 209 186 1 857 211 043 - - 12.4 4.1 4.1 - 13.0 3.6 3.6
2004 Jan 72 424 48 938 69 542 190 904 1 868 192 772 - - 8.7 - 8.7 - 5.5 - 15.5 - 15.5 - 11.4
Feb 79 900 51 114 68 792 199 806 1 877 201 683 - 4.6 - 4.4 - 6.0 3.6 - 12.5 - 11.3
Mar 91 408 54 282 64 288 209 978 1 889 211 868 - 5.0 0.4 - 2.8 4.0 - 9.0 - 8.3
Apr 89 802 56 382 65 601 211 785 1 900 213 685 - 1.7 2.1 - 6.2 1.6 - 7.6 - 11.4
May 92 622 30 907 70 334 193 864 1 912 195 775 - - 9.1 - 7.2 - 17.8 - 8.9 - 15.8 - 23.2
Jun 91 987 46 679 69 496 208 162 1 924 210 086 - 7.3 - 0.5 - 11.9 7.1 - 9.8 - 19.7
Jul 56 292 81 953 67 906 206 152 1 937 208 089 - - 1.0 - 1.4 - 15.0 - 0.8 - 10.5 - 23.0
Aug 59 016 81 772 66 111 206 899 1 950 208 849 - 0.4 - 1.0 - 10.6 - 0.3 - 10.8 - 20.1
Sep* 75 694 74 785 61 334 211 813 1 962 213 776 - 2.4 1.3 - 11.4 2.3 - 8.7 - 20.3
Oct* 64 430 86 199 61 678 212 308 1 974 214 281 - 0.2 1.5 - 12.7 0.5 - 8.2 - 21.3
Nov* 73 301 84 913 59 168 217 383 1 985 219 368 - 2.4 3.9 - 8.9 1.6 - 6.8 - 18.9
Source: Bacen and STN
1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).
Boletim do Banco Central do Brasil January 2005
121
IV.10 - Federal domestic securitiesOutside the Banco Central do Brasil
Balances in R$ million
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
1996 Dec 48 077 - - 54 44 975 93 106 - 93 106
1997 Dec 64 755 63 592 - 60 61 865 190 271 - 190 271
1998 Dec 5 438 157 171 4 237 64 52 241 219 151 - 219 151
1999 Dec 38 118 204 223 11 292 67 98 182 351 881 - 351 881
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 Jan 12 112 390 906 19 616 100 128 110 550 845 23 205 574 050
Feb 12 738 397 176 19 915 102 131 433 561 364 23 462 584 825
Mar 15 617 408 464 19 767 89 129 079 573 017 23 481 596 498
Apr 12 258 429 151 19 435 77 117 222 578 143 23 746 601 889
May 21 529 436 898 19 395 80 118 201 596 103 24 054 620 157
Jun 29 924 442 677 19 118 78 116 575 608 373 24 049 632 421
Jul 43 458 451 297 19 250 81 115 705 629 790 24 154 653 944
Aug 51 563 450 603 19 163 81 116 788 638 198 23 617 661 815
Sep 63 954 449 824 18 900 74 117 904 650 657 23 424 674 081
Oct 70 947 454 192 18 802 73 118 562 662 576 22 684 685 260
Nov 82 056 450 169 18 809 76 121 395 672 505 22 960 695 465
Dec 91 055 443 180 18 236 74 126 721 679 267 21 932 701 199
2004 Jan 91 812 445 895 18 097 76 128 180 684 060 21 850 705 910
Feb 99 784 444 897 17 964 76 127 245 689 966 21 997 711 963
Mar 115 865 449 652 17 982 70 126 948 710 516 21 110 731 626
Apr 119 946 451 931 18 099 71 130 414 720 463 21 230 741 693
May 121 205 426 964 18 377 76 134 306 700 929 21 336 722 265
Jun 126 213 430 033 18 445 76 137 544 712 312 21 516 733 827
Jul 113 619 446 060 18 235 74 136 938 714 927 21 504 736 431
Aug 125 575 439 279 18 216 73 138 257 721 400 21 855 743 254
Sep* 133 362 443 201 18 166 65 138 791 733 585 21 684 755 269
Oct* 133 539 452 145 17 968 66 136 372 740 090 21 616 761 706
Nov* 144 877 451 977 17 851 63 134 939 749 708 21 384 771 092
(continues)
Boletim do Banco Central do Brasil January 2005
122
IV.10 - Federal domestic securitiesOutside the Banco Central do Brasil
(concluded) Balances in R$ million
End- LBC BBC NBCA Partial Total Percentage change
of- BBCA NBCE total
period NBCF (Banco Nominal Real1/
Central)
In In In 12 In In In 12
month year months month year months
1996 Dec 32 789 50 316 - 83 105 176 211 0.6 62.4 62.4 - 0.6 48.7 48.7
1997 Dec 25 282 28 327 11 629 65 238 255 509 22.6 45.0 45.0 21.7 35.4 35.4
1998 Dec 22 537 48 372 33 800 104 709 323 860 1.2 26.8 26.8 0.2 24.4 24.4
1999 Dec 1 122 - 61 897 63 020 414 901 0.6 28.1 28.1 - 0.6 6.8 6.8
2000 Dec - - 85 686 85 686 510 698 - 0.8 24.4 24.4 - 1.4 13.6 13.6
2001 Dec - - 126 198 126 198 624 084 - 0.5 22.2 22.2 - 0.6 10.9 8.1
2002 Dec - - 67 125 67 125 623 191 - 1.3 - 0.1 - 0.1 - 3.7 - 21.8 - 10.5
2003 Jan - - 62 813 62 813 636 863 2.2 2.2 0.3 0.3 0.3 - 11.4
Feb - - 59 937 59 937 644 762 1.2 3.5 2.1 - 0.4 - 0.1 - 12.5
Mar - - 53 206 53 206 649 704 0.8 4.3 3.7 - 0.3 - 0.3 - 13.4
Apr - - 42 518 42 518 644 407 - 0.8 3.4 1.8 - 1.0 - 1.3 - 17.1
May - - 40 601 40 601 660 759 2.5 6.0 3.3 2.9 1.5 - 14.2
Jun - - 37 002 37 002 669 423 1.3 7.4 2.4 1.8 3.3 - 13.2
Jul - - 36 046 36 046 689 990 3.1 10.7 2.3 2.9 6.3 - 11.7
Aug - - 34 136 34 136 695 951 0.9 11.7 11.7 0.0 6.3 - 2.6
Sep - - 33 660 33 660 707 741 1.7 13.6 7.4 0.9 7.3 - 4.0
Oct - - 32 599 32 599 717 859 1.4 15.2 13.6 1.0 8.3 4.4
Nov - - 32 841 32 841 728 306 1.5 16.9 15.3 0.9 9.3 9.9
Dec - - 30 659 30 659 731 858 0.5 17.4 17.4 6.9 16.9 5.4
2004 Jan - - 31 427 31 427 737 337 0.7 0.7 15.8 - 6.8 - 6.8 5.7
Feb - - 31 184 31 184 743 147 0.8 1.5 15.3 - 0.2 - 7.0 6.2
Mar - - 28 215 28 215 759 841 2.2 3.8 17.0 1.2 - 5.9 7.7
Apr - - 25 981 25 981 767 674 1.0 4.9 19.1 1.0 - 5.0 10.4
May - - 26 117 26 117 748 382 - 2.5 2.3 13.3 - 2.2 - 7.1 8.0
Jun - - 24 360 24 360 758 187 1.3 3.6 13.3 1.1 - 6.1 4.8
Jul - - 22 764 22 764 759 195 0.1 3.7 10.0 0.3 - 5.8 1.7
Aug - - 18 514 18 514 761 769 0.3 4.1 9.5 - 0.3 - 6.1 - 1.0
Sep* - - 16 034 16 034 771 303 1.3 5.4 9.0 1.2 - 5.0 - 1.7
Oct* - - 14 797 14 797 776 503 0.7 6.1 8.2 0.9 - 4.1 - 1.6
Nov* - - 13 844 13 844 784 936 1.1 7.3 7.8 0.3 - 3.9 - 3.1
Source: Bacen and STN
1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).
Boletim do Banco Central do Brasil January 2005
123
IV.11 - Federal domestic securities Percentage share of index numbers
End- Balances Index numbers Total
of- (R$ million)1/
period Foreign Reference IGP-M Over/Selic IGP-DI Preset2/Long-term Other
exchange rate interest rate
1996 Dec 176 211 9.4 7.9 1.8 18.6 - 61.0 1.4 - 100
1997 Dec 255 509 15.4 8.0 0.3 34.8 - 40.9 0.6 - 100
1998 Dec 323 860 21.0 5.4 0.3 69.1 0.1 3.5 0.2 0.5 100
1999 Dec 414 901 24.2 3.0 0.3 61.1 2.1 9.2 0.1 - 100
2000 Dec 510 698 22.3 4.7 1.6 52.2 4.4 14.8 0.0 0.0 100
2001 Dec 624 084 28.6 3.8 4.0 52.8 3.0 7.8 0.0 0.0 100
2002 Dec 623 191 22.4 2.1 7.9 60.8 3.1 2.2 0.0 1.6 100
2003 Jan 636 863 21.2 2.0 7.9 62.4 3.0 1.9 0.0 1.6 100
Feb 644 762 20.6 2.0 8.1 62.6 3.0 2.0 0.0 1.6 100
Mar 649 704 18.7 2.0 8.4 63.9 3.0 2.4 0.0 1.6 100
Apr 644 407 15.1 2.0 8.6 67.7 3.0 1.9 0.0 1.6 100
May 660 759 14.4 2.0 8.6 67.2 2.9 3.3 0.0 1.6 100
Jun 669 423 13.5 2.0 8.4 67.2 2.8 4.5 0.0 1.6 100
Jul 689 990 12.9 2.0 8.1 66.5 2.8 6.3 0.0 1.5 100
Aug 695 951 12.5 1.9 8.2 65.8 2.7 7.4 0.0 1.5 100
Sep 707 741 11.8 1.8 8.3 64.6 2.6 9.0 0.0 1.9 100
Oct 717 859 11.1 1.8 8.3 64.3 2.5 9.9 0.0 2.1 100
Nov 728 306 11.2 1.8 8.4 62.8 2.5 11.3 0.0 2.1 100
Dec 731 858 10.8 1.9 8.7 61.4 2.4 12.4 0.0 2.4 100
2004 Jan 737 337 10.8 1.9 8.6 61.3 2.3 12.5 0.0 2.6 100
Feb 743 147 10.2 1.9 8.7 60.7 2.3 13.4 0.0 2.8 100
Mar 759 841 9.2 1.9 8.7 60.0 2.1 15.3 0.0 2.8 100
Apr 767 674 8.9 1.9 8.9 59.7 2.1 15.6 0.0 2.9 100
May 748 382 9.3 2.0 9.6 57.9 2.2 16.2 0.0 2.9 100
Jun 758 187 8.9 2.0 9.8 57.5 2.1 16.7 0.0 3.0 100
Jul 759 195 8.3 2.0 9.8 59.6 2.1 15.0 0.0 3.2 100
Aug 761 769 7.6 2.1 10.0 58.5 2.1 16.5 0.0 3.2 100
Sep* 771 303 7.0 2.1 10.1 58.3 2.0 17.3 0.0 3.2 100
Oct* 776 503 6.4 2.1 10.0 59.0 2.0 17.2 0.0 3.3 100
Nov* 784 936 5.8 2.1 10.1 58.4 2.0 18.5 0.0 3.2 100
Source: STN and Bacen
1/ Portfolio position as of January 2000.
2/ Including National Treasury Notes Series J for having their yield linked to the National Treasury Bills.
Boletim do Banco Central do Brasil January 2005
124
IV.12 - Monetary impact from federal securities operations National Treasury and Banco Central do Brasil
R$ million
End- Primary market Secondary market Total
of-
period Placements Redemp- Balance Sales + net Buyings + Balance Placements Redemptions Balance
tions borrowings net loans + sales + net + buyings
borrowings + net loans
1999 314 261 389 407 75 146 1 610 939 1 571 082 - 39 856 1 925 207 1 960 496 35 289
National Treasury 269 415 231 094 - 38 321 373 774 381 259 7 485 643 189 612 353 - 30 836
Banco Central 44 846 158 313 113 467 1 237 164 1 189 823 - 47 341 1 282 010 1 348 136 66 126
2000 244 036 297 217 53 181 302 419 271 094 - 31 326 546 455 568 310 21 855
National Treasury 243 234 257 496 14 262 74 166 29 356 - 44 810 317 400 286 853 - 30 547
Banco Central 802 39 720 38 918 228 253 241 737 13 484 229 055 281 458 52 402
2001 183 029 266 391 83 362 1 135 279 1 093 899 - 41 380 1 318 308 1 360 290 41 982
National Treasury 183 029 203 369 20 340 760 699 790 262 29 563 943 728 993 631 49 903
Banco Central - 63 022 63 022 374 580 303 637 - 70 943 374 580 366 659 - 7 921
2002 200 504 290 288 89 784 5 793 078 5 794 966 1 887 5 993 582 6 085 254 91 672
National Treasury 200 504 214 693 14 189 5 424 266 5 396 679 - 27 587 5 624 770 5 611 372 - 13 398
Banco Central - 75 595 75 595 368 812 398 287 29 474 368 812 473 882 105 069
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 Jan 22 128 23 879 1 751 208 934 192 184 - 16 750 231 062 216 063 - 14 999
Feb 10 310 9 421 - 889 215 419 222 149 6 730 225 729 231 570 5 840
Mar 19 055 8 022 - 11 033 209 487 220 288 10 800 228 543 228 310 - 233
Apr 21 228 23 340 2 112 159 622 169 717 10 095 180 850 193 058 12 208
May 8 685 36 344 27 658 202 450 181 667 - 20 783 211 135 218 011 6 875
Jun 22 098 19 756 - 2 343 265 246 273 918 8 672 287 345 293 674 6 329
Jul 27 427 32 947 5 519 213 914 216 058 2 143 241 342 249 004 7 663
Aug 18 871 23 395 4 524 211 918 214 764 2 845 230 789 238 158 7 369
Sep 19 248 14 764 - 4 484 202 136 211 070 8 935 221 383 225 834 4 451
Oct 35 660 38 006 2 346 352 525 354 817 2 292 388 185 392 823 4 638
Nov 34 291 18 020 - 16 271 177 279 199 847 22 568 211 570 217 867 6 297
BTN - - - - - - - - -
LFT 20 604 15 247 - 5 357 155 584 176 343 20 759 176 188 191 590 15 402
LTN 12 662 0 - 12 662 20 944 21 657 713 33 606 21 657 - 11 949
NTN 1 026 2 326 1 300 165 940 775 1 191 3 266 2 075
BBCA - - - - - - - - -
LBC - - - - - - - - -
LBCE - - - - - - - - -
NBCE - 446 446 585 907 - 585 585 446 - 139
NBCF - - - - - - - - -
Accumulated in year 239 002 247 893 8 891 2 418 931 2 456 479 37 548 2 657 933 2 704 372 46 439
National Treasury 239 003 229 043 - 9 960 2 417 697 2 454 924 37 227 2 656 700 2 683 967 27 267
Banco Central - 18 850 18 851 1 234 1 555 321 1 234 20 405 19 171
Boletim do Banco Central do Brasil January 2005
125
IV.13 - State and municipal domestic debt Securities issued
Balances in R$ million
End- State debt
of-
period São Paulo Minas Gerais Rio de Janeiro Rio Grande do Sul Other states Total
1996 Dec 18 723 8 773 5 935 6 543 5 175 45 149
1997 Dec - 10 912 7 383 8 143 6 442 32 880
1998 Dec - - 9 474 - 3 055 12 529
1999 Dec - - - - 2 059 2 059
2000 Dec - - - 49 1 720 1 769
2001 Dec - - - - 2 018 2 018
2002 Dec - - - - 1 254 1 254
2003 Jan - - - - 1 279 1 279
Feb - - - - 1 302 1 302
Mar - - - - 1 325 1 325
Apr - - - - 1 350 1 350
May - - - - 1 376 1 376
Jun - - - - 1 402 1 402
Jul - - - - 1 431 1 431
Aug - - - - 1 457 1 457
Sep - - - - 1 481 1 481
Oct - - - - 1 505 1 505
Nov - - - - 1 520 1 520
Dec - - - - 1 541 1 541
2004 Jan - - - - 1 561 1 561
Feb - - - - 1 578 1 578
Mar - - - - 1 599 1 599
Apr - - - - 1 618 1 618
May - - - - 1 638 1 638
Jun - - - - 1 658 1 658
Jul - - - - 1 680 1 680
Aug - - - - 1 701 1 701
Sep* - - - - 1 723 1 723
Oct* - - - - 1 744 1 744
Nov* - - - - 1 765 1 765
(continues)
Boletim do Banco Central do Brasil January 2005
126
IV.13 - State and municipal domestic debt Securities issued
(concluded) Balances in R$ million
End- Municipal debt Total Securities Total Banco In the Total
of- in in Central Banco outside
period São Paulo Rio de Others1/ Total Balance Real percentage changes2/ treasury circulation portfolio Central the
Janeiro custodian Banco
In In In 12 account Central
month year months
1996 Dec 5 021 1 338 212 6 571 51 720 0.5 19.8 19.8 1 814 49 906 - 34 847 15 059
1997 Dec 6 242 1 658 256 8 156 41 036 - 34.9 - 25.9 - 25.9 1 625 39 411 - 26 648 12 763
1998 Dec 8 041 2 124 326 10 491 23 020 1.3 - 44.9 - 44.9 677 22 343 - 9 682 12 661
1999 Dec 10 102 - 409 10 511 12 569 - 49.5 - 54.5 - 54.5 434 12 135 - 700 11 435
2000 Dec - - 481 481 2 250 0.6 - 83.7 - 83.7 49 2 201 - - 2 201
2001 Dec - - 564 564 2 582 1.2 4.1 4.1 0 2 582 - - 2 582
2002 Dec - - 672 672 1 926 - 2.6 - 41.6 - 41.6 0 1 926 - - 1 926
2003 Jan - - 684 684 1 962 0.0 0.0 - 42.3 0 1 962 - - 1 962
Feb - - 698 698 2 000 0.3 0.3 - 42.8 0 2 000 - - 2 000
Mar - - 711 711 2 036 0.7 1.0 - 42.9 0 2 036 - - 2 036
Apr - - 724 724 2 074 1.7 2.7 - 42.3 0 2 074 - - 2 074
May - - 738 738 2 114 3.3 6.1 - 40.4 0 2 114 - - 2 114
Jun - - 752 752 2 154 4.3 10.7 - 37.5 0 2 154 - - 2 154
Jul - - 768 768 2 199 2.9 13.9 - 35.3 0 2 199 - - 2 199
Aug - - 781 781 2 238 2.4 16.6 - 33.0 0 2 238 - - 2 238
Sep - - 794 794 2 276 1.2 17.9 - 5.4 0 2 276 - - 2 276
Oct - - 807 807 2 313 1.7 19.9 13.5 0 2 313 - - 2 313
Nov - - 819 819 2 339 0.7 20.7 17.5 0 2 339 - - 2 339
Dec - - 830 830 2 371 0.7 21.5 21.5 0 2 371 - - 2 371
2004 Jan - - 841 841 2 401 - 5.6 - 5.6 14.7 0 2 401 - - 2 401
Feb - - 850 850 2 428 0.1 - 5.5 14.5 0 2 428 - - 2 428
Mar - - 862 862 2 461 0.3 - 5.2 14.0 0 2 461 - - 2 461
Apr - - 872 872 2 490 1.1 - 4.2 13.4 0 2 490 - - 2 490
May - - 882 882 2 521 1.5 - 2.7 11.4 0 2 521 - - 2 521
Jun - - 893 893 2 552 1.0 - 1.7 7.9 0 2 552 - - 2 552
Jul - - 905 905 2 585 1.5 - 0.3 6.4 0 2 585 - - 2 585
Aug - - 916 916 2 618 0.6 0.4 4.6 0 2 618 - - 2 618
Sep* - - 928 928 2 651 1.2 1.6 4.7 0 2 651 - - 2 651
Oct* - - 939 939 2 683 0.6 2.2 3.7 0 2 683 - - 2 683
Nov* - - 951 951 2 716 0.4 2.7 3.4 0 2 716 - - 2 716
1/ Other: Campinas, Guarulhos and Osasco.
2/ Deflator: IGP-DI centered at end of month (geometric average month indicated and subsequent month).
Boletim do Banco Central do Brasil January 2005
127
IV.14 - Net public sector debt
R$ million
Itemization 2002 2003 2004*
December December September October November
Balances % Balances % Balances % Balances % Balances %
GDP GDP GDP GDP GDP
Fiscal net debt (G=E-F) 573 531 36.1 652 563 40.9 678 076 37.5 680 961 37.4 684 421 37.2
Internal debt adjustment (F) 152 076 9.6 129 361 8.1 129 428 7.2 129 382 7.1 127 238 6.9
Fiscal net debt with exchange devaluation (E=A-B-C-D) 725 607 45.7 781 924 49.0 807 504 44.7 810 343 44.5 811 660 44.1
External debt adjustment (D) 126 590 8.0 101 706 6.4 103 120 5.7 105 474 5.8 100 484 5.5
Inventory adjustment (C) 92 639 5.8 93 244 5.8 93 723 5.2 93 392 5.1 93 392 5.1
Privatization asjustment (B) - 63 729 - 4.0 - 63 729 - 4.0 - 63 807 - 3.5 - 63 807 - 3.5 - 64 482 - 3.5
Total net debt (A) 881 108 55.5 913 145 57.2 940 540 52.0 945 403 51.9 941 054 51.1
Federal government and the Bacen 566 734 35.7 584 544 36.6 596 913 33.0 602 684 33.1 598 274 32.5
Banco Central - 5 906 - 0.4 - 5 796 - 0.4 - 8 896 - 0.5 - 9 759 - 0.5 - 7 482 - 0.4
State governments 257 986 16.3 278 016 17.4 301 725 16.7 302 576 16.6 302 710 16.4
Local governments 34 992 2.2 38 703 2.4 43 587 2.4 44 094 2.4 44 292 2.4
State enterprises 27 302 1.7 17 678 1.1 7 211 0.4 5 808 0.3 3 260 0.2
Federal - 14 002 - 0.9 - 20 154 - 1.3 - 28 919 - 1.6 - 31 222 - 1.7 - 33 376 - 1.8
State 38 313 2.4 34 820 2.2 33 024 1.8 33 910 1.9 33 503 1.8
Local governments 2 990 0.2 3 012 0.2 3 106 0.2 3 119 0.2 3 133 0.2
Internal net debt 654 312 41.2 726 688 45.5 781 210 43.2 783 624 43.0 787 268 42.8
Federal government and the Bacen 310 003 19.5 365 776 22.9 386 736 21.4 391 473 21.5 394 839 21.4
Federal securities1/ 532 893 33.6 679 267 42.5 733 585 40.6 740 090 40.6 749 708 40.7
Privatization currencies 23 180 1.5 21 941 1.4 21 694 1.2 21 625 1.2 21 393 1.2
Bank debt 1 034 0.1 2 129 0.1 2 833 0.2 2 693 0.1 2 697 0.1
Tax collected (not transferred) - 776 0.0 - 1 215 - 0.1 - 5 566 - 0.3 - 8 292 - 0.5 - 6 088 - 0.3
Demand deposits - 299 0.0 - 185 0.0 - 427 0.0 - 577 0.0 - 731 0.0
Investment in funds2/ - 53 822 - 3.4 - 74 487 - 4.7 - 64 582 - 3.6 - 64 217 - 3.5 - 67 579 - 3.7
Laborer assistance fund (FAT) - 75 840 - 4.8 - 88 053 - 5.5 - 99 291 - 5.5 - 100 747 - 5.5 - 101 383 - 5.5
Social Security system - 866 - 0.1 640 0.0 1 409 0.1 1 409 0.1 1 844 0.1
Renegotiation (Law 9,496/1997 and Proes) - 217 439 - 13.7 - 242 510 - 15.2 - 271 948 - 15.0 - 273 213 - 15.0 - 275 333 - 15.0
Renegotiation (Law 8,727/1993) - 20 111 - 1.3 - 21 032 - 1.3 - 21 492 - 1.2 - 21 492 - 1.2 - 21 496 - 1.2
Restructured debt3/ - 36 724 - 2.3 - 28 523 - 1.8 - 25 370 - 1.4 - 24 839 - 1.4 - 23 767 - 1.3
Other federal government's credits4/ - 35 430 - 2.2 - 38 912 - 2.4 - 39 805 - 2.2 - 39 979 - 2.2 - 40 367 - 2.2
Relationship with Banco Central 194 203 12.2 156 716 9.8 155 696 8.6 159 011 8.7 155 941 8.5
Banco Central 53 235 3.4 52 694 3.3 60 815 3.4 58 201 3.2 57 981 3.1
Monetary base 73 302 4.6 73 219 4.6 70 955 3.9 71 672 3.9 75 098 4.1
Banco Central securities1/ 67 125 4.2 30 659 1.9 16 034 0.9 14 797 0.8 13 844 0.8
Repurchase agreement 77 089 4.9 65 810 4.1 85 374 4.7 85 368 4.7 78 947 4.3
Other deposits 55 286 3.5 56 962 3.6 62 272 3.4 63 258 3.5 63 752 3.5
Bacen credit to financial institutions - 19 895 - 1.3 - 16 985 - 1.1 - 17 744 - 1.0 - 17 656 - 1.0 - 17 676 - 1.0
Other accounts in Bacen - 5 468 - 0.3 - 256 0.0 - 380 0.0 - 226 0.0 - 43 0.0
Relationship with Federal Government - 194 203 - 12.2 - 156 716 - 9.8 - 155 696 - 8.6 - 159 011 - 8.7 - 155 941 - 8.5
State governments 239 578 15.1 261 587 16.4 285 044 15.8 286 016 15.7 286 573 15.6
Securities net debt5/ 1 254 0.1 1 541 0.1 1 723 0.1 1 744 0.1 1 765 0.1
Renegotiation (Law 9,496/1997 and Proes) 190 406 12.0 211 717 13.3 237 054 13.1 237 968 13.1 239 836 13.0
Renegotiation (Law 8,727/1993) 27 226 1.7 28 071 1.8 28 193 1.6 28 207 1.5 28 216 1.5
Restructured debt3/ 16 990 1.1 13 554 0.8 13 645 0.8 13 205 0.7 12 592 0.7
Bank debt 4 513 0.3 4 427 0.3 5 405 0.3 5 457 0.3 5 577 0.3
Other state debts6/ 22 737 1.4 24 931 1.6 25 419 1.4 25 438 1.4 25 551 1.4
Tax collected (not transferred) - 309 0.0 - 253 0.0 - 625 0.0 - 615 0.0 - 561 0.0
Demand deposits - 1 618 - 0.1 - 1 548 - 0.1 - 1 360 - 0.1 - 1 373 - 0.1 - 1 291 - 0.1
Other state credits7/ - 21 620 - 1.4 - 20 854 - 1.3 - 24 410 - 1.4 - 24 015 - 1.3 - 25 112 - 1.4
(continues)
Boletim do Banco Central do Brasil January 2005
128
IV.14 - Net public sector debt
(concluded) R$ million
Itemization 2002 2003 2004*
December December September October November
Balances % Balances % Balances % Balances % Balances %
GDP GDP GDP GDP GDP
Local governments 32 092 2.0 36 098 2.3 40 866 2.3 41 356 2.3 41 587 2.3
Securities net debt5/ 672 0.0 830 0.1 928 0.1 939 0.1 951 0.1
Renegotiation (MP 2,118/2000) 27 034 1.7 30 792 1.9 34 894 1.9 35 245 1.9 35 497 1.9 Renegotiation (Law 8,727/1993) 2 543 0.2 2 546 0.2 2 490 0.1 2 483 0.1 2 474 0.1
Restructured debt3/ 1 933 0.1 1 426 0.1 1 316 0.1 1 305 0.1 1 246 0.1
Bank debt 2 312 0.1 2 952 0.2 3 495 0.2 3 577 0.2 3 703 0.2 Tax collected (not transferred) - 59 0.0 - 118 0.0 - 121 0.0 - 113 0.0 - 133 0.0 Demand deposits - 2 344 - 0.1 - 2 330 - 0.1 - 2 136 - 0.1 - 2 081 - 0.1 - 2 151 - 0.1 State enterprises 19 404 1.2 10 532 0.7 7 750 0.4 6 578 0.4 6 287 0.3 Federal - 12 146 - 0.8 - 19 486 - 1.2 - 21 108 - 1.2 - 23 175 - 1.3 - 23 450 - 1.3
Restructured debt3/ 5 654 0.4 4 463 0.3 4 312 0.2 3 193 0.2 3 075 0.2
Bank debt 2 477 0.2 3 103 0.2 2 989 0.2 2 993 0.2 3 028 0.2 Other debts 28 638 1.8 28 732 1.8 27 703 1.5 27 571 1.5 27 449 1.5 Renegotiation (Law 8,727/1993) - 363 0.0 - 443 0.0 - 518 0.0 - 517 0.0 - 517 0.0 State enterprises portfolios - 16 475 - 1.0 - 24 974 - 1.6 - 20 683 - 1.1 - 22 558 - 1.2 - 22 738 - 1.2 Demand deposits - 980 - 0.1 - 1 246 - 0.1 - 1 608 - 0.1 - 885 0.0 - 1 050 - 0.1 Other credts - 31 098 - 2.0 - 29 122 - 1.8 - 33 303 - 1.8 - 32 973 - 1.8 - 32 698 - 1.8 States 28 560 1.8 27 007 1.7 25 751 1.4 26 634 1.5 26 604 1.4
Restructured debt3/ 10 196 0.6 7 584 0.5 4 737 0.3 5 353 0.3 5 139 0.3
Banking debt 6 038 0.4 6 766 0.4 8 967 0.5 9 065 0.5 9 228 0.5 Debentures 1 454 0.1 1 538 0.1 1 719 0.1 1 740 0.1 1 762 0.1 Renegotiation (Law 8,727/1993) 11 645 0.7 11 931 0.7 11 896 0.7 11 902 0.7 11 900 0.6 Fed.security portfolio of state enterprises - 489 0.0 - 489 0.0 - 1 152 - 0.1 - 1 012 - 0.1 - 1 051 - 0.1 Demand deposit - 284 0.0 - 323 0.0 - 416 0.0 - 415 0.0 - 373 0.0 Local government 2 990 0.2 3 012 0.2 3 106 0.2 3 119 0.2 3 133 0.2
Restructured debt3/ 203 0.0 158 0.0 149 0.0 143 0.0 137 0.0
Banking debt 183 0.0 81 0.0 88 0.0 91 0.0 97 0.0 Renegociation (Law 8,727/1993) 2 643 0.2 2 831 0.2 2 928 0.2 2 939 0.2 2 949 0.2 Demand deposit - 39 0.0 - 58 0.0 - 59 0.0 - 54 0.0 - 50 0.0 Foreign net debt 226 796 14.3 186 458 11.7 159 330 8.8 161 779 8.9 153 786 8.4 Federal government 256 732 16.2 218 767 13.7 210 177 11.6 211 210 11.6 203 435 11.0
Banco Central do Brasil8/- 59 141 - 3.7 - 58 490 - 3.7 - 69 710 - 3.9 - 67 960 - 3.7 - 65 463 - 3.6
State governments 18 408 1.2 16 429 1.0 16 681 0.9 16 560 0.9 16 136 0.9 Local governments 2 900 0.2 2 605 0.2 2 721 0.2 2 739 0.2 2 705 0.1 State enterprises 7 897 0.5 7 146 0.4 - 538 0.0 - 771 0.0 - 3 028 - 0.2 Federal - 1 856 - 0.1 - 667 0.0 - 7 812 - 0.4 - 8 047 - 0.4 - 9 926 - 0.5 State 9 753 0.6 7 813 0.5 7 273 0.4 7 276 0.4 6 898 0.4 Local government 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0
GDP9/1 587 584 1 596 846 1 807 718 1 821 318 1 841 200
IMF - Basic path Total net debt 703 492 946 004 1 026 101 - -
1/ Portfolio valuation.
2/ Includes constitutional funds and other funds and general programs.
3/ Includes MF30, BIB, and others.
4/ Includes royalties, agricultural debt and others.
5/ Securities debt issued minus securities in treasury.
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 (geometric average of IGP-DI growth in the month and the subsequent month).
Boletim do Banco Central do Brasil January 2005
129
IV.15 - Net public sector debt
US$ million
Itemization 2002 2003 2004*
December December September October November
Fiscal net debt (G=E-F) 162 358 225 925 237 272 238 457 250 713
Internal debt adjustment (F) 43 050 44 786 45 289 45 307 46 609
Fiscal net debt with exchange devaluation (E=A-B-C-D) 205 409 270 712 282 561 283 763 297 322
External debt adjustment (D) 35 836 35 212 36 084 36 935 36 809
Inventory adjustment (C) 26 225 32 282 32 796 32 704 34 211
Privatization adjustment (B) - 18 041 - 22 064 - 22 327 - 22 344 - 23 620
Total net debt (A) 249 429 316 142 329 113 331 058 344 721
Federal government and the Bacen 160 434 202 376 208 872 211 046 219 156
Banco Central - 1 672 - 2 007 - 3 113 - 3 417 - 2 741
State governments 73 032 96 253 105 579 105 955 110 887
Local governments 9 906 13 399 15 252 15 441 16 225
State enterprises 7 729 6 120 2 523 2 034 1 194
Federal - 3 964 - 6 977 - 10 119 - 10 933 - 12 226
State 10 846 12 055 11 556 11 875 12 273
Local governments 847 1 043 1 087 1 092 1 148
Internal net debt 185 226 251 588 273 361 274 407 288 387
Federal government and the Bacen 87 757 126 636 135 327 137 085 144 635
Federal securities1/ 150 854 235 171 256 696 259 163 274 628
Privatization currencies 6 562 7 596 7 591 7 573 7 837
Bank debt 293 737 991 943 988
Tax collected (not transferred) - 220 - 421 - 1 948 - 2 904 - 2 230
Demand deposits - 85 - 64 - 150 - 202 - 268
Investment in funds2/ - 15 236 - 25 788 - 22 599 - 22 487 - 24 755
Laborer assistance fund (FAT) - 21 469 - 30 485 - 34 744 - 35 279 - 37 138
Social Security system - 245 222 493 493 675
Renegotiation (Law 9,496/1997 and Proes) - 61 554 - 83 960 - 95 160 - 95 673 - 100 858
Renegotiation (Law 8,727/1993) - 5 693 - 7 281 - 7 521 - 7 526 - 7 874
Restructured debt3/ - 10 396 - 9 875 - 8 877 - 8 698 - 8 706
Other federal government's credits4/ - 10 030 - 13 472 - 13 928 - 14 000 - 14 787
Relationship with Banco Central 54 976 54 257 54 481 55 682 57 123
Banco Central 15 070 18 243 21 280 20 381 21 239
Monetary base 20 751 25 349 24 829 25 098 27 509
Banco Central securities1/ 19 002 10 615 5 610 5 182 5 071
Repurchase agreement 21 823 22 784 29 874 29 894 28 919
Other deposits 15 651 19 721 21 790 22 151 23 353
Bacen credit to financial institutions - 5 632 - 5 880 - 6 209 - 6 183 - 6 475
Other accounts in Bacen - 1 548 - 89 - 133 - 79 - 16
Relationship with Federal Government - 54 976 - 54 257 - 54 481 - 55 682 - 57 123
State governments 67 821 90 565 99 742 100 156 104 976
Securities net debt5/ 355 534 603 611 647
Renegotiation (Law 9,496/1997 and Proes) 53 901 73 299 82 950 83 331 87 855
Renegotiation (Law 8,727/1993) 7 707 9 719 9 865 9 877 10 336
Restructured debt3/ 4 810 4 692 4 775 4 624 4 613
Bank debt 1 278 1 533 1 891 1 911 2 043
Other state debts6/ 6 436 8 632 8 894 8 908 9 360
Tax collected (not transferred) - 87 - 88 - 219 - 215 - 206
Demand deposits - 458 - 536 - 476 - 481 - 473
Other state credits7/ - 6 120 - 7 220 - 8 541 - 8 410 - 9 199
(continues)
Boletim do Banco Central do Brasil January 2005
130
IV.15 - Net public sector debt
(concluded) US$ million
Itemization 2002 2003 2004*
December December September October November
Local governments 9 085 12 497 14 300 14 482 15 234 Securities net debt5/
190 287 325 329 348
Renegotiation (MP 2,118/2000) 7 653 10 661 12 210 12 342 13 003
Renegotiation (Law 8,727/1993) 720 881 871 869 906 Restructured debt3/
547 494 461 457 456
Bank debt 655 1 022 1 223 1 253 1 356
Tax collected (not transferred) - 17 - 41 - 42 - 39 - 49
Demand deposits - 663 - 807 - 747 - 729 - 788
State enterprises 5 493 3 646 2 712 2 304 2 303 Federal - 3 438 - 6 746 - 7 386 - 8 115 - 8 590 Restructured debt3/
1 601 1 545 1 509 1 118 1 127
Bank debt 701 1 074 1 046 1 048 1 109
Other debts 8 107 9 947 9 694 9 655 10 055
Renegociation (Law 8,727/1993) - 103 - 153 - 181 - 181 - 189
State enterprises portfolios - 4 664 - 8 646 - 7 237 - 7 899 - 8 329
Demand deposits - 278 - 431 - 563 - 310 - 384
Other credits - 8 803 - 10 082 - 11 653 - 11 546 - 11 978
States 8 085 9 350 9 011 9 327 9 746 Restructured debt3/
2 886 2 626 1 658 1 874 1 882
Banking debt 1 709 2 342 3 138 3 174 3 380
Debentures 412 532 602 609 645
Renegotiation (Law 8,727/1993) 3 297 4 131 4 163 4 168 4 359
Fed.security portfolio of state enterprises - 139 - 169 - 403 - 354 - 385
Demand deposit - 80 - 112 - 146 - 145 - 137
Local government 847 1 043 1 087 1 092 1 148 Restructured debt3/
57 55 52 50 50
Banking debt 52 28 31 32 36
Renegotiation (Law 8,727/1993) 748 980 1 025 1 029 1 080
Demand deposit - 11 - 20 - 21 - 19 - 18
Foreign net debt 64 203 64 554 55 753 56 651 56 334
Federal government 72 677 75 740 73 545 73 961 74 521 Banco Central do Brasil8/
- 16 742 - 20 250 - 24 393 - 23 798 - 23 980 State governments 5 211 5 688 5 837 5 799 5 911 Local governments 821 902 952 959 991 State enterprises 2 236 2 474 - 188 - 270 - 1 109 Federal - 525 - 231 - 2 733 - 2 818 - 3 636 State 2 761 2 705 2 545 2 548 2 527 Local government 0 0 0 0 0GDP9/
449 422 552 848 632 556 637 783 674 457IMF - Indicative targetTotal net debt 199 148 327 518 359 053 - -
Exchange rate (purchase) R$/US$ 3.5325 2.8884 2.8578 2.8557 2.7299
1/ Portfolio valuation.
2/ Includes constitutional funds and other funds and general programs.
3/ Includes MF30, BIB, and others.
4/ Includes royalties, agricultural debt and others.
5/ Securities debt issued minus securities in treasury.
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 (geometric average of IGP-DI growth in the month and the subsequent month).
Boletim do Banco Central do Brasil January 2005
131
IV.16 - Public sector borrowing requirements
Accumulated in the year % of GDP
Itemization Current prices
2002 2003 2004*
Jan-Nov Year Jan-Nov Year Jan-Nov
Nominal 3.24 4.58 4.66 5.08 1.99
Central government 0.30 0.75 3.45 3.99 1.07
Federal government1/ 1.31 1.26 3.60 4.76 1.33
Bacen -1.01 -0.51 -0.15 -0.77 -0.26
Regional government 2.84 3.83 1.64 1.74 1.84
State government 2.45 3.25 1.38 1.47 1.49
Local government 0.39 0.57 0.26 0.26 0.35
State enterprises 0.09 0.01 -0.44 -0.65 -0.92
Federal owner -0.27 -0.30 -0.30 -0.50 -0.96
States owner 0.34 0.29 -0.15 -0.15 0.03
Local governments owner 0.02 0.02 0.00 0.00 0.01
Nominal interest 7.91 8.47 9.61 9.33 7.28
Central government 3.27 3.12 6.72 6.48 4.54
Federal government1/ 4.34 3.68 6.88 7.26 4.80
Bacen -1.06 -0.57 -0.16 -0.78 -0.27
Regional government 3.84 4.62 2.66 2.62 2.95
State government 3.28 3.89 2.27 2.24 2.51
Local government 0.55 0.73 0.39 0.38 0.44
State enterprises 0.79 0.74 0.24 0.22 -0.20
Federal owner 0.18 0.17 0.12 0.11 -0.39
States owner 0.60 0.55 0.10 0.10 0.18
Local governments owner 0.02 0.02 0.02 0.02 0.01
Primary -4.67 -3.89 -4.96 -4.25 -5.29
Central government -2.97 -2.37 -3.26 -2.49 -3.46
Federal government -4.17 -3.69 -4.84 -4.20 -5.02
Bacen 0.05 0.06 0.02 0.01 0.01
INSS 1.15 1.26 1.56 1.70 1.54
Regional government -1.00 -0.79 -1.02 -0.89 -1.11
State government -0.84 -0.64 -0.88 -0.77 -1.03
Local government -0.16 -0.15 -0.13 -0.12 -0.09
State enterprises -0.70 -0.73 -0.68 -0.87 -0.72
Federal owner -0.45 -0.47 -0.42 -0.62 -0.57
States owner -0.25 -0.26 -0.25 -0.24 -0.14
Local governments owner 0.00 0.00 -0.01 -0.01 0.00
1/ Includes INSS.
(+) deficit (-) surplus
Boletim do Banco Central do Brasil January 2005
132
IV.17 - Public sector borrowing requirements
Flows in 12 months in R$ million
Itemization 2002 2003 2004*
December December September October November
Total nominal 61 614 79 030 47 745 47 737 44 898
Federal government and Banco Central do Brasil 10 029 62 150 28 177 30 612 30 362
State and local governments 51 493 27 003 35 476 33 677 33 145
State enterprises 92 - 10 124 - 15 909 - 16 551 - 18 609
Total operational1/- 34 733 44 253 - 22 111 - 23 999 - 30 525
Federal government and Banco Central do Brasil - 31 210 45 663 - 8 541 - 7 167 - 9 464
State and local governments - 3 556 9 027 2 515 - 127 - 2 329
State enterprises 34 - 10 436 - 16 085 - 16 705 - 18 732
Total primary - 52 390 - 66 173 - 78 867 - 80 109 - 80 707
Federal government and Banco Central do Brasil - 31 919 - 38 744 - 46 885 - 47 690 - 47 984
State and local governments - 10 633 - 13 821 - 17 533 - 17 628 - 17 264
State enterprises - 9 838 - 13 608 - 14 449 - 14 791 - 15 459
Total real interest 17 657 110 426 56 756 56 110 50 182
Federal government and Banco Central do Brasil 709 84 407 38 344 40 523 38 520
State and local governments 7 077 22 849 20 048 17 501 14 935
State enterprises 9 871 3 171 - 1 636 - 1 913 - 3 273
GDP (accumulated in the year)2/1 346 028 1 514 913 1 704 354 1 722 175 1 740 636
In percentage of GDP3/
Total nominal 4.58 5.22 2.80 2.77 2.58
Federal government and Banco Central do Brasil 0.75 4.10 1.65 1.78 1.74
State and local governments 3.83 1.78 2.08 1.96 1.90
State enterprises 0.01 -0.67 -0.93 -0.96 -1.07
Total operational -2.58 2.92 -1.30 -1.39 -1.75
Federal government and Banco Central do Brasil -2.32 3.01 -0.50 -0.42 -0.54
State and local governments -0.26 0.60 0.15 -0.01 -0.13
State enterprises 0.00 -0.69 -0.94 -0.97 -1.08
Total primary -3.89 -4.37 -4.63 -4.65 -4.64
Federal government and Banco Central do Brasil -2.37 -2.56 -2.75 -2.77 -2.76
State and local governments -0.79 -0.91 -1.03 -1.02 -0.99
State enterprises -0.73 -0.90 -0.85 -0.86 -0.89
Total real interest 1.31 7.29 3.33 3.26 2.88
Federal government and Banco Central do Brasil 0.05 5.57 2.25 2.35 2.21
State and local governments 0.53 1.51 1.18 1.02 0.86
State enterprises 0.73 0.21 -0.10 -0.11 -0.19
1/ Deflator = IGP-DI (centered).
2/ GDP at current prices.
3/ Reflects ratio of flows to the GDP at current prices.
Boletim do Banco Central do Brasil January 2005
133
IV.18 - Public sector borrowing requirements
Flows in 12 months at prices of last month indicated in R$ million
Itemization 2002 2003 2004*
December December September October November
Total nominal 68 026 80 932 51 194 51 115 47 925
Federal government and Banco Central do Brasil 10 710 63 542 30 307 32 813 32 213
State and local governments 56 546 27 600 37 441 35 483 34 988
State enterprises 770 -10 210 -16 554 -17 181 -19 276
Total operational1/-39 300 45 191 -22 411 -24 447 -31 561
Federal government and Banco Central do Brasil -35 063 46 617 -8 365 -6 965 -9 745
State and local governments -4 951 9 107 2 698 - 135 -2 408
State enterprises 714 -10 532 -16 744 -17 347 -19 409
Total primary -62 971 -67 899 -82 878 -83 735 -84 256
Federal government and Banco Central do Brasil -39 009 -39 920 -49 249 -49 757 -50 192
State and local governments -12 918 -14 195 -18 459 -18 512 -18 081
State enterprises -11 043 -13 784 -15 170 -15 466 -15 983
Total real interest 23 671 113 090 60 467 59 288 52 694
Federal government and Banco Central do Brasil 3 946 86 536 40 884 42 792 40 448
State and local governments 7 968 23 302 21 157 18 376 15 673
State enterprises 11 757 3 252 -1 574 -1 880 -3 426
GDP (accumulated in the year)2/1 570 720 1 548 427 1 802 946 1 813 896 1 830 251
In percentage of GDP3/
Total nominal 4.33 5.23 2.84 2.82 2.62
Federal government and Banco Central do Brasil 0.68 4.10 1.68 1.81 1.76
State and local governments 3.60 1.78 2.08 1.96 1.91
State enterprises 0.05 -0.66 -0.92 -0.95 -1.05
Total operational -2.50 2.92 -1.24 -1.35 -1.72
Federal government and Banco Central do Brasil -2.23 3.01 -0.46 -0.38 -0.53
State and local governments -0.32 0.59 0.15 -0.01 -0.13
State enterprises 0.05 -0.68 -0.93 -0.96 -1.06
Total primary -4.01 -4.39 -4.60 -4.62 -4.60
Federal government and Banco Central do Brasil -2.48 -2.58 -2.73 -2.74 -2.74
State and local governments -0.82 -0.92 -1.02 -1.02 -0.99
State enterprises -0.70 -0.89 -0.84 -0.85 -0.87
Total real interest 1.51 7.30 3.35 3.27 2.88
Federal government and Banco Central do Brasil 0.25 5.59 2.27 2.36 2.21
State and local governments 0.51 1.50 1.17 1.01 0.86
State enterprises 0.75 0.21 -0.09 -0.10 -0.19
1/ Deflator = IGP-DI (centered).
2/ At prices of the last month of the period indicated (deflator: IGP-DI).
3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2005
134
IV.19 - Public sector borrowing requirements
With exchange devaluation on domestic securities debt stock
Accumulated in the year % of GDP
Itemization Current prices Last month prices1/
2003 2004* 2003 2004*
Jan-Nov Year Jan-Nov Jan-Nov Year Jan-Nov
Nominal 3.17 3.72 1.86 3.20 3.74 1.88
Central government 1.97 2.60 0.94 1.99 2.61 0.93
Federal government2/ 2.77 4.05 1.22 2.79 4.04 1.21
Bacen -0.80 -1.44 -0.28 -0.80 -1.42 -0.27
Regional government 1.64 1.78 1.84 1.64 1.78 1.84
State government 1.38 1.51 1.49 1.38 1.51 1.49
Local government 0.26 0.27 0.35 0.26 0.27 0.35
State enterprises -0.44 -0.67 -0.92 -0.44 -0.66 -0.89
Federal owner -0.30 -0.52 -0.96 -0.29 -0.51 -0.93
States owner -0.15 -0.15 0.03 -0.14 -0.15 0.03
Local governments owner 0.00 0.00 0.01 0.00 0.00 0.01
Nominal interest 8.13 8.09 7.15 8.16 8.12 7.18
Central government 5.23 5.16 4.40 5.26 5.19 4.43
Federal government2/ 6.05 6.62 4.70 6.07 6.63 4.71
Bacen -0.82 -1.46 -0.29 -0.81 -1.44 -0.29
Regional government 2.66 2.69 2.95 2.66 2.70 2.96
State government 2.27 2.30 2.51 2.27 2.30 2.52
Local government 0.39 0.39 0.44 0.39 0.40 0.44
State enterprises 0.24 0.23 -0.20 0.24 0.23 -0.20
Federal owner 0.12 0.12 -0.39 0.12 0.12 -0.39
States owner 0.10 0.10 0.18 0.10 0.10 0.18
Local governments owner 0.02 0.02 0.01 0.02 0.02 0.01
Primary -4.96 -4.37 -5.29 -4.96 -4.39 -5.30
Central government -3.26 -2.56 -3.46 -3.27 -2.58 -3.50
Federal government -4.84 -4.31 -5.02 -4.84 -4.33 -5.05
Bacen 0.02 0.01 0.01 0.02 0.01 0.01
INSS 1.56 1.74 1.54 1.56 1.74 1.54
Regional government -1.02 -0.91 -1.11 -1.02 -0.92 -1.12
State government -0.88 -0.79 -1.03 -0.89 -0.79 -1.03
Local government -0.13 -0.13 -0.09 -0.13 -0.13 -0.09
State enterprises -0.68 -0.90 -0.72 -0.67 -0.89 -0.69
Federal owner -0.42 -0.63 -0.57 -0.41 -0.63 -0.54
States owner -0.25 -0.25 -0.14 -0.25 -0.25 -0.15
Local governments owner -0.01 -0.01 0.00 -0.01 -0.01 0.00
1/ Flows at prices of the last month of the period, based on the IGP-DI.
2/ Includes INSS.
(+) deficit (-) surplus
Boletim do Banco Central do Brasil January 2005
135
IV.20 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock
Flows in 12 months in R$ million
Itemization 2002 2003 2004*
December December September October November
Total nominal 138 276 56 315 46 839 48 696 41 120
Federal government and Banco Central do Brasil 86 691 39 436 27 271 31 571 26 584
State and local governments 51 493 27 003 35 476 33 677 33 145
State enterprises 92 - 10 124 - 15 909 - 16 551 - 18 609
Total operational1/- 108 13 763 - 30 941 - 30 934 - 42 259
Federal government and Banco Central do Brasil 3 414 15 172 - 17 371 - 14 102 - 21 198
State and local governments - 3 556 9 027 2 515 - 127 - 2 329
State enterprises 34 - 10 436 - 16 085 - 16 705 - 18 732
Total primary - 52 390 - 66 173 - 78 867 - 80 109 - 80 707
Federal government and Banco Central do Brasil - 31 919 - 38 744 - 46 885 - 47 690 - 47 984
State and local governments - 10 633 - 13 821 - 17 533 - 17 628 - 17 264
State enterprises - 9 838 - 13 608 - 14 449 - 14 791 - 15 459
Total real interest 52 282 79 936 47 926 49 175 38 448
Federal government and Banco Central do Brasil 35 333 53 916 29 514 33 588 26 786
State and local governments 7 077 22 849 20 048 17 501 14 935
State enterprises 9 871 3 171 - 1 636 - 1 913 - 3 273
GDP (accumulated in the year)2/1 346 028 1 514 913 1 704 354 1 722 175 1 740 636
In percentage of GDP3/
Total nominal 10.27 3.72 2.75 2.83 2.36
Federal government and Banco Central do Brasil 6.44 2.60 1.60 1.83 1.53
State and local governments 3.83 1.78 2.08 1.96 1.90
State enterprises 0.01 -0.67 -0.93 -0.96 -1.07
Total operational -0.01 0.91 -1.82 -1.80 -2.43
Federal government and Banco Central do Brasil 0.25 1.00 -1.02 -0.82 -1.22
State and local governments -0.26 0.60 0.15 -0.01 -0.13
State enterprises 0.00 -0.69 -0.94 -0.97 -1.08
Total primary -3.89 -4.37 -4.63 -4.65 -4.64
Federal government and Banco Central do Brasil -2.37 -2.56 -2.75 -2.77 -2.76
State and local governments -0.79 -0.91 -1.03 -1.02 -0.99
State enterprises -0.73 -0.90 -0.85 -0.86 -0.89
Total real interest 3.88 5.28 2.81 2.86 2.21
Federal government and Banco Central do Brasil 2.63 3.56 1.73 1.95 1.54
State and local governments 0.53 1.51 1.18 1.02 0.86
State enterprises 0.73 0.21 -0.10 -0.11 -0.19
1/ Deflator = IGP-DI (centered).
2/ GDP at current prices.
3/ Reflects ratio of flows to the GDP at current prices.
Boletim do Banco Central do Brasil January 2005
136
IV.21 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock
Flows in 12 months at prices of last month indicated in R$ million
Itemization 2002 2003 2004*
December December September October November
Total nominal 160 786 57 866 50 420 52 428 44 195
Federal government and Banco Central do Brasil 103 470 40 476 29 533 34 126 28 483
State and local governments 56 546 27 600 37 441 35 483 34 988
State enterprises 770 -10 210 -16 554 -17 181 -19 276
Total operational1/6 212 14 093 -31 570 -31 489 -43 724
Federal government and Banco Central do Brasil 10 449 15 518 -17 523 -14 007 -21 908
State and local governments -4 951 9 107 2 698 - 135 -2 408
State enterprises 714 -10 532 -16 744 -17 347 -19 409
Total primary -62 971 -67 899 -82 878 -83 735 -84 256
Federal government and Banco Central do Brasil -39 009 -39 920 -49 249 -49 757 -50 192
State and local governments -12 918 -14 195 -18 459 -18 512 -18 081
State enterprises -11 043 -13 784 -15 170 -15 466 -15 983
Total real interest 69 183 81 992 51 308 52 246 40 531
Federal government and Banco Central do Brasil 49 458 55 438 31 725 35 750 28 284
State and local governments 7 968 23 302 21 157 18 376 15 673
State enterprises 11 757 3 252 -1 574 -1 880 -3 426
GDP (accumulated in the year)2/1 570 720 1 548 427 1 802 946 1 813 896 1 830 251
In percentage of GDP3/
Total nominal 10.24 3.74 2.80 2.89 2.41
Federal government and Banco Central do Brasil 6.59 2.61 1.64 1.88 1.56
State and local governments 3.60 1.78 2.08 1.96 1.91
State enterprises 0.05 -0.66 -0.92 -0.95 -1.05
Total operational 0.40 0.91 -1.75 -1.74 -2.39
Federal government and Banco Central do Brasil 0.67 1.00 -0.97 -0.77 -1.20
State and local governments -0.32 0.59 0.15 -0.01 -0.13
State enterprises 0.05 -0.68 -0.93 -0.96 -1.06
Total primary -4.01 -4.39 -4.60 -4.62 -4.60
Federal government and Banco Central do Brasil -2.48 -2.58 -2.73 -2.74 -2.74
State and local governments -0.82 -0.92 -1.02 -1.02 -0.99
State enterprises -0.70 -0.89 -0.84 -0.85 -0.87
Total real interest 4.40 5.30 2.85 2.88 2.21
Federal government and Banco Central do Brasil 3.15 3.58 1.76 1.97 1.55
State and local governments 0.51 1.50 1.17 1.01 0.86
State enterprises 0.75 0.21 -0.09 -0.10 -0.19
1/ Deflator = IGP-DI (centered).
2/ At prices of the last month of the period indicated (deflator: IGP-DI).
3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2005
137
IV.22 - Public sector borrowing requirements State enterprises
Flows in 12 months in R$ million
Itemization 2002 2003 2004*
December December September October November
Total nominal 92 -10 124 -15 909 -16 551 -18 609
Federal enterprises -4 024 -7 832 -15 411 -17 371 -19 016
State enterprises 3 857 -2 313 - 641 691 283
Local governments enterprises 258 21 144 128 125
Total operational1/ 34 -10 436 -16 085 -16 705 -18 732
Federal enterprises 593 -6 679 -12 983 -14 857 -16 344
State enterprises - 146 -3 591 -2 918 -1 640 -2 163
Local governments enterprises - 413 - 167 - 184 - 207 - 225
Total primary -9 838 -13 608 -14 449 -14 791 -15 459
Federal enterprises -6 319 -9 597 -11 107 -11 940 -12 785
State enterprises -3 504 -3 793 -3 278 -2 770 -2 604
Local governments enterprises - 14 - 217 - 65 - 81 - 70
Total real interest 9 871 3 171 -1 636 -1 913 -3 273
Federal enterprises 6 912 2 918 -1 876 -2 917 -3 558
State enterprises 3 358 203 360 1 130 442
Local governments enterprises - 399 50 - 120 - 126 - 156
GDP (accumulated in the year)2/ 1 346 028 1 514 913 1 704 354 1 722 175 1 740 636
In percentage of GDP3/
Total nominal 0.01 -0.67 -0.93 -0.96 -1.07
Federal enterprises -0.30 -0.52 -0.90 -1.01 -1.09
State enterprises 0.29 -0.15 -0.04 0.04 0.02
Local governments enterprises 0.02 0.00 0.01 0.01 0.01
Total operational 0.00 -0.69 -0.94 -0.97 -1.08
Federal enterprises 0.04 -0.44 -0.76 -0.86 -0.94
State enterprises -0.01 -0.24 -0.17 -0.10 -0.12
Local governments enterprises -0.03 -0.01 -0.01 -0.01 -0.01
Total primary -0.73 -0.90 -0.85 -0.86 -0.89
Federal enterprises -0.47 -0.63 -0.65 -0.69 -0.73
State enterprises -0.26 -0.25 -0.19 -0.16 -0.15
Local governments enterprises 0.00 -0.01 0.00 0.00 0.00
Total real interest 0.73 0.21 -0.10 -0.11 -0.19
Federal enterprises 0.51 0.19 -0.11 -0.17 -0.20
State enterprises 0.25 0.01 0.02 0.07 0.03
Local governments enterprises -0.03 0.00 -0.01 -0.01 -0.01
1/ Deflator = IGP-DI (centered).
2/ GDP at current prices.
3/ Reflects ratio of flows to the GDP at current prices.
Boletim do Banco Central do Brasil January 2005
138
IV.23 - Public sector borrowing requirements State enterprises
Flows in 12 months at prices of last month indicated in R$ million
Itemization 2002 2003 2004*
December December September October November
Total nominal 770 - 10 210 - 16 554 - 17 181 - 19 276
Federal enterprises - 4 189 - 7 885 - 16 003 - 17 994 - 19 655
State enterprises 4 660 - 2 344 - 705 678 248
Local governments enterprises 300 19 154 135 131
Total operational1/ 714 - 10 532 - 16 744 - 17 347 - 19 409
Federal enterprises 987 - 6 699 - 13 449 - 15 350 - 16 841
State enterprises 179 - 3 659 - 3 104 - 1 779 - 2 329
Local governments enterprises - 452 - 175 - 192 - 218 - 238
Total primary - 11 043 - 13 784 - 15 170 - 15 466 - 15 983
Federal enterprises - 6 875 - 9 687 - 11 579 - 12 410 - 13 123
State enterprises - 4 148 - 3 872 - 3 523 - 2 970 - 2 785
Local governments enterprises - 20 - 225 - 68 - 86 - 74
Total real interest 11 757 3 252 - 1 574 - 1 880 - 3 426
Federal enterprises 7 863 2 989 - 1 870 - 2 939 - 3 718
State enterprises 4 326 213 420 1 191 456
Local governments enterprises - 432 51 - 124 - 132 - 164
GDP (accumulated in the year)2/ 1 570 720 1 548 427 1 802 946 1 813 896 1 830 251
In percentage of GDP3/
Total nominal 0.05 -0.66 -0.92 -0.95 -1.05
Federal enterprises -0.27 -0.51 -0.89 -0.99 -1.07
State enterprises 0.30 -0.15 -0.04 0.04 0.01
Local governments enterprises 0.02 0.00 0.01 0.01 0.01
Total operational 0.05 -0.68 -0.93 -0.96 -1.06
Federal enterprises 0.06 -0.43 -0.75 -0.85 -0.92
State enterprises 0.01 -0.24 -0.17 -0.10 -0.13
Local governments enterprises -0.03 -0.01 -0.01 -0.01 -0.01
Total primary -0.70 -0.89 -0.84 -0.85 -0.87
Federal enterprises -0.44 -0.63 -0.64 -0.68 -0.72
State enterprises -0.26 -0.25 -0.20 -0.16 -0.15
Local governments enterprises 0.00 -0.01 0.00 0.00 0.00
Total real interest 0.75 0.21 -0.09 -0.10 -0.19
Federal enterprises 0.50 0.19 -0.10 -0.16 -0.20
State enterprises 0.28 0.01 0.02 0.07 0.02
Local governments enterprises -0.03 0.00 -0.01 -0.01 -0.01
1/ Deflator = IGP-DI (centered).
2/ At prices of the last month of the period indicated (deflator: IGP-DI).
3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2005
139
IV.24 - Public accounts - uses and sources
Flows in 12 months in R$ million
Itemization 2002 2003 2004*
December December September October November
Uses (1+2+3) 61 614 79 030 47 745 47 737 44 898
1 - Primary result - 52 390 - 66 173 - 78 867 - 80 109 - 80 707
2 - Internal debt interest 96 975 126 043 108 507 109 955 107 875
Real interest 628 91 267 38 651 38 219 32 452
Monetary atualization 96 347 34 776 69 856 71 736 75 423
3 - External debt interest 17 029 19 160 18 105 17 891 17 731
Sources (4+5) 61 614 79 030 47 745 47 737 44 898
4 - Internal borrowing 36 980 94 486 80 386 76 930 77 012
Securities debt 3 364 122 438 80 031 79 569 75 591
Banking debt 14 692 - 31 361 - 9 676 - 11 899 - 6 066
Renegotiations - - - - -
States - - - - -
Local governments - - - - -
State Enterprises - - - - -
Others 18 923 3 409 10 030 9 260 7 487
TN/Bacen relationship - - - - -
5 - External borrowing 24 634 - 15 456 - 32 641 - 29 193 - 32 114
GDP (accumulated in the year)1/1 346 028 1 514 913 1 704 354 1 722 175 1 740 636
In percentage of GDP2/
Uses (1+2+3) 4.58 5.22 2.80 2.77 2.58
1 - Primary result -3.89 -4.37 -4.63 -4.65 -4.64
2 - Internal debt interest 7.20 8.32 6.37 6.38 6.20
Real interest 0.05 6.02 2.27 2.22 1.86
Monetary atualization 7.16 2.30 4.10 4.17 4.33
3 - External debt interest 1.27 1.26 1.06 1.04 1.02
Sources (4+5) 4.58 5.22 2.80 2.77 2.58
4 - Internal borrowing 2.75 6.24 4.72 4.47 4.42
Securities debt 0.25 8.08 4.70 4.62 4.34
Banking debt 1.09 -2.07 -0.57 -0.69 -0.35
Renegotiations - - - - -
States - - - - -
Local governments - - - - -
State Enterprises - - - - -
Others 1.41 0.23 0.59 0.54 0.43
TN/Bacen relationship - - - - -
5 - External borrowing 1.83 -1.02 -1.92 -1.70 -1.84
1/ GDP at current prices.
2/ Reflects ratio of flows to the GDP at current prices.
Boletim do Banco Central do Brasil January 2005
140
IV.25 - Public accounts - uses and sources
Flows in 12 months at prices of last month indicated in R$ million
Itemization 2002 2003 2004*
December December September October November
Uses (1+2+3) 68 026 80 932 51 194 51 115 47 925
1 - Primary result - 62 971 - 67 899 - 82 878 - 83 735 - 84 256
2 - Internal debt interest 111 074 129 235 114 847 115 930 113 473
Real interest 3 748 93 495 41 242 40 368 33 987
Monetary atualization 107 326 35 740 73 605 75 562 79 486
3 - External debt interest 19 922 19 596 19 225 18 920 18 707
Sources (4+5) 68 026 80 932 51 194 51 115 47 925
4 - Internal borrowing 39 872 96 773 86 001 82 261 82 239
Securities debt 6 692 125 953 85 900 85 174 80 896
Banking debt 13 909 - 32 092 - 11 026 - 13 144 - 6 545
Renegotiations - - - - -
States - - - - -
Local governments - - - - -
State Enterprises - - - - -
Others 19 272 2 912 11 126 10 231 7 887
TN/Bacen relationship - - - - -
5 - External borrowing 28 154 - 15 841 - 34 807 - 31 146 - 34 313
GDP (flows in 12 months)1/1 570 720 1 548 427 1 802 946 1 813 896 1 830 251
In percentage of GDP2/
Uses (1+2+3) 4.33 5.23 2.84 2.82 2.62
1 - Primary result -4.01 -4.39 -4.60 -4.62 -4.60
2 - Internal debt interest 7.07 8.35 6.37 6.39 6.20
Real interest 0.24 6.04 2.29 2.23 1.86
Monetary atualization 6.83 2.31 4.08 4.17 4.34
3 - External debt interest 1.27 1.27 1.07 1.04 1.02
Sources (4+5) 4.33 5.23 2.84 2.82 2.62
4 - Internal borrowing 2.54 6.25 4.77 4.54 4.49
Securities debt 0.43 8.13 4.76 4.70 4.42
Banking debt 0.89 -2.07 -0.61 -0.72 -0.36
Renegotiations - - - - -
States - - - - -
Local governments - - - - -
State Enterprises - - - - -
Others 1.23 0.19 0.62 0.56 0.43
TN/Bacen relationship - - - - -
5 - External borrowing 1.79 -1.02 -1.93 -1.72 -1.87
1/ At prices of the last month of the period indicated (deflator: IGP-DI).
2/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2005
141
IV.26 - Public net debt harmonized
End- Public sector National government1/
of-
period R$ million % of GDP R$ million % of GDP
2003 Jan 824 525 51.3 487 045 30.3
Feb 836 870 51.6 493 571 30.4
Mar 822 108 50.6 477 501 29.4
Apr 771 527 48.0 428 942 26.7
May 793 255 50.1 449 971 28.4
Jun 792 517 50.8 451 133 28.9
Jul 809 316 52.1 466 429 30.1
Aug 832 905 53.5 488 576 31.4
Sep 834 983 53.3 488 974 31.2
Oct 832 326 52.9 484 293 30.8
Nov 842 876 53.3 491 455 31.1
Dec 839 926 52.6 485 375 30.4
2004 Jan 852 954 52.8 496 695 30.7
Feb 857 812 52.4 500 428 30.6
Mar 861 321 51.8 500 826 30.1
Apr 860 785 51.0 497 254 29.4
May 879 847 51.2 510 474 29.7
Jun 880 251 50.3 506 205 28.9
Jul 872 549 49.2 495 630 27.9
Aug 869 112 48.4 489 711 27.3
Sep* 869 585 48.1 488 143 27.0
Oct* 873 731 48.0 490 031 26.9
Nov* 865 956 47.0 482 318 26.2
1/ The Federal governments, the Banco Central and state owned enterprises are included.
(+) deficit (-) surplus
Boletim do Banco Central do Brasil January 2005
142
IV.27 - Variation of the harmonized net fiscal debtFlows in 12 months
End- Public sector National government1/
of-
period R$ million % of GDP R$ million % of GDP
2003 Jan 68 178 5.00 10 866 0.80
Feb 69 895 5.05 7 127 0.51
Mar 71 751 5.11 6 656 0.47
Apr 70 247 4.94 4 268 0.30
May 74 184 5.14 9 895 0.69
Jun 78 501 5.38 20 090 1.38
Jul 87 929 5.97 37 295 2.53
Aug 91 414 6.14 40 017 2.69
Sep 93 587 6.19 51 906 3.43
Oct 88 194 5.77 46 329 3.03
Nov 88 070 5.71 50 365 3.27
Dec 79 032 5.08 54 319 3.49
2004 Jan 73 879 4.71 51 352 3.27
Feb 73 860 4.68 54 986 3.48
Mar 67 803 4.26 48 519 3.05
Apr 69 303 4.32 48 356 3.01
May 64 374 3.97 40 442 2.49
Jun 60 418 3.67 31 517 1.92
Jul 53 508 3.22 21 569 1.30
Aug 45 963 2.73 11 925 0.71
Sep* 47 744 2.80 12 765 0.75
Oct* 47 736 2.77 13 240 0.77
Nov* 44 897 2.58 11 345 0.65
1/ The Federal governments, the Banco Central and state owned enterprises are included.
(+) deficit (-) surplus
V - Balance of payments
Boletim do Banco Central do Brasil January 2005
144
V.1 - Balance of payments
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Trade balance (FOB) - 1 199 - 698 2 650 13 121 24 794
Exports 48 011 55 086 58 223 60 362 73 084
Imports 49 210 55 783 55 572 47 240 48 290
Services - 6 977 - 7 162 - 7 759 - 4 957 - 5 100
Credit 7 194 9 498 9 322 9 551 10 468
Debit 14 171 16 660 17 081 14 509 15 568
Income - 18 848 - 17 886 - 19 743 - 18 191 - 18 552
Credit 3 935 3 621 3 280 3 295 3 339
Debit 22 783 21 507 23 023 21 486 21 891
Unrequited current transfers 1 689 1 521 1 638 2 390 2 867
Credit 1 969 1 828 1 934 2 627 3 132
Debit 280 307 296 237 265
Current account - 25 335 - 24 225 - 23 215 - 7 637 4 008
Capital and financial account 17 319 19 326 27 052 8 004 5 111
Capital account1/ 338 273 - 36 433 498
Financial account 16 981 19 053 27 088 7 571 4 613
Direct investment 26 888 30 498 24 715 14 108 9 894
Abroad - 1 690 - 2 282 2 258 - 2 482 - 249
Equity capital - 1 110 - 1 755 1 752 - 2 402 - 62
Intercompany loans - 580 - 527 505 - 81 - 187
In Brazil 28 578 32 779 22 457 16 590 10 144
Equity capital 29 983 30 016 18 765 17 118 9 320
Intercompany loans - 1 405 2 763 3 692 - 528 823
Portfolio investment 3 802 6 955 77 - 5 119 5 308
Assets 259 - 1 696 - 795 - 321 179
Equity securities - 864 - 1 953 - 1 121 - 389 - 258
Debt securities 1 123 258 326 67 437
Liabilities 3 542 8 651 872 - 4 797 5 129
Equity securities 2 572 3 076 2 481 1 981 2 973
Debt securities 971 5 575 - 1 609 - 6 778 2 156
Derivatives - 88 - 197 - 471 - 356 - 151
Assets 642 386 567 933 683
Liabilities - 730 - 583 - 1 038 - 1 289 - 834
Other investment2/ - 13 620 - 18 202 2 767 - 1 062 - 10 438
Assets - 4 397 - 2 989 - 6 586 - 3 211 - 9 483
Liabilities - 9 223 - 15 213 9 353 2 150 - 955
Errors and omissions 194 2 637 - 531 - 66 - 624
Overall balance - 7 822 - 2 262 3 307 302 8 496
Memo:
Current account/GDP (%) - 4.72 - 4.02 - 4.55 - 1.66 0.79
Medium- and long-term amortizations3/ 42 440 31 977 35 151 31 084 27 115
(continues)
Boletim do Banco Central do Brasil January 2005
145
V.1 - Balance of payments
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Trade balance (FOB) 1 717 22 043 24 794 2 078 30 199
Exports 5 980 66 336 73 084 8 159 87 281
Imports 4 263 44 293 48 290 6 082 57 081
Services - 216 - 4 560 - 5 100 - 522 - 4 241
Credit 929 9 303 10 468 1 080 11 067
Debit 1 145 13 863 15 568 1 601 15 308
Income - 1 898 - 16 387 - 18 552 - 2 086 - 18 541
Credit 152 3 121 3 339 297 2 725
Debit 2 051 19 509 21 891 2 382 21 266
Unrequited current transfers 239 2 583 2 867 288 2 950
Credit 257 2 820 3 132 322 3 223
Debit 18 237 265 34 273
Current account - 157 3 679 4 008 - 242 10 367
Capital and financial account - 115 11 401 5 111 615 - 8 460
Capital account1/ 49 440 498 51 647
Financial account - 164 10 961 4 613 564 - 9 107
Direct investment 1 983 8 524 9 894 1 172 5 920
Abroad 29 - 210 - 249 - 147 - 9 096
Equity capital 29 - 43 - 62 - 185 - 6 356
Intercompany loans - - 167 - 187 37 - 2 739
In Brazil 1 954 8 735 10 144 1 319 15 016
Equity capital 1 424 7 666 9 320 990 15 400
Intercompany loans 529 1 068 823 329 - 384
Portfolio investment 132 4 895 5 308 - 458 - 4 990
Assets 58 189 179 - 159 - 793
Equity securities - 15 - 252 - 258 - 34 - 111
Debt securities 73 441 437 - 125 - 682
Liabilities 74 4 706 5 129 - 299 - 4 197
Equity securities 394 2 208 2 973 728 1 326
Debt securities - 320 2 499 2 156 - 1 027 - 5 523
Derivatives 35 - 152 - 151 15 - 533
Assets 99 576 683 63 372
Liabilities - 64 - 728 - 834 - 48 - 905
Other investment2/ - 2 314 - 2 306 - 10 438 - 165 - 9 505
Assets - 2 903 - 6 211 - 9 483 395 - 1 055
Liabilities 589 3 904 - 955 - 560 - 8 450
Errors and omissions 58 - 467 - 624 - 314 - 2 014
Overall balance - 214 14 613 8 496 59 - 108
Memo:
Current account/GDP (%) - 0.79 0.79 - 1.90
Medium- and long-term amortizations3/ 2 200 23 642 27 115 2 425 29 545
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.
Boletim do Banco Central do Brasil January 2005
146
V.2 - Trade balance - FOB
US$ million
Period Exports Imports Balance
Monthly Accumulated 12 months Monthly Accumulated 12 months Monthly Accumulated 12 months
1987 - 26 224 26 224 - 15 051 15 051 - 11 173 11 173
1988 - 33 789 33 789 - 14 605 14 605 - 19 184 19 184
1989 - 34 383 34 383 - 18 263 18 263 - 16 119 16 119
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* - 48 011 48 011 - 49 295 49 295 - - 1 283 - 1 283
2000* - 55 086 55 086 - 55 839 55 839 - - 753 - 753
2001* - 58 223 58 223 - 55 572 55 572 - 2 650 2 650
2002* - 60 362 60 362 - 47 237 47 237 - 13 125 13 125
2003* Jan 4 805 4 805 61 195 3 650 3 650 47 084 1 155 1 155 14 111
Feb 5 001 9 806 62 538 3 888 7 538 47 575 1 113 2 268 14 963
Mar 5 239 15 045 63 516 3 702 11 240 47 614 1 536 3 805 15 902
Apr 5 710 20 756 64 585 3 989 15 229 47 463 1 722 5 526 17 122
May 6 372 27 128 66 516 3 854 19 084 47 254 2 518 8 044 19 262
Jun 5 875 33 002 68 312 3 521 22 604 47 375 2 354 10 398 20 937
Jul 6 104 39 107 68 193 4 049 26 653 46 401 2 055 12 453 21 793
Aug 6 403 45 510 68 846 3 731 30 384 45 957 2 673 15 126 22 889
Sep 7 280 52 790 69 634 4 616 35 000 46 572 2 664 17 790 23 062
Oct 7 566 60 356 70 725 5 030 40 030 47 320 2 536 20 326 23 405
Nov 5 980 66 336 71 578 4 263 44 293 47 735 1 717 22 043 23 843
Dec 6 748 73 084 73 084 3 997 48 290 48 290 2 751 24 794 24 794
2004* Jan 5 800 5 800 74 079 4 219 4 219 48 859 1 581 1 581 25 220
Feb 5 722 11 521 74 799 3 752 7 971 48 723 1 970 3 551 26 076
Mar 7 927 19 448 77 487 5 335 13 306 50 356 2 592 6 142 27 132
Apr 6 589 26 038 78 366 4 631 17 937 50 998 1 959 8 101 27 369
May 7 941 33 979 79 935 4 825 22 762 51 968 3 116 11 217 27 967
Jun 9 328 43 306 83 388 5 519 28 280 53 966 3 809 15 026 29 422
Jul 8 992 52 299 86 276 5 509 33 789 55 426 3 483 18 510 30 850
Aug 9 056 61 355 88 929 5 623 39 413 57 319 3 433 21 943 31 611
Sep 8 923 70 278 90 572 5 751 45 164 58 454 3 171 25 114 32 118
Oct 8 843 79 121 91 850 5 836 51 000 59 260 3 008 28 122 32 590
Nov 8 159 87 281 94 029 6 082 57 081 61 079 2 078 30 200 32 950
Source: MDIC/Secex
Boletim do Banco Central do Brasil January 2005
147
V.3 - Exports - FOB By aggregate factor and selected products
US$ million
Itemization 1998 1999* 2000* 2001* 2002*
Total 51 140 48 011 55 086 58 223 60 362
Primary products 12 977 11 828 12 562 15 342 16 952 Iron ore and concentrates 3 253 2 746 3 048 2 932 3 049 Oil-cake and other residues from soybeans 1 750 1 504 1 651 2 065 2 199 Coffee, not roasted 2 332 2 230 1 559 1 208 1 195 Meat and edible offal of chicken, fresh, chilled or frozen 739 875 806 1 292 1 335 Soybeans, including grinded 2 178 1 593 2 188 2 726 3 032 Tobacco, unmanufactured; tobacco refuse 940 884 813 921 978 Meat of bovine animals, fresh, chilled or frozen 277 444 503 739 776 Meat of swine, fresh, chilled or frozen 148 115 163 346 469 Cashew nuts 143 142 165 112 106 Aluminum ore and concentrates 122 116 113 99 91 Others 1 095 1 179 1 553 2 903 3 722
Semimanufactured products 8 120 7 982 8 499 8 243 8 965 Chemical wood pulp 1 049 1 243 1 601 1 246 1 160 Cane sugar, raw 1 096 1 162 761 1 401 1 111 Iron or nonalloy steel semifinished products 1 255 1 096 1 360 1 081 1 410 Hides and skins 657 595 756 872 956 Aluminum, unwrought 871 863 946 676 813 Wood, sawn or chipped lengthwise, over 6mm thick 410 497 520 532 577 Ferroalloys 430 408 456 390 433 Pig iron and spigeleisen 458 322 446 428 473 Gold, nonmonetary in semimanufactured forms 387 348 375 336 349 Soybean oil, crude 724 564 300 415 675 Others 783 883 977 867 1 009
Manufactured products 29 387 27 330 32 528 32 901 33 000 Airplanes 1 159 1 772 3 054 2 839 2 335 Footwear, parts and components 1 387 1 342 1 617 1 684 1 516 Passenger motor vehicles 1 619 1 139 1 768 1 951 2 005 Transmission and reception apparatus, and components 609 760 1 635 1 762 1 782 Parts and accessories for motor cars and tractors 1 429 1 229 1 206 1 172 1 159 Passenger motor vehicles engines and parts thereof 1 119 1 043 1 064 1 112 1 341 Orange juice 1 262 1 235 1 019 813 869 Iron or nonalloy steel flat-rolled products 999 796 859 602 813 Pumps, compressors, fans and others 728 679 725 648 694 Paper and paperboard used for writing, printing etc. 592 537 518 521 445 Cane sugar, refined 847 748 438 878 982 Pneumatic rubber tires 503 511 525 468 489 Motor vehicles for the transport of goods 1 018 626 696 484 428 Polymers of ethylene, propylene and styrene 301 302 447 343 328 Chassis fitted with engines and bodies for motor vehicles 359 216 365 411 367 Furniture and parts thereof, except for medical-surgical use 337 384 488 483 535 Electric motors, generators, transformers; parts thereof 334 311 377 458 440 Plywood and similar laminated wood 199 345 374 360 439 Civil engineering and contractors' plant and equipment 402 312 301 344 359 Cigarette containing tobacco 608 49 6 3 9 Others 13 576 12 994 15 048 15 566 15 664
Special operations1/ 656 872 1 497 1 736 1 446
(continues)
Boletim do Banco Central do Brasil January 2005
148
V.3 - Exports - FOB By aggregate factor and selected products
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Total 5 980 66 336 73 084 8 159 87 281
Primary products 1 620 19 526 21 179 2 101 26 464 Iron ore and concentrates 282 3 258 3 456 447 4 342 Oil-cake and other residues from soybeans 195 2 311 2 602 200 3 107 Coffee, not roasted 126 1 183 1 302 192 1 557 Meat and edible offal of chicken, fresh, chilled or frozen 178 1 566 1 710 196 2 261 Soybeans, including grinded 131 4 204 4 290 116 5 298 Tobacco, unmanufactured; tobacco refuse 44 988 1 052 114 1 255 Meat of bovine animals, fresh, chilled or frozen 127 1 037 1 155 185 1 807 Meat of swine, fresh, chilled or frozen 63 494 527 74 666 Cashew nuts 14 131 144 15 167 Aluminum ore and concentrates 9 110 121 23 175 Others 452 4 244 4 819 540 5 828
Semimanufactured products 816 9 870 10 944 1 267 12 186 Chemical wood pulp 127 1 588 1 744 161 1 610 Cane sugar, raw 82 1 163 1 350 168 1 316 Iron or nonalloy steel semifinished products 80 1 462 1 619 212 1 930 Hides and skins 83 950 1 057 104 1 177 Aluminum, unwrought 82 848 903 86 861 Wood, sawn or chipped lengthwise, over 6mm thick 57 582 648 81 756 Ferroalloys 39 441 486 54 547 Pig iron and spigeleisen 68 518 573 175 1 039 Gold, nonmonetary in semimanufactured forms 26 301 327 15 360 Soybean oil, crude 81 936 1 042 60 1 098 Others 92 1 082 1 195 151 1 492
Manufactured products 3 456 35 749 39 653 4 667 47 242 Airplanes 170 1 622 1 939 222 2 880 Footwear, parts and components 132 1 469 1 622 144 1 715 Passenger motor vehicles 250 2 440 2 656 283 3 071 Transmission and reception apparatus, and components 163 1 569 1 676 156 1 237 Parts and accessories for motor cars and tractors 124 1 352 1 488 177 1 766 Passenger motor vehicles engines and parts thereof 129 1 534 1 674 208 1 787 Orange juice 41 767 910 67 711 Iron or nonalloy steel flat-rolled products 162 1 297 1 410 179 1 802 Pumps, compressors, fans and others 59 718 792 98 924 Paper and paperboard used for writing, printing etc. 46 491 539 48 528 Cane sugar, refined 86 722 790 104 1 055 Pneumatic rubber tires 45 560 615 59 621
69 584 671 122 1 006 Polymers of ethylene, propylene and styrene 43 470 522 73 581 Chassis fitted with engines and bodies for motor vehicles 64 405 457 65 523 Furniture and parts thereof, except for medical-surgical use 67 601 667 81 856 Electric motors, generators, transformers; parts thereof 39 459 500 46 541 Plywood and similar laminated wood 58 521 590 57 816 Civil engineering and contractors' plant and equipment 38 402 457 69 823 Cigarette containing tobacco 0 14 15 1 15 Others 1 669 17 750 19 665 2 408 23 984
Special operations1/ 88 1 191 1 308 124 1 390
Source: MDIC/Secex
1/ Including special transactions, on-board consumption and reexports.
Boletim do Banco Central do Brasil January 2005
149
V.4 - Imports - FOB By end-use category and selected products
US$ million
Itemization 1998* 1999* 2000* 2001* 2002*
Total 57 763 49 295 55 839 55 572 47 237
Capital goods 16 102 13 577 13 605 14 808 11 643
Industrial machinery 5 584 4 831 3 926 4 862 4 367
Other fixed equipments 2 668 2 515 2 882 3 147 1 912
Machines and apparatuses for offices, scientific services 2 810 2 283 2 629 2 806 2 258
Parts for industrial capital goods 1 490 1 373 1 535 1 675 1 199
Moving equipment for transportation 1 910 1 322 1 260 837 607
Accessories for industrial machinery 1 004 843 947 1 017 974
Tools 282 189 212 231 167
Fixed equipment for transportation 135 72 131 146 78
Machines and tools 153 90 39 38 19
Capital goods - sundry 66 60 45 48 62
Consumer goods 10 777 7 401 7 442 7 148 5 908
Non-durable consumer goods 5 508 4 218 3 993 3 631 3 400
Foodstuffs 2 514 1 655 1 507 1 169 1 085
Pharmaceutical products 997 1 190 1 126 1 185 1 211
Beauty products 260 228 239 226 184
Apparel and other textil clothing 381 230 217 204 136
Beverage and tobacco 289 173 161 180 163
Non-durables - sundry 1 068 743 743 667 620
Durable consumer goods 5 269 3 183 3 450 3 516 2 508
Passenger vehicles 2 677 1 214 1 211 1 405 730
Articles of adornment - personal use and others 783 655 697 713 684
Machines and apparatuses for domestic use 681 424 551 465 411
Durable consumer goods parts and spares 588 506 505 425 330
Furniture and other house equipments 252 162 182 243 154
Household appliances 96 71 79 86 66
Durables - sundry 193 152 224 179 134
Fuels and lubricants 4 100 4 258 6 358 6 276 6 240
Intermediate products and raw materials 26 783 24 059 28 432 27 340 23 446
Chemical and pharmaceutical products 7 700 7 250 7 856 7 951 7 297
Intermediate products - parts and spares 3 563 3 410 4 885 4 654 3 785
Mineral products 3 926 3 735 4 931 4 435 3 062
Accessories for transportation equipment 3 885 3 676 4 057 4 229 3 565
Inedible farm products 2 754 2 123 2 402 1 894 1 602
Foodstuffs 2 286 1 735 1 639 1 599 1 680
Other raw materials for farming 1 323 1 231 1 618 1 606 1 616
Building materials 757 436 395 428 442
Transportation equipment - parts and spares 252 263 310 324 171
Animal feed 288 155 283 167 178
Intermediate products and raw material - sundry 49 44 55 54 49
(continues)
Boletim do Banco Central do Brasil January 2005
150
V.4 - Imports - FOB By end-use category and selected products
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Total 4 263 44 293 48 290 6 082 57 081
Capital goods 939 9 450 10 350 1 203 10 927
Industrial machinery 320 3 145 3 426 308 2 903
Other fixed equipments 194 1 771 1 920 267 2 308
Machines and apparatuses for offices, scientific services 184 1 890 2 110 268 2 413
Parts for industrial capital goods 96 1 106 1 206 156 1 377
Moving equipment for transportation 34 398 445 60 578
Accessories for industrial machinery 80 836 909 106 943
Tools 18 163 178 22 199
Fixed equipment for transportation 4 56 61 5 82
Machines and tools 2 19 22 3 54
Capital goods - sundry 8 66 73 8 69
Consumer goods 474 5 075 5 539 677 6 229
Non-durable consumer goods 272 2 845 3 121 366 3 317
Foodstuffs 89 834 924 110 947
Pharmaceutical products 95 1 142 1 248 130 1 318
Beauty products 15 181 197 24 216
Apparel and other textil clothing 13 108 116 21 163
Beverage and tobacco 20 140 159 23 163
Non-durables - sundry 40 439 478 58 509
Durable consumer goods 202 2 231 2 417 312 2 912
Passenger vehicles 38 544 578 60 530
Articles of adornment - personal use and others 61 648 714 90 831
Machines and apparatuses for domestic use 36 379 410 70 581
Durable consumer goods parts and spares 39 363 392 47 579
Furniture and other house equipments 12 124 137 19 175
Household appliances 6 56 61 9 77
Durables - sundry 10 117 125 17 139
Fuels and lubricants 537 6 207 6 578 987 9 362
Intermediate products and raw materials 2 313 23 561 25 824 3 215 30 564
Chemical and pharmaceutical products 614 6 891 7 535 919 8 816
Intermediate products - parts and spares 391 3 825 4 154 552 5 136
Mineral products 352 3 299 3 599 504 4 515
Accessories for transportation equipment 291 3 425 3 705 455 4 502
Inedible farm products 142 1 555 1 693 191 2 027
Foodstuffs 134 1 855 2 017 119 1 406
307 1 951 2 275 370 3 168
Building materials 34 403 440 49 454
Transportation equipment - parts and spares 17 133 153 35 311
Animal feed 27 186 209 13 156
Intermediate products and raw material - sundry 5 40 45 7 72
Source: MDIC/Secex
Boletim do Banco Central do Brasil January 2005
151
V.5 - Trade by area - FOB
US$ million
Itemization 1998* 1999* 2000* 2001*
Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance
Total 51 140 57 763 - 6 624 48 011 49 295 - 1 283 55 086 55 839 - 753 58 223 55 572 2 650
Efta1/ 360 1 149 - 789 389 967 - 578 756 1 040 - 284 629 1 227 - 598
Africa2/ 1 651 1 819 - 168 1 336 2 224 - 887 1 347 2 907 - 1 560 1 988 3 331 - 1 343
Laia 13 387 12 354 1 032 10 560 9 458 1 103 12 902 11 653 1 249 12 225 10 001 2 223
Mercosur 8 878 9 416 - 538 6 778 6 719 58 7 733 7 795 - 62 6 364 7 009 - 646
Argentina 6 748 8 023 - 1 275 5 364 5 812 - 448 6 233 6 842 - 610 5 002 6 206 - 1 204
Paraguay 1 249 351 899 744 260 484 832 351 480 720 300 420
Uruguay 881 1 042 - 162 670 647 23 669 602 67 641 503 138
Chile 1 024 817 208 896 719 177 1 246 969 278 1 352 845 506
Mexico 1 002 983 19 1 068 618 450 1 711 754 957 1 868 695 1 173
Others3/ 2 483 1 139 1 344 1 818 1 401 417 2 211 2 134 77 2 641 1 451 1 190
Asia2/ 5 616 7 882 - 2 266 5 732 6 475 - 743 6 324 8 600 - 2 276 6 949 8 926 - 1 976
China 905 1 034 - 129 676 865 - 189 1 085 1 222 - 137 1 902 1 328 574
Korea, Republic of 467 988 - 521 628 1 019 - 392 581 1 438 - 857 736 1 574 - 838
Japan 2 205 3 274 - 1 069 2 193 2 576 - 383 2 472 2 961 - 489 1 986 3 064 - 1 077
Others 2 039 2 585 - 546 2 236 2 015 221 2 186 2 979 - 793 2 325 2 959 - 635
Canada 544 1 338 - 794 513 974 - 461 566 1 087 - 521 555 927 - 371
USA4/ 9 872 13 697 - 3 826 10 849 11 882 - 1 034 13 366 13 033 333 14 378 13 043 1 335
Eastern Europe5/ 1 163 808 354 1 175 704 471 972 1 161 - 189 1 699 1 113 587
Middle East 1 600 1 242 358 1 485 1 074 411 1 333 1 561 - 228 2 030 1 471 559
European Union 14 748 16 890 - 2 142 13 736 15 046 - 1 310 14 784 14 070 715 14 865 14 822 43
Germany 3 006 5 252 - 2 245 2 544 4 767 - 2 222 2 526 4 426 - 1 901 2 502 4 812 - 2 310
Belgium-Luxembourg 2 195 718 1 477 1 817 495 1 322 1 867 575 1 292 1 812 585 1 228
Spain6/ 1 056 1 195 - 139 1 169 1 180 - 10 1 008 1 119 - 111 1 042 1 225 - 183
France7/ 1 231 1 978 - 747 1 200 1 990 - 790 1 732 1 885 - 153 1 648 2 084 - 436
Italy8/ 1 931 3 257 - 1 326 1 845 2 598 - 753 2 146 2 172 - 26 1 809 2 184 - 375
Netherlands 2 745 697 2 048 2 594 596 1 999 2 796 698 2 099 2 863 533 2 330
United Kingdom 1 339 1 489 - 150 1 437 1 224 214 1 498 1 238 261 1 705 1 235 470
Others9/ 1 245 2 304 - 1 059 1 129 2 197 - 1 068 1 211 1 958 - 747 1 484 2 165 - 680
Others 2 200 584 1 616 2 235 491 1 744 2 736 727 2 010 2 904 710 2 193
Memo:
Opec10/ 2 549 3 118 - 569 2 269 3 744 - 1 475 2 324 4 983 - 2 659 3 354 4 464 - 1 110
(continues)
Boletim do Banco Central do Brasil January 2005
152
V.5 - Trade by area - FOB
(concluded) US$ million
Itemization 2002* 2003* 2003* 2004*
Jan-Nov Jan-Nov
Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance
Total 60 362 47 237 13 125 73 084 48 290 24 794 66 336 44 293 22 043 87 281 57 081 30 200
Efta1/ 618 1 118 - 499 617 1 209 - 592 542 1 120 - 578 636 1 237 - 601
Africa2/ 2 362 2 676 - 313 2 860 3 255 - 395 2 587 3 083 - 497 3 816 5 526 - 1 710
Laia 9 866 8 224 1 642 12 920 8 209 4 711 11 583 7 500 4 083 17 753 9 096 8 657
Mercosur 3 311 5 611 - 2 300 5 672 5 685 - 13 5 075 5 183 - 108 8 072 5 800 2 272
Argentina 2 342 4 743 - 2 401 4 561 4 672 - 111 4 083 4 245 - 162 6 679 5 065 1 614
Paraguay 558 383 175 707 475 232 637 446 191 797 264 533
Uruguay 410 485 - 74 404 538 - 134 355 492 - 138 596 470 126
Chile 1 461 649 812 1 880 821 1 059 1 688 749 938 2 318 1 252 1 066
Mexico 2 342 580 1 762 2 741 533 2 208 2 522 488 2 034 3 572 649 2 923
Others3/ 2 752 1 384 1 368 2 627 1 170 1 457 2 298 1 080 1 218 3 791 1 396 2 395
Asia2/ 8 791 7 996 795 11 676 8 923 2 753 10 772 8 251 2 521 13 375 11 239 2 136
China 2 520 1 554 966 4 533 2 148 2 385 4 253 1 950 2 303 5 057 3 378 1 679
Korea, Republic of 852 1 067 - 214 1 223 1 079 144 1 105 986 118 1 267 1 579 - 312
Japan 2 098 2 348 - 250 2 311 2 520 - 210 2 135 2 357 - 222 2 523 2 644 - 122
Others 3 320 3 028 292 3 610 3 176 434 3 279 2 957 322 4 529 3 638 891
Canada 782 740 41 978 750 227 893 654 240 1 107 789 318
USA4/ 15 535 10 436 5 099 16 900 9 726 7 174 15 399 8 827 6 572 18 453 10 506 7 947
Eastern Europe5/ 1 755 919 836 2 271 1 165 1 106 2 061 1 014 1 047 2 446 1 318 1 128
Middle East 2 331 1 430 901 2 806 1 619 1 187 2 521 1 523 998 3 402 2 105 1 297
European Union 15 113 13 134 1 979 18 102 12 690 5 412 16 464 11 635 4 829 21 414 14 380 7 035
Germany 2 537 4 419 - 1 883 3 136 4 206 - 1 070 2 872 3 881 - 1 009 3 680 4 634 - 954
Belgium-Luxembourg 1 892 546 1 346 1 795 515 1 281 1 625 476 1 150 1 731 585 1 147
Spain6/ 1 120 975 145 1 552 974 577 1 436 879 557 1 839 1 044 795
France7/ 1 525 1 777 - 252 1 715 1 768 - 52 1 549 1 616 - 67 2 009 2 110 - 100
Italy8/ 1 817 1 762 55 2 208 1 758 450 2 010 1 623 387 2 704 1 859 845
Netherlands 3 182 535 2 647 4 246 509 3 737 3 859 469 3 390 5 055 579 4 476
United Kingdom 1 769 1 343 426 1 899 1 205 694 1 715 1 071 645 1 894 1 224 671
Others9/ 1 272 1 776 - 504 1 552 1 757 - 205 1 398 1 621 - 224 2 502 2 345 157
Others 3 208 563 2 645 3 955 744 3 211 3 514 684 2 830 4 878 884 3 994
Memo:
Opec10/ 3 536 4 132 - 596 3 844 4 510 - 666 3 479 4 284 - 804 5 176 7 042 - 1 866
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, Bulgaria, Hungary, Poland, Slovak Republic, Czech Republic, Romania and countries from the former USSR. As of May 2004, Albania, Bulgaria, Romania and
countries from the former USSR, except Estonia, Latvia and Lithuania
6/ Includes Canary Islands.
7/ Includes Monaco (Principality of).
8/ Includes San Marino (Republic of).
9/ Austria, Denmark, Finland, Greece, Ireland, Portugal and Sweden. As of May 2004, also includes Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovack Republic,
Slovenia and Czech Republic
10/ Saudi Arabia, Algeria, Qatar, Kuwait, United Arab Emirates, Iran (Islamic Rep.), Iraq, Indonesia, Libya, Niger and Venezuela.
Note: Imports according to the country of origin, and not from the country of acquisition of the product.
Boletim do Banco Central do Brasil January 2005
153
V.6 - Services
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Total - 6 977 - 7 162 - 7 759 - 4 957 - 5 100
Credit 7 194 9 498 9 322 9 551 10 468
Debit 14 171 16 660 17 081 14 509 15 568
Transportation - 3 071 - 2 896 - 2 966 - 1 959 - 1 759
Credit 1 141 1 409 1 422 1 536 1 843
Debit 4 212 4 305 4 388 3 494 3 602
Travel - 1 457 - 2 084 - 1 468 - 398 218
Credit 1 628 1 810 1 731 1 998 2 479
Debit 3 085 3 894 3 199 2 396 2 261
Communication 14 4 29 14 84
Credit 30 36 242 135 449
Debit 16 32 213 122 366 Construction 16 227 17 12 10
Credit 16 228 18 12 10
Debit - 0 - - 0
Insurance - 128 - 4 - 275 - 420 - 436
Credit 165 312 180 206 124
Debit 293 317 455 626 560
Financial - 269 - 294 - 307 - 232 - 383
Credit 305 376 317 390 363
Debit 574 670 624 623 745
Computer and information - 1 010 - 1 111 - 1 106 - 1 118 - 1 034 Credit 15 34 27 36 29
Debit 1 026 1 145 1 133 1 155 1 063
Royalties and license fees - 1 150 - 1 289 - 1 132 - 1 129 - 1 120
Credit 133 125 112 100 108
Debit 1 283 1 415 1 244 1 229 1 228
Merchanting and trade-related 251 194 - 23 - 12 - 92
Credit 626 589 413 421 389
Debit 375 395 436 433 480
Operational leasing - 599 - 1 311 - 1 867 - 1 672 - 2 312
Credit 6 91 278 49 25
Debit 605 1 401 2 146 1 721 2 337
Misc. business, professional and technical 1 259 2 251 2 300 2 460 2 158
Credit 2 771 3 888 3 921 3 848 3 719
Debit 1 512 1 637 1 622 1 388 1 562
Personal, cultural and recreational - 335 - 300 - 307 - 251 - 283
Credit 39 63 58 58 54
Debit 374 363 365 309 337
Government services - 498 - 549 - 652 - 252 - 151
Credit 318 537 604 761 877
Debit 816 1 087 1 256 1 013 1 028
(continues)
Boletim do Banco Central do Brasil January 2005
154
V.6 - Services
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Total - 216 -4 560 -5 100 - 522 -4 241
Credit 929 9 303 10 468 1 080 11 067
Debit 1 145 13 863 15 568 1 601 15 308
Transportation - 127 -1 635 -1 759 - 229 -2 048
Credit 174 1 647 1 843 201 2 048
Debit 300 3 282 3 602 430 4 097
Travel 57 145 218 2 329
Credit 236 2 200 2 479 294 2 887
Debit 178 2 055 2 261 292 2 558
Communication 2 84 84 26 174
Credit 4 447 449 49 237 Debit 2 362 366 23 63
Construction 2 10 10 0 2
Credit 2 10 10 0 2
Debit 0 0 0 1 1
Insurance - 27 - 376 - 436 - 32 - 455
Credit 5 107 124 4 96
Debit 32 483 560 35 551
Financial - 28 - 325 - 383 0 - 73
Credit 31 318 363 31 371
Debit 59 644 745 31 444 Computer and information - 81 - 882 -1 034 - 99 -1 098
Credit 5 27 29 1 43
Debit 86 908 1 063 100 1 141
Royalties and license fees - 79 - 994 -1 120 - 98 -1 000
Credit 9 96 108 9 105
Debit 89 1 090 1 228 107 1 105
Merchanting and trade-related - 5 - 74 - 92 - 30 - 200
Credit 37 357 389 25 344
Debit 41 431 480 56 545
Operational leasing - 125 -2 022 -2 312 - 241 -1 797
Credit 2 22 25 16 53
Debit 127 2 044 2 337 257 1 849
Misc. business, professional and technical 216 1 880 2 158 209 2 365
Credit 332 3 242 3 719 371 3 980
Debit 116 1 362 1 562 162 1 615
Personal, cultural and recreational - 21 - 252 - 283 - 25 - 327
Credit 3 51 54 6 42
Debit 23 303 337 31 370
Government services - 1 - 120 - 151 - 5 - 113
Credit 90 779 877 73 857
Debit 91 898 1 028 78 970
Boletim do Banco Central do Brasil January 2005
155
V.7 - Income
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Balance on income - 18 848 - 17 886 - 19 743 - 18 191 - 18 552
Credit 3 935 3 621 3 280 3 295 3 339
Debit 22 783 21 507 23 023 21 486 21 891
Compensation of employees 142 79 95 102 109
Credit 310 237 270 293 269
Debit 168 158 175 191 160
Investment income - 18 990 - 17 965 - 19 838 - 18 292 - 18 661
Credit 3 625 3 383 3 009 3 002 3 070
Debit 22 615 21 348 22 847 21 295 21 731
Direct investment income - 3 664 - 3 239 - 4 638 - 4 983 - 5 098
Credit 1 487 999 367 967 886
Debit 5 151 4 238 5 005 5 950 5 984
Income on equity (profits and dividends) - 2 832 - 2 173 - 3 438 - 4 034 - 4 076
Credit 1 389 932 264 857 760
Debit 4 221 3 105 3 702 4 891 4 836
Income on intercompany loans (interest) - 832 - 1 066 - 1 201 - 949 - 1 022
Credit 97 67 103 109 126
Debit 929 1 133 1 303 1 058 1 148
Paid in cash 821 1 092 1 092 802 802
Converted to FDI 108 42 211 256 346
Portfolio investment income - 7 710 - 8 545 - 9 621 - 8 384 - 8 743
Credit 773 859 1 463 1 383 1 323
Debit 8 483 9 404 11 084 9 767 10 066
Income on equity (profits and dividends) - 1 283 - 1 143 - 1 523 - 1 128 - 1 564
Credit 11 5 1 1 3
Debit 1 294 1 148 1 524 1 129 1 568
Income on debt securities (interest) - 6 427 - 7 402 - 8 097 - 7 256 - 7 179
Credit 762 854 1 462 1 382 1 320
Debit 7 189 8 256 9 560 8 638 8 499
Other investment income1/ - 7 617 - 6 181 - 5 579 - 4 925 - 4 820
Credit 1 365 1 525 1 179 653 861
Debit 8 982 7 707 6 758 5 578 5 681
Memo:
Interests - 14 876 - 14 649 - 14 877 - 13 130 - 13 020
Credit 2 224 2 447 2 744 2 144 2 307
Debit 17 100 17 096 17 621 15 275 15 328
Profits and dividends - 4 115 - 3 316 - 4 961 - 5 162 - 5 640
Credit 1 400 937 265 858 763
Debit 5 515 4 253 5 226 6 020 6 403
(continues)
Boletim do Banco Central do Brasil January 2005
156
V.7 - Income
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Balance on income - 1 898 - 16 387 - 18 552 - 2 086 - 18 541
Credit 152 3 121 3 339 297 2 725
Debit 2 051 19 509 21 891 2 382 21 266
Compensation of employees 12 109 109 17 167
Credit 25 240 269 30 322
Debit 13 131 160 13 155
Investment income - 1 910 - 16 496 - 18 661 - 2 103 - 18 708
Credit 127 2 882 3 070 267 2 403
Debit 2 037 19 377 21 731 2 370 21 111
Direct investment income - 736 - 3 944 - 5 098 - 467 - 4 814
Credit 9 852 886 157 855
Debit 745 4 796 5 984 624 5 669
Income on equity (profits and dividends) - 485 - 3 122 - 4 076 - 392 - 4 105
Credit 4 731 760 155 717
Debit 489 3 853 4 836 546 4 823
Income on intercompany loans (interest) - 251 - 821 - 1 022 - 75 - 709
Credit 5 121 126 2 138
Debit 256 942 1 148 78 847
Paid in cash 53 642 802 63 692
Converted to FDI 203 300 346 15 155
Portfolio investment income - 622 - 8 107 - 8 743 - 1 060 - 9 880
Credit 25 1 289 1 323 58 560
Debit 647 9 395 10 066 1 118 10 440
Income on equity (profits and dividends) - 140 - 1 539 - 1 564 - 570 - 2 326
Credit - 3 3 1 4
Debit 140 1 543 1 568 571 2 330
Income on debt securities (interest) - 482 - 6 567 - 7 179 - 490 - 7 553
Credit 25 1 285 1 320 57 557
Debit 507 7 853 8 499 546 8 110
Other investment income1/ - 553 - 4 445 - 4 820 - 576 - 4 014
Credit 93 741 861 52 987
Debit 646 5 186 5 681 628 5 001
Memo:
Interests - 1 285 - 11 834 - 13 020 - 1 141 - 12 277
Credit 123 2 147 2 307 111 1 682
Debit 1 409 13 981 15 328 1 252 13 958
Profits and dividends - 625 - 4 662 - 5 640 - 962 - 6 432
Credit 4 734 763 156 721
Debit 629 5 396 6 403 1 118 7 153
1/ Includes interests on trade credits, loans, deposits and other assets and liabilities.
Boletim do Banco Central do Brasil January 2005
157
V.8 - Unrequited current transfers
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Total 1 689 1 521 1 638 2 390 2 867
Credit 1 969 1 828 1 934 2 627 3 132
Debit 280 307 296 237 265
General government transfers - 39 - 31 9 - 1 - 21
Credit 42 42 73 57 48
Debit 81 74 64 58 68
Other sectors transfers 1 728 1 552 1 629 2 391 2 887
Credit 1 927 1 785 1 860 2 570 3 084
Debit 199 233 232 179 197
Workers' remittances 1 052 932 1 009 1 573 1 882
Credit 1 191 1 112 1 178 1 711 2 018
United States 538 664 555 897 1 059
Japan 476 294 444 532 526
Remaining countries 178 154 180 282 433
Debit 139 180 169 138 136
Other transfers 676 620 620 818 1 005
Credit 736 673 682 859 1 066
Debit 60 53 62 41 61
(continues)
Boletim do Banco Central do Brasil January 2005
158
V.8 - Unrequited current transfers
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Total 239 2 583 2 867 288 2 950
Credit 257 2 820 3 132 322 3 223
Debit 18 237 265 34 273
General government transfers - 2 - 17 - 21 - 10 - 32
Credit 3 41 48 4 45
Debit 5 58 68 15 77
Other sectors transfers 241 2 600 2 887 298 2 982
Credit 254 2 779 3 084 318 3 178
Debit 13 179 197 20 196
Workers' remittances 171 1 685 1 882 200 2 092
Credit 181 1 809 2 018 217 2 237
United States 94 950 1 059 120 1 411
Japan 49 469 526 58 364
Remaining countries 37 390 433 39 463
Debit 10 123 136 16 146
Other transfers 70 915 1 005 98 891
Credit 73 971 1 066 101 941
Debit 3 56 61 3 50
Boletim do Banco Central do Brasil January 2005
159
V.9 - Direct investment
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Total direct investment 26 888 30 498 24 715 14 108 9 894
Credit 36 968 41 243 35 123 27 045 20 975
Debit 10 080 10 745 10 408 12 937 11 081
Abroad - 1 690 - 2 282 2 258 - 2 482 - 249
Credit 713 953 5 106 585 1 737
Debit 2 404 3 234 2 849 3 067 1 986
Equity capital - 1 110 - 1 755 1 752 - 2 402 - 62
Credit 388 840 4 236 417 1 645
Debit 1 498 2 595 2 483 2 818 1 707
Intercompany loans - 580 - 527 505 - 81 - 187
Credit 325 112 871 168 93
Debit 905 639 365 249 280
Loans from headquarters in Brazil to affiliates abroad - 385 - 547 - 268 - 79 - 187
Credit 254 64 93 165 92
Debit 638 611 360 243 279
Loans from affiliates abroad to headquarters in Brazil - 195 20 773 - 2 -
Credit 71 48 778 4 1
Debit 267 28 5 6 1
Foreign direct investment in Brazil 28 578 32 779 22 457 16 590 10 144
Credit 36 254 40 290 30 017 26 460 19 238
Debit 7 676 7 511 7 559 9 870 9 094
Equity capital 29 983 30 016 18 765 17 118 9 320
Credit 31 372 33 403 21 093 18 960 13 087
Currency 26 947 31 610 16 817 10 400 7 846
Autonomous 18 162 24 934 15 738 10 120 7 846
Privatization related 8 786 6 677 1 079 280 -
Conversions 4 298 1 710 4 215 8 484 5 213
Autonomous 4 298 1 336 4 215 8 484 5 213
Privatization related - 374 - - -
Merchandise 127 83 61 76 29
Reinvested earnings ... - ... - ...
Debit 1 389 3 387 2 328 1 842 3 767
Intercompany loans - 1 405 2 763 3 692 - 528 823
Credit 4 882 6 888 8 924 7 500 6 150
Debit 6 287 4 125 5 232 8 028 5 327
Loans from headquarters abroad to affiliates in Brazil - 1 402 2 959 3 688 - 529 803
Credit 4 846 6 777 8 911 7 495 6 120
Debit 6 248 3 819 5 223 8 024 5 317
Paid in cash 2 059 2 272 4 134 5 796 3 903
Converted to FDI equity capital 4 189 1 547 1 089 2 229 1 414
Loans from affiliates in Brazil to headquarters abroad - 3 - 196 4 2 21
Credit 36 110 13 5 30
Debit 39 306 9 4 10
(continues)
Boletim do Banco Central do Brasil January 2005
160
V.9 - Direct investment
(concluded) US$ million
Itemization 2003* 2004*
Oct Jan-Oct Year Oct Jan-Oct
Total direct investment 1 983 8 524 9 894 1 172 5 920
Credit 2 618 17 947 20 975 1 898 22 370
Debit 635 9 422 11 081 727 16 450
Abroad 29 - 210 - 249 - 147 - 9 096
Credit 64 1 494 1 737 101 1 018
Debit 35 1 705 1 986 249 10 114
Equity capital 29 - 43 - 62 - 185 - 6 356
Credit 64 1 433 1 645 39 898
Debit 35 1 476 1 707 224 7 254
Intercompany loans - - 167 - 187 37 - 2 739
Credit 0 62 93 62 120
Debit - 229 280 25 2 860
Loans from headquarters in Brazil to affiliates abroad - - 168 - 187 26 - 2 741
Credit - 61 92 51 107
Debit - 229 279 25 2 847
Loans from affiliates abroad to headquarters in Brazil 0 0 - 12 1
Credit 0 1 1 12 14
Debit - 1 1 - 12
Foreign direct investment in Brazil 1 954 8 735 10 144 1 319 15 016
Credit 2 554 16 452 19 238 1 797 21 352
Debit 600 7 718 9 094 478 6 336
Equity capital 1 424 7 666 9 320 990 15 400
Credit 1 761 11 078 13 087 1 027 16 923
Currency 424 6 517 7 846 784 13 213
Autonomous 424 6 517 7 846 784 13 213
Privatization related - - - - -
Conversions 1 337 4 532 5 213 242 3 697
Autonomous 1 337 4 532 5 213 242 3 697
Privatization related - - - - -
Merchandise - 29 29 - 12
Reinvested earnings ... ... ... ... -
Debit 337 3 411 3 767 36 1 523
Intercompany loans 529 1 068 823 329 - 384
Credit 792 5 375 6 150 770 4 430
Debit 263 4 306 5 327 441 4 814
Loans from headquarters abroad to affiliates in Brazil 534 1 048 803 330 - 374
Credit 792 5 345 6 120 770 4 425
Debit 258 4 297 5 317 440 4 799
Paid in cash 224 3 252 3 903 399 4 048
Converted to FDI equity capital 34 1 045 1 414 41 751
Loans from affiliates in Brazil to headquarters abroad - 4 21 21 - 1 - 10
Credit - 30 30 - 5
Debit 4 9 10 1 15
Boletim do Banco Central do Brasil January 2005
161
V.10 - Portfolio investment - assets
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Total 259 - 1 696 - 795 - 321 179
Credit 4 220 2 888 1 626 1 016 1 805
Debit 3 961 4 583 2 421 1 337 1 626
Equity securities - 864 - 1 953 - 1 121 - 389 - 258
Credit 371 1 970 170 320 66
Debit 1 235 3 923 1 291 709 324
Brazilian Depositary Receipts (BDR) 6 - 945 150 106 - 10
Credit 7 1 669 153 113 2
Debit 1 2 614 3 7 12
Other equities - 871 - 1 008 - 1 271 - 495 - 248
Credit 364 301 17 207 64
Debit 1 234 1 309 1 288 702 312
Debt securities 1 123 258 326 67 437
Credit 3 849 918 1 456 696 1 738
Debit 2 725 660 1 130 629 1 302
Bonds and notes 1 123 258 326 67 437
Credit 3 849 918 1 456 696 1 738
Colateral release 423 245 326 - 359
Other 3 425 673 1 130 696 1 379
Debit 2 725 660 1 130 629 1 302
(continues)
Boletim do Banco Central do Brasil January 2005
162
V.10 - Portfolio investment - assets
(concluded) US$ million
Itemization 2003* 2004*
Oct Jan-Oct Year Oct Jan-Oct
Total 58 189 179 - 159 - 793
Credit 171 1 737 1 805 227 2 367
Debit 114 1 548 1 626 386 3 159
Equity securities - 15 - 252 - 258 - 34 - 111
Credit 7 64 66 2 34
Debit 22 316 324 36 145
Brazilian Depositary Receipts (BDR) 1 - 10 - 10 - -
Credit 1 2 2 - 1
Debit - 12 12 - 1
Other equities - 16 - 242 - 248 - 34 - 110
Credit 6 62 64 2 34
Debit 22 304 312 36 144
Debt securities 73 441 437 - 125 - 682
Credit 164 1 673 1 738 225 2 332
Debit 91 1 233 1 302 350 3 014
Bonds and notes 73 441 437 - 125 - 682
Credit 164 1 673 1 738 225 2 332
Colateral release - 359 359 - -
Other 164 1 314 1 379 225 2 332
Debit 91 1 233 1 302 350 3 014
Boletim do Banco Central do Brasil January 2005
163
V.11 - Portfolio investment - liabilities
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Total 3 542 8 651 872 - 4 797 5 129
Credit 38 875 38 816 29 497 18 352 27 347
Debit 35 332 30 165 28 625 23 150 22 218
Equity securities 2 572 3 076 2 481 1 981 2 973
Credit 15 533 18 346 10 494 10 055 10 552
Debit 12 962 15 270 8 013 8 074 7 579
Issued in the country 1 490 - 3 262 - 545 - 723 2 094
Credit 12 580 10 425 7 015 7 103 9 475
Debit 11 090 13 687 7 560 7 826 7 381
Issued abroad (Annex V - ADR) 1 081 6 338 3 026 2 704 878
Credit 2 953 7 921 3 478 2 952 1 076
Debit 1 872 1 583 452 248 198
Debt securities 971 5 575 - 1 609 - 6 778 2 156
Credit 23 342 20 470 19 003 8 297 16 795
Debit 22 371 14 895 20 612 15 076 14 639
Issued in the country - 1 378 - 199 - 274 - 223 272
Medium and long-term - 1 223 - 258 - 246 - 218 163
Credit 2 760 980 532 538 717
Debit 3 983 1 238 778 756 555
Short-term - 155 59 - 28 - 5 109
Credit 104 469 356 383 479
Debit 259 410 384 388 370
Issued abroad 2 349 5 774 - 1 335 - 6 556 1 884
Bonds 3 300 3 707 1 160 1 597 2 319
Disbursements 7 708 12 222 9 699 4 101 7 087
New issues 4 708 6 086 7 549 4 070 5 889
Bond swaps 3 000 6 136 2 150 30 1 198
Amortizations 4 408 8 515 8 539 2 504 4 768
Paid in cash 1 410 2 370 6 389 2 473 3 570
Bond swaps 2 997 6 145 2 150 30 1 198
Face value 4 197 6 521 2 150 30 1 289
Discounts 1 200 376 - - 1 90
Notes and commercial papers - 1 388 1 886 - 3 118 - 7 338 - 761
Disbursements 11 976 6 496 7 350 2 093 4 729
Amortizations 13 364 4 610 10 468 9 432 5 490
Money market instruments 437 181 623 - 815 326
Disbursements 794 304 1 066 1 182 3 783
Amortizations 357 123 442 1 996 3 457
(continues)
Boletim do Banco Central do Brasil January 2005
164
V.11 - Portfolio investment - liabilities
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Total 74 4 706 5 129 - 299 - 4 197
Credit 1 961 23 801 27 347 2 272 26 314
Debit 1 887 19 095 22 218 2 571 30 511
Equity securities 394 2 208 2 973 728 1 326
Credit 1 032 8 993 10 552 1 870 13 948
Debit 639 6 785 7 579 1 141 12 622
Issued in the country 350 1 560 2 094 531 701
Credit 957 8 157 9 475 1 638 12 644
Debit 607 6 597 7 381 1 107 11 943
Issued abroad (Annex V - ADR) 43 648 878 198 625
Credit 75 836 1 076 232 1 304
Debit 32 188 198 34 679
Debt securities - 320 2 499 2 156 - 1 027 - 5 523
Credit 929 14 808 16 795 402 12 366
Debit 1 249 12 309 14 639 1 429 17 889
Issued in the country 45 204 272 67 33
Medium and long-term 27 122 163 40 - 3
Credit 73 617 717 124 958
Debit 46 495 555 84 961
Short-term 18 82 109 27 36
Credit 49 412 479 83 639
Debit 31 330 370 56 603
Issued abroad - 364 2 295 1 884 - 1 095 - 5 556
Bonds - 2 219 2 319 - 175 - 640
Disbursements - 6 987 7 087 - 5 428
New issues - 5 789 5 889 - 5 428
Bond swaps - 1 198 1 198 - -
Amortizations - 4 768 4 768 175 6 068
Paid in cash - 3 570 3 570 175 6 068
Bond swaps - 1 198 1 198 - -
Face value - 1 289 1 289 - -
Discounts - 90 90 - -
Notes and commercial papers - 233 - 722 - 761 - 854 - 5 375
Disbursements 757 3 729 4 729 193 4 033
Amortizations 990 4 451 5 490 1 047 9 408
Money market instruments - 131 798 326 - 65 458
Disbursements 50 3 063 3 783 3 1 308
Amortizations 182 2 265 3 457 68 850
Boletim do Banco Central do Brasil January 2005
165
V.12 - Portfolio of foreign investors1/
US$ million
Period Stock of Portfolio composition (%) Effective flows2/
assets
(end of Stocks Derivatives Debentures Fixed Privatization Others Inflow Outflow Net
period) income currencies
1997 32 047 96.5 1.4 2.1 - - 0.0 32 191 30 576 1 615
1998 17 365 94.8 4.2 1.0 - - 0.0 21 887 24 349 - 2 462
1999 23 110 99.0 0.0 0.8 - - 0.1 12 396 11 296 1 100
2000 18 528 91.9 0.1 0.9 7.0 - 0.1 10 831 12 666 - 1 835
2001 15 532 88.5 0.3 0.7 9.3 - 1.2 9 348 10 076 - 728
2002 10 373 74.7 2.3 1.2 21.5 - 0.2 7 565 7 901 - 336
2003 Jan 10 043 73.8 1.9 1.2 22.7 - 0.3 659 544 115
Feb 9 851 72.1 3.3 1.3 23.0 - 0.3 489 428 61
Mar 10 677 76.4 2.9 1.5 18.9 - 0.3 507 670 - 163
Apr 12 479 78.1 2.7 1.4 17.4 - 0.4 963 661 301
May 12 640 80.0 1.7 1.4 16.5 - 0.4 778 799 - 21
Jun 12 838 80.3 1.2 1.4 9.9 - 7.2 741 566 175
Jul 13 312 80.9 1.4 1.5 15.6 - 0.5 631 557 74
Aug 14 599 82.8 1.2 1.4 14.1 - 0.5 807 624 183
Sep 15 053 83.9 1.1 1.2 13.3 - 0.5 1 088 879 209
Oct 18 677 76.8 4.6 1.0 17.2 - 0.4 1 382 955 427
Nov 17 635 86.1 0.8 0.9 11.6 - 0.5 1 071 666 405
Dec 20 120 86.8 0.6 0.7 11.6 - 0.3 1 904 1 250 654
Year 20 120 86.8 0.6 0.7 11.6 - 0.3 11 020 8 599 2 421
2004 Jan 20 018 86.8 0.6 0.6 11.7 - 0.0 1 577 1 156 421
Feb 20 720 86.3 0.5 0.6 12.3 - 0.2 1 559 1 100 458
Mar 20 961 86.0 0.6 0.6 12.5 - 0.4 1 055 1 370 - 315
Apr 20 402 85.2 2.3 0.6 11.7 - 0.3 2 737 2 644 93
May 18 410 87.4 1.1 0.7 10.6 - 0.2 2 891 2 974 - 83
Jun 18 502 87.7 1.3 0.8 9.9 - 0.3 2 601 2 973 - 373
Jul 20 175 87.9 2.0 0.5 9.3 - 0.3 936 993 - 58
Aug 21 640 87.5 2.4 0.4 9.5 - 0.2 966 1 243 - 276
Sep 23 236 88.8 1.4 0.4 9.2 - 0.2 973 998 - 25
Oct 23 352 89.5 0.6 0.3 9.2 - 0.3 1 310 1 358 - 48
Nov 26 075 89.4 0.9 0.3 9.1 - 0.3 1 538 1 188 350
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.
Boletim do Banco Central do Brasil January 2005
166
V.13 - Other investment - assets
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Total - 4 397 - 2 989 - 6 586 - 3 211 - 9 483
Loans - 1 278 - 282 - 1 050 - 1 740 - 541
Long-term - 724 - 375 - 1 358 - 1 724 - 665
Credit 814 594 1 417 1 739 1 962
Debit 1 537 969 2 775 3 462 2 627
Short-term (net) - 554 93 309 - 16 124
Currency and deposits - 2 301 - 1 774 - 8 001 - 1 300 - 8 579
Banks 345 1 321 - 3 857 4 341 - 7 009
Remaining domestic sectors - 2 647 - 3 095 - 4 144 - 5 641 - 1 570
Colateral release - 166 - - -
Other - 2 647 - 3 261 - 4 144 - 5 641 - 1 570
Other assets - 817 - 933 2 465 - 172 - 363
Long-term - 53 - 105 2 424 - 122 - 77
Credit 1 822 3 2 564 3 1
Debit 1 876 108 140 126 78
Short-term (net) - 764 - 828 41 - 50 - 286
(continues)
Boletim do Banco Central do Brasil January 2005
167
V.13 - Other investment - assets
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Total - 2 903 - 6 211 - 9 483 395 - 1 055
Loans - 410 - 833 - 541 - 156 - 1 588
Long-term - 48 - 591 - 665 - 151 - 1 573
Credit 165 1 771 1 962 189 1 740
Debit 213 2 362 2 627 340 3 313
Short-term (net) - 362 - 242 124 - 5 - 15
Currency and deposits - 2 506 - 5 054 - 8 579 579 515
Banks - 2 380 - 3 865 - 7 009 854 2 416
Remaining domestic sectors - 126 - 1 189 - 1 570 - 274 - 1 901
Colateral release - - - - -
Other - 126 - 1 189 - 1 570 - 274 - 1 901
Other assets 13 - 323 - 363 - 28 17
Long-term - 3 - 77 - 77 - - 37
Credit - 1 1 - 31
Debit 4 78 78 - 69
Short-term (net) 16 - 247 - 286 - 28 55
Boletim do Banco Central do Brasil January 2005
168
V.14 - Other investment - liabilities
US$ million
Itemization 1999 2000* 2001* 2002* 2003*
Total - 9 223 - 15 213 9 353 2 150 - 955
Trade credit (suppliers credit) - 7 284 - 6 409 4 233 1 741 - 34
Long-term - 4 783 - 2 987 480 - 1 370 - 959
Credit 3 374 2 675 3 293 1 284 1 007
Debit 8 157 5 663 2 813 2 654 1 967
Short-term (net) - 2 501 - 3 422 3 753 3 111 926
Loans 1 342 - 8 774 5 714 1 031 - 1 549
Monetary Authority 2 803 - 10 434 6 639 11 363 4 645
Exceptional financing 2 966 - 10 323 6 757 11 480 4 769
IMF credit facitlities 4 059 - 6 876 6 757 11 480 4 769
Credit 6 031 - 6 757 16 045 17 596
Debit 1 972 6 876 - 4 564 12 826
Other1/ - 1 094 - 3 446 - - -
Credit 4 924 - - - -
Debit 6 017 3 446 - - -
Other long-term loans - 163 - 111 - 118 - 118 - 125
Credit - - - - -
Debit 163 111 118 118 125
Multilateral 11 - - - -
Other 152 111 118 118 125
Short-term loans - - - - -
Remaining sectors - 1 461 1 660 - 925 - 10 332 - 6 194
Long-term loans - 2 009 2 736 951 - 5 321 - 4 751
Credit 17 499 15 926 14 281 11 115 10 081
Multilateral 4 584 4 674 3 083 3 872 2 766
Agencies 1 119 1 034 1 739 1 519 1 731
Buyers credit 7 593 3 252 4 443 3 438 2 696
Direct loans 4 203 6 967 5 017 2 286 2 888
Debit 19 508 13 190 13 331 16 436 14 831
Multilateral 1 599 1 477 1 643 2 511 3 979
Agencies 1 692 988 1 879 2 030 2 585
Buyers credit 9 092 6 321 6 164 8 239 4 803
Direct loans 7 126 4 403 3 645 3 655 3 464
Short-term loans 548 - 1 077 - 1 875 - 5 011 - 1 443
Currency and deposits - 3 249 - 33 - 596 - 621 625
Other liabilities - 32 4 2 - 3
Long-term 6 4 3 - 3
Short-term - 38 - - 1 - -
(continues)
Boletim do Banco Central do Brasil January 2005
169
V.14 - Other investment - liabilities
(concluded) US$ million
Itemization 2003* 2004*
Nov Jan-Nov Year Nov Jan-Nov
Total 589 3 904 - 955 - 560 - 8 450
Trade credit (suppliers credit) 730 - 387 - 34 - 521 909
Long-term - 84 - 803 - 959 - 95 - 1 307
Credit 39 941 1 007 80 727
Debit 122 1 745 1 967 175 2 035
Short-term (net) 814 416 926 - 425 2 216
Loans - 405 3 710 - 1 549 - 39 - 9 552
Monetary Authority - 10 971 4 645 - - 3 536
Exceptional financing - 11 096 4 769 - - 3 405
IMF credit facitlities - 11 096 4 769 - - 3 405
Credit - 17 596 17 596 - -
Debit - 6 500 12 826 - 3 405
Other1/ - - - - -
Credit - - - - -
Debit - - - - -
Other long-term loans - - 125 - 125 - - 132
Credit - - - - -
Debit - 125 125 - 132
Multilateral - - - - -
Other - 125 125 - 132
Short-term loans - - - - -
Remaining sectors - 405 - 7 262 - 6 194 - 39 - 6 016
Long-term loans - 101 - 3 648 - 4 751 93 - 4 487
Credit 987 8 972 10 081 1 120 7 548
Multilateral 351 2 619 2 766 661 2 155
Agencies 83 1 656 1 731 14 759
Buyers credit 404 2 544 2 696 116 1 593
Direct loans 149 2 152 2 888 328 3 041
Debit 1 088 12 619 14 831 1 028 12 035
Multilateral 189 3 084 3 979 638 3 723
Agencies 288 1 930 2 585 59 1 813
Buyers credit 401 4 487 4 803 143 3 590
Direct loans 209 3 118 3 464 188 2 909
Short-term loans - 304 - 3 614 - 1 443 - 132 - 1 528
Currency and deposits 263 580 625 - 192
Other liabilities 1 2 3 - 1
Long-term 1 2 3 - 1
Short-term - - - - -
1/ Includes loans provided by BIS and Bank of Japan.
Boletim do Banco Central do Brasil January 2005
170
V.15 - International reserves in the Banco Central do Brasil
US$ million
End-of-period International liquidity
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 Jan 38 772 948 10
Feb 38 530 - 242 10
Mar 42 335 3 805 11
Apr 41 500 - 836 10
May 43 373 1 873 11
Jun 47 956 4 583 12
Jul 47 645 - 311 12
Aug 47 793 148 12
Sep 52 675 4 882 14
Oct 54 093 1 418 14
Nov 54 427 334 14
Dec 49 296 - 5 131 12
Year 49 296 11 473 12
2004 Jan 53 261 3 965 13
Feb 52 960 - 302 13
Mar 51 612 - 1 347 12
Apr 50 498 - 1 115 12
May 50 540 42 12
Jun 49 805 - 735 11
Jul 49 666 - 139 11
Aug 49 594 - 71 10
Sep 49 496 - 98 10
Oct 49 416 - 80 10
Nov 50 133 717 10
Boletim do Banco Central do Brasil January 2005
171
V.16 - Statement of international reserves changes International liquidity concept
US$ million
Itemization 2003 2004
Nov Jan-Nov Year Nov Jan-Nov
I - Stock - end of previous period 54 093 37 823 37 823 49 416 49 296
II - Overall balance of payments (a + b) - 214 14 613 8 496 59 - 108
a. Sales to/purchases from resident banks - 1 591 1 591 - 2 627
b. Banco Central external operations - 214 13 022 6 904 59 - 2 735
Colateral release (capital and interests accrued) - 542 542 - -
Income earned on international reserves 100 1 416 1 531 87 1 028
Exceptional financing (capital and interests accrued) - 329 10 008 3 681 - 316 - 4 610
Other 15 1 056 1 151 288 847
III - Balance on export-related loans (Finex) changes - - - - -
IV - Change in market prices of international reserves 548 1 990 2 977 658 945
V - Change in international reserves (II + III + IV) 334 16 604 11 473 717 837
VI - Stock-end-of-period (I + V) 54 427 54 427 49 296 50 133 50 133
Boletim do Banco Central do Brasil January 2005
172
V.17 - Composition of adjusted net international reserves
US$ million
Period Adjusted net international reserves
Assets1/ Liabilities6/ Adjustments7/Net balance
Gold2/ Cash3/ Securities4/Deposits Other5/
Balance
1997 2 666 48 12 833 35 935 247 51 729 - 74 451 52 106
1998 2 691 98 14 112 26 854 216 43 971 - 9 371 - 238 34 362
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 Jan 392 292 25 649 12 249 - 21 38 561 - 21 130 102 17 743
Feb 379 351 25 788 11 789 4 38 312 - 21 043 - 197 17 291
Mar 362 1 435 25 756 14 530 23 42 105 - 25 042 - 223 17 071
Apr 364 573 25 112 15 212 9 41 271 - 25 226 - 359 15 914
May 391 778 25 451 16 570 - 30 43 160 - 25 883 - 414 17 076
Jun 376 1 088 25 525 20 770 - 25 47 734 - 29 836 - 425 17 694
Jul 383 914 24 348 21 804 - 21 47 427 - 29 647 - 193 17 806
Aug 406 832 24 985 21 309 56 47 589 - 29 334 - 222 18 238
Sep 416 728 25 926 25 528 77 52 675 - 33 465 - 233 18 978
Oct 413 1 731 26 599 25 278 71 54 093 - 33 511 69 20 651
Nov 426 1 410 25 654 26 922 14 54 427 - 33 694 - 296 20 437
Dec 445 634 27 381 20 782 54 49 296 - 28 374 - 397 20 525
2004 Jan 428 2 018 26 350 24 436 29 53 261 - 28 285 147 25 124
Feb 423 1 855 26 160 24 555 - 34 52 959 - 28 261 120 24 818
Mar 453 1 987 26 480 22 616 77 51 613 - 26 909 205 24 909
Apr 416 2 075 25 546 22 475 - 13 50 497 - 26 388 632 24 742
May 421 1 813 21 964 26 333 9 50 539 - 26 696 623 24 466
Jun 423 1 293 23 004 25 025 61 49 806 - 25 301 475 24 979
Jul 419 1 662 29 486 18 083 15 49 665 - 25 156 631 25 141
Aug 435 1 259 30 549 17 292 60 49 595 - 25 207 235 24 623
Sep 444 998 29 930 18 112 12 49 496 - 24 641 72 24 927
Oct 455 1 347 29 978 17 565 71 49 416 - 25 141 - 105 24 170
Nov 483 1 046 30 763 17 789 70 50 150 - 25 763 - 141 24 229
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.
Boletim do Banco Central do Brasil January 2005
173
V.18 - Foreign exchange operations
US$ millionPeriod Operations with clients in Brazil Operations with Balance
banks abroad
Commercial Financial Balance (net)1/
Exports Imports Balance Purchases Sales Balance
(A) (B) C=A+B (D) E=C+D
1996 50 209 41 478 8 731 77 146 62 050 15 096 23 827 - 13 038 10 789
1997 55 887 58 545 - 2 658 107 750 90 739 17 011 14 353 - 21 203 - 6 850
1998 47 735 43 903 3 833 126 563 120 094 6 469 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 Jan 5 031 3 786 1 245 5 753 5 850 - 97 1 148 - 175 973
Feb 4 420 3 340 1 080 4 430 5 402 - 972 108 - 392 - 284
Mar 4 592 3 650 942 5 067 6 856 - 1 789 - 847 - 389 - 1 234
Apr 6 908 3 991 2 917 5 545 6 365 - 820 2 097 - 272 1 825
May 6 692 3 524 3 168 5 129 7 757 - 2 628 540 74 614
Jun 5 635 3 661 1 974 6 572 9 495 - 2 923 - 949 - 5 - 955
Jul 7 241 3 802 3 439 5 939 7 988 - 2 049 1 390 - 110 1 281
Aug 5 904 3 742 2 162 5 831 6 522 - 691 1 471 - 91 1 380
Sep 6 076 3 904 2 172 5 606 8 684 - 3 078 - 906 47 - 859
Oct 6 815 3 898 2 917 5 382 9 002 - 3 620 - 703 - 74 - 777
Nov 6 240 3 388 2 852 7 233 9 361 - 2 128 724 - 58 666
Dec 7 649 4 162 3 487 9 631 14 814 - 5 183 - 1 696 - 215 - 1 910
Year 73 203 44 848 28 355 72 118 98 094 - 25 976 2 379 - 1 661 718
2004 Jan 6 576 4 051 2 525 7 828 6 853 975 3 500 - 132 3 368
Feb 5 963 4 244 1 719 5 736 6 229 - 494 1 226 87 1 313
Mar 8 026 4 411 3 615 5 610 9 615 -4 004 - 389 - 222 - 611
Apr 8 884 3 902 4 982 5 796 8 003 -2 207 2 775 - 140 2 635
May 9 207 4 026 5 181 5 357 8 803 -3 446 1 735 - 158 1 577
Jun 6 802 4 666 2 136 5 507 9 500 -3 993 -1 857 - 459 -2 316
Jul 8 059 4 531 3 528 5 295 9 125 -3 830 - 302 - 515 - 816
Aug 7 179 5 084 2 095 13 021 13 584 - 563 1 532 -2 110 - 579
Sep 8 057 5 084 2 973 5 019 7 307 -2 287 685 - 813 - 128
Oct 8 259 5 409 2 850 6 303 8 228 -1 925 925 - 253 672
Nov 7 098 5 642 1 456 7 026 9 133 -2 108 - 652 - 404 -1 056
Memo:
2003 Jan-Nov 65 554 40 686 24 868 62 487 83 282 -20 795 4 073 -1 445 2 630
2004 Jan-Nov 84 111 51 051 33 060 72 498 96 380 -23 882 9 178 -5 118 4 059
1/ Transactions related to international flows in reais, including non-residents' deposits held in Brazil.
Boletim do Banco Central do Brasil January 2005
174
V.19 - Total external debt
US$ million
Itemization 2001 2002 2003 2004
Mar Jun Sep Dec Mar Jun Sep
Registered debt 192 720 195 587 199 067 204 366 207 193 200 107 198 545 190 050 187 061
Nonfinancial public sector 92 818 110 355 114 297 120 644 123 709 119 785 119 565 113 182 114 053
Banks 5 398 5 388 5 301 5 702 5 418 5 700 5 663 5 653 5 380
Brazilian 1 052 1 161 1 176 1 252 1 309 1 274 1 277 1 279 1 273
Foreign 4 346 4 228 4 125 4 450 4 109 4 425 4 385 4 374 4 107
Multilateral 25 261 39 244 43 163 48 018 51 763 45 978 44 431 42 970 42 046
Bilateral (Paris Club included) 8 188 8 240 8 432 7 840 7 075 6 795 6 786 5 971 7 055
Debt bond from banks 19 330 18 226 18 226 17 828 17 057 16 118 16 118 15 261 15 104
Others 34 641 39 257 39 175 41 257 42 397 45 194 46 566 43 327 44 468
Private sector1/99 903 85 232 84 770 83 722 83 484 80 322 78 981 76 868 73 008
Banks 82 695 67 891 65 401 64 127 63 272 56 173 55 070 53 497 55 097
Brazilian 10 670 8 503 8 911 9 214 9 126 6 495 6 404 6 922 10 230
Foreign 72 025 59 388 56 490 54 912 54 146 49 678 48 666 46 574 44 867
Multilateral 5 526 5 925 6 057 5 967 5 930 5 737 5 772 5 786 5 537
Bilateral 4 230 4 491 5 139 5 171 5 747 6 061 6 053 5 782 4 352
Others 7 452 6 924 8 173 8 457 8 534 12 351 12 086 11 803 8 022
Nonregistered debt 17 214 15 124 16 227 14 488 12 531 14 822 14 917 15 507 15 126
Nonfinancial public sector 364 65 50 31 - - - - -
Credit lines 364 65 50 31 - - - - -
Banco Central do Brasil - - - - - - - - -
Private sector1/16 850 15 059 16 177 14 457 12 531 14 822 14 917 15 507 15 126
Commercial banks (liabilities) 16 850 15 059 16 177 14 457 12 531 14 822 14 917 15 507 15 126
Total external debt2/209 934 210 711 215 294 218 853 219 724 214 930 213 463 205 558 202 187
Nonfinancial public sector 93 182 110 420 114 347 120 675 123 709 119 785 119 565 113 182 114 053
Private sector1/116 753 100 291 100 947 98 178 96 014 95 144 93 898 92 375 88 134
International reserves 35 866 37 823 42 335 47 956 52 675 49 296 51 612 49 805 49 496
Brazilian credit abroad 3 050 2 958 2 756 2 737 2 694 2 915 2 890 2 836 2 885
Commercial banks assets 8 313 5 090 4 978 5 076 5 976 11 726 11 434 7 498 8 721
Net total external debt 162 704 164 839 165 225 163 084 158 378 150 992 147 527 145 419 141 085
Intercompany loans 16 133 16 978 18 398 18 379 18 768 20 484 20 167 18 652 18 130
Total external debt, includes intercompany loans 226 067 227 689 233 692 237 233 238 492 235 414 233 629 224 209 220 317
Memo:
Foreign banks 91 842 77 208 75 197 72 383 69 516 67 424 66 458 64 885 62 568
Registered 76 371 63 616 60 615 59 363 58 255 54 103 53 052 50 949 48 974
Nonregistered 15 470 13 592 14 583 13 020 11 261 13 321 13 406 13 937 13 594
Brazilian banks 13 466 11 196 11 731 11 933 11 705 9 271 9 192 9 773 13 035
Registered 11 722 9 664 10 087 10 466 10 435 7 770 7 681 8 202 11 503
Nonregistered 1 744 1 532 1 644 1 468 1 269 1 501 1 511 1 571 1 532
1/ Includes financial public sector.
2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.
Boletim do Banco Central do Brasil January 2005
175
V.20 - Registered external debt Distribution by interest rate category1/
Itemization 2003 2004
Mar Jun Sep Dec Mar Jun Sep
US$ % US$ % US$ % US$ % US$ % US$ % US$ %
million share million share million share million share million share million share million share
Floating rates 87 124 43.8 90 147 44.1 92 452 44.6 83 570 41.8 81 065 40.8 79 250 41.7 76 489 40.9
Libor 38 765 19.5 37 160 18.2 35 588 17.2 32 697 16.3 31 808 16.0 31 700 16.7 29 524 15.8
Prime 2 393 1.2 2 227 1.1 2 400 1.2 2 343 1.2 2 394 1.2 2 184 1.1 2 133 1.1
New York 26 0.0 26 0.0 28 0.0 25 0.0 24 0.0 24 0.0 23 0.0
Others 2 366 1.2 2 202 1.1 2 372 1.1 2 318 1.2 2 370 1.2 2 159 1.1 2 110 1.1
IMF 25 042 12.6 29 837 14.6 33 459 16.1 28 255 14.1 26 898 13.5 25 301 13.3 24 641 13.2
IBRD 7 720 3.9 8 172 4.0 8 041 3.9 8 131 4.1 7 532 3.8 8 103 4.3 8 259 4.4
IDB 12 710 6.4 12 259 6.0 12 493 6.0 11 678 5.8 12 144 6.1 11 677 6.1 11 412 6.1
Others 496 0.2 492 0.2 472 0.2 466 0.2 290 0.1 285 0.1 520 0.3
Fixed rates 111 943 56.2 114 219 55.9 114 741 55.4 116 537 58.2 117 480 59.2 110 801 58.3 110 572 59.1
IBRD 511 0.3 487 0.2 484 0.2 461 0.2 457 0.2 455 0.2 37 0.0
IDB 1 061 0.5 1 028 0.5 1 012 0.5 1 077 0.5 962 0.5 958 0.5 1 137 0.6
Others 110 371 55.4 112 703 55.1 113 245 54.7 114 999 57.5 116 060 58.5 109 388 57.6 109 398 58.5
Total 199 067 100.0 204 366 100.0 207 193 100.0 200 107 100.0 198 545 100.0 190 051 100.0 187 061 100.0
Note: Excludes debt related to intercompany loans and includes revision of debt position.
Boletim do Banco Central do Brasil January 2005
176
V.21 - Registered external debt Distribution by currency1/
Itemization 2003 2004
Mar Jun Sep Dec Mar Jun Sep
US$ % US$ % US$ % US$ % US$ % US$ % US$ %
million share million share million share million share million share million share million share
US dollar2/140 421 70.5 141 699 69.3 141 352 68.2 139 053 69.5 139 026 70.0 133 769 70.4 131 323 70.2
Yen 16 021 8.0 14 659 7.2 14 166 6.8 13 921 7.0 14 292 7.2 13 400 7.1 12 189 6.5
Deutsche mark 3 441 1.7 3 444 1.7 3 449 1.7 3 488 1.7 3 403 1.7 3 165 1.7 3 204 1.7
Special Drawing Right 25 055 12.6 29 851 14.6 33 472 16.2 28 269 14.1 26 911 13.6 25 315 13.3 24 653 13.2
French franc 1 405 0.7 1 287 0.6 1 302 0.6 1 217 0.6 1 188 0.6 972 0.5 986 0.5
Sterling pound 751 0.4 733 0.4 739 0.4 729 0.4 756 0.4 682 0.4 679 0.4
Italian lira 464 0.2 489 0.2 508 0.2 528 0.3 383 0.2 371 0.2 385 0.2
Euro 10 455 5.3 11 143 5.5 11 204 5.4 11 902 5.9 11 627 5.9 11 493 6.0 12 720 6.8
Swiss franc 423 0.2 402 0.2 418 0.2 398 0.2 374 0.2 342 0.2 355 0.2
Austrian schilling 194 0.1 203 0.1 120 0.1 127 0.1 125 0.1 122 0.1 124 0.1
Portuguese escudo 150 0.1 158 0.1 160 0.1 173 0.1 169 0.1 137 0.1 140 0.1
Canadian dollar 134 0.1 136 0.1 138 0.1 132 0.1 132 0.1 120 0.1 128 0.1
Dutch guilder 10 0.0 9 0.0 8 0.0 7 0.0 7 0.0 6 0.0 9 0.0
Belgian franc 97 0.0 100 0.0 101 0.0 107 0.1 105 0.1 102 0.1 104 0.1
Others 46 0.0 53 0.0 57 0.0 54 0.0 48 0.0 54 0.0 62 0.0
Total 199 067 100.0 204 366 100.0 207 193 100.0 200 107 100.0 198 545 100.0 190 050 100.0 187 061 100.0
Memo:
IDB 13 771 6.9 13 287 6.5 13 505 6.5 12 755 6.4 13 106 6.6 12 635 6.6 12 549 6.7
IBRD 8 231 4.1 8 659 4.2 8 525 4.1 8 592 4.3 7 989 4.0 8 558 4.5 8 247 4.4
1/ Excludes debt related to intercompany loans and includes revision of debt position.
2/ Includes World Bank and IDB.
Boletim do Banco Central do Brasil January 2005
177
V.22 - Medium and long-term registered external debt Principal amortization schedule
US$ million
Itemization Outstanding 2004 2004 2005 2006 2007 2008 2009 2010 2011
9.30.2004 Jan-Sep (Oct-Dec)
Paid
IMF loans1/24 641 1 354 960 7 028 8 658 7 995 - - - -
Import financing 43 856 2 859 3 175 8 004 6 325 4 025 3 093 3 050 2 626 2 401
International entities 22 934 919 1 023 2 343 1 987 1 845 1 743 1 868 1 682 1 649
World Bank 8 247 1 248 228 1 009 751 719 648 739 615 741
IDB 12 549 1 342 673 870 875 882 912 886 851 813
IFC 1 226 274 91 285 271 190 119 89 66 47
Others 912 -1 945 31 179 90 54 64 154 150 48
Government agencies 11 407 409 1 040 2 806 2 866 1 030 753 642 613 392
USAID - project loans 145 29 10 32 25 20 16 12 11 7
Eximbank - USA 343 81 4 49 54 52 37 30 25 21
Eximbank - Japan 3 644 272 89 419 419 406 430 389 272 225
KFW 1 939 150 127 354 314 368 182 140 251 95
Paris Club 4 161 151 741 1 615 1 804 - - - - -
Others 1 175 - 273 69 337 250 184 88 71 54 44
Other financing sources 9 515 1 530 1 112 2 855 1 472 1 150 597 540 331 360
Foreign commercial banks 2 633 534 329 908 420 308 223 176 82 61
Brazilian banks 2 407 488 175 739 303 287 122 141 115 115
Nonfinancial institutions 4 475 508 608 1 208 749 555 252 223 134 184
Currency loans 53 931 2 481 5 512 13 365 9 754 7 962 6 203 3 486 1 893 684
Foreign commercial banks 45 283 2 092 4 555 10 964 7 620 6 978 5 850 2 639 1 697 484
Brazilian banks 7 118 319 921 2 162 1 114 863 286 837 191 198
Nonbanks 1 530 70 36 239 1 020 121 67 10 5 2
Program loans (IDA) - - - - - - - - - -
Bonds 61 137 165 1 305 5 015 4 644 6 566 4 373 4 619 4 529 4 090
Other loans - - - - - - - - - -
Total medium and long-term debts2/183 565 6 860 10 917 33 164 28 998 27 212 13 669 11 155 9 048 7 175
Intercompany loans - m.l.t 14 077 513 1 729 4 040 2 205 1 514 874 704 448 293
Total medium and long-term debts,
includes intercompany loans 197 642 7 373 12 646 37 204 31 203 28 726 14 543 11 859 9 496 7 468
(continues)
Boletim do Banco Central do Brasil January 2005
178
V.22 - Medium and long-term registered external debt Principal amortization schedule
(concluded) US$ million
Itemization 2012 2013 2014 2015 2016 2017 2018 2019 2020 Due and
postponed
IMF loans1/- - - - - - - - - -
Import financing 3 080 1 732 1 142 1 040 852 705 513 386 276 1 438
International entities 2 533 1 332 816 790 698 606 444 348 241 986
World Bank 1 681 529 127 102 86 68 2 - - 202
IDB 774 757 670 670 600 526 442 348 241 759
IFC 36 8 - - - - - - - 24
Others 42 38 19 18 12 12 - - - 1
Government agencies 324 223 168 157 125 71 50 36 33 85
USAID - project loans 8 6 2 - - - - - - -
Eximbank - USA 21 19 18 12 2 1 1 - - -
Eximbank - Japan 203 179 135 132 115 68 46 34 31 52
KFW 69 6 3 3 3 - - - - 24
Paris Club - - - - - - - - - 1
Others 23 13 10 10 5 2 3 2 2 8
Other financing sources 223 177 158 93 29 28 19 2 2 367
Foreign commercial banks 45 23 12 4 1 - - - - 41
Brazilian banks 115 115 115 58 - - - - - 7
Nonfinancial institutions 63 39 31 31 28 28 19 2 2 319
Currency loans 745 1 423 1 044 95 31 285 24 40 11 1 374
Foreign commercial banks 566 1 251 874 80 31 285 24 40 11 1 334
Brazilian banks 176 171 170 - - - - - - 29
Nonbanks 3 1 - 15 - - - - - 11
Program loans (IDA) - - - - - - - - - -
Bonds 3 369 2 404 1 061 - - 482 - - 1 000 17 679
Other loans - - - - - - - - - -
Total medium and long-term debts2/7 194 5 559 3 247 1 135 883 1 472 537 426 1 287 20 491
Intercompany loans 452 117 941 67 49 8 24 1 28 583
Total medium and long-term debts,
includes intercompany loans 7 646 5 676 4 188 1 202 932 1 480 561 427 1 315 21 074
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.
Boletim do Banco Central do Brasil January 2005
179
V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 9.30.2004
US$ million
Itemization Total Public sector
Total Federal sector
Total Government Enterprises
Nonfinancial Financial
(1)=(2)+(11) (2)=(3)+(7) (3)=(4)+(5)+(6) (4) (5) (6)
IMF loans1/24 641 24 641 24 641 - 24 641 -
Import financing 43 856 30 045 22 089 15 855 2 862 3 372
International entities 22 934 20 203 13 360 9 040 1 521 2 799
World Bank 8 247 8 223 6 158 5 889 207 62
IDB 12 549 11 466 6 800 3 136 1 027 2 637
IFC 1 226 - - - - -
Others 912 514 402 15 287 100
Government agencies 11 407 7 494 6 597 5 100 1 061 436
USAID - project loans 145 145 145 129 2 14
Eximbank - USA 343 43 43 14 29 -
Eximbank - Japan 3 644 2 551 1 697 628 816 253
KFW 1 939 434 394 32 193 169
Opic 258 - - - - -
PL-480 (USA Government) - - - - - -
Paris Club 4 161 4 161 4 161 4 161 - -
Others 917 160 157 136 21 -
Other financing sources 9 515 2 348 2 132 1 715 280 137
Foreign commercial banks 2 633 541 326 160 151 15
Brazilian banks 2 407 1 283 1 283 1 165 - 118
Nonfinancial institutions 4 475 524 523 390 129 4
Currency loans 53 931 8 851 7 415 131 2 226 5 058
Foreign commercial banks 45 283 7 358 6 030 129 2 223 3 678
Brazilian banks 7 118 673 565 2 0 563
Nonbanks 1 530 820 820 - 3 817
Program loans (IDA) - - - - - -
Bonds 61 137 59 359 59 209 58 875 23 311
Other loans - - - - - -
Total medium and long-term debts 183 565 122 896 113 354 74 861 29 752 8 741
Total short term debts 3 496 1 476 1 466 - - 1 466
Foreign commercial banks 1 141 - - - - -
Brazilian banks 1 978 1 475 1 466 - - 1 466
Nonfinancial institutions 377 1 - - 0 -
Total2/187 061 124 372 114 820 74 861 29 752 10 207
Intercompany loans 18 130 82 82 - 82 -
Total external debt,
includes intercompany loans 205 191 124 454 114 902 74 861 29 834 10 207
(continues)
Boletim do Banco Central do Brasil January 2005
180
V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 9.30.2004(concluded) US$ million
Itemization Public sector Private sector
State and local sector Total Nonfinancial Financial
Total Government Enterprises
Nonfinancial Financial
(7)=(8)+(9)+(10) (8) (9) (10) (11)=(12)+(13) (12) (13)
IMF loans1/- - - - - - -
Import financing 7 956 6 871 1 085 - 13 811 11 588 2 223
International entities 6 843 6 275 568 - 2 731 2 338 393
World Bank 2 065 2 065 - - 24 24 -
IDB 4 666 4 098 568 - 1 083 1 083 -
IFC - - - - 1 226 1 076 150
Others 112 112 - - 398 155 243
Government agencies 897 504 393 - 3 913 3 715 198
USAID - project loans - - - - - - -
Eximbank - USA - - - - 300 300 -
Eximbank - Japan 854 478 376 - 1 093 1 042 51
KFW 40 24 16 - 1 505 1 505 -
Opic - - - - 258 222 36
PL-480 (USA Government) - - - - - - -
Paris Club - - - - - - -
Others 3 2 1 - 757 646 111
Other financing sources 216 92 124 - 7 167 5 535 1 632
Foreign commercial banks 215 91 124 - 2 092 1 351 741
Brazilian banks 0 - - - 1 124 245 879
Nonfinancial institutions 1 1 - - 3 951 3 939 12
Currency loans 1 436 - 1 326 110 45 080 35 922 9 158
Foreign commercial banks 1 328 - 1 228 100 37 925 32 261 5 664
Brazilian banks 108 - 98 10 6 445 3 473 2 972
Nonbanks - - - - 710 188 522
Program loans (IDA) - - - - - - -
Bonds 150 - 150 - 1 778 1 253 525
Other loans - - - - - - -
Total medium and long-term debts 9 542 6 871 2 561 110 60 669 48 763 11 906
Total short term debts 10 - 9 1 2 020 998 1 022
Foreign commercial banks - - - - 1 141 527 614
Brazilian banks 9 - 8 1 503 135 368
Nonfinancial institutions 1 - 1 - 376 336 40
Total2/9 552 6 871 2 570 111 62 689 49 761 12 928
Intercompany loans - - - - 18 048 18 023 25
Total external debt,
includes intercompany loans 9 552 6 871 2 570 111 80 737 67 784 12 953
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.
Boletim do Banco Central do Brasil January 2005
181
V.24 - Total external debt by debtor
US$ million
Itemization 2001 2002 20031/ 20041/
Sep Dec Mar Jun Sep
Medium and long-term debt2/182 276 187 316 200 823 194 736 193 300 185 735 183 565
Nonfinancial public sector 92 755 110 310 123 709 119 785 119 565 113 933 114 044
Private sector and financial public sector 89 521 77 005 77 114 74 950 73 735 71 802 69 521
Short-term debt 27 658 23 395 18 901 20 195 20 163 20 608 18 622
Nonfinancial public sector 427 110 11 11 11 8 9
Banco Central (liabilities) - - - - - - -
Credit lines 364 65 - - - - -
Short-term registered debt2/ 63 45 11 11 11 8 9
Private sector and financial public sector 27 231 23 285 18 890 20 184 20 152 20 600 18 613
Commercial banks (liabilities) 16 850 15 059 12 531 14 822 14 917 15 507 15 126
Short-term registered debt2/10 381 8 226 6 359 5 361 5 235 5 092 3 487
Resolution 2,483 - Rural financing - - - - - - -
Import financing 6 058 4 715 1 579 1 262 1 621 1 615 970
Others3/4 323 3 512 4 780 4 100 3 614 3 477 2 517
Total external debt4/209 934 210 711 219 724 214 930 213 463 206 343 202 187
Intercompany loans 16 133 16 978 18 768 20 484 20 167 18 652 18 130
Total external debt,
includes intercompany loans 226 067 227 689 238 493 235 415 233 629 224 995 220 317
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.
Boletim do Banco Central do Brasil January 2005
182
V.25 - Foreign exchange rate1/
R$/US$
Period Commercial
End-of-period Average exchange rate
Buying Selling Buying Selling
Rate % Rate % Rate % Rate Percentage changes
change change change
In In In 12
month year months
1997 1.1156 7.41 1.1164 7.41 1.0779 7.32 1.0787 - 7.31 -
1998 1.2079 8.27 1.2087 8.27 1.1603 7.64 1.1611 - 7.64 -
1999 1.7882 48.04 1.7890 48.01 1.8150 56.43 1.8158 - 56.39 -
2000 1.9546 9.31 1.9554 9.30 1.8287 0.75 1.8295 - - 0.72 -
2001 2.3196 18.67 2.3204 18.67 2.3514 28.58 2.3522 - 28.57 -
2002 3.5325 52.29 3.5333 52.27 2.9301 24.61 2.9309 - 24.60 -
2003 Jan 3.5250 - 0.21 3.5258 - 0.21 3.4376 - 5.17 3.4384 - 5.17 - 5.17 44.60
Feb 3.5624 1.06 3.5632 1.06 3.5900 4.43 3.5908 4.43 - 0.97 48.40
Mar 3.3523 - 5.90 3.3531 - 5.90 3.4461 - 4.01 3.4469 - 4.01 - 4.94 46.89
Apr 2.8890 - 13.82 2.8898 - 13.82 3.1179 - 9.52 3.1187 - 9.52 - 13.99 34.40
May 2.9648 2.62 2.9656 2.62 2.9549 - 5.23 2.9557 - 5.22 - 18.48 19.17
Jun 2.8712 - 3.16 2.8720 - 3.16 2.8824 - 2.45 2.8832 - 2.45 - 20.48 6.23
Jul 2.9647 3.26 2.9655 3.26 2.8790 - 0.12 2.8798 - 0.12 - 20.58 - 1.87
Aug 2.9657 0.03 2.9665 0.03 3.0017 4.26 3.0025 4.26 - 17.19 - 3.46
Sep 2.9226 - 1.45 2.9234 - 1.45 2.9220 - 2.66 2.9228 - 2.65 - 19.39 - 12.54
Oct 2.8554 - 2.30 2.8562 - 2.30 2.8607 - 2.10 2.8615 - 2.10 - 21.08 - 24.81
Nov 2.9486 3.26 2.9494 3.26 2.9130 1.83 2.9138 1.83 - 19.64 - 18.53
Dec 2.8884 - 2.04 2.8892 - 2.04 2.9245 0.39 2.9253 0.39 - 19.32 - 19.32
Year 2.8884 - 18.23 2.8892 - 18.23 3.0707 4.80 3.0715 - 4.80 -
2004 Jan 2.9401 1.79 2.9409 1.79 2.8510 - 2.51 2.8518 - 2.51 - 2.51 - 17.06
Feb 2.9130 - 0.92 2.9138 - 0.92 2.9295 2.75 2.9303 2.75 0.17 - 18.39
Mar 2.9078 - 0.18 2.9086 - 0.18 2.9047 - 0.85 2.9055 - 0.85 - 0.68 - 15.71
Apr 2.9439 1.24 2.9447 1.24 2.9052 0.02 2.9060 0.02 - 0.66 - 6.82
May 3.1283 6.26 3.1291 6.26 3.0996 6.69 3.1004 6.69 5.99 4.89
Jun 3.1067 - 0.69 3.1075 - 0.69 3.1283 0.93 3.1291 0.93 6.97 8.53
Jul 3.0260 - 2.60 3.0268 - 2.60 3.0360 - 2.95 3.0368 - 2.95 3.81 5.45
Aug 2.9330 - 3.07 2.9338 - 3.07 3.0021 - 1.12 3.0029 - 1.12 2.65 0.01
Sep 2.8578 - 2.56 2.8586 - 2.56 2.8903 - 3.72 2.8911 - 3.72 - 1.17 - 1.08
Oct 2.8557 - 0.07 2.8565 - 0.07 2.8521 - 1.32 2.8529 - 1.32 - 2.47 - 0.30
Nov 2.7299 - 4.41 2.7307 - 4.40 2.7852 - 2.34 2.7860 - 2.34 - 4.76 - 4.38
1/ Rates for accounting purpose.
VI - The international economy
Boletim do Banco Central do Brasil January 2005
185
VI.1 - Interest rates Prime rate and 6 month Libor in various currencies1/
In percent per year
Period average Prime rate Libor
American Yen EUR Sterling
dollar pound
2003 Jan 4.25 1.37 0.08 2.76 3.79
Feb 4.25 1.34 0.07 2.57 3.70
Mar 4.25 1.26 0.07 2.45 3.59
Apr 4.25 1.28 0.07 2.46 3.58
May 4.25 1.23 0.07 2.32 3.58
Jun 4.23 1.08 0.07 2.08 3.57
Jan-Jun 4.25 1.26 0.07 2.44 3.64
Jul 4.00 1.12 0.07 2.09 3.47
Aug 4.00 1.20 0.07 2.17 3.61
Sep 4.00 1.19 0.07 2.17 3.79
Oct 4.00 1.20 0.07 2.17 3.96
Nov 4.00 1.24 0.07 2.37 4.16
Dec 4.00 1.24 0.07 2.20 4.17
Jul-Dec 4.00 1.20 0.07 2.20 3.86
Year 4.12 1.23 0.07 2.32 3.75
2004 Jan 4.00 1.19 0.07 2.11 4.20
Feb 4.00 1.19 0.06 2.08 4.29
Mar 4.00 1.16 0.06 2.02 4.43
Apr 4.00 1.28 0.08 2.18 4.56
May 4.00 1.52 0.06 2.14 4.73
Jun 4.00 1.81 0.06 2.19 5.01
Jan-Jun 4.00 1.36 0.07 2.12 4.54
Jul 4.23 1.89 0.06 2.18 5.03
Aug 4.42 1.94 0.06 2.17 5.09
Sep 4.56 2.09 0.07 2.20 5.05
Oct 4.75 2.23 0.07 2.10 4.96
Nov 4.89 2.50 0.07 2.22 4.94
1/ Rates in accordance with daily interest bulletin of Banco Central do Brasil.
Boletim do Banco Central do Brasil January 2005
186
VI.2 - Selected country indicators1/
In percent
Period Consumer prices Industrial output Unemployment rate
United Japan Germany United United Japan Germany United United Japan Germany United
States Kingdom States Kingdom States Kingdom
2003 Jan 2.6 -0.4 1.1 2.9 0.9 7.7 0.5 -0.7 5.7 5.5 11.1 5.0
Feb 3.0 -0.2 1.3 3.2 1.2 4.7 1.6 0.3 5.8 5.2 11.3 5.1
Mar 3.0 -0.1 1.2 3.1 1.2 3.9 -0.1 -0.6 5.8 5.4 11.1 5.1
Apr 2.2 -0.1 1.0 3.1 -1.0 3.9 -1.1 -1.1 6.0 5.4 10.8 5.1
May 2.1 -0.2 0.7 3.0 -1.2 0.7 -0.7 -2.9 6.1 5.4 10.4 5.0
Jun 2.1 -0.4 1.0 2.9 -0.8 1.2 -0.1 2.5 6.4 5.3 10.2 5.0
Jul 2.1 -0.2 0.9 3.1 -1.0 1.1 0.2 0.4 6.2 5.3 10.4 5.1
Aug 2.2 -0.3 1.1 2.9 -1.0 -0.3 -1.6 -0.4 6.1 5.1 10.4 5.0
Sep 2.3 -0.2 1.1 2.8 -0.2 2.6 -1.6 -0.3 6.1 5.1 10.1 5.0
Oct 2.0 0.0 1.2 2.6 0.4 3.6 0.9 1.7 6.0 5.2 10.0 5.0
Nov 1.8 -0.5 1.3 2.5 1.3 5.4 1.0 0.3 5.9 5.2 10.0 4.9
Dec 1.9 -0.4 1.1 2.8 2.0 4.9 1.5 -0.2 5.7 4.9 10.4 4.9
2004 Jan 1.9 -0.3 1.2 2.6 2.1 6.5 1.1 0.7 5.6 5.0 11.0 4.8
Feb 1.7 0.0 0.9 2.5 3.1 3.8 0.2 -0.6 5.6 5.0 11.1 4.8
Mar 1.7 -0.1 1.1 2.6 3.2 4.5 3.2 0.3 5.7 4.7 10.9 4.7
Apr 2.3 -0.4 1.6 2.5 4.7 8.7 3.3 1.4 5.6 4.7 10.7 4.8
May 3.1 -0.5 2.0 2.8 5.4 8.4 4.1 1.8 5.6 4.6 10.3 4.8
Jun 3.3 0.0 1.7 3.0 4.7 7.7 4.0 1.1 5.6 4.6 10.2 4.8
Jul 3.0 -0.1 1.8 3.0 4.8 7.1 2.4 0.4 5.5 4.9 10.5 4.7
Aug 2.7 -0.2 2.0 3.2 5.0 8.4 5.0 -0.4 5.4 4.8 10.5 4.7
Sep 2.5 0.0 1.8 3.1 3.9 4.1 4.1 -0.9 5.4 4.6 10.3 4.6
Oct 3.2 0.5 2.0 3.3 4.9 1.6 1.8 -2.0 5.5 4.7 10.1 4.7
Nov 3.5 0.8 1.8 3.4 4.2 1.8 -0.3 -0.9 5.4 4.5 10.3 4.7
Source: United States: Bureau of Labour Statistics (BLS) e 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)
1/ Percentage change in 12 months.
Boletim do Banco Central do Brasil January 2005
187
VI.3 - International reserves1/
End of Germany Argentina Brazil Canada United France Italy Japan Mexico United
period States Kingdom
2003 Jan 56 9 39 37 80 32 36 471 52 37
Feb 57 10 38 36 80 33 36 478 52 38
Mar 58 11 42 36 82 32 36 489 54 39
Apr 57 11 41 36 82 32 37 493 55 38
May 58 11 43 37 84 33 36 535 56 39
Jun 57 12 48 37 83 34 37 538 55 39
Jul 56 13 48 36 82 33 38 549 54 38
Aug 56 14 48 35 82 34 38 547 54 39
Sep 58 13 53 37 86 35 39 597 55 41
Oct 58 13 54 36 86 36 38 618 56 41
Nov 57 14 54 36 88 35 38 636 57 42
Dec 56 14 49 36 88 35 34 665 59 42
0 0 0 0 0 0
2004 Jan 57 15 53 36 88 40 35 733 63 43
Feb 57 15 53 36 87 35 35 768 63 42
Mar 56 15 52 36 88 34 34 817 62 43
Apr 56 15 50 35 84 35 33 807 60 42
May 55 16 51 36 85 34 35 808 60 42
Jun 56 17 50 35 85 36 35 809 60 42
Jul 54 18 50 35 84 38 34 811 60 41
Aug 54 17 50 36 85 37 31 819 61 42
Sep 54 18 49 36 85 38 31 823 62 42
Oct 53 18 49 36 87 39 32 829 61 43
Nov ... ... 50 ... ... ... ... ... ... ...
Source: International Financial Statistics (IMF), except for Brazil.
Brazil: Banco Central do Brasil
Boletim do Banco Central do Brasil January 2005
188
VI.4 - Currencies per US dollar1/
End of ¥ Sw.Fr. US$/£ Can$ US$/SDR US$/EUR
period
2003 Jan 120.05 1.3668 1.6479 1.5235 1.37929 1.07714
Feb 118.31 1.3550 1.5759 1.4867 1.37359 1.08154
Mar 118.20 1.3536 1.5844 1.4705 1.37654 1.09345
Apr 119.16 1.3575 1.5998 1.4341 1.38668 1.11926
May 119.55 1.3002 1.6376 1.3689 1.42279 1.17979
Jun 119.94 1.3529 1.6571 1.3489 1.40366 1.15288
Jul 120.74 1.3719 1.6127 1.4061 1.39473 1.12546
Aug 117.05 1.4012 1.5790 1.3879 1.38002 1.09925
Sep 111.65 1.3196 1.6655 1.3521 1.43265 1.16758
Oct 110.19 1.3432 1.6960 1.3203 1.43464 1.15848
Nov 109.74 1.2931 1.7206 1.3005 1.44246 1.20000
Dec 107.17 1.2358 1.7937 1.2898 1.48894 1.26353
2004 Jan 105.93 1.2601 1.8239 1.3250 1.48427 1.24732
Feb 109.18 1.2632 1.8685 1.3372 1.48303 1.25093
Mar 104.48 1.2677 1.8459 1.3123 1.48347 1.23182
Apr 110.63 1.2971 1.7799 1.3736 1.45473 1.19920
May 109.62 1.2548 1.8340 1.3646 1.47176 1.22101
Jun 108.89 1.2500 1.8214 1.3351 1.46915 1.22131
Jul 111.48 1.2838 1.8209 1.3320 1.46068 1.20260
Sep 109.33 1.2680 1.8036 1.3137 1.46365 1.21951
Sep 110.18 1.2472 1.8135 1.2632 1.47193 1.24442
Oct 105.94 1.1967 1.8404 1.2191 1.50178 1.28044
Nov 103.12 1.1415 1.9140 1.1886 1.53897 1.33087
Source: International Financial Statistics (IMF) and Bacen
1/ Refer to rates utilized by the Banco Central do Brasil in its accounts.
Boletim do Banco Central do Brasil January 2005
189
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
Boletim do Banco Central do Brasil January 2005
191
Members of the National Monetary Council (November 30, 2004)
Antonio Palocci FilhoMinister of Finance – President
Nelson MachadoMinister of Planning and Budget (acting)
Henrique de Campos MeirellesPresident of the Banco Central do Brasil
Boletim do Banco Central do Brasil January 2005
192
Banco Central do Brasil Management (November 30, 2004)
Board of Directors
Henrique de Campos MeirellesPresident
Afonso Sant’Anna BevilaquaDirector
Alexandre SchwartsmanDirector
Antonio Gustavo Matos do ValeDirector
Eduardo Henrique de Mello Motta LoyoDirector
João Antônio Fleury TeixeiraDirector
Paulo Sérgio CavalheiroDirector
Rodrigo Telles da Rocha AzevedoDirector
Sérgio Darcy da Silva AlvesDirector
Board of Directors Executive Secretariat
Hélio José FerreiraExecutive Secretary
Gerson BonaniSecretary for Institutional Relations
Sérgio Albuquerque de Abreu e LimaSecretary for the Board of Directors and forthe National Monetary Council
Boletim do Banco Central do Brasil January 2005
193
Banco Central do Brasil Management (November 30, 2004)
Board of Director Consultants
Alexandre Pundek RochaSenior Advisor
Alvir Alberto HoffmannSenior Advisor
Anthero de Moraes MeirellesSenior Advisor
Carolina de Assis BarrosSenior Advisor
Clarence Joseph Hillerman JúniorSenior Advisor
Cláudio JalorettoSenior Advisor
Dalmir Sérgio LouzadaSenior Advisor
Flávio Pinheiro de MeloSenior Advisor
Gustavo Alberto BussingerSenior Advisor
Katherine HenningsSenior Advisor
Luiz do Couto NetoSenior Advisor
Marco Antonio Belém da SilvaSenior Advisor
Boletim do Banco Central do Brasil January 2005
194
Central units of the Banco Central do Brasil (November 30, 2004)
Financial Administration Department (Deafi) Edifício-Sede – 2º subsoloHead: Jefferson Moreira SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Internal Auditing Department (Deaud) Edifício-Sede – 15º andarHead: Eduardo de Lima Rocha SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Foreign Capital and Exchange Department (Decec) Edifício-Sede – 7º andarHead: Sidinei Corrêa Marques SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Enforcement Against Illegal Foreign Exchange and Edifício-Sede – 19º andarFinancial Activities Department (Decif) SBS Quadra 3 Zona CentralHead: Ricardo Liao 70.074-900 Brasília (DF)
Department of External Debt and International Relations (Derin) Edifício-Sede – 4º andarHead: Márcio Barreira de Ayrosa Moreira SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Economics (Depec) Edifício-Sede – 10º andarHead: Altamir Lopes SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Research Department (Depep) Edifício-Sede – 9º andarHead: Marcelo Kfoury Muinhos SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Records and Information (Defin) Edifício-Sede – 14º andarHead: Sérgio Almeida de Souza Lima SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Human Resources Administration and Organization (Depes) Edifício-Sede – 17º andarHead: Miriam de Oliveira SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Bank Liquidation (Deliq) Edifício-Sede – 13º andarHead: José Irenaldo Leite de Ataíde SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Currency Management Department (Mecir) Av. Rio Branco, 30Head: José dos Santos Barbosa 20.090-001 Rio de Janeiro (RJ)
Department of Financial System Regulation (Denor) Edifício-Sede – 15º andarHead: Amaro Luiz de Oliveira Gomes SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Banking Operations and Payments System (Deban) Edifício-Sede – 18º andarHead: José Antônio Marciano SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Open Market Operations (Demab) Av. Pres. Vargas, 730 – 6º andarHead: Sérgio Goldenstein 20.071-001 Rio de Janeiro (RJ)
Department of International Reserves Operations (Depin) Edifício-Sede – 5º andarHead: Daso Maranhão Coimbra SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Boletim do Banco Central do Brasil January 2005
195
Department of Financial System Organization (Deorf) Edifício-Sede – 16º andarHead: Luiz Edson Feltrim SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Planning and Organization (Depla) Edifício-Sede – 9º andarHead: José Clóvis Batista Dattoli SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Material Resources Administration (Demap) Edifício-Sede – 1º subsoloHead: Dimas Luís Rodrigues da Costa SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
On site Supervision Department (Desup) Av. Paulista, 1804 – 14º andarHead: Osvaldo Watanabe Cerqueira César
01.310-922 São Paulo (SP)
Off site Supervision Department (Desin) Edifício-Sede – 6º andarHead: Cornélio Farias Pimentel SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Department of Information Systems Management (Deinf) Edifício-Sede – 2º andarHead: Fernando de Abreu Faria SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Legal Department (Dejur) Edifício-Sede – 11º andarGeneral Attorney: Francisco José de Siqueira SBS Quadra 3 Zona Central
70.0074-900 Brasília (DF)
Executive Office of Bank Privatization (Gedes) Edifício-Sede – 12º andarHead: Geraldo Pereira Junior SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Exchange and Foreign Capital Regulation Executive Office (Gence) Edifício-Sede – 7º andarHead: José Maria Ferreira de Carvalho SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Executive Office for Projects (Gepro) Edifício-Sede – 17º andarHead: Nivaldo Peçanha de Oliveira SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Investor Relations Group (Gerin) Edifício-Sede – 13º andarHead: José Pedro Ramos Fachada Martins da Silva SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Executive Office of Proagro (GTPRO) Edifício-Sede – 16º andarHead: Deoclécio Pereira de Souza SBS Quadra 3 Zona Central
70.074-900 Brasília (DF)
Boletim do Banco Central do Brasil January 2005
196
Regional offices of the Banco Central do Brasil (November 30, 2004)
1st Region - Regional Office in Belém (ADBEL) Boulevard Castilhos França, 708 – CentroRegional Delegate: Maria de Fátima Moraes de Lima Caixa Postal 651Jurisdiction: Acre, Amapá, Amazonas, Pará, 66.010-020 Belém (PA)
Rondônia and Roraima
2nd Region - Regional Office in Fortaleza (ADFOR) Av. Heráclito Graça, 273 – CentroRegional Delegate: Luiz Edivam Carvalho Caixa Postal 891Jurisdiction: Ceará, Maranhão and Piauí 60.140-061 Fortaleza (CE)
3rd Region - Regional Office in Recife (ADREC) Rua da Aurora, 1.259 – Santo AmaroRegional Delegate: Pedro Rafael Lapa Caixa Postal 1445Jurisdiction: Alagoas, Paraíba, 50.040-090 Recife (PE)
Pernambuco and Rio Grande do Norte
4th Region - Regional Office in Salvador (ADSAL) Av. Anita Garibaldi, 1211 – OndinaRegional Delegate: Godofredo Massarra dos Santos Caixa Postal 44Jurisdiction: Bahia and Sergipe 40.176-900 Salvador (BA)
5th Region - Regional Office in Belo Horizonte (ADBHO) Av. Álvares Cabral, 1605 – Santo AgostinhoRegional Delegate: José Roberto de Oliveira Caixa Postal 887Jurisdiction: Minas Gerais, Goiás and Tocantins 30.170-001 Belo Horizonte (MG)
6th Region - Regional Office in Rio de Janeiro (ADRJA) Av. Presidente Vargas, 730 – CentroRegional Delegate: Paulo dos Santos Caixa Postal 495Jurisdiction: Espírito Santo and Rio de Janeiro 20.071-001 Rio de Janeiro (RJ)
7th Region - Regional Office in São Paulo (ADSPA) Av. Paulista, 1804 – Cerqueira CésarRegional Delegate: Fernando Roberto Medeiros Caixa Postal 894Jurisdiction: São Paulo 01.310-922 São Paulo (SP)
8th Region - Regional Office in Curitiba (ADCUR) Rua Carlos Pioli, 133 – Bom RetiroRegional Delegate: Salim Cafruni Sobrinho Caixa Postal 1408Jurisdiction: Paraná, Mato Grosso and 80.520-170 Curitiba (PR)
Mato Grosso do Sul
9th Region - Regional Office in Porto Alegre (ADPAL) Rua 7 de Setembro, 586 – CentroRegional Delegate: José Afonso Nedel Caixa Postal 919Jurisdiction: Rio Grande do Sul and Santa Catarina 90.010-190 Porto Alegre (RS)