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ISSN 1517-7270

2007

Boletim doBanco Central do Brasil

December 2007Volume 43 – Number 12

Boletim do Banco Central do Brasil Brasília v. 43 n. 12 Dec 2007 p. 1-221

ISSN 1517-7270CGC 00.038.166/0001-05

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

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

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

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

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

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

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

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

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Reproduction permitted only if source is stated: Boletim do Banco Central do Brasil, Volume 43, n. 12.

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Statistical Conventions

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

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

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

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

Consumer Complaints and Public Enquiries Center

Banco Central do BrasilSecre/Surel/DiateSBS – Quadra 3 – Bloco B – Edifício-Sede – 2º subsolo70074-900 Brasília – DF – BrazilDDG: 0800 9792345Fax: (55.61) 3414-2553Internet: http://www.bcb.gov.br/?english

Summary

The Economic Scene in October 7

I Economic Activity 9

II Money and Credit 15

III Financial and Capital Markets 19

IV Public Finance 21

V Foreign Sector of the Brazilian Economy 25

VI International Economy 29

VII Main Economic Policy Measures 33

Statistical Tables

I Economic Activity 41I.1 National accountsI.2 Gross Domestic Product (GDP)I.3 Economic indicatorsI.4 Economic indicators – Seasonally adjustedI.5 Sales Volume Index in the Retail Sector – BrazilI.6 Industrial production indicatorsI.7 Automotive industryI.8 Crop production (major crops)I.9 Formal employment level index – BrazilI.10 Unemployment rate (weekly)I.11 Real average earnings – By worker categories and by sectorI.12 Price indices

II Money and Credit 59II.1 Factors affecting the monetary baseII.2 Monetary base and money supply (M1)II.3 Monetary behavior factors – Working day average in monthII.4 Extended monetary base – End-of-period balances

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

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

economic activityII.23 Foreign financial system credit operations – Balance by economic activityII.24 Financial system credit operations – Risk classification and provisionsII.25 Public financial system credit operations – Risk classification and provisionsII.26 National private financial system credit operations – Risk classification and provisionsII.27 Foreign financial system credit operations – Risk classification and provisionsII.28 Financial system credit operations – Credit distribution by risk levelsII.29 Public financial system credit operations – Credit distribution by risk levelsII.30 National private financial system credit operations – Credit distribution by risk levelsII.31 Foreign financial system credit operations – Credit distribution by risk levelsII.32 Financial system credit operations – Provisions by risk levelsII.33 Public financial system credit operations – Provisions by risk levelsII.34 National private financial system credit operations – Provisions by risk levelsII.35 Foreign financial system credit operations – Provisions by risk levelsII.36 Credit operations used as reference for interest rates – SummaryII.37 Credit operations used as reference for interest rates – Balance by modality –

CorporationsII.38 Credit operations used as reference for interest rates – Balance by modality –

IndividualsII.39 Credit operations used as reference for interest rates – Interest rates and spreadII.40 Credit operations used as reference for interest rates – Interest rate – Fixed-rate

operationsII.41 Credit operations used as reference for interest rates – Spread – Fixed-rate operations

III Financial and Capital Markets 109III.1 Interest ratesIII.2 Velocity of circulation of main financial assetsIII.3 Investment funds – Portfolio destination – R$ millionIII.4 Investment funds – Portfolio destination – Relative participation %III.5 Mutual investment fundsIII.6 Time deposits and savings depositsIII.7 Nominal income of major financial investmentsIII.8 One-day ID futures contracts – Adjustment rates, traded volumes and outstanding

contractsIII.9 U.S. dollar futures contracts – Adjustment prices, traded volumes and outstanding

contractsIII.10 FRA on the interbank deposit x U.S. dollar spread – Adjustment rates, traded volumes

and outstanding contractsIII.11 Capital market – Primary issue

III.12 Capital market – Secondary market indicatorsIII.13 Market capitalization – Corporations – Bovespa

IV Public Finance 125IV.1 Central Government primary result – Above the line conceptIV.2 National Treasury performance summary – Cash basisIV.3 National Treasury revenues – Cash basisIV.4 National Treasury expenditures – Cash basisIV.5 Social Security – Cash basisIV.6 Circulation of Goods and Services Tax (ICMS)IV.7 Transfers of funds from the National Treasury to states and municipalitiesIV.8 Federal domestic securities issued – National Treasury liabilitiesIV.9 Federal domestic securities – Banco Central do Brasil portfolioIV.10 Federal domestic securities – Outside the Banco Central do BrasilIV.11 Federal domestic securities and open market operations – Percentage share by indexing

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

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

V Foreign Sector of the Brazilian Economy 165V.1 Balance of paymentsV.2 Trade balance – FOBV.3 Exports – FOB – By aggregated factor and main productsV.4 Imports – FOB – By end-use category and selected productsV.5 Trade by area – FOBV.6 ServicesV.7 IncomeV.8 Unrequited current transfersV.9 Direct investmentV.10 Portfolio investment – AssetsV.11 Portfolio investment – LiabilitiesV.12 Portfolio of foreign investorsV.13 Other investment – AssetsV.14 Other investment – LiabilitiesV.15 International reserves in the Banco Central do BrasilV.16 Statement of international reserves changes – International liquidity conceptV.17 Composition of adjusted net international reservesV.18 Foreign exchange operationsV.19 Total external debtV.20 Registered external debt – Distribution by interest rate categoryV.21 Registered external debt – Distribution by currencyV.22 Medium and long-term registered external debt – Principal amortization schedule

V.23 Registered external debt – Distribution by type of debtor and creditorV.24 Total external debt by debtorV.25 Foreign exchange rate

VI The International Economy 207VI.1 Interest rates – Prime rate and 6 month Libor in various currenciesVI.2 Selected country indicatorsVI.3 International reservesVI.4 Currencies per US dollar

Appendix 213

December 2007 | Boletim do Banco Central do Brasil | 7

The Economic Scene in October

The recent development of the Gross Domestic Product (GDP) showed the continuity of the current cycle of expansion experienced by the Brazilian economy. Accordingly, the GDP grew 5.3% in the third quarter of 2007 as compared to the corresponding period of the previous year, a performance determined by the dynamism of domestic demand, which caused an impact of 6.6 p.p. in the result, while the external demand, reflecting the upward trend of imports has generated a negative contribution of 1.3 p.p.

The expansion of economic activity was maintained in October, registering new record levels of production and utilization of installed capacity of the industrial sector, in an environment of growing investments. Trade sales were maintained at a high level, a trajectory consistent with the momentum gained from improved credit market conditions and rising overall income.

Given the lags in the transmission mechanism of monetary policy and the uncertainty associated to the pace of expansion of aggregated supply and demand, the Central Bank Monetary Policy Committee (Copom) maintained the Selic rate target at 11.25% p.a. at the meeting held on October 16 and 17.


IEconomic Activity

The Gross Domestic Product (GDP) at market prices increased 5.3% in the third quarter of 2007 compared to the same period in 2006, with emphasis on the performance of domestic demand. Thus, the Gross Fixed Capital Formation rose 12.4% in this comparison basis, followed by household consumption, 5.9% and government consumption, 3.9%, providing joint contribution of 6.6 p.p. The behavior of the external sector, reflecting a 19.6% expansion in imports and 6.7% in exports, trajectories consistent with the increased domestic demand, has negatively impacted by 1.3 p.p., the result of GDP in that period. From the perspective of supply, the industry grew 5.1%, services, 4.7% and crop and livestock, 4.3%. The margin analysis, considering seasonally adjusted data disclosed a 1.7% raise of the GDP in the third quarter, when compared to the previous quarter. Additionally, the accumulated growth in four quarters of GDP increased from 4.9% in the second quarter to 5.2%.

Industrial production increased 2.8% in October compared to September, according to data purged of seasonal factors from the Monthly Industrial Survey of the Brazilian Institute of Geography and Statistics (IBGE), representing the most significant monthly result since September 2003. The October record index, 2.3% higher than that announced in August, resulted from increases in 20 of the 27 activities surveyed, with emphasis on the headings motor vehicles, pulp and paper and other chemical products.

Considering the use categories, record levels of production of capital goods, intermediate goods and consumer durables were recorded in the month. The production of intermediate goods increased 2.7% compared to the previous month, the largest monthly rate since September 2003, while those related to capital goods, consumer durables and consumer goods and semi and nondurable goods raised, 1.8%, 1.4% and 1.3% respectively. Industrial production rose 10.3% compared to October 2006, considering the periods from January to October and twelve months ended

1)

2)

3)

100

106

112

118

124

130

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

Source: IBGE

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

2004 2005 2006 2007

– = Alt + 0150

100

120

140

160

180

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: IBGE

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

Capital goods Intermediate goods

Durable consumer goods

Gráfico VI.3 � Taxas de juros internacionais

Gráfico VI.4 � Taxas de câmbio

76

78

80

82

84


Source: CNI

2004 2005 2006 2007

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

10 | Boletim do Banco Central do Brasil | December 2007

in October, compared to corresponding periods of 2006, respective increases of 5.9 % and 5.3% were reported.

Statistics from the National Confederation of Industry (CNI) confirmed a rising pace of industrial growth in October indicated by IBGE data. The level of installed capacity utilization increased from 82.25% in September to 83.14% in October, a record in the historical series, while real sales rose 1.3% and hours worked in production, 0.3 % over the same period, seasonally adjusted series considered by the Department of Economics of the Central Bank (Depec).

Investment indicators continued expanding in October, with the exception of imports of capital goods, which fell 5% when compared to September, according to data purged of seasonal factors. The production of machinery and equipment and inputs for the construction industry increased 1.8% and 2.6% respectively in the period. These indicators increased 35.3%, 18.8% and 5% respectively in the year cumulative data up to to October as compared to the same period in 2006. Credits granted by the National Bank of Economic and Social Development (BNDES), for medium- and long–term investments, reached R$48.8 billion from January to October, an increase of 39.7% compared to the same period of last year.

The Systematic Farm Production Survey conducted by IBGE in October estimated that the national grain harvest (cereals, leguminous crops and oilseeds) is expected to reach 133.3 million ton in 2007, an increase of 14% compared to 2006.

The estimated soybean production shall reach 58.3 million tons, 11.3% higher than in 2006. Corn production is estimated to reach 51.6 million tons, an annual increase of 21% reflecting a 36%increase in the second harvest.

The sugar cane production shall grow 13.1% this year, reaching 514.9 million tons, due largely to the 10.5% expansion in the planted area. The coffee farming shall record a drop of 16%, impacted by unfavorable results in the states of Minas Gerais and São Paulo.

The first forecast for 2008, held in October, estimated that the grain harvest is expected to total 137.1 million t in the year, 2.9% higher than the previous year.

According to the IBGE’s Monthly Retail Trade Survey, the volume of retail sales decreased 0.2% in October, compared to September, after a seasonal adjustment, and


increased 9.6% compared to October 2006. The monthly result reflected a 1.6% reduction in sales of the hypermarkets, supermarkets, food products, beverages and tobacco segments, and increases in sales of textiles, clothing and footwear, 2.8%, fuels and lubricants, 1.8%; and furniture and home appliances 1.3%. Sales of cars and motorcycles, parts and accessories, a segment that does not take part in the composition of the general index, rose 2.8% in the period.

Retail sales increased 9.6% in the period from January to October 2007 compared to same period of last year, boosted by the upturn in the segments of furniture and appliances, textiles, apparel and footwear, and hypermarkets, supermarkets, food products, beverages and tobacco, which recorded respective increases of 16%, 10.5% and 6.5%. Considering the expanded retail trade, which includes segments of construction materials and vehicles, motorcycles, parts and accessories, the sales grew 13.9% over the same period, highlighting the rise of 23.8% in vehicles and motorcycles and parts. In twelve-month cumulative terms up to October, overall sales of the trade sector and expanded trade increased 9.1% and 12.7% respectively.

According to statistics from the National Federation of Automotive Vehicle Distribution (Fenabrave), purged of seasonal factors by Depec, the total number of vehicles sold by vehicle dealerships increased by 6% in October compared to September. Those sales increased 36.6% when compared to October 2006, accumulating a 27.5% growth in the year.

Indicators of retail sales in Sao Paulo, published by the Sao Paulo Trade Association (ACSP) and purged of seasonal factors by Depec posted monthly increases of 1% in the number of consultations to the Credit Protection Service Center (SCPC) and 2.2% regarding the Usecheque service in October. In the first ten months of the year the two indicators increased 5.8% compared to the corresponding period in 2006.

The Consumer Confidence Index (CCI), developed by the São Paulo Trade Association (Fecomercio SP), grew 1.4% in October, compared to September, and 1.5% compared to October 2006. The monthly result indicated a decline of 0.7% in the component that estimating future expectations and increased 4.1% in that assessing current economic conditions.

According to the Survey of Consumer Expectations of the Getulio Vargas Foundation (FGV), the ICC rose 3.5%

100

110

120

130

140


Source: IBGE

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

2004 2005 2006 2007

80

110

140

170

200

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: IBGE

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

SupermarketsFurniture and home appliancesVehicles, motorcycles


in October compared to the previous month. The rise of the indicator reached 4.2% compared to October 2006, with emphasis on the rise of 5.8% in the expectations index.

Also according to FGV, the Industrial Confidence Index (ICI) rose 0.7% in October compared to September. The ICI rose 14.7% compared to October 2006. The highlighs were the additions of both the positive assessments about the state of affairs as the forecasts of increased production.

The net default rate in the Sao Paulo trade sector, calculated by the ACSP, reached 6.1% in October compared to 5.2% in September and 6.1% in October 2006. In the monthly comparison, the number of new records of payments in arrears grew 9.5% and the records cancelled, 4.4%, as compared to October 2006 were recorded respective increases of 11.2% and 12.9%. In the year, the number of new records grew 6.8% and of those canceled, 6%. The relationship between the number of checks returned due to insufficiency of funds and the total checks cleared in the country remained stable at 5.6% in October compared to 5.9% in the same month of last year.

The formal employment index released by the Ministry of Labor and Employment increased by 0.6% in October compared to September after seasonal adjustment, and 5.4% as compared to the same period in 2006. In October, 205,260 formal jobs were created in the country, distributed among the main sectors of economic activity, increasing the stock of formal jobs by 0.7%. In the first ten months of the year the high reached 6.5%, with the service sector leading the generation of jobs.

The unemployment rate measured by the IBGE in the six main metropolitan regions of the country reached 8.7% in October, compared to 9% in September and 9.8% in the same month of 2006. The number of people employed increased by 0.2% in the month whereas the unemployed dropped by 3.4%, resulting in a decrease of 0.1% of overall labor force. By job position, it deserved mention the 0.4% expansion in the number of registered employees. In the year up to October, the average number of employed workers grew by 2.8%, registering an increase of 3% in persons employed in the private sector. This result, confirming the qualitative improvement in the labor market, reflected a 5.1% increase in the number of registered workers and a 3% drop in the number of non-registered workers.

Also according to the IBGE, the average real income usually earned by employed persons, considering

80

100

120

140

160

180

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: Fecomercio SP

ICC Current economic situation

Future expectations

Figure I.6 – Consumer Confidence Index

Table I.1 – Formal employment

New job openings

1,000 employees

Itemization 2007 % change

Oct Jan-Oct Year 12 months

Total 205.3 1 812.3 6.6 5.5

Manufacturing industry 60.0 540.1 8.3 6.0

Commerce 63.8 275.3 4.5 6.3

Services 67.8 565.5 5.1 4.8

Building 21.7 194.8 14.4 10.6

Crop and livestock -11.4 185.8 12.9 2.3

Public utilities 0.2 7.3 2.3 1.3

Public administration 2.4 33.8 5.2 2.3

Mining 0.8 9.7 5.9 5.7

Source: MTE

unemploymen

7

8

9

10

11

12

13

14


Source: IBGE

Figure I.7 – Unemployment rate%

2004 2005 2006 2007


the National Consumer Price Index (INPC) as a deflator rose 0.5% in October as compared to the previous month. The overall real wages, product of the usual average income by the number of workers employed grew 0.8% in the month. Compared to the same month last year, these indicators recorded respective increases of 1.2% and 4.4%.

The Extended National Consumer Price Index (IPCA) rose 0.3% in October, compared to 0.18% in the previous month. The growth of 15.85% in the price of carioca-type beans, with an impact of 0.03 p.p. in the variation of the month, constituted the most relevant individual contribution to the month result. By groups, it should be stressed the acceleration in the prices of transportation, personal expenses, communications and food prices, which altogether surpassed the effect due to the decrease in home maintenance costs, resulting from the declining cost of household electricity.

The acceleration at high market prices prevailed in the IPCA October result. The variation of market prices reached 0.41% compared to 0.28% in September, reflecting the predominance of the highest rise in the price of nontradable goods, 0.81% versus 0.29% on the deceleration in prices of tradable goods, 0.02%, after rising 0.26% in September. Government regulated prices varied 0.05% in October, compared with -0.04% in the previous month. In cumulative twelve-month data, through October, the IPCA rose 4.12%, registering increases in the prices of tradable goods, 4.47%; nontradables, 5.6%, andregulated, 2.04%.

The General Price Index (IGP-DI) rose 0.75% in October as compared to 1.17% the previous month. The reduction partly reflected the decline from 1.64% to 1.02% in the variation of the Broad Producer Price index (IPA-DI), a component of great weight in determining the IGP-DI. The change in the Consumer Price Index (IPC-Br) dropped from 0.23% to 0.13%, while that on the National Cost of Construction Index (INCC) closed at 0.51%. In twelve-month cumulative data through October, the IGP-DI ranged 6.1%, with increases of 6.77% in the IPA, 4.5% in the IPC-Br and 5.78% in INCC.

The deceleration of the IPA-DI in October indicated a cooling off effect in farm prices, reflecting lower growth in prices of unprocessed products, especially banana, lemon and papaya; cereals, especiallycorn, wheat and rice, and products for export, particularly soybeans, which surpassed the upward pressures associated with increases in the prices of tubers. Industrial prices showed the same variation of the

950

1 000

1 050

1 100

1 150


Source: IBGE

2004 2005 2006 2007

Figure I.8 – Average real regular earningsIn BRL of October 2007, deflated by INPC

0

2

4

6

8

10


Source: IBGE

Figure I.9 – IPCA12-month % change

2004 2005 2006 2007

0

3

6

9

12

15

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: IBGE

Figure I.10 – IPCA12-month % change

IPCA Market prices Regulated prices

-15

-10

-5

0

5

10

15

20

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: FGV

Figure I.11 – IPA-DI12-month % change

IPA-DI Agricultural prices Industrial prices


previous month, resulting from the relative balance between the acceleration in the prices of non-metallic mineral and metallurgical input and the deceleration in prices of fuels, plastics and food products.

The IPC-Br increased 0.13% in October, compared to 0.23% in September, reflecting in part the decrease in maintenance costs of housing, helped by the reduction in household electricity tariff.

INCC increased 0.51% in October, the same level of the previous month, registering higher prices of materials and services in the construction industry, especially cement and sand, and deceleration in the cost of manpower, which reflected the impact of declining wage increases in Porto Alegre and Belém.


IIMoney and Credit

The average daily balances of the monetary base totaled R$124.3 billion in October, growing 0.9% in the month and 22% in twelve months. The variation in the month resulted from increases of 0.9% in the balance of currency issued, which reached R$84.7 billion, and 1% in banking reserves, which totaled R$39.7 billion, for respective annual growths of 17.6% and 32.8%. The balance of the monetary base amounted to R$123 billion at end of October, with increases of 2.2% in the month and 23.1% compared to October 2006.

In October, among the factors affecting the monetary base, highlights were the expansionist impacts of operations with the external sector, R$6.4 billion, adjustments in derivative transactions, R$2 billion, and the contractionary effect of transactions with the National Treasury, R$6.2 billion. Operations with federal securities generated an expansion from R$930 million, resulting from net redemptions of R$13.5 billion in the primary market and net sales of R$12.6 billion in the secondary market.

The average daily balances of money supply in the most restricted concept (M1) increased by 1.9% in October and 22.5% in twelve months, reaching R$179.2 billion. The monthly result is due to increases of 0.5% in the balance of currency held by the public and 2.9% in demand deposits. The average balances of the components of money supply reached R$68.5 billion and R$110.7 billion, respectively, for annual growth of 18.1% and 25.5%. The balance of M1 reached R$176.3 billion at the end of October, with increases of 0.8% in the month and 21.6% in comparison to the previous year. The balance of the M4, the broadest money supply concept, reached R$1.8 trillion in October, accounting for 70.8% of GDP, with growth of 1.5% in the month and 22.9% in twelve months.

The balance of the financial system’s credit operations increased by 2.7% in October, reaching R$880.8 billion, equivalent to 34% of the GDP, for an accumulated


annual growth of 26.3%. The monthly expansion was due to increases of 2.8% in the balance of nonearmarked resources, which totaled R$619.4 billion, and 2.5% of operations with earmarked resources, which totaled R$261.4 billion. Stocks of loans carried out with these sources of funds expanded 30.1% and 17.9%, respectively, over the same month of 2006.

The balances of loans granted to the private sector, distributed by sector of activity, showed an across the board growth in October, with emphasis to the increases in the balances of loans to trade, 3.3%, and to industry and individuals, both 3.1 %. In the annual comparison, the balances of loans to these sectors increased respectively 20.8%, 28.5% and 32.4%.

Tables II.1 and II.2

Insofar as loans with earmarked resources are concerned, the highlight was the increase of 2.7% in rural credit balances and BNDES transactions, especially the rise of 3% in the balance of direct BNDES operations. In the annual comparison, the balances of these credit portfolios have grown, respectively, 18.1%, 16.6% and 8.8%. The evolution of the loans granted with nonearmarked resources reflected the increases in loans to individuals, 3.1% in the month and 32.5% in twelve months, and to corporations, 2.6% and 27.9% in the same comparison periods.

The evolution of loans granted to individuals in October reflected increases in leasing transactions, 11.4%; others, 3.6%; and reference credit operations for interest rates, 2.3%. In twelve months, these balances increased 86.2%, 83% and 24.2%, respectively. With regard to reference credit operations for interest rates, one should mention the monthly growth of balances of overdraft checks, 4.5%, financing for the purchase of goods, 2.5%, and real estate financing, 2.4%. Stocks of these loan modalities closed with annual growths of 9.4%, 25.3% and 76.2%.

Graphs II.2 and II.3

Regarding loans to corporations, credit portfolio backed in foreign funds increased by 0.6% in the month and 21.8% in twelve months. The behavior in the month reflected a 4.1% growth in the balance of Advances on Foreign Exchange Contracts, offsetting a decrease of 2.2% on transfers from abroad. The stock of loans granted with domestic resources rose 3.1% in the month and 29.6% in twelve months. The highest increases occurred in other

0

7

14

21

28

35

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: BCB

Figure II.1 – Credit operations% GDP

Total Non-earmarked Earmarked

Table II.1 – Non-earmarked credit operationsR$ billion


Oct Monthly Year 12 months

Total 619.4 2.8 24.3 30.1

Corporations 314.5 2.6 20.8 27.9

Domestic funding 249.6 3.1 20.2 29.6

Reference credit1/ 193.6 2.5 17.3 26.0

Leasing 32.8 4.5 59.4 82.5

Rural 1.8 0.2 28.6 3.8

Others 21.4 6.8 3.2 11.4

External funding 64.8 0.6 23.3 21.8

Individuals 304.9 3.1 28.1 32.5

Reference credit1/ 234.8 2.3 22.4 24.2

Credit unions 11.9 1.6 21.6 25.1

Leasing 24.6 11.4 77.6 86.2

Others 33.6 3.6 49.3 83.0

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

dated 12.30.1999.

Table II.2 – Earmarked credit operationsR$ billion


Oct Monthly Year 12 months

Total 261.4 2.5 11.6 17.9

BNDES 152.0 2.7 9.3 16.6

Direct 73.0 3.0 1.8 8.8

On lendings 79.0 2.4 17.4 24.9

Rural 60.9 2.7 12.0 18.1

Banks and agencies 57.7 2.5 11.1 17.2

Credit unions 3.2 6.9 30.9 38.4

Housing 41.5 1.8 20.5 23.5

Others 7.0 0.9 9.6 14.1


operations, 6.8%; leasing, 4.5%; and reference credit operations for interest rates, 2.5%, especially housing loans, 8.4%; vendor, 6.8%; and working capital, 3.4%. In the annual comparison, the vendor operations fell 9.3% while those of other mentioned modalities expanded, in order, 51.7% and 41.8%.

The average rate on reference credit operations for interest rates stood at 35.4% and the spread at 24.4% in October, compared to 35.5% and 24.6% in the previous month.

With regard to the risk of the the financial system loan portfolio, R$806.6 billion, 91.6% of the credit operations in October were classified as standard risk (AA to C); R$47.5 billion, 5 4% of total credit, as risk 1 (D to G); and R$26.7 billion, 3% of the loan portfolio, as risk 2 (H). Provisions totaled R$50 billion, representing 5.7% of the loan portfolio. The default rate for reference credit operations for interest rate dropped from 4.6% in September to 4.5% in October, reflecting a reduction of 0.1 p.p. in transactions with individuals.

0

20

40

60

80

100

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: BCB

Personal credit

Acquisition of vehicles

Overdraft accounts

Figure II.2 – Non-earmarked credit operations –Individuals R$ billion

15

25

35

45

55

65

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: BCB

Individuals Corporate

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


IIIFinancial and Capital Markets

In October, the role of the monetary authorities in the United States and Europe benefited the ongoing recovery path of different segments of the financial market initiated in the previous month, even with the disclosure of negative results of U.S. financial institutions due to losses in operations in the housing and credit markets. Stock exchanges in the United States registered a recovery, with the Dow Jones and Nasdaq indexes rising 0.2% and 5.8% respectively and the interest rates on U.S. bonds of different maturities registering a slight fall in the month. The liquidity of the emerging countries sovereign bond markets also continued the normalization trend along the month, showing a recovery, stocks traded. The prices of Brazilian sovereign bonds followed this trajectory, with the country’s Emerging Markets Bond Index Plus (EMBI +) reducing from 173 points in late September to 167 points in late October. In the domestic exchange market prevailed the greater supply of foreign exchange and showed real appreciation of 5.2% against the dollar with the exchange rate reaching R$1.7440/ US$ at the end of October.

The Monetary Policy Committee (Copom) maintained the Selic rate target at 11.25% p.a. at a meeting ended on October 17. In the domestic financial market, the positive slope of the implicit interest rate curve in trading ID futures contracts at the Mercantile&Futures Exchange (BM&F) experienced an increase. Fees for operating periods of 30, 180 and 360 days increased from 11.08% p.a., 11.04% p.a. and 11.16% p.a. in September to 11.14% p.a. 11.17% p.a. and 11 31% p.a., respectively, in late October.

In October, the Central Bank held auctions of National Treasury Notes – Series B (NTN-B) and National Treasury Notes – Series F (NTN-F) with repurchase commitments in five months, and National Treasury Bills (LTN) in seven months. The financial amount of these repo operations reached R$16.8 billion, of which R$12.7 billion referred to longer-term operations, while repurchases resulting from previous operations totaled R$21.5 billion. In

0

200

400

600

800

1.60

2.00

2.40

2.80

3.20

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Embi+R$/US$

Exchange rate Embi+

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

Source: BCB and Bloomberg

10

12

14

16

18

20

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: BCB and BM&F

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

Selic target 90 days 360 days


managing the short-term banking liquidity the Central Bank intervened in 18 of the 22 working days of October, acting in fifteen of them as a borrower. On October 26, the Central Bank held auctions of exchange swap contracts maturing in 2008, 2009 and 2010, making a complete refinancing of contracts maturing on November 1.

Regarding the investments in financial assets the October increases in the balances of savings deposits, time deposits and investments in mutual funds amounted, respectively, to 1.4%, 1.5% and 1.4% in the month and 25.8%, 7.5% and 17% in twelve months. The average daily trading volume of the São Paulo Stock Exchange (Bovespa) reached a record level of R$6.7 billion, a result accompanied by the appreciation of 8% in the Bovespa index, which reached 65 317 points, for a cumulative increase of 46.9% in the year.

75

150

225

300

375

450

525

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: Bovespa

Figure III.3 – IbovespaJan 2004 = 100

Ibovespa Ibovespa/US$


IVPublic Finance

The National Treasury gross revenue reached R$44.6 billion in October, rising 17.5% in comparison to the corresponding month of 2006, highlighting increases in collections related to the Import Tax (II), 45%, to the Industrialized Products Tax (IPI), 32%, and the Social Contribution on Net Corporate Profits (CSSL), 26%. The collection of Income Tax and Earnings of Any Nature (IR), which accounts for nearly one third of total revenues, grew 20% in the period, registering a 24% increase in the collection made by corporations.

The National Treasury gross revenues totaled R$399.4 billion from January to October, 12.8% above the total collected in the same period in 2006, in line with the impact of the expansion of economic activity on imports, the corporations profits and increased wages. Thus, it should be highlighted in the period the growth of 27% in IPI linked to imports, 22% of IPI on cars, 22% of II, 18% on corporate IR and CSLL, and 14% on IR withheld at source on worker’s income.

Transfers to states and municipalities totaled R$8.1 billion in October, accumulating R$84.6 billion in the first ten months of 2007, with respective expansions of 25.9% and 14.1% in comparison to the same period of the previous year. About 80% of the growth reported in 2007 was due to the growth in shared revenues.

National Treasury expenditures amounted to R$22 billion in October, 9.8% higher than in the same month of 2006, as a consequence of the growth of 6.3% under personnel costs and charges and 12.3% under funding and capital. In the latter item it should be stressed the incorporation of 22.4% referring to the expenses of the Worker Support Fund (FAT) and 77% related to economic grants and subsidies, with emphasis on government credit operations and on the restructuring of liabilities.

Table IV.1 – Gross National Treasury Revenues

January-October/2007

Itemization R$ billion % of GDP % change

Total 399.4 19.18 12.8

Tax 171.4 8.23 16.6

Income Tax (IR) 127.7 6.13 15.9

Industrialized Products Tax (IPI) 27.1 1.30 19.0

Others 16.7 0.80 18.7

Contributions 178.1 8.55 12.2

Cofins 83.3 4.00 11.4

CPMF 29.6 1.42 13.9

CSLL 28.6 1.37 18.0

PIS/Pasep 21.7 1.04 9.9

Cide – Fuels 6.5 0.31 1.6

Others contributions 8.4 0.40 9.9

Others revenues 49.8 2.39 3.0

Source: Minifaz/STN, SRF

120

180

240

300

360

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: STN

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

Revenues minus transfers to states and municipalitiesExpenditures


From January to October, National Treasury expenditures totaled R$204.1 billion, for a 13.6% growth in the period when compared to the same period in 2006, as a result of a 15.3% expansion under current and capital expenditures and 11.9% under personnel costs. About 90% of the increase in the payroll is explained by the restructuring of the careers of federal civil servants of the Executive Branch. The increase in current expenditures and capital led to the increase of 14.4% in other expenses, especially with the release of extra credits to the Ministries of Social Development, Education and Sports, and the increase in expenditures of the Ministries of Health and Defense. Moreover, FAT expenses increased by 21% and Social Assistance Law/Lifetime Monthly Income (Loas/RMV) expenses rose by 17%, as a consequence of the increase in the minimum wage value and the inclusion of new beneficiaries. Disbursements for the Pilot Project for Public Investment totaled R$3.2 billion, compared to R$2 billion in the same period in 2006.

The General Social Security System revenues totaled R$11.7 billion, while expenditures reached R$14.4 billion in October, with respective expansions of 13.6% and 7.9% compared to the same month of the previous year. In the year through October, revenues totaled R$108.8 billion, and expenditures, R$147.3 billion, resulting in a deficit of 3.5% higher than in the same period of 2006.

The nonfinancial primary surplus of the public sector reached R$15.3 billion in October, in the concept of borrowing requirements, registering surpluses of R$10 billion from the Central Government, R$3 billion from regional governments and R$2.3 billion from state companies. The appropriation of interests in the month totaled R$15.8 billion, resulting in a nominal deficit of R$0.5 billion, due to deficits of R$0.9 billion from the Central Government and R$2.3 billion of regional governments, and surplus of R$2.7 billion of state enterprises. In the year to October, the primary surplus totaled R$106.6 billion, interest expenses, R$135.2 billion, and the nominal deficit, R$28.6 billion. In twelve months these items amounted to, respectively, R$105.7 billion, R$160.3 billion and R$54.6 billion, equivalent to 4.2%, 6.4% and 2.2% of the GDP.

The public sector net debt reached R$1,132 billion at the end of October, 43.7% of the GDP, 1% above that calculated in the previous month, representing R$1,350 billion of domestic debt and R$218 billion of foreign credits.

Table IV.2 – National Treasury ExpendituresJanuary-October/2007

Itemization R$ billion % of GDP % change

Total 204.1 9.8 13.6

Personnel and social charges 93.1 4.5 11.9

Capital and current expenditures 110.7 5.3 15.3

Workers Support Fund 15.1 0.7 21.0

Subsidies and economic subventions 5.8 0.3 10.2

Loas/RMV 11.2 0.5 16.9

Discritionary expenditures 65.6 3.1 11.6

Other current and capital expenditures 13.0 0.6 30.3

National Treasury transfers to the

Central Bank 0.3 0.0 -36.2

Source: Minifaz/STN

70

90

110

130

150

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: STN

Payroll Current and capital expenditures

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

60

80

100

120

140

160

180

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: STN

Figure IV.3 – Social SecurityFlows in 12 monthsR$ billion

Revenues Benefits

0

2

4

6

8

10

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: BCB

Primary surplus Nominal deficit Nominal interest

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


In October, the National Treasury operations resulted in net redemptions of R$16.1 billion, of which R$13.3 billion in domestic debt securities and R$2.8 billion in foreign debt securities. In the month, there were net issues of Tresaury Financing Bills and net redemptions of National Treasury Bills.

The stock of federal securities debt outside the Central Bank reached R$1,199 billion at the end of October, 46.3% of the GDP, decreasing 0.2% compared to the previous month. Including swaps and open market operations, the distribution of securities by indexing factors was as follows: 33.4% indexed to the Selic rate, 30.4% fixed-rate, 22.5% linked to price indices; 1.9% indexed to to the exchange rate, and other indexed securities. The average maturity of these securities amounted to 36.7 months in October, compared to 36.1 months in the previous month.


VForeign Sector of the Brazilian Economy

The balance of payments surplus reached US$4.3 billion in October, registering a surplus of US$3.8 billion in the capital and financial account and a deficit of US$42 million on current transactions. During the month, the most important were net inflows of US$6 billion in foreign portfolio investments, the trade surplus of US$3.4 billion and net inflows in foreign direct investment of US$3.2 billion. In 2007, through October, the current account surplus totaled US$5.6 billion, 0.5% of the GDP, and capital and financial account registered a surplus of US$77.5 billion.

The trade balance reflected in October exports of US$15.8 billion and US$12.3 billion imports, for record monthly amounts. Exports grew 18.6% compared to October 2006, by the criterion of average daily balances, recording increases in sales of basic goods, 44.3%; semi-manufactured goods, 9%; and manufactured products, 6.7%. In the January- October period, exports totaled US$132.4 billion and the trade balance surplus, US$34.4 billion, the trade flow reaching US$230.4 billion, compared to US$189.1 billion in the same period of 2006.

According to the Foreign Trade Studies Center Foundation (Funcex), the growth of total exports in October, compared to the same period in 2006 resulted from increases of 12.2% in the price index and 11% in the quantum index. The price indices for basic products, semi-manufactured and manufactured goods showed increases of 22.5%, 6.2% and 7.9% respectively, while quantum indices registered increases of 23.7%, 7.2% and 3.8%, respectively.

On the same basis of comparison, the expansion of basic export products reflected increases in sales of corn, 606.4%; tobacco leaves, 105.5%; and copper ore, 117.8%. Among the semi-manufactured products it should be noted the increases in exports of iron-alloys, 92.1%; crude soybean oil, 62.9%; and cellulose, 36%. As regards semimanufactured goods the most important were increases in exports of gasoline, 229.2%; fuel oil, 150.3%; and aircraft, 96.2%.

0

150

300

450

600

750

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: MDIC/Secex

Figure V.1 – Trade balanceDaily averageUS$ million

Exports Imports Balance

130

180

230

280

330

380

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: Funcex

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

Primary Semimanufatured Manufatured

70

90

110

130

150

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: Funcex

Figure V.3 – Exports pricesSeasonally adjusted indices1996 = 100

Primary Semimanufatured Manufatured


As to the major markets of destination, emphasis is given to the increases in sales to the Netherlands, 68.4%; China 44.1%; and Argentina, 39.5%. With regard to markets with less participation in Brazilian exports, it stood out the increases in sales to Singapore, 168.9%; Portugal 146.3%; and Iran, 65.6%.

Imports grew 34.7% in October compared to the same period in 2006, registering increases in purchases of consumer goods, 41.5%; fuels and lubricants, 37.1%; raw materials and intermediate products, 33.1%; and capital goods, 32.1%. According to Funcex, the increase in total imports in the period reflected increases of 29.6% in the quantum index and 8.7% in prices.

The services and income account posted a US$3.8 billion deficit in October, a result 36.3% higher than in the same period in 2006. Net remittances for payments of services increased 23.7%, driven mainly by higher net expenses for international travel, royalties and licenses, and government services. Net remittances of income rose 44% as a result of the increase of 142.8% in expenditures with profits and dividends and a decrease of 60.6% in net interest payments.

Brazilian direct investment abroad showed net outflows of US$4.1 billion in October, compared to US$15 billion in the same month in 2006, resulting mostly from net US$3 billion disbursement of intercompany loans. Net inflows of foreign direct investments in Brazil totaled US$3.2 billion in October, compared to US$1.7 billion in the same period in 2006. In the form of equity ownership, the currency inflows totaled US$2.4 billion, a result 56.3% higher than the same period in 2006. Net disbursements of intercompany loans reached US$1.3 billion, compared to US$295 million in October 2006.

As regards the sectoral distribution of foreign direct investment, 42.1% of contributions in October were allocated to the industrial sector, 34.7% to the service sector and 23.2% to the primary sector, especially the segments of metallurgy, fuel, extraction of metallic minerals and financial services. Regarding the origin investments from the Netherlands prevailed, the United States and Luxembourg, which accounted for 47.8% of total inflows in October 2007.

Brazilian portfolio investments totaled net outflows of US$724 million in October, compared to US$35 million in the corresponding month of 2006. The foreign portfolio

30

90

150

210

270

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: Funcex

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

Capital goods Intermediate goodsFuels and lubricants

na visualização essa sobreposição desaparece

40

100

160

220

280

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Source: Funcex

Durable goods Nondurable goods

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


investments recorded net inflows of US$6 billion in the month, compared to US$2.8 billion in October 2006. Investments in stocks and fixed income securities, traded in Brazil, totaled net inflows of US$4.4 billion and US$2.6 billion, respectively. In the form of fixed income securities traded abroad, there were net outflows of US$916 million in the month, due to net amortizations on public bonds and notes and commercial paper of US$1.3 billion and US$726 million, respectively, and net disbursements of US$1.1 billion related to short-term securities.

Other foreign investment showed net outflows of US$742 million in October, compared with net inflows of US$13.1 billion in the same month in 2006, a development associated with the reduction in disbursements relating to long-term direct loans of US$13.8 billion in October 2006 to US$982 million in October this year.

In October, international reserves totaled US$167.9 billion, rising US$4.9 billion compared to the previous month. In the exchange domestic market, the monetary authority sold off purchases of US$3.6 billion and, among the external operations, the most important were revenues of US$639 million to pay for reserves.

Table V.1 – Foreign direct investments inflows –

Equity capital

Main sectors

US$ million

Itemization 2006 2007

Jan-Oct Year Oct Jan-Oct

Total 15 746 22 225 2 516 27 703

Crop, livestock and mineral extraction 1 252 1 542 584 4 068

Metallic mineral extration 476 595 308 3 012

Petroleum and gas extraction 430 532 89 585

Industry 5 591 8 462 1 059 10 991

Basic metallurgy 1 197 1 713 380 4 365

Coke, oil derivatives and biofuels 252 260 312 1 342

Chemical products 733 936 0 1 330

Foodstuff 335 525 164 870

Manufacturing and assembly

of automotive engines 258 290 14 509

Pulp, paper and paper products 364 1 619 19 459

Machinery and equipments 277 357 20 377

Services 8 904 12 221 872 12 643

Financial and auxiliary services 1 890 2 993 200 3 829

Commerce, except vehicles 1 306 1 527 143 2 157

Services rendered to corporations 145 164 17 1 575

Construction 573 613 104 1 043

Eletricity, gas and hot water 2 208 2 332 147 887

Real-estate 790 890 54 674

Telecommunications 415 1 214 22 474

Transportation 17 163 0 339


VIInternational Economy

Oil production by the members of the Organization of Petroleum Exporting Countries (Opec) reached 31 million barrels per day (mbd) in October, compared to 30.6 mbd in September. Excluding Iraq and Angola, which have no quotas, production has exceeded the limit of 26.3 mbd, in force since February, by 0.7 mbd. At a September 11 meeting, Opec decided to raise the quota limit to 26.8 mbd as of November 1, due to the proximity of winter in the northern hemisphere. The average price of a barrel of Opec petroleum basket rose by US$5.18 in October to US$79.36.

In the U.S., the revised estimate for annualized growth of the real GDP in the third quarter reached 4,9%, compared to 3,9% in the preliminary estimate and 3.8% in the previous quarter. Industrial production increased 1.8% in twelve months, despite the monthly decline of 0.5% in October. The capacity utilization fell to 81.7%, same level as in October 2006, after remaining stable at 82.2% during the previous three months. The productivity of the manufacturing sector increased 2.8% in the third quarter, compared to the same quarter of 2006, as a result of 1.9% increase in production and a 0.8% fall in hours worked. The unemployment rate remained steady at 4.7% in September and October, compared to 4.4% in October 2006.

The consumer price index grew 0.3% in October, while its core, which excludes food and energy, rose by 0.2%. In twelve months, the highs reached 3,5% and 2,2% in the same order, with the price of foodstuffs grew by 4.4% and energy, 15.5%. The industrial producer prices increased 0.1% in the month and 6.1% in twelve months.

The federal government’s fiscal budget registered a deficit of US$55.6 billion in the first month of the 2008 fiscal year, compared to US$49.3 billion in the same period of the previous year. In 2007 fiscal year, ended in September, the deficit accumulated US$162.8 billion, 34.4% below that registred in the previous fiscal year.

0

1

2

3

4

5

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Sources: BLS and Eurostat

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

USA-All items USA-Core inflation Euro zone

30

45

60

75

90

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Sources: Opec and Bloomberg

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

Opec basket Brent WTI


Exports totaled US$101.1 billion and imports US$167.9 billion in October, resulting in a deficit of 2% higher than in October 2006. In the year up to October, the trade balance accumulated a deficit of US$671.6 billion, 4.5% below the same period in 2006. The balance of services recorded a surplus of US$8.9 billion, 22.1% higher than in October of the previous year, accumulating, in the first ten months of the year, a 32.8% surplus over the same period in 2006.

At a meeting held in late October, the Federal Reserve Open Market Committee lowered the benchmark interest rate by 0.25 p.p. to 4.5% p.y.

In the Euro Area, preliminary estimates indicated a 0,7% growth of GDP in the third quarter in comparison to the previous quarter and 2.7% in comparison to the same quarter in 2006. Industrial production increased 0.4% in October and 3.8% in twelve months. In the annual comparison, the largest expansion occurred in Ireland, 10.2%, while in Finland and Italy it declined by 1.8% and 1.5%, respectively, and in Germany, it expanded by 6.4%. The unemployment rate fell to 7.2% against 7.3% in September and 8% in October 2006.

The harmonized consumer price index rose 2.6% in the twelve months up to October, with increases of 5.5% in the prices of energy and 3.8% in the prices of foodstuffs. The greatest variation occurred in Slovenia, 5.1%, and the lowest in the Netherlands, 1.6%, while in Germany the index grew by 2.7%. Also in twelve months, the industrial producer price index increased 3.3%, with the intermediate and energy products leading the pressures, up 4%.

The first estimates for the October foreign trade in the Euro Area point to a surplus of US$8.7 billion, as compared to US$3 billion in the same month of 2006. Among member countries, Germany had the largest accumulated surplus in the first ten months of the year, US$197.4 billion, and Spain, the highest deficit, US$92.8 billion.

At its meeting held on November 8, the Council of the European Central Bank kept the benchmark interest rate at 4% p.y. The value of the euro reached US$1.4454/€ on the last working day of October, appreciating 1.3% in the month and 13.2% in twelve months.

In Japan, the revised GDP grew 0.4% in the third quarter, compared to the previous quarter, and 1.9% over the same quarter of the previous year. Seasonally adjusted

0.0

1.5

3.0

4.5

6.0

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

Sources: FR, ECB and BoJ

Fed funds target ECB BoJ

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

90

100

110

120

1301.00

1.10

1.20

1.30

1.40

1.50

Feb 2004

Jun Oct Feb 2005

Jun Oct Feb 2006

Jun Oct Feb 2007

Jun Oct

¥/US$US$/€

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

US$/€ ¥/US$

Source: Bloomberg


industrial production increased 1.7% in October and 3.6% in twelve months, while the unemployment rate remained steady at 4%, compared to 4.1% in October 2006.

The real median household income of workers increased 0.4% in October, and related expenses, 2.2% over the same month of 2006. The trade balance registered a surplus of US$8.7 billion, compared to US$5.5 billion in October 2006. In the first ten months of the year, the surplus exceeded in 23.2% the value registered in the same period in 2006.

At meetings held on October 11 and 31, the Bank of Japan kept the benchmark interest rate at 0.5% p.y. The price of the yen reached ¥115.08/US$ in the last working day of October, with depreciation of 0.2% in the month and appreciation of 1.6% in twelve months.

In China, the value added of industrial enterprises increased by 17.9% in twelve months through October. In the year to October, over the same period of 2006, the growth of added value reached 18.5%, and the total investment in fixed assets, 26.9%.

The consumer price index rose 6.5% in the 12-month period ending in October, while the industrial producer price index for manufactured goods increased by 3.2%. Retail sales of consumer goods increased 18.1% in October compared to the same month of 2006.

In Argentina, the third quarter seasonally adjusted GDP grew 2.8% over the previous quarter, and 8.7% over the same quarter of 2006. Industrial production increased 1% in October and 9.5% in twelve months. The construction industry registered growth of 2.5% in the month and 9.1% in twelve months.

Real sales grew by 22.6% in supermarkets and 22,4% in shopping centers in comparison to October 2006. The unemployment rate closed at 8.1% in the third quarter, down from 8.5% in the previous quarter and 10.2% in the same quarter of 2006. The consumer price index rose by 0.7% in the month and 8.4% in twelve months, while the industrial producer prices rose by 1.4% and 17%, in the same order.

The trade balance registered a surplus of US$1.1 billion in October, compared to US$948 million in October 2006, accumulating US$8.3 billion in the period from January to October 2007, 16.5% lower than in same period


of the previous year. The value of the peso reached P$3.1425/US$ on the last working day of October, appreciating 0.2% in the month and depreciating 1.7% in twelve months.


VIIMain Economic Policy Measures

Constitutional Amendment

56, dated 12.20.2007 – It extended to 12.21.2011 the term of the Release of Federal Government Resources Entitlements (DRU)

Law

11,604, dated 12.5.2007 – It revoked Provisional Measure no. 382/2007, which makes provisions on the rebate of credits from Contribution to the Social Integration Program/Program of Civil Service Asset Formation (PIS/Pasep) and Contribution to Social Security Financing (Cofins) in acquisition at the domestic market or import of capital goods for the production of goods related to Annexes I and II of the Law no. 10,485/2002 and products classified in Industrialized Products Tax Table, approved by Decree no. 6,006/2006; authorized the granting of economic subsidy for lending operations and financing for companies from the sectors of footwear and leather goods, textiles, clothing and wooden furniture. It is related to the conversion of the Provisional measure no. 392, dated.9.18.2007 into Law.

Provisional Measures

404, dated 12.11.2007 – It changed Article 41-A of Law no. 8,213, dated July 24, 1991, to anticipate part of the payment of social security and care benefits under the responsibility of the National Social Security Institute (INSS) for the last five days in the same month to which they correspond, as from the December 2007.

410, dated 12.28.2007 – It added an article to Law no. 5,889, dated 6.8.1973, creating the rural worker’s contract for a short term, established transitional rules about retirement for rural workers and extended the period of


contracting of rural loans provided for in §6 of art. 1 of Law no. 11,524, dated 9.24.2007.

412, dated 12.31.2007 – It provided for the extension of the Tax System for Incentives to Port Structure Modernization and Expansion (Reporto), established by Law no. 11,033/2004.

Decrees

6,306, dated 12.14.2007 – It ruled the Tax on Credit, Exchange and Insurance Operations, or Stocks and Bonds (IOF)

6,307, dated 12.14.2007 – It provided for the eventual benefits dealt with on Article 22 of Law no. 8,742, dated 12.7.2007. Eventual benefits are additional and interim measures, provided to individuals and families by virtue of birth, death, temporary vulnerable situations and public emergency.

6,308, dated 12.14.2007 – It made provisions on the social assistance entities and organizations dealt with on article 3 of Law no. 8,742, dated December 7, 1993, and adopted other measures.

6,309, dated 12.18.2007 – It extended the values in the budgetary and financial programming of the Union Budget for 2007.

6,314, dated 12.20.2007 – It ruled Article 5 of Law no. 9,818, dated 8.23.1999, which established the Export Guarantee Fund (FGE). This article established that the resources from the Export Guarantee Fund may be used to cover the guarantees provided by the Union against the risks of contractual obligations in the form of performance guarantee, guarantee for the reimbursement of funds advances, and guarantee of supply terms and conditions for operations of capital goods or services.

6,322, dated 12.21.2007 – It amended the bylaws of the National Bank of Economic and Social Development (BNDES) approved by Decree no. 4,418/2002. It was extended the opportunity to finance investments by national capital companies abroad, provided they contribute to the economic and social development of Brazil (previously, that possibility was limited to the promotion of exports); allowed BNDES to make non-reimbursable investments aimed specifically to support projects and investments in the social area of water resources.


6,326, dated 12.27.2007 – It defined the steps of the Growth Incentive Program (PAC) to be performed though mandatory transfer.

6,337, dated 12.31.2007 – It gave new wording to the first article of decree no. 5,821/2006, which reduced to zero the rates of contribution to the Social Integration Program / Program of Civil Service Asset Formation (PIS/Pasep) and Contribution to Social Security Financing (Cofins), the Contribution to the PIS/Pasep – Import and Cofins – Import of goods intended for use in hospitals, clinics and doctors and dental offices health campaigns conducted by government agencies, laboratory of pathological anatomy, cytological and clinical analysis classified under headings 30.02, 30.06, 39.26, 40.15 and 90.18 of the Mercosur Common Nomenclature (NCM), according to the provisions of paragraph three of Article 2 of Law no. 10,637/2002, of third paragraph of Article 2 of Law no. 10,833/2003, and paragraph 11 of Article 8 of Law no. 10,865/2004.

6,338, dated 12.31.2007 – It set the absolute value of the overall limit of deductions of income Tax, as donations and sponsorships, in the direct support to sports and parasports projects.

National Monetary Council Resolutions

3,516, dated 12.6.2007 – It prohibited the charging of rate due to early settlement of contracts for credit extension and financial leasing and established criteria for calculating the current value for amortization or liquidation of such contracts. Previously, the lack of homogeneous criteria applied to the early settlement of credit operation hindered the borrower to change an institution as a result of more favorable cost conditions. The measure falls under the stimulus to portability of credit and the promotion and encouragement to competition, ensuring equity in relations and the reduction of information asymmetry among agents.

3,517, dated 12.6.2007 – It provided for information and dissemination of the total effective cost (CET) corresponding to all fees and costs of loans and financial leasing, contracted or offered to individuals. Established the methodology for calculating the CET and its mandatory disclosure in publicity reports, together with the effective annual rate of interest charged in the operation.


3,518, dated 12.7.2007 – It regulated the charging of tariffs for the rendering of services by financial institutions and other institutions authorized to operate by the Central Bank of Brazil. The definition of tariff modes seeks the standardization and uniformity of the names used by institutions in their tariff tables, which would prevent large numbers of complaints about the difficulty of making comparisons between the prices charged by the institutions.

3,519, dated 12.6.2007 – It extended the period for contracting operations under the special credit line with economic grant from the Union, for financings and loans to companies in the ornamental stones; wood processing; leather processing, footwear and leather goods, textiles; of garment, including home linen; and wooden furniture.

3,520, dated 12.20.2007 – It defined at 6.25% p.a. (six point twenty-five per cent per annum) the Long-Term Interest Rate (TJLP) to prevail in the period from January 1 to March 31, 2008, inclusive.

3,521, dated 12.20.2007 – It fixed the weighting factor on the balance of the contracted operations under the special credit line called the Financing of Agribusiness Receivables (FRA), with funds raised in rural savings deposits (MCR 6-4), for purposes of compliance with the payment demand.

3,522, dated 12.20.2007 – It provided for expenses attributable to the Farm Activity Guarantee Program (Proagro).

3,523, dated 12.20.2007 – It supplemented the provisions of Resolutions no. 3,496 and 3,497, both of August 30, 2007, for purposes of granting compliance bonus on the tranches due in 2007 of rural financing and granted new deadline for payment of tranches of rural investment maturing in 2007.

3,524, dated 12.20.2007 – It complemented the provisions of Resolution 3,502, dated September 28, 2007, which deals with new scheduling and rescheduling of repayment of debts related to the financings under the terms of the Recovery Program for the Bahia Cocoa Crop.

3,525, dated 12.20.2007 – It made provisions on the opening and maintenance, with a bank authorized to deal in foreign exchange, foreign currency accounts owned by an insurance company, including export credit,


local reinsurer, admitted reinsurer or insurance broker, in compliance with the regulations issued by the National Council Private Insurance (CNSP), being prohibited the funding or maintenance of debit balances in those accounts. The amounts recorded in foreign currency dealt with in this Resolution can be freely converted into reais, through contracting and settlement of foreign exchange transaction, in accordance with the legislation in force, with exception of the figures for applications of resources guaranteeing the technical provisions whose conversion into reais is prohibited.

3,526, dated 12.20.2007 – It made provisions on the establishment of additional aliquots of the Farm Activity Guarantee Program (Proagro) for framing into the program of agricultural cost operations of peanut, plum, nectarine, pear and peach in compliance with the terms of the Agricultural Zoning of Climate Risk.

3,527, dated 12.26.2007 – It provided for the granting of Loans by the Federal Government for the 2007/2008 grape crop.

Central Bank of Brazil Circulars

3,371, dated 12.6.2007 – It established a standardized table of priority services and the standardized basic package, as stipulated in Resolution no. 3,518, dated 2007.

3,372, dated 12.13.2007 – It disclosed the methodology for calculating the average real/dollar exchange rate released by the Central Bank of Brazil (PTAX) and amended the International Exchange and Capital Market Regulations (RMCCI) regarding procedures for the registration of electronic interbank foreign exchange transactions.

3,373, dated 12.21.2007 – It provided for the provision of independent audit services to the administrators of consortium and respective groups.

Resolutions of the Foreign Trade Council

67, dated 12.11.2007 – It changed to 0% until 12.31.2008, the ad valorem rate of Import Tax on Capital Goods and of Informatics and Telecommunications Goods which relates, in the condition of special ex-tariff.


71, dated 12.20.2007 – It changed the Mercosur Common Nomenclature (NCM) and the Tax Rates on Importation comprising the Common External Tariff (TEC), as provided for is Annex I of Resolution Camex no. 43/2006.

72, dated 12.20.2007 – It changed to 2%, until 12.31.2008, the ad valorem rate of the Import Tax levied on Informatics and Telecommunication Goods, in the condition of ex-tariff, and extended the term of the ex-tariff mentioned in Resolution Camex no. 41/2005 and ex-tariff referred to in resolution Camex no. 5/2006.

73, dated 12.20.2007 – It changed to 2%, until 12.31.2008, the ad valorem rates of the Import Tax levied on Capital Goods, in the condition of ex-tariff, and on the components of Integrated Systems, and extended the term of the ex-tariff of Resolutions nos. 36/2001, 40/2001, 1/2002, 29/2003, 46/2003, 35/2003, 46/2003, 3/2004, 41/2005, 2/2006 and 6/2006.

Central Bank of Brazil Communication

16,376, dated 12.20.2007 – It disclosed the conditions of the public offer for the conduction of swap operations.

Ordinance of the Ministry of Development, Industry and Trade (MDIC)

232, dated 12.4.2007 – It replaced the Annex to MDIC Ordinance no. 58, dated 4.10.2002, which listed the products eligible for the Export Financing Program (Proex), post-shipment stage.

Ministry of Justice Ordinance

2,258, dated 12.28.2007 – It approved the Internal Rules of the National Council for Combat Piracy and Crimes against Property and revoked Ordinance no. 1,207/2005.


Normative Instruction of the Brazilian Federal Revenue

794, dated 12.19.2007 – It amended Normative Instruction no. 560/2005, which provided for the Customs Clearance of Import and Export for Express Shipments.

799, dated 12.26.2007 – It provided for customs clearance of import of goods for scientific and technological research.

Economic Activity

Statistical Tables I


I.1 – National accounts

Itemization 2002 2003 2004 2005 2006

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

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

Implicit GDP deflator (%) 10.6 13.7 8.0 7.5 4.3

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

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

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

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

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

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

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

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

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

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

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

Sources: Bacen and IBGE

1/ Nonresident employees earnings included.

2/ Banco Central do Brasil estimates.


I.2 – Gross Domestic Product (GDP)

Year GDP at current Implicit Real GDP Population

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

(%) Crop/ Industry Services GDP 2006 = 100 At constant Real change Real index

livestock 2006 prices rate (%) 2006 = 100

(R$)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: IBGE

Real change rates (%) Per capita GDP


I.3 – Economic indicators

1992 average = 100

Period Level of

Activity

Total Manufacturing Mineral Indicator

industry extraction (INA)

(SP)1/

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

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

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

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

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

2003 134.92 127.50 222.89 96.75 77.55 78.64 92.27 94.38 95.03 91.82

2004 146.13 138.38 232.45 109.66 80.89 81.31 97.12 99.46 103.24 96.13

2005 150.65 142.14 256.13 113.79 81.08 80.64 98.26 99.17 108.60 99.10

2006 Jan 141.04 132.23 266.30 101.52 77.10 78.39 86.61 85.30 100.03 90.17

Feb 136.30 128.30 241.52 102.14 79.44 78.92 86.24 84.61 102.70 91.38

Mar 157.35 148.28 273.79 118.59 81.51 80.22 104.35 101.27 111.68 100.19

Apr 144.58 135.86 263.89 107.44 77.72 78.49 90.43 91.80 108.10 94.97

May 161.23 151.79 284.95 123.56 82.81 81.45 102.09 104.04 118.03 104.36

Jun 153.92 145.01 268.66 119.91 82.61 80.83 102.09 106.53 116.94 102.99

Jul 158.15 148.72 284.82 121.26 80.75 80.47 101.08 100.34 117.91 103.65

Aug 167.63 158.15 285.35 128.81 82.47 81.91 109.27 107.63 121.94 106.90

Sep 158.95 149.71 278.41 123.32 81.90 81.81 109.35 105.04 117.81 103.31

Oct 166.93 157.42 286.46 126.49 80.80 82.07 110.37 107.66 119.67 105.65

Nov 164.87 155.48 282.56 123.38 81.24 82.27 105.01 106.98 117.78 102.78

Dec 147.87 138.54 282.80 109.90 77.84 79.83 102.95 98.82 108.84 93.63

2007 Jan 147.29 138.06 279.90 105.49 78.47 79.87 91.09 88.87 106.00 92.98

Feb 140.36 131.87 256.64 107.01 78.98 80.11 90.66 88.24 110.18 93.97

Mar 163.46 153.89 289.16 121.46 81.91 82.23 108.23 106.34 117.66 102.27

Apr 153.17 143.96 278.67 116.15 81.65 81.45 98.12 98.24 117.95 100.78

May 169.20 159.43 294.27 128.21 83.31 83.16 104.35 106.24 125.78 108.54

Jun 164.00 154.33 291.71 126.67 82.77 82.40 105.95 106.57 124.04 106.52

Jul 169.22 159.12 305.17 129.50 82.80 82.37 104.65 106.32 125.44 108.47

Aug 178.72 168.60 304.63 135.55 84.02 83.39 113.02 115.26 127.75 111.22

Sep 167.48 157.87 289.44 131.81 82.96 82.93 111.01 107.94 124.96 106.25

Oct 184.08 174.15 298.36 138.39 84.06 84.30 115.66 116.48 129.28 112.31

(continues)

Industrial production Capacity utilization Real industrial sales Hours worked

industry2/ in manufacturing

industry

in manufacturing in production


I.3 – Economic indicators

(concluded) 1992 average = 100

Period Own Corrugated Inputs Consultations Real Productivity

electric paper production with telephone industrial in the

charge shipments for the check & credit wages4/ manufacturing

building department industry5/

industry

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

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

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

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

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

2003 128.13 87.96 113.02 239.48 97.64 91.11 96.67 94.37 ... 165.35

2004 147.81 98.26 119.50 248.88 101.28 94.59 100.66 101.96 ... 169.51

2005 150.39 100.59 121.05 259.67 107.38 97.61 100.25 107.66 ... 166.22

2006 Jan 158.84 97.39 120.80 251.47 107.61 96.53 102.06 109.83 92.42 166.13

Feb 163.30 92.25 114.75 223.92 109.02 97.05 104.88 114.33 92.92 160.78

Mar 168.83 104.94 130.01 261.95 110.34 97.70 107.98 119.14 95.27 169.29

Apr 158.88 97.50 117.39 237.19 114.92 99.98 103.92 119.42 96.00 162.83

May 155.99 105.64 129.23 275.98 116.08 100.64 103.74 120.42 98.89 167.05

Jun 157.92 99.92 123.95 265.27 115.99 100.93 107.56 124.76 100.47 163.12

Jul 160.31 98.89 130.27 282.60 116.73 100.87 105.02 122.59 98.67 165.99

Aug 160.70 105.58 136.67 284.09 116.70 101.28 103.69 121.01 97.70 170.25

Sep 157.65 103.70 128.78 253.69 116.87 101.72 103.30 120.72 96.94 168.05

Oct 155.57 109.62 133.74 277.39 116.93 101.62 105.57 123.44 99.84 172.08

Nov 159.05 108.24 130.77 286.14 117.03 101.48 111.28 130.24 106.94 174.84

Dec 153.32 95.69 120.96 357.52 115.07 100.20 137.71 158.46 123.96 168.90

2007 Jan 158.30 98.38 122.95 260.81 114.80 99.80 107.95 123.93 99.87 ...

Feb 161.02 94.36 116.52 231.17 115.69 100.16 109.97 127.22 99.16 ...

Mar 171.40 111.76 134.14 275.09 117.04 101.37 107.79 126.16 100.92 ...

Apr 164.63 108.30 126.02 253.10 119.73 103.06 105.74 126.60 101.04 ...

May 156.27 111.93 135.69 292.16 121.04 104.23 109.97 133.10 102.40 ...

Jun 152.79 107.85 130.50 285.70 121.18 104.44 105.69 128.07 101.55 ...

Jul 157.34 104.83 136.63 300.30 121.60 104.69 106.70 129.75 104.09 ...

Aug 161.47 106.73 143.22 300.37 121.63 105.19 104.41 126.99 102.37 ...

Sep 178.88 103.83 135.42 264.38 122.41 105.95 105.52 129.16 102.43 ...

Oct 168.70 111.96 147.39 302.28 122.49 106.29 107.85 132.09 105.23 ...

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

1/ The Level of Activity Indicator (INA) mainly comprises the level of capacity utilization, the number of hours worked in production by employee

and the real industrial sales on the reference and on the prior month.

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

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

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

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

Industrial employment Real industrial

overall wages4/


I.4 – Economic indicators – Seasonally adjusted1/

1992 average = 100

Period Level of

Activity

Total Manufacturing Mineral Indicator

industry extraction (INA)

(SP)2/

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

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

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

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

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

2003 135.26 127.88 222.60 96.77 77.54 78.64 92.89 94.20 95.10 91.71

2004 146.19 138.45 232.34 109.68 80.88 81.31 97.18 99.45 102.89 95.66

2005 151.20 142.73 256.21 113.85 81.08 80.65 98.80 99.06 108.59 98.96

2006 Jan 152.80 143.71 270.20 114.11 79.22 80.16 99.07 99.53 109.19 99.11

Feb 155.10 146.55 269.60 115.53 81.21 80.47 99.53 99.02 110.78 99.49

Mar 153.83 144.65 271.96 117.33 81.14 80.01 100.26 99.35 111.54 99.40

Apr 154.74 145.96 272.58 113.46 77.88 78.83 98.31 97.99 111.28 98.77

May 156.34 147.02 277.79 119.87 81.55 80.66 101.08 99.72 112.48 99.42

Jun 153.71 144.80 265.79 118.65 81.79 80.56 100.13 99.97 113.39 99.61

Jul 156.20 147.01 271.47 117.97 80.24 80.38 102.77 99.80 115.23 100.18

Aug 156.66 147.47 273.75 119.51 80.77 80.93 102.43 98.98 114.69 99.75

Sep 155.66 146.64 277.18 116.93 80.98 81.11 103.36 100.41 114.91 100.60

Oct 155.92 146.21 278.50 117.06 80.19 80.94 103.53 101.74 116.21 100.94

Nov 157.46 147.99 284.56 118.15 80.92 81.32 102.08 101.25 116.17 101.02

Dec 157.89 148.94 284.18 118.18 80.25 81.21 103.64 102.25 117.20 101.72

2007 Jan 157.99 148.51 284.62 118.15 80.70 81.71 102.36 101.59 114.96 100.42

Feb 159.20 150.02 285.75 120.37 80.83 81.68 104.44 103.16 118.69 102.25

Mar 161.33 151.79 286.92 120.27 81.47 82.05 104.79 103.90 118.36 102.21

Apr 161.49 152.02 287.82 122.17 81.72 81.80 106.24 104.19 120.61 103.76

May 163.84 154.29 287.11 124.47 82.00 82.34 103.13 101.67 119.57 103.38

Jun 165.83 156.26 288.65 125.35 81.82 82.11 104.49 101.02 120.52 103.78

Jul 165.47 155.53 290.65 126.18 82.33 82.31 104.82 104.67 121.00 104.07

Aug 167.68 157.84 291.92 126.24 82.32 82.38 106.41 106.40 121.36 104.47

Sep 166.72 157.38 289.54 125.51 82.15 82.25 107.34 106.36 123.36 105.01

Oct 171.46 161.36 291.05 128.89 83.42 83.14 106.55 107.72 123.87 105.38

(continues)

Industrial production Capacity utilization Real industrial sales Hours worked

industry3/ in manufacturing

industry

in manufacturing in production


I.4 – Economic indicators – Seasonally adjusted1/

(concluded) 1992 average = 100

Period Own Corrugated Inputs Consultations Real Productivity

electric paper production with telephone industrial in the

charge shipments for the check & credit wages5/ manufacturing

building department industry6/

industry

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

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

2000 136.06 95.88 128.12 224.84 ... ... ... ... ... 165.35

2001 121.73 96.51 125.49 232.03 ... ... ... ... ... 164.82

2002 127.90 100.00 121.00 244.89 100.00 ... 100.00 100.00 ... 163.87

2003 128.04 87.79 113.63 241.21 97.64 91.12 96.63 94.33 ... 165.36

2004 147.89 98.29 119.56 249.98 101.27 94.58 100.65 101.92 ... 169.54

2005 150.44 100.61 121.80 261.68 107.38 97.61 100.24 107.63 ... 166.26

2006 Jan 157.82 102.45 127.83 272.30 109.81 98.21 102.61 112.66 ... 169.24

Feb 159.98 102.71 127.39 269.26 110.77 98.51 105.08 115.96 ... 168.35

Mar 159.57 100.13 125.18 270.07 111.32 98.55 108.24 120.58 ... 168.67

Apr 156.90 99.54 124.56 270.20 114.18 99.78 104.99 119.60 ... 167.47

May 158.62 102.18 126.95 272.15 114.55 99.82 103.55 119.01 ... 169.11

Jun 162.03 100.34 126.62 270.89 114.74 100.09 107.28 123.12 ... 167.31

Jul 166.26 100.96 129.03 272.24 115.34 100.22 105.61 121.68 ... 167.58

Aug 161.33 101.38 128.25 274.30 115.65 100.56 105.76 122.20 ... 168.02

Sep 158.37 102.23 126.84 272.18 115.99 100.76 105.18 122.42 ... 164.40

Oct 155.17 104.46 126.79 275.32 116.45 100.80 107.19 124.81 ... 165.60

Nov 159.04 104.47 127.98 276.86 117.10 101.10 107.78 126.08 ... 167.10

Dec 158.80 103.74 130.53 291.53 117.32 101.61 132.31 155.02 ... 166.91

2007 Jan 157.48 103.85 127.89 276.46 117.32 101.53 108.37 127.10 ... ...

Feb 157.79 105.22 129.09 277.61 117.70 101.67 109.80 128.68 ... ...

Mar 162.18 107.45 130.68 283.97 118.15 102.25 107.81 127.50 ... ...

Apr 161.53 109.11 132.55 286.08 118.84 102.85 106.91 126.70 ... ...

May 159.20 107.99 133.03 288.96 119.32 103.39 109.72 131.47 ... ...

Jun 157.33 108.67 134.31 290.19 119.76 103.57 105.49 126.45 ... ...

Jul 162.40 106.15 134.45 290.82 120.09 104.02 107.45 128.84 ... ...

Aug 162.06 102.48 135.14 289.61 120.60 104.44 106.76 128.55 ... ...

Sep 181.42 104.72 135.19 289.81 121.44 104.95 107.68 131.11 ... ...

Oct 166.71 104.30 138.74 295.04 121.99 105.43 109.43 133.51 ... ...

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

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

2/ The Level of Activity Indicator (INA) mainly comprises the level of capacity utilization, the number of hours worked in production by employee

and the real industrial sales on the reference and on the prior month.

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

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

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

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

published by CNI.

Industrial employment Real industrial

overall wages5/


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

2003 average = 100

Period

Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally

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

2000 106.21 105.94 101.74 101.79 106.63 106.21 102.85 102.70 102.81 102.57 134.66 134.77

2001 104.54 104.68 98.90 98.82 107.03 107.18 104.49 104.47 101.49 101.51 129.83 129.51

2002 103.81 104.04 104.48 104.37 105.11 105.31 103.17 103.24 100.88 101.39 107.76 107.48

2003 100.00 99.96 100.00 99.89 100.00 100.05 100.00 100.10 100.00 99.25 100.00 99.68

2004 109.25 108.83 104.65 104.63 107.21 106.82 104.71 104.37 126.41 125.62 117.80 117.02

2005 114.52 114.29 96.94 96.98 110.51 110.32 110.86 110.44 146.65 146.30 119.64 119.51

2006 Jan 112.02 120.39 90.80 91.78 110.80 117.59 89.79 113.48 142.92 152.39 119.14 120.74

Feb 102.68 118.05 82.29 90.35 105.40 115.66 80.57 112.65 122.75 151.16 100.16 120.02

Mar 114.67 117.67 88.28 88.34 116.28 116.80 88.99 109.06 144.97 155.14 130.11 120.54

Apr 115.79 119.41 83.67 87.15 120.22 117.63 97.34 113.10 138.45 156.54 107.65 122.71

May 120.59 119.98 86.19 87.19 113.07 117.20 123.07 109.51 176.73 166.56 130.31 126.69

Jun 114.49 120.04 85.48 87.25 112.74 118.84 107.09 108.25 148.27 159.57 112.83 114.78

Jul 117.19 119.48 89.43 87.46 116.42 118.47 106.25 109.41 149.13 154.55 130.53 133.03

Aug 120.91 122.29 93.04 89.94 117.51 119.65 106.83 112.55 161.79 164.80 141.61 131.57

Sep 120.20 124.27 90.80 89.72 119.10 121.11 102.04 117.08 157.65 171.37 130.76 134.29

Oct 123.48 125.33 92.35 88.88 120.50 121.57 103.59 111.80 169.65 172.04 141.17 135.08

Nov 125.29 125.96 91.30 90.67 119.96 121.85 121.09 118.77 174.29 172.89 145.42 136.48

Dec 171.76 125.93 96.15 91.09 154.27 120.18 229.41 116.45 253.65 160.69 149.82 140.60

2007 Jan 121.49 128.41 93.06 93.58 116.24 122.79 95.63 119.99 177.30 188.46 136.15 135.94

Feb 112.06 128.94 86.48 94.58 112.71 123.69 83.34 117.00 146.27 180.39 119.95 145.28

Mar 127.93 130.06 94.45 94.45 127.35 125.74 97.91 120.57 170.48 182.08 153.96 150.38

Apr 124.62 130.99 89.35 93.25 125.25 125.82 101.46 117.70 156.59 177.15 144.42 152.94

May 133.33 131.91 91.07 92.45 122.41 125.91 142.90 126.88 195.01 183.22 156.83 154.35

Jun 127.48 132.12 90.46 92.54 122.00 126.14 124.54 126.43 172.20 185.44 149.63 156.69

Jul 128.08 132.78 93.66 91.97 122.06 126.67 117.25 121.56 176.26 183.42 160.25 158.93

Aug 133.30 134.23 96.85 93.50 124.80 126.15 120.68 127.09 189.54 192.62 178.38 165.66

Sep 130.18 135.82 94.19 93.04 126.67 129.93 109.19 124.85 177.59 192.90 157.06 165.89

Oct 135.30 135.54 98.39 94.73 127.21 127.83 118.66 128.32 192.55 195.32 183.38 170.52

Source: IBGE

parts and spares

Furniture and Automobiles,

home appliances motorcycles,supermarkets, food, and footwear

Hypermarkets, Fabrics, apparel Retail sector Fuel and

lubricants

tobacco

beverages and


I.6 – Industrial production indicators

Annual change (%)

Itemization 2000 2001 2002 2003 2004 2005 2006 20071/

Total2/ 6.6 1.6 2.7 0.1 8.3 3.1 2.8 5.9

Extraction industries 11.8 3.4 19.0 4.7 4.3 10.2 7.4 5.6

Manufacturing industry 6.1 1.4 0.5 -0.2 8.5 2.7 2.6 5.9

By segment

Food products -2.1 4.9 3.0 -1.4 4.1 0.6 1.8 2.8

Beverages 4.0 0.3 -12.2 -4.1 5.8 6.4 7.2 5.6

Tobacco leaves -7.8 -4.7 -40.0 -6.4 18.9 -0.9 3.9 -8.2

Textiles 6.1 -5.4 0.2 -4.5 10.1 -2.1 1.6 3.4

Apparel 8.8 -9.6 5.6 -12.2 1.6 -5.0 -5.0 4.6

Leather and footwear goods 0.5 4.0 -1.5 -9.6 2.3 -3.2 -2.7 -1.9

Wood products 3.1 -0.3 4.4 5.3 7.7 -4.5 -6.8 -2.2

Cellulose, paper and paper products 4.1 0.1 3.3 6.3 7.9 3.1 2.2 0.4

Publishing, printing and copy of recordings ... ... ... 0.7 -2.4 11.3 1.7 0.4

Petroleum and alcohol refining -1.8 4.0 -2.6 -2.2 2.3 1.5 1.6 2.4

Pharmaceuticals -2.0 -1.0 16.3 -7.6 1.0 14.4 4.4 1.7

Perfumes, soaps, detergents and cleaning products 2.7 -1.2 1.9 0.9 11.9 3.7 2.0 5.7

Other chemical products 6.0 -8.3 -4.2 3.0 7.0 -1.3 -0.9 5.9

Rubber and plastics 4.1 -4.5 0.1 -3.5 7.8 -1.2 2.2 5.0

Nonmetallic minerals 1.7 -2.3 -1.0 -3.6 4.9 2.8 2.6 5.4

Metallurgy 9.2 0.2 3.6 6.0 3.4 -2.0 2.8 6.6

Metal products – excludes machinery and equipments 2.2 2.3 2.7 -5.5 10.0 -0.2 -1.3 5.8

Machinery and equipments 18.9 4.2 2.8 5.3 16.1 -1.4 4.0 17.6

Office and computer equipments ... ... ... 8.0 33.6 17.3 51.6 16.1

Electrical appliances and equipments 10.5 20.3 -0.9 1.8 7.1 7.9 8.7 13.3

Electronical and communications equipments 32.7 -2.8 -11.1 0.5 17.8 14.2 0.0 -3.8

Medical and hospital equipments ... ... ... -3.1 8.3 2.6 9.4 1.7

Automotive vehicles 18.5 0.0 -2.1 4.3 29.9 6.8 1.3 14.3

Other transportation vehicles 21.4 24.2 21.8 9.2 10.3 5.5 2.1 17.5

Furniture 8.1 0.0 -1.9 -9.2 6.9 0.5 8.4 9.3

Other ... ... ... -1.7 10.8 8.4 -1.3 -0.6

By use category

Capital goods 13.1 13.5 -5.8 2.2 19.7 3.6 5.7 18.8

Intermediate goods 6.8 -0.1 4.2 1.9 7.4 1.0 2.1 4.7

Consumer goods 3.5 1.2 1.5 -2.8 7.3 6.1 3.4 4.6

Durables 20.8 -0.6 4.7 3.0 21.8 11.4 5.8 8.7

Semi and nondurables -0.4 1.6 1.1 -4.0 4.0 4.6 2.7 3.4

Source: IBGE

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

2/ New segments of industrial production according to new IBGE survey.


I.7 – Automotive industry

Units

Period

Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated

average average average average average

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

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

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

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

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

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

Monthly Monthly Monthly Monthly Monthly

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

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

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

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

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

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

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

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

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

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

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

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

2007 Jan 205 292 205 292 137 946 137 946 49 439 49 439 187 385 187 385 8 950 8 950

Feb 203 811 409 103 140 325 278 271 64 658 114 097 204 983 392 368 11 989 20 939

Mar 247 430 656 533 185 733 464 004 68 485 182 582 254 218 646 586 21 329 42 268

Apr 223 623 880 156 169 639 633 643 59 202 241 784 228 841 875 427 16 870 59 138

May 257 344 1 137 500 191 493 825 136 71 137 312 921 262 630 1 138 057 18 874 78 012

Jun 246 962 1 384 462 183 772 1 008 908 63 938 376 859 247 710 1 385 767 25 183 103 195

Jul 266 112 1 650 574 195 804 1 204 712 83 232 460 091 279 036 1 664 803 22 852 126 047

Aug 279 005 1 929 579 213 060 1 417 772 67 911 528 002 280 971 1 945 774 29 871 155 918

Sep 252 911 2 182 490 195 125 1 612 897 64 575 592 577 259 700 2 205 474 29 660 185 578

Oct 297 836 2 480 326 213 887 1 826 784 78 422 670 999 292 309 2 497 783 ... ...

Sources: Anfavea and MDIC/Secex

Production Sales Imports

Domestic External Total


I.8 – Crop production (major crops)

1000 tons

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

Grain production 75 178 82 356 83 250 98 544 97 122 123 174 119 294 112 574 116 993 133 264

Cotton (seed) 824 990 1 307 1 718 1 407 1 429 2 390 2 309 1 816 2 412

Rice (in husk) 7 744 11 710 11 135 10 195 10 472 10 199 13 277 13 226 11 505 11 219

Beans 2 200 2 831 3 056 2 436 3 050 3 310 2 965 3 012 3 437 3 368

Corn 29 494 32 239 32 321 41 439 35 502 47 809 41 806 35 116 42 632 51 575

Soybeans 31 374 30 987 32 821 37 683 42 020 51 532 49 522 51 138 52 356 58 256

Wheat 2 232 2 462 1 726 3 261 2 935 5 900 5 726 4 658 2 482 3 953

Others 1 310 1 137 884 1 812 1 736 2 995 3 609 3 115 2 765 2 481

Other crops

Bananas2/ 533 547 566 5 959 6 455 6 518 6 607 6 803 7 088 6 924

White potatoes 2 675 2 905 2 607 2 787 2 882 3 070 3 046 3 128 3 138 3 464

Cocoa (beans) 280 205 197 184 173 171 195 236 199 219

Coffee 3 450 3 263 3 807 1 918 2 444 1 970 2 467 2 134 2 593 2 177

Sugarcane 338 972 333 848 326 121 345 941 367 496 389 929 416 256 422 926 455 291 514 875

Onion ... ... ... ... ... 1 187 1 133 1 099 1 175 1 225

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

Oranges3/ 103 659 114 398 106 651 16 844 18 932 16 936 18 271 17 864 18 059 18 275

Cassava 19 661 20 864 23 041 22 479 22 990 22 236 23 781 25 725 26 713 27 447

Tomatoes 2 755 3 305 3 005 3 043 3 596 3 641 3 489 3 397 3 273 3 320

Source: IBGE

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

2/ Millions of bunches until 2000.

3/ Millions of fruits until 2000.


I.9 – Formal employment level index – Brazil

December 2006 = 100

Period

Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally

data adjusted data adjusted data adjusted data adjusted data adjusted

2000 Dec 78.02 77.98 79.14 78.80 70.18 70.49 77.83 77.78 88.54 88.87

2001 Dec 80.12 80.07 80.76 80.38 73.53 73.76 80.65 80.58 87.79 86.46

2002 Dec 82.98 82.96 83.29 83.00 78.30 78.52 83.40 83.38 85.76 85.51

2003 Dec 85.37 85.37 85.34 85.14 81.99 82.16 85.81 85.82 82.30 82.16

2004 Dec 90.93 90.97 93.32 93.26 88.39 88.54 90.15 90.18 86.17 86.16

2005 Dec 95.51 95.55 96.41 96.11 94.51 94.62 95.76 95.43 94.87 93.23

2006 Jan 95.80 95.84 96.41 96.29 94.42 95.02 95.76 95.74 94.87 94.37

Feb 96.47 96.42 96.78 96.72 94.74 95.62 96.45 96.29 96.05 95.61

Mar 96.75 96.72 97.16 97.02 94.59 95.80 96.80 96.59 96.46 96.00

Apr 97.52 96.95 98.39 97.32 95.03 96.18 97.44 96.89 97.46 96.18

May 98.28 97.33 99.14 97.62 95.37 96.62 97.90 97.32 98.73 96.99

Jun 98.85 97.67 99.45 97.97 95.67 97.03 98.26 97.71 99.40 97.19

Jul 99.43 98.07 99.78 98.23 96.13 97.44 98.72 98.14 101.31 98.27

Aug 99.90 98.46 100.23 98.59 96.63 97.88 99.29 98.54 102.48 98.56

Sep 100.48 98.74 101.50 98.84 97.38 98.37 99.77 98.86 103.45 98.79

Oct 101.03 99.19 102.21 99.28 98.29 98.95 100.26 99.27 103.50 99.05

Nov 101.16 99.64 101.79 99.68 99.72 99.51 100.58 99.63 102.70 99.55

Dec 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

2007 Jan 100.38 100.45 100.60 100.52 99.84 100.46 100.43 100.43 100.87 100.50

Feb 100.91 100.85 101.07 101.03 100.03 100.95 100.99 100.82 101.28 100.85

Mar 101.43 101.37 101.70 101.55 100.24 101.51 101.49 101.24 102.54 102.09

Apr 102.52 101.88 103.30 102.12 100.84 102.06 102.23 101.65 104.81 103.38

May 103.29 102.30 104.19 102.60 101.12 102.49 102.59 101.98 105.82 103.99

Jun 103.96 102.68 104.62 103.00 101.57 102.97 102.95 102.35 107.22 104.77

Jul 104.40 103.03 105.07 103.49 102.03 103.49 103.28 102.71 108.53 105.32

Aug 104.88 103.41 105.68 103.99 102.61 103.96 103.81 103.05 110.43 106.25

Sep 105.78 103.91 107.40 104.52 103.42 104.41 104.46 103.46 112.62 107.36

Oct 106.52 104.59 108.32 105.24 104.44 105.15 105.07 104.05 114.17 109.22

Source: Ministry of Labor and Employment

BuildingTotal Manufacturing industry Commerce Services


I.10 – Unemployment rate (weekly)1/

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

2002 11.7 12.7 10.1 10.8 7.3 12.5 12.5

2003 12.3 14.1 9.2 10.8 9.5 16.7 13.8

2004 11.5 12.6 9.0 10.6 8.6 16.0 12.7

2005 9.8 10.2 7.7 8.8 7.4 15.5 13.2

2006 10.0 10.5 7.9 8.5 8.0 13.7 14.6

2006 Jan 9.2 9.2 6.9 8.1 7.7 14.9 15.3

Feb 10.1 10.5 7.9 9.1 7.5 13.6 15.9

Mar 10.4 10.6 8.5 9.3 8.3 13.7 16.5

Apr 10.4 10.7 8.4 9.1 8.3 13.4 16.5

May 10.2 10.5 8.6 8.5 8.3 13.5 15.0

Jun 10.4 10.9 8.8 8.6 8.2 13.5 15.4

Jul 10.7 11.3 8.7 9.1 8.7 14.4 15.3

Aug 10.6 11.6 8.2 8.7 8.3 14.3 14.9

Sep 10.0 11.1 7.5 7.8 7.9 13.6 13.7

Oct 9.8 10.5 7.3 8.7 8.4 13.7 13.5

Nov 9.5 10.3 7.3 8.2 8.0 13.2 12.4

Dec 8.4 9.0 6.5 7.1 6.6 12.4 10.4

2007 Jan 9.3 10.1 6.6 8.4 8.1 13.5 11.6

Feb 9.9 10.6 7.5 9.3 8.3 13.6 12.3

Mar 10.1 11.5 7.4 8.6 8.2 14.1 12.0

Apr 10.1 11.6 7.5 8.1 7.9 14.2 12.1

May 10.1 11.2 8.0 8.3 7.5 14.6 12.4

Jun 9.7 10.2 8.0 7.8 7.4 14.6 12.6

Jul 9.5 10.3 7.1 7.3 7.5 14.5 12.6

Aug 9.5 10.1 7.4 7.4 7.7 14.9 12.9

Sep 9.0 9.4 7.2 7.5 7.1 13.5 12.6

Oct 8.7 9.5 6.5 6.9 6.3 13.0 12.2

Source: IBGE

1/ Obtained by dividing number of people seeking employment or awaiting the result of an employment proposal at the time of the survey by the number of economically

active people of 10 years of age or more.


I.11 – Real average earnings1/

By worker categories and by sector

R$1.00

Period Total Registered Nonregistered Self-employed Private sector Public sector

2002 Dec 1 143.60 1 084.77 711.94 956.66 756.10 1 230.20

2003 Dec 1 020.97 1 054.00 640.09 805.68 788.30 1 290.90

2004 Dec 1 016.85 1 035.74 652.22 796.91 825.10 1 365.50

2005 Dec 1 077.91 1 050.66 738.73 887.77 906.50 1 510.40

2006 Jan 1 060.60 1 045.21 728.02 865.91 903.80 1 470.40

Feb 1 076.80 1 064.52 708.66 875.11 917.50 1 532.30

Mar 1 078.43 1 079.91 685.64 849.50 925.10 1 508.90

Apr 1 080.91 1 098.84 692.55 863.10 942.40 1 504.30

May 1 095.81 1 105.07 676.20 885.00 944.50 1 559.10

Jun 1 103.83 1 114.58 710.98 873.16 957.40 1 579.60

Jul 1 091.94 1 104.14 719.44 856.68 953.40 1 598.20

Aug 1 101.27 1 108.10 740.17 848.52 961.80 1 574.40

Sep 1 090.60 1 101.50 733.71 868.58 956.50 1 582.50

Oct 1 109.89 1 082.20 742.33 896.12 950.60 1 655.20

Nov 1 111.78 1 090.23 730.67 926.54 956.90 1 641.40

Dec 1 123.48 1 090.22 715.87 951.02 963.30 1 648.80

2007 Jan 1 111.52 1 074.73 741.77 912.88 963.40 1 690.10

Feb 1 132.88 1 124.48 770.00 950.62 1 012.30 1 685.40

Mar 1 132.50 1 103.51 726.55 951.93 989.10 1 705.70

Apr 1 135.44 1 122.90 715.71 926.60 1 001.60 1 748.60

May 1 138.78 1 120.99 758.71 930.40 1 015.40 1 741.60

Jun 1 133.23 1 091.00 778.13 961.70 1 001.10 1 721.80

Jul 1 119.67 1 106.44 751.33 937.72 1 009.50 1 708.30

Aug 1 114.42 1 091.71 751.68 892.32 1 006.10 1 654.40

Sep 1 117.54 1 086.97 731.66 942.34 998.80 1 734.10

Oct 1 123.60 1 083.70 743.30 945.30 1 001.80 1 768.60

Source: IBGE

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


I.12 – Price indices

Percentage change

Period

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

2000 13.77 9.81 18.11 12.06 9.43 7.66 7.48 6.21

2001 10.37 10.40 12.61 11.87 7.60 8.85 6.91 7.94

2002 13.51 26.41 16.67 35.41 9.62 12.87 8.30 12.18

2003 22.80 7.67 27.56 6.26 16.74 14.42 14.31 8.93

2004 9.40 12.14 10.13 14.67 11.26 11.02 6.12 6.27

2005 5.97 1.22 5.88 -0.97 9.40 6.84 5.72 4.93

2006 1.73 3.79 0.81 4.29 5.25 5.04 2.74 2.05

Monthly Monthly Monthly Monthly

2006 Jan 0.72 1.62 0.81 -0.24 0.34 6.41 0.65 4.73

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

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

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

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

Jun 0.67 0.98 1.06 0.09 0.90 4.62 -0.40 1.86

Jul 0.17 1.56 0.17 0.95 0.47 5.00 0.06 1.79

Aug 0.41 2.78 0.53 2.56 0.24 5.23 0.16 2.40

Sep 0.24 3.16 0.28 3.13 0.11 5.09 0.19 2.51

Oct 0.81 3.34 1.16 3.51 0.21 5.11 0.14 2.22

Nov 0.57 3.59 0.75 4.04 0.23 5.05 0.24 1.88

Dec 0.26 3.79 0.11 4.29 0.36 5.04 0.63 2.05

2007 Jan 0.43 3.49 0.32 3.79 0.45 5.15 0.69 2.09

Feb 0.23 3.79 0.19 4.12 0.21 5.18 0.34 2.42

Mar 0.22 4.49 0.11 5.09 0.27 5.25 0.48 2.69

Apr 0.14 4.61 0.02 5.27 0.46 5.35 0.31 2.67

May 0.16 4.38 -0.04 4.76 1.15 5.18 0.25 3.12

Jun 0.26 3.96 0.09 3.76 0.92 5.20 0.42 3.98

Jul 0.37 4.17 0.42 4.02 0.31 5.03 0.28 4.20

Aug 1.39 5.19 1.96 5.49 0.26 5.05 0.42 4.47

Sep 1.17 6.16 1.64 6.92 0.51 5.46 0.23 4.50

Oct 0.75 6.10 1.02 6.77 0.51 5.78 0.13 4.50

(continues)

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


I.12 – Price indices

(concluded) Percentage change

Period

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

2000 14.26 9.95 6.64 4.38 7.04 5.97 6.22 5.27

2001 10.17 10.38 5.73 7.13 6.84 7.67 7.49 9.44

2002 12.94 25.31 6.69 9.92 8.45 12.53 10.20 14.74

2003 23.70 8.71 12.58 8.17 14.71 9.30 16.96 10.38

2004 9.37 12.41 5.68 6.56 6.60 7.60 6.27 6.13

2005 6.35 1.21 6.12 4.52 6.87 5.69 5.76 5.05

2006 1.72 3.83 2.49 2.55 4.18 3.14 3.26 2.81

Monthly Monthly Monthly Monthly

2006 Jan 0.92 1.74 0.50 4.46 0.59 5.70 0.38 4.85

Feb 0.01 1.45 -0.03 4.06 0.41 5.51 0.23 4.63

Mar -0.23 0.36 0.14 3.38 0.43 5.32 0.27 4.15

Apr -0.42 -0.92 0.01 2.54 0.21 4.63 0.12 3.34

May 0.38 -0.33 -0.22 1.96 0.10 4.23 0.13 2.75

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

Jul 0.18 1.39 0.21 1.76 0.19 3.97 0.11 2.87

Aug 0.37 2.43 0.12 2.09 0.05 3.84 -0.02 2.85

Sep 0.29 3.28 0.25 1.90 0.21 3.70 0.16 2.86

Oct 0.47 3.13 0.39 1.66 0.33 3.26 0.43 2.71

Nov 0.75 3.50 0.42 1.79 0.31 3.02 0.42 2.59

Dec 0.32 3.83 1.04 2.55 0.48 3.14 0.62 2.81

2007 Jan 0.50 3.40 0.66 2.71 0.44 2.99 0.49 2.93

Feb 0.27 3.67 0.33 3.08 0.44 3.02 0.42 3.12

Mar 0.34 4.26 0.11 3.05 0.37 2.96 0.44 3.30

Apr 0.04 4.75 0.33 3.37 0.25 3.00 0.26 3.44

May 0.04 4.40 0.36 3.98 0.28 3.18 0.26 3.57

Jun 0.26 3.89 0.55 4.88 0.28 3.69 0.31 3.97

Jul 0.28 4.00 0.27 4.94 0.24 3.74 0.32 4.19

Aug 0.98 4.63 0.07 4.89 0.47 4.18 0.59 4.82

Sep 1.29 5.67 0.24 4.87 0.18 4.15 0.25 4.92

Oct 1.05 6.29 0.08 4.56 0.30 4.12 0.30 4.78

Sources: FGV, Fipe and IBGE

1/ General Price Index.

2/ Wholesale Price Index.

3/ National Cost of Construction Index.

4/ Consumer Price Index – Brazil.

5/ General Price Index – Market.

6/ Consumer Price Index (Fipe).

7/ Extended National Consumer Price Index.

8/ National Consumer Price Index.

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

Money and Credit

Statistical Tables II


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

As of August, 2000

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

As of September, 2007

The decrease of balances in the table II.17 (Nonbanking financial institutions) was impacted by the transformation of leasing companies into another type of financial institution not included in this table.


II.1 – Factors affecting the monetary base

####

Flows in R$ million

Period National Operations External Bacen's Deposits Operations with Other

Treasury1/ with federal sector rediscount of derivatives – ac-

securitites operations operations financial Adjustments counts3/ Currency Banking Total

institutions2/ issued reserves

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug -7 570 3 257 5 794 -39 -976 -1 892 101 1 412 -2 736 -1 324

Sep -3 654 8 917 -3 - -2 401 2 861 131 4 129 1 723 5 852

Oct -6 244 930 6 430 -0 -562 - -562 1 988 85 2 627

1/ Securities operations not included.

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

financial institution's deposits – Resolution 2,461, Advance on Exchange Contracts (ACC) deposits, additional requirements and advanced deposits for

check clearing and resources from demand deposits not invested in microfinance.

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

deposits for capital subscription and increase, penalties and costs on insufficient banking reserves and other accounts.

Monetary base change


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

####

R$ million

Period

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

issued reserves issued reserves outside deposits outside deposits

banks banks

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jun 77 487 38 117 115 604 77 561 35 634 113 195 61 397 102 774 164 171 62 958 99 652 162 610

Jul 78 423 37 389 115 812 79 218 37 240 116 458 61 336 105 555 166 891 64 453 103 226 167 678

Aug 79 835 34 654 114 488 79 704 37 722 117 425 63 231 106 797 170 027 65 257 105 440 170 698

Sep 83 963 36 377 120 340 83 917 39 264 123 181 66 299 108 512 174 810 68 174 107 615 175 789

Oct 83 781 39 186 122 967 84 694 39 651 124 345 65 562 110 731 176 294 68 511 110 685 179 196

1/ Based on working days of the month indicated.

Note: Monetary programming for the fourth quarter 2007 (Base): R$121.3 billion – R$164.1 billion (average point of forecasts: 20.6% in 12 months).

Monetary programming for the fourth quarter 2007 (M1): R$170.6 billion – R$230.8 billion (average point of forecasts: 20.1% in 12 months).

Monetary base Money supply

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


II.3 – Monetary behavior factors1/

Working day average in month######

Period Multiplier

2002 Dec 0.40 0.60 0.12 0.36 1.46

2003 Dec 0.40 0.60 0.13 0.33 1.48

2004 Dec 0.40 0.60 0.13 0.34 1.46

2005 Dec 0.40 0.60 0.14 0.34 1.45

2006 Jan 0.40 0.60 0.14 0.37 1.43

Feb 0.40 0.60 0.15 0.36 1.42

Mar 0.38 0.62 0.14 0.35 1.46

Apr 0.39 0.61 0.15 0.35 1.44

May 0.39 0.61 0.14 0.35 1.45

Jun 0.39 0.61 0.14 0.37 1.43

Jul 0.39 0.61 0.15 0.35 1.44

Aug 0.40 0.60 0.15 0.35 1.44

Sep 0.40 0.60 0.16 0.34 1.43

Oct 0.40 0.60 0.16 0.34 1.43

Nov 0.39 0.61 0.16 0.35 1.43

Dec 0.40 0.60 0.16 0.35 1.41

2007 Jan 0.40 0.60 0.16 0.36 1.41

Feb 0.40 0.60 0.17 0.35 1.41

Mar 0.39 0.61 0.15 0.35 1.44

Apr 0.39 0.61 0.15 0.36 1.43

May 0.39 0.61 0.15 0.36 1.42

Jun 0.39 0.61 0.15 0.36 1.44

Jul 0.38 0.62 0.14 0.36 1.44

Aug 0.38 0.62 0.14 0.36 1.45

Sep 0.39 0.61 0.15 0.36 1.43

Oct 0.38 0.62 0.15 0.36 1.44

1/ Where (based on average daily balance):

C – Individual preference for currency

PMPP – Currency outside banks

M1 – Money supply

D – Individual preference for demand deposits

DV – Demand deposits

R1 – Bank deposit ratio in currency

CX – Bank currency reserves

R2 – Banking reserves ratio

RB – Banking reserves

K – Monetary base multiplier

B – Monetary base

Individual behavior Bank behavior

CPMPP

M=

1R

CX

DV1 = R

RB

DV2 = B

M

RRDCK 1

)21(

1=

++=D

DV

M=

1


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

####

R$ million

Period Monetary Total Percentage

base extended change

Total monetary in

securities base month

Interest- Non Portfolio Financing5/ Total Portfolio Financing5/ Total

bearing1/ interest- position4/ position

bearing2/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 114 488 90 749 1 242 - - - 1 167 472 184 568 1 352 040 1 352 040 1 558 519 0.85

Sep 120 340 93 660 1 344 - - - 1 180 030 176 086 1 356 116 1 356 116 1 571 460 0.83

Oct 122 967 94 903 1 368 - - - 1 174 765 190 835 1 365 600 1 365 600 1 584 838 0.85

1/ Deposits earmarked to SBPE: 6.17% p.y. + TR. Additional requirements on demand deposits, time deposits and savings deposits: Selic rate.

2/ As of February/2003, includes resources from advanced deposits for check clearing and as of August/2004, includes resources from demand deposits not invested in

microfinance as well as those resulting from insufficient investments in rural credit.

3/ Securities evaluated according to the yield curve, 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 2007 (extended base): R$1,496.6 billion – R$1,756.9 billion (average point of forecasts: 21.7% in 12 months).

Reserve Federal securities3/

requirements

Bacen securities National Treasury securities


II.5 – Extended monetary base – Average daily balance

####

R$ million

Period Monetary Total Percentage

base extended change

Total monetary in

securities base month

Interest- Non Portfolio Financing5/ Total Portfolio Financing5/ Total

bearing1/ interest- position4/ position

bearing2/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 117 425 90 092 1 208 - - - 1 159 080 188 950 1 348 030 1 348 030 1 556 755 1.17

Sep 123 181 92 421 1 278 - - - 1 172 709 181 936 1 354 645 1 354 645 1 571 525 0.95

Oct 124 345 94 496 1 304 - - - 1 159 406 204 231 1 363 636 1 363 636 1 583 780 0.78

1/ Deposits earmarked to SBPE: 6.17% p.y. + TR. Additional requirements on demand deposits, time deposits and savings deposits: Selic rate.

2/ As of February/2003, includes resources from advanced deposits for check clearing and as of August/2004, includes resources from demand deposits not invested in

microfinance as well as those resulting from insufficient investments in rural credit.

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

4/ Excludes LBCE.

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

Reserve Federal securities3/

requirements

Bacen securities National Treasury securities


II.6 – Money supply (M4) – Balances

######

R$ million

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

period deposits deposits securities1/ fixed-income operations securities municipal

funds2/ with federal securities

securities3/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2007 Jan 155 630 3 082 189 735 297 305 645 752 710 837 34 939 1 391 528 190 475 22 1 582 024

Feb 153 682 2 749 192 045 298 490 646 966 722 353 37 179 1 406 498 197 717 23 1 604 238

Mar 155 577 2 798 194 876 297 484 650 734 728 128 34 955 1 413 816 213 306 23 1 627 145

Apr 156 468 3 155 197 640 299 867 657 130 746 789 37 109 1 441 028 223 504 23 1 664 555

May 157 893 2 783 200 246 302 977 663 900 753 843 41 287 1 459 030 238 625 23 1 697 677

Jun 164 171 3 052 203 955 306 042 677 220 759 169 42 363 1 478 753 249 063 23 1 727 839

Jul 166 891 3 113 208 214 304 393 682 611 774 627 41 879 1 499 116 253 145 23 1 752 284

Aug 170 027 3 236 212 971 311 853 698 087 771 293 40 017 1 509 397 252 693 23 1 762 113

Sep 174 810 3 357 218 432 315 089 711 689 793 191 40 149 1 545 029 263 738 24 1 808 790

Oct* 176 294 3 564 220 494 318 789 719 141 806 941 40 750 1 566 831 269 291 23 1 836 145

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 repo operations are included in M3, when the minimum 30-day term in force since

October 1991 required in such operations was eliminated.

Note: Monetary programming for the fourth quarter 2007 (M4): R$1,620.3 billion – R$2,192.2 billion (average point of forecasts: 22.3% in 12 months).


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

######

Percentage share

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

period deposits deposits securities1/ fixed-income operations securities municipal


securities3/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jun 9.5 0.2 11.8 17.7 39.2 43.9 2.5 85.6 14.4 0.0 100.0

Jul 9.5 0.2 11.9 17.4 39.0 44.2 2.4 85.6 14.4 0.0 100.0

Aug 9.6 0.2 12.1 17.7 39.6 43.8 2.3 85.7 14.3 0.0 100.0

Sep 9.7 0.2 12.1 17.4 39.3 43.9 2.2 85.4 14.6 0.0 100.0

Oct* 9.6 0.2 12.0 17.4 39.2 43.9 2.2 85.3 14.7 0.0 100.0






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

#######

Percentage share

Period Investment Savings

deposits deposits

Currency Banking Total Currency Demand Total

issued reserves outside banks deposits

2002 Dec 2.9 1.3 4.2 2.4 3.8 6.2 - 8.1

2003 Dec 2.9 1.3 4.2 2.5 3.8 6.3 - 8.3

2004 Dec 3.0 1.3 4.4 2.6 3.7 6.3 0.0 7.8

2005 Dec 3.2 1.4 4.7 2.7 4.0 6.7 0.1 7.8

2006 Jan 2.9 1.4 4.3 2.3 3.7 6.0 0.1 7.8

Feb 3.0 1.4 4.3 2.3 3.7 6.0 0.1 7.8

Mar 2.8 1.3 4.0 2.2 3.6 5.9 0.1 7.6

Apr 2.8 1.2 4.0 2.2 3.6 5.8 0.1 7.6

May 2.7 1.1 3.9 2.2 3.7 5.9 0.1 7.4

Jun 2.8 1.4 4.2 2.3 3.6 5.9 0.1 7.4

Jul 2.9 1.3 4.2 2.3 3.6 5.9 0.1 7.5

Aug 2.9 1.5 4.4 2.3 3.7 5.9 0.1 7.5

Sep 3.1 1.3 4.3 2.4 3.8 6.2 0.1 7.5

Oct 3.0 1.2 4.3 2.4 3.8 6.2 0.2 7.5

Nov 3.1 1.3 4.5 2.4 4.0 6.4 0.1 7.6

Dec 3.6 1.5 5.1 2.9 4.4 7.3 0.2 7.9

2007 Jan 3.2 1.4 4.6 2.5 4.0 6.5 0.1 7.9

Feb 3.1 1.2 4.4 2.4 3.9 6.4 0.1 8.0

Mar 3.1 1.3 4.4 2.4 4.0 6.4 0.1 8.0

Apr 3.1 1.6 4.7 2.4 4.0 6.4 0.1 8.1

May 3.0 1.3 4.4 2.4 4.0 6.4 0.1 8.1

Jun 3.1 1.5 4.7 2.5 4.1 6.6 0.1 8.2

Jul 3.1 1.5 4.6 2.4 4.2 6.6 0.1 8.3

Aug 3.1 1.4 4.5 2.5 4.2 6.7 0.1 8.4

Sep 3.3 1.4 4.7 2.6 4.2 6.8 0.1 8.5

Oct* 3.2 1.5 4.7 2.5 4.3 6.8 0.1 8.5

(continues)

Monetary base M1


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

#######

(concluded) Percentage share

Period Private M2 Quotas of Repo M3 Federal State and M4

securities2/ fixed-income operations securities municipal


securities4/

2002 Dec 8.5 22.8 16.0 0.6 39.4 6.7 0.1 46.3

2003 Dec 9.1 23.7 23.4 1.0 48.1 6.8 0.0 55.0

2004 Dec 10.1 24.2 23.3 1.0 48.5 5.9 0.0 54.5

2005 Dec 12.4 27.0 25.9 1.2 54.1 6.7 0.0 60.8

2006 Jan 12.3 26.1 27.0 1.2 54.2 6.7 0.0 61.0

Feb 12.5 26.3 27.5 1.2 55.0 6.7 0.0 61.8

Mar 12.8 26.4 27.9 1.2 55.5 7.0 0.0 62.5

Apr 12.9 26.3 28.0 1.3 55.5 7.0 0.0 62.5

May 13.3 26.6 27.8 1.4 55.8 7.0 0.0 62.8

Jun 13.3 26.7 27.6 1.3 55.6 7.0 0.0 62.6

Jul 13.2 26.6 28.0 1.4 56.0 7.2 0.0 63.2

Aug 13.0 26.5 28.3 1.2 56.0 7.3 0.0 63.3

Sep 12.7 26.5 28.7 1.2 56.3 7.3 0.0 63.6

Oct 12.7 26.6 28.5 1.3 56.4 7.4 0.0 63.8

Nov 12.8 27.0 28.7 1.4 57.1 7.6 0.0 64.7

Dec 12.4 27.8 28.8 1.4 58.0 7.6 0.0 65.6

2007 Jan 12.4 26.9 29.7 1.5 58.1 7.9 0.0 66.0

Feb 12.4 26.8 29.9 1.5 58.3 8.2 0.0 66.5

Mar 12.2 26.8 30.0 1.4 58.2 8.8 0.0 67.0

Apr 12.2 26.8 30.5 1.5 58.9 9.1 0.0 68.0

May 12.3 26.9 30.6 1.7 59.1 9.7 0.0 68.8

Jun 12.3 27.2 30.5 1.7 59.5 10.0 0.0 69.5

Jul 12.1 27.2 30.8 1.7 59.7 10.1 0.0 69.7

Aug 12.2 27.4 30.2 1.6 59.2 9.9 0.0 69.1

Sep 12.2 27.6 30.3 1.6 59.5 10.0 0.0 69.5

Oct* 12.3 27.7 31.1 1.6 60.4 10.4 0.0 70.8

Sources: Bacen and Ipea

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






II.9 – Income-velocity of money1/

#######

End-of- M1 M2 M3 M4

period

2002 Dec 16.2 4.4 2.5 2.2

2003 Dec 15.9 4.2 2.1 1.8

2004 Dec 15.9 4.1 2.1 1.8

2005 Dec 14.9 3.7 1.9 1.6

2006 Jan 16.7 3.8 1.8 1.6

Feb 16.7 3.8 1.8 1.6

Mar 17.0 3.8 1.8 1.6

Apr 17.3 3.8 1.8 1.6

May 17.0 3.8 1.8 1.6

Jun 17.0 3.7 1.8 1.6

Jul 17.0 3.8 1.8 1.6

Aug 16.8 3.8 1.8 1.6

Sep 16.2 3.8 1.8 1.6

Oct 16.1 3.8 1.8 1.6

Nov 15.5 3.7 1.8 1.5

Dec 13.6 3.6 1.7 1.5

2007 Jan 15.4 3.7 1.7 1.5

Feb 15.7 3.7 1.7 1.5

Mar 15.6 3.7 1.7 1.5

Apr 15.6 3.7 1.7 1.5

May 15.6 3.7 1.7 1.5

Jun 15.1 3.7 1.7 1.4

Jul 15.1 3.7 1.7 1.4

Aug 15.0 3.7 1.7 1.4

Sep 14.8 3.6 1.7 1.4

Oct* 14.7 3.6 1.7 1.4

Sources: Bacen and IBGE

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


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

R$ million

Period Judicial Time Additional Advance on Demand Total

deposits deposits requirements1/ exchange resources

contracts

and others3/

In In In In In In In In In

securities securities currency securities currency2/ currency currency4/ securities currency

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug - 32 502 48 293 10 848 42 456 - 49 113 43 350 139 862 183 212

Sep - 33 102 49 921 10 790 43 739 - 51 865 43 892 145 525 189 417

Oct - 33 660 50 398 12 144 44 505 - 54 726 45 804 149 629 195 433

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

2/ Interest-bearing.

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

4/ Non interest-bearing. Includes cash account and other banking reserves. Levying base: demand deposits, deposits under notice, investment deposits, third party resources

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

upon rendering of payment services and resources from paid-in guaranties.

Savings Summary

deposits


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

R$ million

Period

Public Private Total Nonear- Earmarked Others2/ Total Open- Extra-market5/ Total

banks banks1/ marked to market

repurchase operations4/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 4 22 646 22 650 108 938 205 318 5 241 319 497 -184 568 -20 583 -205 151

Sep 4 22 542 22 546 121 272 197 546 4 943 323 761 -176 086 -20 750 -196 836

Oct 4 22 436 22 440 140 496 212 228 4 760 357 484 -190 835 -20 778 -211 613

(continues)

Credits to financial institutions Securities Repo operations with

National Treasury securities3/


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

(continued) R$ million

Period Total

International Others7/ Total Assets8/ Liabilities9/ Total

reserves6/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 316 007 37 664 353 671 35 947 8 289 27 658 518 325

Sep 299 606 36 229 335 835 36 194 8 115 28 079 513 385

Oct 292 692 37 650 330 342 6 655 11 329 -4 674 493 979

(continues)

Foreign assets Other accounts


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

(continued) R$ million

Period Other

currency

Currency Banking Securities Total deposits13/

issued reserves11/ issued by

Savings Additional Non interest- the Central

requirements bearing12/ Bank

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 79 835 34 654 42 456 48 293 1 242 - 206 479 57

Sep 83 963 36 377 43 739 49 921 1 344 - 215 344 24

Oct 83 781 39 186 44 505 50 398 1 371 - 219 241 23

(continues)

1/ Includes basically claims on financial institutions in liquidation.

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

market prices has been included in the series of corresponding securities.

3/ Financing granted minus financing borrowed.

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

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

6/ Official reserves assets, representing the international liquidity.

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

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

at the end of each half-year period, due to negative results to be paid by the National Treasury. Decreases may happen in the beginning of the following year as the negative

balances are paid by the National Treasury.

(continues)

Monetary liability and securities issued by the Central Bank10/

Currency reserve requirements


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

(concluded) R$ million

Period Own Total

resources17/

Central Others14/ Total International Settlement Others16/ Total

government organizations accounts15/

deposits deposits

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug 256 550 701 257 251 9 289 13 610 14 295 37 194 17 344 518 325

Sep 256 550 7 381 263 931 8 849 2 612 24 331 35 792 -1 706 513 385

Oct 256 550 495 257 045 8 478 3 217 25 602 37 297 -19 627 493 979

(concluded)

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

due to contracting of National Treasury security operations to be liquidated.

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

11/ Includes mandatory and free reserve requirements on demand deposits.

12/ As of February 2003, includes resources from advanced deposits for check clearing and as of August/2004 includes resources from demand deposits

not invested in microfinance, as well as those resulting from insufficient investments in rural credit.

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

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

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

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

sale of foreign securities with repurchase agreement.

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

National Treasury

operations

Foreign liabilities


II.12 – Monetary authority

R$ million

Itemization

Apr May Jun Jul Aug Sep Oct

Assets 565 337 615 011 611 760 615 171 643 177 624 286 652 519

Foreign assets 247 841 288 158 285 887 294 538 321 675 298 622 293 190

Central governmment's securities 312 371 326 849 325 869 320 513 321 468 325 660 359 325

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

Claims on private sector - - - - - - -

Claims on deposit money banks 5 122 4 4 120 34 4 4

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

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

Liabilities 565 337 615 011 611 760 615 171 643 177 624 286 652 519

Reserve money (IMF) 326 659 338 726 346 446 401 913 396 456 396 876 415 143

of which: currency outside deposit money banks 58 742 59 350 61 396 61 335 63 229 66 298 65 535

Money market instruments 205 205 192 199 200 200 207

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

Foreign currency deposits 9 8 8 8 8 8 8

Foreign liabilities 75 32 87 85 71 16 25

Long-term foreign liabilities 5 544 27 584 19 464 14 265 26 848 26 023 27 890

Central government's deposits 238 870 268 737 282 210 240 605 257 251 263 931 257 045

Capital accounts 7 364 -10 120 -10 513 -26 499 -13 911 -33 277 -18 644

Other items (net) -13 389 -10 162 -26 134 -15 404 -23 746 -29 491 -29 155

2007


II.13 – Deposit money banks1/

30/10/2004 R$ million

Itemization


Assets 1 709 089 1 751 616 1 796 811 1 850 621 1 875 246 1 895 527 1 949 977

Reserves 262 295 272 852 278 661 335 477 323 019 313 917 342 232

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

Foreign assets 66 554 66 467 74 272 68 785 72 315 72 022 71 472

Claims on central governmment (includes securities debt) 445 610 463 455 481 962 446 710 449 863 450 386 446 009

Claims on state and local governments (includes securities debt) 4 025 3 698 3 815 3 920 4 143 4 053 4 216

Claims on nonfinancial public enterprises 4 889 4 956 4 849 4 628 4 763 4 808 4 639

Claims on private sector 904 556 920 823 932 133 967 907 994 327 1 036 343 1 065 447

Claims on other banking institutions 21 145 19 355 21 027 23 120 26 663 13 953 15 898

Claims on nonbanking financial institutions 14 11 93 73 153 44 65

Liabilities 1 709 089 1 751 616 1 796 811 1 850 621 1 875 246 1 895 527 1 949 977

Demand deposits 96 869 97 690 101 820 104 212 105 904 108 003 111 225

Time, savings and other deposits 478 859 484 790 491 768 494 535 507 001 514 901 521 598

Money market instruments 53 348 54 447 57 816 57 545 60 934 60 492 63 012

Restricted deposits 82 848 78 886 80 130 80 587 81 472 81 468 82 643

Foreign liabilities 86 146 96 482 91 482 90 975 98 068 92 716 88 935


Central government deposits 30 680 28 103 28 793 33 255 28 993 27 762 33 940

Credit from monetary authority 7 297 - - 196 41 - -

Liabilities to other banking institutions 376 942 378 383 399 650 433 820 428 021 412 424 442 728

Liabilities to nonbanking financial institutions 11 647 17 186 18 248 18 268 12 420 10 775 15 037

Capital accounts 391 884 402 832 414 197 425 743 428 714 455 671 466 502

Other items (net) 64 727 88 660 86 342 84 532 89 658 97 970 94 741

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

2007


II.14 – Monetary survey1/

30/10/2004 R$ million

Itemization


Assets 1 651 239 1 700 418 1 727 335 1 765 276 1 810 986 1 821 468 1 880 316

Foreign assets (net) 228 175 258 111 268 591 272 264 295 851 277 912 275 702

Domestic credit 1 423 064 1 442 307 1 458 744 1 493 012 1 515 136 1 543 555 1 604 614

Claims on central government – net (includes securities debt) 488 432 493 464 496 828 493 364 485 087 484 353 514 349



Claims on private sector 904 556 920 823 932 133 967 907 994 327 1 036 343 1 065 447


Claims on nonbanking financial institutions 14 11 93 73 153 44 65

Liabilities 1 651 239 1 700 418 1 727 335 1 765 276 1 810 986 1 821 468 1 880 316

Money 158 933 159 886 168 355 169 286 173 829 178 054 183 017

Quasi-money 478 859 484 790 491 768 494 535 507 001 514 901 521 598


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






Other items (net) 55 814 82 173 61 453 70 565 71 431 81 384 66 701

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

2007


II.15 – Other banking institutions1/

30/10/2004 R$ million

Itemization


Assets 1 117 636 1 140 318 1 154 181 1 172 894 1 174 093 1 184 128 1 201 301

Reserves 4 221 3 748 6 053 4 663 5 616 4 717 7 263


Foreign assets 843 1 231 925 923 875 1 435 1 020

Claims on central governmment (includes securities debt) 560 391 567 669 564 270 562 541 568 586 579 440 577 565



Claims on private sector 199 567 200 800 203 072 209 716 214 522 218 634 224 784

Claims on deposit money banks 342 462 355 404 367 826 382 765 372 195 368 358 379 227

Claims on nonbanking financial institutions 1 881 3 293 3 892 4 080 4 156 3 506 3 578

Liabilities 1 117 636 1 140 318 1 154 181 1 172 894 1 174 093 1 184 128 1 201 301

Demand deposits - - - - - - -

Time, savings and other deposits 10 509 10 239 10 472 10 595 10 535 11 537 11 690


Restricted deposits 932 525 534 534 537 540 571

Foreign liabilities 4 021 7 106 4 987 3 521 1 196 3 507 3 184


Central government deposits 46 285 47 167 46 828 47 858 46 787 47 030 46 678

Credit from monetary authority 39 36 37 37 37 38 38

Credit from deposit money banks 7 502 5 040 5 169 6 761 9 557 7 647 9 064

Liabilities to nonbanking financial institutions 736 706 710 540 871 666 796


Other items (net) 52 537 55 953 56 849 61 002 63 080 64 865 65 105

1/ Comprises investment banks, National Bank for Economic and Social Development (BNDES), state development banks, financial investment funds, financial and

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

2007


II.16 – Banking survey1/

30/10/2004 R$ million

Itemization


Assets 2 350 737 2 407 957 2 434 796 2 476 243 2 532 623 2 568 031 2 629 367

Foreign assets (net) 224 996 252 237 264 529 269 666 295 530 275 840 273 538

Domestic credit 2 125 741 2 155 720 2 170 267 2 206 577 2 237 093 2 292 190 2 355 829

Claims on central government – net (includes securities debt) 1 002 538 1 013 966 1 014 270 1 008 047 1 006 886 1 016 763 1 045 236



Claims on private sector 1 104 123 1 121 624 1 135 205 1 177 623 1 208 849 1 254 977 1 290 231

Claims on nonbanking financial institutions 1 895 3 304 3 985 4 152 4 309 3 551 3 643

Liabilities 2 350 737 2 407 957 2 434 796 2 476 243 2 532 623 2 568 031 2 629 367

Liquidity liabilities 552 427 555 330 568 012 575 224 590 179 602 903 610 480


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





Other items (net) 234 663 257 725 247 484 277 457 286 135 288 186 294 490

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

2007


II.17 – Nonbanking financial institutions1/

30/10/2004 R$ million

Itemization


Assets 54 024 60 671 63 929 66 807 63 723 47 729 53 152

Reserves 15 15 16 18 19 21 22


Foreign assets 92 82 86 91 97 102 98

Claims on central government – net (includes securities debt) 5 343 4 804 4 815 5 208 5 086 4 830 5 395

Claims on state and local governments (includes securities debt) 546 559 566 583 596 609 630

Claims on nonfinancial public enterprises 10 9 9 10 10 6 6

Claims on private sector 35 209 37 853 40 499 43 177 44 273 29 600 31 651

Claims on deposit money banks 9 418 13 694 14 383 14 300 9 939 9 142 12 151


Liabilities 54 024 60 671 63 929 66 807 63 723 47 729 53 152

Time, savings and other deposits 164 183 150 106 213 235 213


Restricted deposits - - - - - - -

Foreign liabilities 401 372 373 360 374 380 359

Long-term foreign liabilities 392 438 228 222 229 328 321

Central government deposits 43 45 48 48 48 50 51

Credit from monetary authority - - - - - - -

Credit from deposit money banks 18 15 94 72 151 48 63



Other items (net)2/ -120 291 -118 530 -119 953 -136 140 -145 805 -142 057 -145 320

1/ Comprises leasing companies, brokerage houses, stock and securities dealers as well as development agencies.

2/ It refers mostly to interfinancial deposits.

2007


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

#### R$ million

Period

Total

Interest rate Credit Leasing3/ Others4/ Total External Total

reference unions2/ funding1/

credit Interest rate Leasing3/ Rural Others4/ Total

operations1/ reference

credit1/

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

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

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

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

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

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

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

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

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

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

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

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

Dec 191 837 9 758 13 877 22 495 237 968 165 025 20 588 1 411 20 732 207 757 52 606 260 363 498 331

2007 Jan 196 386 10 013 14 613 21 918 242 930 163 037 21 027 1 964 19 917 205 946 52 425 258 370 501 301

Feb 200 589 10 256 15 298 20 895 247 037 166 303 21 275 1 994 21 489 211 061 53 194 264 255 511 292

Mar 204 446 10 444 16 385 20 753 252 027 169 598 21 862 1 938 19 165 212 563 54 842 267 405 519 432

Apr 209 378 10 647 17 362 21 294 258 680 171 835 22 454 1 926 23 021 219 236 59 677 278 913 537 593

May 215 407 10 774 18 540 24 066 268 787 172 965 23 342 1 969 23 583 221 858 58 083 279 941 548 728

Jun 217 397 10 974 19 301 24 823 272 495 177 746 24 864 1 957 23 015 227 582 57 351 284 934 557 429

Jul 221 904 11 229 20 291 29 174 282 598 179 977 26 744 1 860 21 188 229 769 60 313 290 082 572 680

Aug* 225 982 11 490 21 784 31 183 290 439 181 973 28 629 1 837 22 211 234 650 65 713 300 362 590 801

Sep* 229 461 11 684 22 127 32 428 295 700 188 877 31 404 1 811 20 032 242 123 64 464 306 587 602 287

Oct* 234 800 11 867 24 648 33 584 304 899 193 621 32 811 1 815 21 390 249 637 64 846 314 483 619 382

(continues)

Nonearmarked

Individuals Corporations

Domestic funding


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


Period Overall

total11/

Housing9/ Others10/ Total

Direct6/ Onlendings7/ Total Banks and Credit Total

development unions

agencies

2005 Dec 66 251 57 849 124 100 43 346 1 766 45 113 28 125 5 979 203 316 607 023

2006 Jan 65 162 58 307 123 469 43 202 1 836 45 038 28 867 5 889 203 263 608 729

Feb 64 130 58 463 122 593 43 290 1 843 45 132 29 114 5 841 202 680 615 673

Mar 65 025 58 378 123 404 43 842 1 824 45 667 29 841 5 809 204 720 625 790

Apr 65 858 58 377 124 235 44 376 1 853 46 229 30 384 5 791 206 639 637 440

May 67 861 59 207 127 068 45 359 1 898 47 258 30 929 5 855 211 109 654 129

Jun 67 310 60 168 127 478 45 846 1 968 47 814 31 612 5 905 212 808 658 510

Jul 68 622 60 539 129 161 45 297 1 776 47 074 32 198 5 940 214 372 669 514

Aug 66 685 62 056 128 741 45 789 1 833 47 622 32 695 6 061 215 118 674 302

Sep 67 103 62 678 129 781 47 312 2 070 49 382 33 042 6 128 218 333 684 392

Oct 67 090 63 233 130 322 49 242 2 312 51 554 33 617 6 167 221 661 697 581

Nov 69 263 65 162 134 424 50 664 2 456 53 120 34 095 6 197 227 837 717 045

Dec 71 687 67 296 138 984 51 932 2 444 54 376 34 479 6 420 234 258 732 590

2007 Jan 73 232 67 655 140 887 51 961 2 503 54 464 35 386 6 418 237 155 738 456

Feb 72 876 67 242 140 118 52 319 2 477 54 796 35 852 6 460 237 226 748 518

Mar 71 298 68 148 139 446 52 845 2 563 55 408 36 663 6 518 238 035 757 467

Apr 70 629 69 167 139 795 53 352 2 654 56 006 37 314 6 605 239 720 777 313

May 67 995 70 379 138 374 54 335 2 744 57 079 38 039 6 723 240 214 788 942

Jun 67 025 72 394 139 419 54 768 2 814 57 581 38 695 6 786 242 481 799 910

Jul 67 358 75 027 142 385 54 072 2 582 56 654 39 291 6 858 245 187 817 867

Aug* 70 462 76 405 146 867 54 823 2 766 57 590 40 106 6 928 251 490 842 291

Sep* 70 885 77 129 148 015 56 277 2 993 59 270 40 778 6 975 255 037 857 324

Oct* 72 981 78 974 151 955 57 698 3 199 60 897 41 530 7 039 261 421 880 803

1/ It refers to credits regulated by Circular 2,957, dated 12.30.1999, for monitoring interest rates.

2/ It includes rural financing with nonearmarked resources.

3/ It refers to financial leasing.

4/ It includes installments of non-financed credit card invoices, among others.

5/ It refers to credit operations with compulsory or government resources.

6/ It refers to entire portfolio, including those credits granted to the rural sector.

7/ It includes Finame's onlendings.

8/ It excludes leasing operations and BNDES's direct financing and onlendings.

9/ It refers to operations carried out by individuals and housing cooperatives.

10/ It includes, among others, financing of Central-West Region Constitutional Fund (FCO) and credits granted by development banks and agencies.

11/ It refers to financial system credit based on the accounting report Economic and Financial Statistics (Estfin), mandatory appendix of the financial

institutions' monthly accounting statements. The only exception is the granting to financial intermediaries. Earmarked and nonearmarked resources are included.

Earmarked5/

BNDES Rural8/


II.19 – Financial system credit operations1/

As percentage of GDP2/

####

Period

Nonearmarked3/ Earmarked4/ Total Public National Foreign Total

institutions5/ private institutions7/

institutions6/

2005 Dec 18.7 9.4 28.1 10.3 11.5 6.3 28.1

2006 Jan 18.6 9.3 28.0 10.3 11.5 6.3 28.0

Feb 18.9 9.3 28.2 10.3 11.6 6.3 28.2

Mar 19.2 9.3 28.5 10.4 11.8 6.3 28.5

Apr 19.5 9.4 28.9 10.6 11.8 6.6 28.9

May 19.9 9.5 29.3 10.7 12.0 6.6 29.3

Jun 19.8 9.5 29.3 10.7 12.0 6.6 29.3

Jul 20.0 9.4 29.5 10.8 12.0 6.7 29.5

Aug 20.0 9.4 29.4 10.7 12.0 6.7 29.4

Sep 20.2 9.4 29.6 10.7 12.1 6.8 29.6

Oct 20.3 9.5 29.8 10.9 12.4 6.5 29.8

Nov 20.7 9.7 30.4 11.0 12.6 6.7 30.4

Dec 21.0 9.9 30.8 11.3 12.7 6.8 30.8

2007 Jan 20.9 9.9 30.8 11.4 12.6 6.8 30.8

Feb 21.2 9.8 31.0 11.4 12.8 6.8 31.0

Mar 21.4 9.8 31.2 11.5 12.8 6.9 31.2

Apr 22.0 9.8 31.8 11.5 13.2 7.1 31.8

May 22.2 9.7 32.0 11.4 13.5 7.1 32.0

Jun 22.4 9.8 32.2 11.4 13.7 7.1 32.2

Jul 22.8 9.8 32.6 11.3 14.0 7.2 32.6

Aug* 23.2 9.9 33.0 11.4 14.2 7.4 33.0

Sep* 23.4 9.9 33.3 11.4 14.4 7.5 33.3

Oct* 23.9 10.1 34.0 11.6 14.8 7.6 34.0

1/ It refers to financial system credit based on the accounting report Economic and Financial Statistics (Estfin), mandatory appendix of the


2/ Banco Central estimates for the GDP in the last 12 months at current prices, based on IBGE annual data, by utilizing the centered IGP-DI.

3/ It includes data from Circular 2,957, dated 12.30.1999, as well as leasing companies and credit unions, among others.

4/ It refers to credit operations with compulsory or government resources.

5/ It refers to those institutions in which federal, state or municipal governments hold more than 50% of the voting capital, according to Circular-Letter 2,345, dated 1.25.1993.

6/ It refers to those institutions in which individuals or corporations domiciled and resident in the country hold more than 50% of the voting capital,

according to Circular-Letter 2,345, dated 1.25.1993.

7/ It refers to those institutions in which foreign control, either directly or indirectly, represents the majority of voting capital. It also includes those established and

headquartered abroad with agencies or branches in the country, according to Circular-Letter 2,345, dated 1.25.1993.

According to funding According to capital control


II.20 – Financial system credit operations Balance by economic activity1/

#### R$ million

Period Overall

total6/

Federal State and Public Industry Housing3/ Rural4/ Commerce Individuals5/ Other Private

government municipal sector services sector

governments total total

2005 Dec 4 559 15 997 20 556 138 947 29 081 65 955 64 514 188 784 99 185 586 467 607 023

2006 Jan 4 434 16 018 20 453 136 489 29 766 66 312 64 274 192 829 98 605 588 276 608 729

Feb 4 550 16 277 20 826 136 791 29 956 66 760 65 730 196 193 99 417 594 846 615 673

Mar 4 580 16 323 20 903 138 784 30 710 67 614 66 661 200 241 100 878 604 887 625 790

Apr 4 534 16 242 20 775 141 836 31 271 68 488 67 621 204 378 103 071 616 665 637 440

May 4 589 16 603 21 193 146 703 31 848 69 698 68 631 210 341 105 715 632 936 654 129

Jun 4 529 16 432 20 961 145 111 32 566 70 686 70 312 211 930 106 944 637 549 658 510

Jul 4 503 16 505 21 008 147 861 33 192 70 149 71 277 216 495 109 534 648 506 669 514

Aug 4 450 14 229 18 679 148 796 33 728 70 434 72 077 221 150 109 438 655 623 674 302

Sep 4 400 14 202 18 603 151 035 34 105 72 240 73 428 222 607 112 375 665 790 684 392

Oct 4 344 14 169 18 513 153 543 34 733 74 570 75 473 228 048 112 700 679 069 697 581

Nov 4 336 14 346 18 681 157 284 35 246 76 118 78 096 233 651 117 969 698 364 717 045

Dec 4 194 14 678 18 872 164 581 35 689 77 681 78 433 235 816 121 518 713 718 732 590

2007 Jan 4 265 14 569 18 835 165 397 36 662 78 665 75 056 240 695 123 146 719 621 738 456

Feb 4 206 14 555 18 761 167 305 37 154 79 221 77 739 244 757 123 580 729 757 748 518

Mar 4 070 14 470 18 539 166 942 38 044 79 945 78 917 249 669 125 411 738 928 757 467

Apr 4 025 14 966 18 991 175 151 38 775 80 634 79 877 256 251 127 635 758 322 777 313

May 4 009 14 667 18 676 174 619 39 594 81 380 80 844 266 274 127 556 770 265 788 942

Jun 3 998 14 642 18 640 176 448 40 322 81 830 83 220 269 925 129 525 781 270 799 910

Jul 3 762 14 491 18 254 181 430 40 967 81 144 83 866 279 991 132 216 799 613 817 867

Aug* 3 776 14 723 18 499 188 566 41 878 82 181 86 708 287 731 136 728 823 792 842 291

Sep* 3 725 14 672 18 397 191 426 42 698 84 039 88 254 292 857 139 653 838 927 857 324

Oct* 3 675 14 543 18 217 197 336 43 497 86 190 91 148 302 011 142 403 862 585 880 803

1/ Division by sectors, as defined by Circular-Letter 2,903, dated 3.23.2000.

2/ It includes direct administration, indirect administration and business activities.

3/ It refers to operations carried out with individuals and housing cooperatives. Operations channeled to housing undertakings are classified in the industrial sector.

4/ It refers to operations carried out with farmers and other individuals and corporations according to specific rural credit regulations.

5/ It excludes operations carried out with the rural and housing sectors.



Public sector2/ Private sector


II.21 – Public financial system credit operations1/

Balance by economic activity2/

#### R$ million

Period Overall

total7/




2005 Dec 3 373 12 745 16 118 56 252 20 562 39 173 14 780 34 113 42 250 207 130 223 248

2006 Jan 3 284 12 701 15 985 55 375 21 203 39 378 15 385 34 444 41 652 207 436 223 422

Feb 3 452 12 651 16 103 55 428 21 294 39 659 15 598 34 666 41 541 208 186 224 289

Mar 3 432 12 674 16 106 56 313 22 063 40 145 15 670 35 864 42 480 212 534 228 640

Apr 3 410 12 619 16 029 56 861 22 577 40 749 15 819 36 605 44 458 217 069 233 099

May 3 403 12 941 16 343 58 599 23 086 41 360 15 777 37 632 45 681 222 134 238 477

Jun 3 401 12 876 16 276 58 409 23 723 42 395 16 268 38 319 45 371 224 486 240 762

Jul 3 393 12 813 16 207 59 458 24 293 41 944 16 343 38 976 47 350 228 364 244 570

Aug 3 375 10 988 14 362 59 888 24 789 41 656 16 694 40 027 47 564 230 617 244 980

Sep 3 350 11 064 14 413 60 343 25 139 42 175 16 918 40 279 48 634 233 488 247 901

Oct 3 325 11 082 14 407 62 940 25 700 43 656 17 342 40 859 49 327 239 824 254 230

Nov 3 325 11 252 14 577 63 989 26 113 44 615 17 931 41 436 52 190 246 274 260 851

Dec 3 278 11 494 14 772 68 709 26 421 45 668 18 258 41 379 53 393 253 827 268 599

2007 Jan 3 246 11 422 14 668 70 912 26 708 46 131 18 621 42 593 53 285 258 250 272 918

Feb 3 215 11 400 14 615 71 570 27 096 46 512 18 951 43 506 53 459 261 094 275 709

Mar 3 046 11 417 14 463 72 069 27 724 46 846 19 099 44 650 53 415 263 804 278 267

Apr 3 040 11 722 14 762 73 330 28 220 47 243 19 393 45 726 53 752 267 664 282 427

May 3 054 11 335 14 389 72 995 28 796 47 468 19 631 46 741 51 977 267 608 281 997

Jun 3 083 11 333 14 416 72 718 29 320 47 738 19 717 47 471 50 940 267 904 282 320

Jul 2 979 11 307 14 286 74 194 29 849 47 050 20 000 48 102 51 570 270 767 285 053

Aug* 2 947 11 464 14 411 76 369 30 384 46 702 20 654 49 037 53 991 277 137 291 548

Sep* 2 919 11 361 14 280 76 547 30 915 47 338 21 204 49 707 54 381 280 092 294 372

Oct* 2 881 11 378 14 259 78 694 31 425 48 495 21 989 50 954 55 835 287 392 301 652

1/ It refers to those insitutions in which federal, state or municipal governments hold more than 50% of the voting capital, according to Circular-Letter 2,345, dated 1.25.1993.










II.22 – National private financial system credit operations1/


#### R$ million

Period Overall

total7/




2005 Dec 949 2 962 3 910 56 551 5 366 15 715 28 703 103 115 34 264 243 715 247 625

2006 Jan 914 2 957 3 870 55 452 5 378 15 849 28 791 105 854 34 069 245 393 249 264

Feb 897 3 208 4 105 56 183 5 400 15 858 29 638 108 272 34 986 250 337 254 442

Mar 917 3 238 4 154 57 152 5 412 15 966 30 033 110 037 35 194 253 795 257 949

Apr 896 3 232 4 127 58 733 5 421 16 204 30 641 109 369 35 284 255 652 259 779

May 942 3 260 4 202 61 002 5 456 16 675 31 117 112 730 36 198 263 178 267 380

Jun 833 3 113 3 946 60 079 5 520 16 590 31 893 113 653 37 545 265 280 269 226

Jul 814 3 198 4 012 61 417 5 532 16 217 32 240 115 919 37 952 269 278 273 291

Aug 784 2 815 3 599 61 566 5 556 16 683 32 624 118 080 37 675 272 184 275 783

Sep 769 2 712 3 481 61 778 5 565 17 534 33 242 118 239 38 896 275 255 278 735

Oct 743 2 661 3 404 64 465 6 069 18 710 35 966 122 127 39 715 287 052 290 457

Nov 732 2 666 3 399 66 364 6 111 19 069 37 414 124 509 41 532 295 001 298 399

Dec 654 2 736 3 390 67 682 6 189 19 444 37 024 125 997 42 540 298 876 302 267

2007 Jan 661 2 704 3 365 65 742 6 194 19 389 36 442 128 649 42 617 299 033 302 398

Feb 637 2 712 3 349 66 775 6 226 19 400 38 523 130 537 43 075 304 537 307 886

Mar 649 2 613 3 262 66 315 6 307 19 691 39 200 132 804 43 772 308 088 311 350

Apr 610 2 749 3 359 71 348 6 365 19 798 39 363 136 572 45 462 318 909 322 267

May 592 2 802 3 395 72 194 6 476 20 432 39 728 143 027 46 629 328 485 331 880

Jun 566 2 780 3 346 73 634 6 542 20 607 41 488 145 581 48 912 336 764 340 110

Jul 553 2 662 3 215 76 638 6 599 20 488 41 547 153 475 50 496 349 243 352 458

Aug* 600 2 725 3 325 77 946 6 719 21 422 42 313 158 452 52 829 359 680 363 006

Sep* 584 2 790 3 374 79 581 6 815 22 339 42 343 161 659 54 776 367 513 370 888

Oct* 573 2 662 3 235 83 017 6 927 23 002 44 165 167 497 55 143 379 751 382 985

1/ It refers to those insitutions in which individuals or corporations domiciled and resident in the country hold more than 50% of the voting capital,











II.23 – Foreign financial system credit operations1/


#### R$ million

Period Overall

total7/




2005 Dec 237 291 528 26 144 3 152 11 067 21 032 51 556 22 671 135 622 136 150

2006 Jan 236 361 597 25 662 3 186 11 085 20 098 52 531 22 884 135 446 136 043

Feb 200 418 618 25 180 3 262 11 243 20 494 53 255 22 890 136 323 136 941

Mar 231 412 643 25 319 3 235 11 503 20 957 54 341 23 203 138 559 139 201

Apr 228 391 619 26 241 3 273 11 536 21 161 58 404 23 328 143 944 144 562

May 245 402 647 27 102 3 307 11 663 21 738 59 979 23 836 147 625 148 272

Jun 295 443 738 26 622 3 323 11 702 22 150 59 958 24 029 147 784 148 522

Jul 295 494 789 26 986 3 367 11 987 22 694 61 599 24 232 150 864 151 653

Aug 292 426 717 27 342 3 383 12 095 22 760 63 043 24 199 152 821 153 539

Sep 282 427 709 28 914 3 402 12 530 23 268 64 089 24 844 157 047 157 755

Oct 276 426 702 26 138 2 964 12 204 22 165 65 063 23 658 152 192 152 894

Nov 279 428 706 26 930 3 021 12 434 22 751 67 706 24 247 157 089 157 795

Dec 262 447 709 28 190 3 080 12 569 23 151 68 439 25 585 161 014 161 724

2007 Jan 359 443 801 28 743 3 761 13 144 19 993 69 453 27 245 162 339 163 140

Feb 354 443 797 28 960 3 832 13 309 20 264 70 715 27 045 164 126 164 923

Mar 375 439 814 28 558 4 013 13 409 20 618 72 215 28 224 167 036 167 851

Apr 375 495 870 30 473 4 190 13 592 21 121 73 952 28 421 171 749 172 619

May 363 529 892 29 431 4 322 13 480 21 484 76 506 28 949 174 173 175 065

Jun 349 529 878 30 095 4 460 13 484 22 016 76 874 29 673 176 602 177 480

Jul 230 522 752 30 597 4 518 13 606 22 319 78 413 30 150 179 604 180 356

Aug* 229 534 763 34 251 4 775 14 057 23 741 80 242 29 908 186 974 187 737

Sep* 222 520 743 35 298 4 968 14 361 24 707 81 492 30 496 191 322 192 064

Oct* 220 503 723 35 625 5 145 14 693 24 994 83 560 31 425 195 443 196 165

1/ It refers to those insitutions in which individuals or corporations domiciled and resident in the country hold more than 50% of the voting capital,






6/ It excludes operations carried out the with rural and housing sectors.





II.24 – Financial system credit operations Risk classification and provisions

##### R$ million

Period Normal Risk 12/ Risk 23/ Total credit4/ Default5/ Provisions6/

risk1/

2005 Dec 546 061 41 019 19 943 607 023 22 258 38 631 90.0 6.8 3.3 10.0 3.7 6.4

2006 Jan 546 161 41 469 21 099 608 729 22 417 40 089 89.7 6.8 3.5 10.3 3.7 6.6

Feb 552 424 41 598 21 650 615 673 22 734 40 932 89.7 6.8 3.5 10.3 3.7 6.6

Mar 560 456 42 911 22 423 625 790 23 917 42 137 89.6 6.9 3.6 10.4 3.8 6.7

Apr 569 691 44 260 23 490 637 440 25 630 43 680 89.4 6.9 3.7 10.6 4.0 6.9

May 584 954 45 164 24 011 654 129 26 032 44 706 89.4 6.9 3.7 10.6 4.0 6.8

Jun 589 722 45 631 23 157 658 510 24 753 44 462 89.6 6.9 3.5 10.4 3.8 6.8

Jul 600 780 44 888 23 846 669 514 25 499 44 627 89.7 6.7 3.6 10.3 3.8 6.7

Aug 604 561 44 739 25 002 674 302 26 266 45 591 89.7 6.6 3.7 10.3 3.9 6.8

Sep 613 418 45 945 25 028 684 392 26 279 46 002 89.6 6.7 3.7 10.4 3.8 6.7

Oct 626 848 44 728 26 005 697 581 27 515 46 872 89.9 6.4 3.7 10.1 3.9 6.7

Nov 648 104 43 061 25 880 717 045 27 701 46 613 90.4 6.0 3.6 9.6 3.9 6.5

Dec 664 479 42 964 25 147 732 590 26 917 45 778 90.7 5.9 3.4 9.3 3.7 6.2

2007 Jan 670 529 42 342 25 585 738 456 27 699 46 254 90.8 5.7 3.5 9.2 3.8 6.3

Feb 679 661 42 781 26 076 748 518 28 097 47 023 90.8 5.7 3.5 9.2 3.8 6.3

Mar 688 470 43 198 25 799 757 467 27 146 47 028 90.9 5.7 3.4 9.1 3.6 6.2

Apr 706 311 44 740 26 261 777 313 27 842 47 655 90.9 5.8 3.4 9.1 3.6 6.1

May 717 545 44 655 26 741 788 942 28 912 48 351 91.0 5.7 3.4 9.0 3.7 6.1

Jun 729 985 44 154 25 772 799 910 27 925 48 146 91.3 5.5 3.2 8.7 3.5 6.0

Jul 746 814 45 568 25 485 817 867 28 757 49 109 91.3 5.6 3.1 8.7 3.5 6.0

Aug* 770 344 45 233 26 714 842 291 29 276 49 838 91.5 5.4 3.2 8.5 3.5 5.9

Sep* 784 584 46 557 26 183 857 324 28 727 49 290 91.5 5.4 3.1 8.5 3.4 5.7

Oct* 806 617 47 462 26 723 880 803 29 058 50 013 91.6 5.4 3.0 8.4 3.3 5.7

1/ Operations classified under risk levels AA to C.

2/ Operations classified under risk levels D to G.

3/ Operations classified under risk level H.



5/ Total credit with arrears of more than 90 days.

6/ Provisions are required starting from risk level A.

Participation %

fd

f

d

cb +d

ca b c ecbad ++=d

b

d

ad

e



Risk classification and provisions

##### R$ million


risk2/

2005 Dec 192 099 21 920 9 229 223 248 8 415 16 855 86.0 9.8 4.1 14.0 3.8 7.6

2006 Jan 192 162 21 178 10 081 223 422 7 805 17 629 86.0 9.5 4.5 14.0 3.5 7.9

Feb 193 385 20 768 10 137 224 289 7 333 17 631 86.2 9.3 4.5 13.8 3.3 7.9

Mar 196 966 21 175 10 499 228 640 7 857 18 114 86.1 9.3 4.6 13.9 3.4 7.9

Apr 200 708 21 402 10 989 233 099 8 489 18 697 86.1 9.2 4.7 13.9 3.6 8.0

May 205 462 21 961 11 054 238 477 8 034 19 016 86.2 9.2 4.6 13.8 3.4 8.0

Jun 207 508 22 144 11 110 240 762 7 594 19 276 86.2 9.2 4.6 13.8 3.2 8.0

Jul 212 567 21 221 10 783 244 570 7 402 18 314 86.9 8.7 4.4 13.1 3.0 7.5

Aug 212 561 21 495 10 923 244 980 7 614 18 492 86.8 8.8 4.5 13.2 3.1 7.5

Sep 215 044 21 751 11 106 247 901 7 732 18 820 86.7 8.8 4.5 13.3 3.1 7.6

Oct 221 498 21 457 11 276 254 230 8 135 19 059 87.1 8.4 4.4 12.9 3.2 7.5

Nov 231 125 19 221 10 505 260 851 7 877 17 977 88.6 7.4 4.0 11.4 3.0 6.9

Dec 238 956 19 142 10 501 268 599 7 617 17 876 89.0 7.1 3.9 11.0 2.8 6.7

2007 Jan 243 804 18 516 10 598 272 918 7 670 17 986 89.3 6.8 3.9 10.7 2.8 6.6

Feb 246 548 18 612 10 550 275 709 7 718 18 016 89.4 6.8 3.8 10.6 2.8 6.5

Mar 248 803 18 811 10 652 278 267 7 005 18 123 89.4 6.8 3.8 10.6 2.5 6.5

Apr 252 465 19 160 10 802 282 427 7 047 18 330 89.4 6.8 3.8 10.6 2.5 6.5

May 252 366 18 795 10 836 281 997 7 079 18 273 89.5 6.7 3.8 10.5 2.5 6.5

Jun 252 721 18 864 10 735 282 320 7 386 18 187 89.5 6.7 3.8 10.5 2.6 6.4

Jul 255 528 19 834 9 691 285 053 7 327 17 987 89.6 7.0 3.4 10.4 2.6 6.3

Aug* 261 891 19 639 10 018 291 548 7 247 17 871 89.8 6.7 3.4 10.2 2.5 6.1

Sep* 264 549 19 651 10 173 294 372 7 476 17 814 89.9 6.7 3.5 10.1 2.5 6.1

Oct* 271 409 19 828 10 414 301 652 7 505 18 083 90.0 6.6 3.5 10.0 2.5 6.0







6/ Total credit with arrears of more than 90 days.

7/ Provisions are required starting from risk level A.

Participation %

fd

fad

cb +d

b

d

ccbad ++=

d

ab c e

d

e




##### R$ million


risk2/

2005 Dec 227 160 13 671 6 794 247 625 9 608 15 397 91.7 5.5 2.7 8.3 3.9 6.2

2006 Jan 227 765 14 531 6 968 249 264 10 162 15 873 91.4 5.8 2.8 8.6 4.1 6.4

Feb 232 169 14 963 7 310 254 442 10 839 16 493 91.2 5.9 2.9 8.8 4.3 6.5

Mar 234 689 15 702 7 557 257 949 11 297 16 985 91.0 6.1 2.9 9.0 4.4 6.6

Apr 235 739 16 179 7 861 259 779 12 240 17 479 90.7 6.2 3.0 9.3 4.7 6.7

May 242 740 16 567 8 072 259 779 12 784 17 885 90.5 6.4 3.1 9.5 4.9 6.9

Jun 245 720 16 448 7 058 269 226 11 791 17 154 91.3 6.1 2.6 8.7 4.4 6.4

Jul 248 884 16 576 7 831 273 291 12 494 17 982 91.1 6.1 2.9 8.9 4.6 6.6

Aug 250 931 16 189 8 663 275 783 13 045 18 605 91.0 5.9 3.1 9.0 4.7 6.7

Sep 254 038 16 284 8 413 278 735 12 812 18 525 91.1 5.8 3.0 8.9 4.6 6.6

Oct 263 956 17 079 9 422 290 457 13 612 19 718 90.9 5.9 3.2 9.1 4.7 6.8

Nov 270 898 17 488 10 014 298 399 13 980 20 415 90.8 5.9 3.4 9.2 4.7 6.8

Dec 275 594 17 288 9 385 302 267 13 420 19 761 91.2 5.7 3.1 8.8 4.4 6.5

2007 Jan 275 298 17 486 9 614 302 398 14 366 19 997 91.0 5.8 3.2 9.0 4.8 6.6

Feb 280 037 17 708 10 141 307 886 14 745 20 709 91.0 5.8 3.3 9.0 4.8 6.7

Mar 284 034 17 592 9 724 311 350 14 390 20 479 91.2 5.7 3.1 8.8 4.6 6.6

Apr 294 066 18 200 10 002 322 267 14 812 20 700 91.2 5.6 3.1 8.8 4.6 6.4

May 303 179 18 257 10 444 331 880 15 438 21 272 91.4 5.5 3.1 8.6 4.7 6.4

Jun 312 734 17 654 9 722 340 110 14 592 21 196 92.0 5.2 2.9 8.0 4.3 6.2

Jul 324 091 18 109 10 259 352 458 15 294 22 099 92.0 5.1 2.9 8.0 4.3 6.3

Aug* 334 133 17 977 10 895 363 006 15 638 22 670 92.0 5.0 3.0 8.0 4.3 6.2

Sep* 342 453 18 205 10 230 370 888 14 964 22 081 92.3 4.9 2.8 7.7 4.0 6.0

Oct* 354 070 18 167 10 749 382 985 15 378 22 622 92.4 4.7 2.8 7.6 4.0 5.9

1/ It refers to those institutions in which individuals or corporate entities domiciled and resident in the country hold more than 50% of the voting capital,







6/ Total credit with arrears of more than 90 days.7/ Provisions are required starting from risk level A.

Participation %

fd

fd

cb +d

b

d

cd

aa b c ed

ecbad ++=




##### R$ million


risk2/

2005 Dec 126 803 5 427 3 920 136 150 4 235 6 379 93.1 4.0 2.9 6.9 3.1 4.7

2006 Jan 126 234 5 760 4 050 136 043 4 450 6 587 92.8 4.2 3.0 7.2 3.3 4.8

Feb 126 870 5 867 4 204 136 941 4 563 6 809 92.6 4.3 3.1 7.4 3.3 5.0

Mar 128 801 6 033 4 367 139 201 4 763 7 037 92.5 4.3 3.1 7.5 3.4 5.1

Apr 133 244 6 679 4 639 144 562 4 902 7 505 92.2 4.6 3.2 7.8 3.4 5.2

May 136 752 6 636 4 884 148 272 5 214 7 805 92.2 4.5 3.3 7.8 3.5 5.3

Jun 136 494 7 039 4 989 148 522 5 369 8 032 91.9 4.7 3.4 8.1 3.6 5.4

Jul 139 330 7 091 5 232 151 653 5 603 8 331 91.9 4.7 3.5 8.1 3.7 5.5

Aug 141 068 7 055 5 416 153 539 5 607 8 495 91.9 4.6 3.5 8.1 3.7 5.5

Sep 144 336 7 910 5 509 157 755 5 735 8 657 91.5 5.0 3.5 8.5 3.6 5.5

Oct 141 395 6 192 5 307 152 894 5 768 8 096 92.5 4.0 3.5 7.5 3.8 5.3

Nov 146 082 6 352 5 362 157 795 5 844 8 221 92.6 4.0 3.4 7.4 3.7 5.2

Dec 149 929 6 534 5 261 161 724 5 879 8 141 92.7 4.0 3.3 7.3 3.6 5.0

2007 Jan 151 427 6 340 5 373 163 140 5 663 8 271 92.8 3.9 3.3 7.2 3.5 5.1

Feb 153 076 6 461 5 385 164 923 5 634 8 298 92.8 3.9 3.3 7.2 3.4 5.0

Mar 155 633 6 795 5 423 167 851 5 752 8 426 92.7 4.0 3.2 7.3 3.4 5.0

Apr 159 780 7 381 5 458 172 619 5 983 8 625 92.6 4.3 3.2 7.4 3.5 5.0

May 162 000 7 604 5 461 175 065 6 395 8 806 92.5 4.3 3.1 7.5 3.7 5.0

Jun 164 530 7 636 5 314 177 480 5 947 8 763 92.7 4.3 3.0 7.3 3.4 4.9

Jul 167 194 7 626 5 535 180 356 6 136 9 023 92.7 4.2 3.1 7.3 3.4 5.0

Aug* 174 320 7 617 5 801 187 737 6 392 9 298 92.9 4.1 3.1 7.1 3.4 5.0

Sep* 177 583 8 701 5 780 192 064 6 287 9 396 92.5 4.5 3.0 7.5 3.3 4.9

Oct* 181 138 9 467 5 561 196 165 6 176 9 308 92.3 4.8 2.8 7.7 3.1 4.7

1/ It refers to those institutions in which foreign control, either directly or indirectly represents, the majority of voting capital. It also includes those established and







6/ Total credit with arrears of more than 90 days.7/ Provisions are required starting from risk level A.

Participation %

fd

fd

cb +d

b

d

ccbad ++=

d

aa b c ed

e


II.28 – Financial system credit operations Credit distribution by risk levels – October 2007*

Segment R$ million

AA A B C D E F G H

Public sector1/

Previous month balance 18 397 49.2 22.0 11.8 5.6 4.4 6.5 0.0 0.0 0.5 Current month balance 18 217 48.5 22.7 11.1 5.6 4.9 6.7 0.0 0.0 0.5

Federal government Previous month balance 3 725 75.1 24.6 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Current month balance 3 675 75.0 24.8 0.1 0.0 0.0 0.0 0.0 0.0 0.0

State and municipal governments Previous month balance 14 672 42.6 21.4 14.7 7.0 5.5 8.1 0.0 0.0 0.6 Current month balance 14 543 41.9 22.2 13.9 7.0 6.1 8.4 0.0 0.0 0.7

Private sector Previous month balance 838 927 23.8 40.6 17.9 9.2 2.5 1.3 0.8 0.7 3.1 Current month balance 862 585 23.8 40.8 18.0 9.1 2.5 1.2 0.8 0.7 3.1

Industry Previous month balance 191 426 40.4 31.4 18.2 6.6 1.2 0.4 0.3 0.4 1.2 Current month balance 197 336 40.6 31.6 18.4 6.1 1.1 0.4 0.3 0.3 1.2

Housing Previous month balance 42 698 15.1 36.5 13.6 22.9 3.3 1.0 0.8 0.6 6.3 Current month balance 43 497 15.3 36.1 14.0 22.9 3.2 1.0 0.8 0.6 6.2

Rural Previous month balance 84 039 22.5 30.8 24.6 11.5 4.4 2.0 0.8 1.0 2.4 Current month balance 86 190 22.1 30.6 24.0 12.7 4.6 1.9 0.7 1.0 2.4

Commerce Previous month balance 88 254 24.0 36.5 23.1 9.3 2.0 1.1 0.8 0.5 2.7 Current month balance 91 148 23.8 36.7 23.5 9.1 2.0 1.1 0.8 0.4 2.7

Individuals Previous month balance 292 857 10.1 54.6 14.7 8.6 3.2 1.7 1.4 1.1 4.7 Current month balance 302 011 10.2 54.6 14.7 8.4 3.4 1.6 1.4 1.0 4.7

Other services Previous month balance 139 653 33.2 33.8 18.5 8.5 1.7 1.4 0.5 0.3 2.1 Current month balance 142 403 32.8 34.4 18.5 8.6 1.5 1.4 0.5 0.3 2.1

Total2/





Note: Financial institutions credit ratings must take into account the following factors, among others, concerning the debtor: financial economic situation,

degree of indebtedness, economic activity sector, credit limit, type of credit operation, type of guaranties and amount of credit, as well as income status, wealth and

reference file in the case of individuals. Operations in arrears are classified according to their risk level, as following:

a) between 15 and 30 days: at least risk level B;

b) between 31 and 60 days: at least risk level C;

c) between 61 and 90 days: at least risk level D;

d) between 91 and 120 days: at least risk level E;

e) between 121 and 150 days: at least risk level F;

f) between 151 and 180 days: at least risk level G;

g) more than 180 days: risk level H.

Risk level

%



Credit distribution by risk levels – October 2007*

Segment R$ million

AA A B C D E F G H

Public sector2/


Federal government Previous month balance 2 919 68.4 31.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Current month balance 2 881 68.2 31.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0

State and municipal governments Previous month balance 11 361 33.6 23.2 16.8 8.0 7.0 10.5 0.0 0.0 0.8 Current month balance 11 378 32.6 23.9 16.4 7.9 7.7 10.7 0.0 0.0 0.8








Total3/
















Risk level

%




Segment R$ million

AA A B C D E F G H

Public sector2/

Previous month balance 3 374 81.3 9.1 7.5 2.1 0.0 0.0 0.0 0.0 0.0 Current month balance 3 235 83.7 9.7 4.6 2.1 0.0 0.0 - 0.0 0.0

Federal government Previous month balance 584 99.3 0.0 0.7 0.0 - - - - - Current month balance 573 99.3 - 0.7 0.0 - - - - -

State and municipal governments Previous month balance 2 790 77.6 11.0 8.9 2.5 0.0 0.0 0.0 - 0.0 Current month balance 2 662 80.3 11.7 5.5 2.5 0.0 0.0 - - 0.0








Total3/

















Risk level

%




Segment R$ million

AA A B C D E F G H

Public sector2/

Previous month balance 743 65.1 26.3 0.3 7.1 1.2 0.0 0.0 - 0.0 Current month balance 723 64.5 26.8 0.3 7.1 1.2 0.0 - 0.0 0.0

Federal government Previous month balance 222 99.9 0.0 0.0 - - - - - 0.0 Current month balance 220 99.9 0.0 - 0.0 - - - - 0.0

State and municipal governments Previous month balance 520 50.2 37.5 0.5 10.1 1.7 0.0 0.0 - 0.0 Current month balance 503 49.0 38.6 0.4 10.3 1.7 0.0 - 0.0 0.0








Total3/


1/ It refers to those institutions in which external control, either directly or indirectly, represents the majority of voting capital. It also includes those established and


2/ It includes direct admnistration, indirect admnistration and business activities.













Risk level

%


II.32 – Financial system credit operations Provisions by risk levels

#### R$ million

Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total

2005 Dec 197 1 274 1 316 2 546 2 797 2 910 3 563 3 825 20 202 38 631

2006 Jan 216 1 262 1 322 2 534 2 871 3 027 3 614 3 886 21 358 40 089

Feb 215 1 282 1 327 2 530 2 860 3 047 3 654 4 102 21 916 40 932

Mar 209 1 305 1 355 2 566 3 012 3 162 3 778 4 049 22 700 42 137

Apr 211 1 310 1 323 2 614 3 082 3 323 3 878 4 162 23 778 43 680

May 212 1 371 1 275 2 638 3 057 3 534 4 043 4 274 24 301 44 706

Jun 198 1 355 1 370 2 686 3 091 3 405 3 872 5 030 23 455 44 462

Jul 199 1 389 1 358 2 702 3 081 3 476 3 701 4 580 24 140 44 627

Aug 197 1 404 1 386 2 741 3 082 3 467 3 843 4 167 25 305 45 591

Sep 120 1 466 1 456 2 699 3 138 3 560 3 789 4 437 25 337 46 002

Oct 96 1 501 1 471 2 759 2 964 3 545 3 826 4 393 26 317 46 872

Nov 98 1 523 1 524 2 609 2 836 3 690 3 788 4 359 26 186 46 613

Dec 87 1 611 1 545 2 557 2 793 3 730 3 759 4 227 25 470 45 778

2007 Jan 87 1 554 1 429 2 586 2 794 3 749 3 895 4 235 25 924 46 254

Feb 87 1 581 1 489 2 674 2 850 3 682 3 876 4 363 26 422 47 023

Mar 86 1 605 1 669 2 765 2 902 3 705 3 859 4 290 26 147 47 028

Apr 87 1 637 1 581 2 676 3 010 3 809 3 938 4 301 26 617 47 655

May 85 1 687 1 578 2 733 2 927 3 958 4 085 4 185 27 112 48 351

Jun 409 1 818 1 704 2 754 2 933 3 779 4 213 4 389 26 146 48 146

Jul 409 1 868 1 749 2 768 2 897 3 992 4 046 5 513 25 867 49 109

Aug* 381 1 932 1 785 2 831 2 886 3 956 4 679 4 273 27 116 49 838

Sep* 165 1 989 1 866 2 945 3 060 4 292 3 992 4 397 26 585 49 290

Oct* 177 2 044 1 925 3 012 3 220 4 201 4 040 4 264 27 129 50 013

Note: Provisions for nonperforming loans must be on a monthly basis in order to cover probable losses during the payment of credits.

Provisions cannot be lower than the amounts obtained when applying the following percentages:

I – 0.5% on the value of operations classified as risk level A;

II – 1% on the value of operations classified as risk level B;

III – 3% on the value of operations classified as risk level C;

IV – 10% on the value of operations classified as risk level D;

V – 30% on the value of operations classified as risk level E;

VI – 50% on the value of operations classified as risk level F;

VII – 70% on the value of operations classified as risk level G;

VIII – 100% on the value of operations classified as risk level H.



Provisions by risk levels

#### R$ million


2005 Dec 31 336 506 829 1 266 1 118 1 414 2 133 9 220 16 855

2006 Jan 32 333 546 849 1 220 1 092 1 408 2 081 10 068 17 629

Feb 32 337 555 848 1 212 1 057 1 349 2 118 10 123 17 631

Mar 32 343 562 892 1 217 1 152 1 376 2 058 10 483 18 114

Apr 32 334 587 924 1 232 1 133 1 403 2 079 10 972 18 697

May 31 352 601 944 1 252 1 205 1 402 2 192 11 036 19 016

Jun 32 357 600 980 1 274 1 201 1 092 2 644 11 097 19 276

Jul 33 372 596 1 000 1 281 1 173 1 067 2 024 10 769 18 314

Aug 33 374 597 1 035 1 312 1 226 1 034 1 971 10 910 18 492

Sep 33 384 606 1 035 1 317 1 240 1 049 2 065 11 091 18 820

Oct 33 404 614 1 068 1 286 1 234 1 031 2 126 11 261 19 059

Nov 33 404 651 951 1 061 1 338 961 2 109 10 469 17 977

Dec 34 420 663 947 1 066 1 335 961 1 951 10 499 17 876

2007 Jan 34 423 677 977 985 1 316 1 008 1 970 10 596 17 986

Feb 34 431 673 1 021 1 000 1 297 988 2 023 10 548 18 016

Mar 34 429 679 1 026 1 027 1 274 993 2 009 10 651 18 123

Apr 34 430 699 1 016 1 058 1 277 1 022 1 992 10 800 18 330

May 34 429 704 1 044 1 030 1 305 1 043 1 849 10 834 18 273

Jun 34 436 706 1 026 1 035 1 274 1 129 1 815 10 734 18 187

Jul 34 445 710 1 043 1 005 1 292 1 133 2 637 9 689 17 987

Aug* 34 459 718 1 012 1 002 1 304 1 665 1 661 10 017 17 871

Sep* 35 455 730 1 016 1 009 1 615 1 050 1 733 10 171 17 814

Oct* 35 473 741 1 054 1 036 1 608 1 064 1 657 10 413 18 083















#### R$ million


2005 Dec 81 673 601 1 367 1 262 1 404 1 746 1 202 7 061 15 397

2006 Jan 102 670 560 1 331 1 364 1 525 1 794 1 287 7 240 15 873

Feb 99 684 552 1 316 1 361 1 558 1 890 1 442 7 591 16 493

Mar 92 699 576 1 307 1 498 1 591 1 954 1 419 7 850 16 985

Apr 92 697 511 1 304 1 498 1 721 1 996 1 495 8 166 17 479

May 92 724 446 1 320 1 481 1 798 2 133 1 511 8 381 17 885

Jun 91 704 543 1 340 1 470 1 688 2 200 1 750 7 369 17 154

Jul 88 713 540 1 321 1 459 1 764 2 091 1 866 8 140 17 982

Aug 86 720 562 1 327 1 429 1 727 2 224 1 549 8 980 18 605

Sep 86 749 630 1 304 1 407 1 809 2 109 1 693 8 737 18 525

Oct 62 767 660 1 325 1 389 1 841 2 279 1 647 9 748 19 718

Nov 63 772 666 1 291 1 482 1 853 2 292 1 640 10 355 20 415

Dec 52 833 670 1 286 1 425 1 883 2 257 1 646 9 710 19 761

2007 Jan 52 771 524 1 295 1 531 1 915 2 347 1 609 9 952 19 997

Feb 52 784 585 1 316 1 549 1 878 2 360 1 698 10 485 20 709

Mar 51 807 755 1 385 1 550 1 894 2 311 1 654 10 071 20 479

Apr 51 826 643 1 297 1 595 1 933 2 325 1 672 10 357 20 700

May 50 868 637 1 319 1 565 1 972 2 388 1 663 10 810 21 272

Jun 374 988 750 1 360 1 561 1 877 2 392 1 798 10 095 21 196

Jul 374 1 020 791 1 355 1 569 2 041 2 278 2 039 10 632 22 099

Aug* 345 1 060 812 1 446 1 569 1 998 2 314 1 839 11 287 22 670

Sep* 129 1 112 874 1 543 1 623 2 041 2 252 1 881 10 626 22 081

Oct* 140 1 140 917 1 580 1 684 1 964 2 261 1 791 11 145 22 622



Note: Provisions for non-performing loans must be on a monthly basis in order to cover probable losses during the payment of credits.













#### R$ million


2005 Dec 85 264 209 350 268 387 403 490 3 921 6 379

2006 Jan 83 259 216 354 287 409 411 518 4 050 6 587

Feb 84 261 220 365 286 433 415 542 4 203 6 809

Mar 85 264 218 367 297 420 448 573 4 367 7 037

Apr 87 278 224 386 352 470 480 589 4 639 7 505

May 88 296 227 374 324 531 508 571 4 884 7 805

Jun 76 294 227 366 347 516 581 636 4 989 8 032

Jul 78 304 222 381 341 538 544 690 5 232 8 331

Aug 77 309 226 378 342 513 586 647 5 416 8 495

Sep 1 333 220 360 415 510 631 678 5 509 8 657

Oct 1 331 197 365 288 469 516 620 5 307 8 096

Nov 1 348 207 367 293 499 535 610 5 362 8 221

Dec 1 358 211 324 302 512 541 630 5 261 8 141

2007 Jan 1 359 228 315 278 518 540 655 5 376 8 271

Feb 1 366 231 336 300 507 527 641 5 389 8 298

Mar 1 369 235 354 324 537 554 626 5 425 8 426

Apr 1 381 238 362 356 599 591 636 5 461 8 625

May 1 389 237 370 332 681 654 673 5 468 8 806

Jun 2 395 247 367 337 628 693 776 5 318 8 763

Jul 2 404 248 370 323 658 635 837 5 546 9 023

Aug* 2 414 254 374 315 654 699 773 5 813 9 298

Sep* 2 422 261 386 428 636 691 783 5 788 9 396

Oct* 2 431 268 377 500 628 715 816 5 571 9 308

1/ It refers to those institutions in which foreign control, either directly or indirectly, represents the majority of voting capital. It also includes those established and













II.36 – Credit operations used as reference for interest rates1/

Summary

##

Period

Corp2/ Ind3/ Total Corp2/ Ind3/ Total Corp2/ Ind3/ Aver- Corp2/ Ind3/ Aver- Corp2/ Ind3/ Aver- Corp2/ Ind3/ Aver-

age age age age

2005 Dec 185.4 155.2 340.6 80.0 41.0 121.0 31.7 59.3 45.9 13.8 42.6 28.6 218 319 264 2.0 6.7 4.2

2006 Jan 183.3 160.6 343.9 72.3 40.0 112.3 31.3 59.7 46.1 14.3 43.5 29.5 220 318 266 2.2 6.9 4.4

Feb 186.5 163.8 350.3 62.5 34.8 97.3 31.6 59.2 46.2 14.9 43.5 30.0 219 320 266 2.2 7.2 4.5

Mar 189.2 168.1 357.3 82.9 46.3 129.3 30.7 59.0 45.7 14.5 43.8 30.0 220 322 268 2.2 7.3 4.6

Apr 193.5 172.0 365.4 71.0 38.3 109.3 30.6 57.8 45.0 14.8 42.9 29.7 218 324 268 2.3 7.4 4.7

May 197.9 175.5 373.4 82.5 44.2 126.6 29.7 56.1 43.8 14.0 41.1 28.5 222 327 271 2.4 7.7 4.9

Jun 199.0 177.2 376.2 75.8 40.9 116.7 28.8 55.8 43.2 13.5 40.6 28.0 219 331 272 2.3 7.3 4.7

Jul 201.4 180.5 381.8 76.2 40.5 116.7 28.3 54.3 42.2 13.4 39.7 27.5 218 341 276 2.4 7.5 4.8

Aug 199.8 184.1 383.9 80.0 43.2 123.2 27.9 53.9 41.9 13.4 39.6 27.5 222 344 280 2.6 7.6 5.0

Sep 204.6 186.7 391.3 77.0 41.0 118.0 27.3 53.8 41.5 13.5 40.1 27.8 224 346 282 2.8 7.7 5.1

Oct 206.9 189.0 395.9 82.3 43.3 125.5 27.4 53.5 41.4 13.8 40.3 28.0 223 349 283 2.8 7.6 5.1

Nov 212.1 192.0 404.2 81.5 43.5 125.0 26.6 53.6 41.0 13.4 40.7 27.9 224 355 286 2.8 7.7 5.1

Dec 217.6 191.8 409.5 86.8 43.0 129.8 26.2 52.1 39.8 13.5 39.6 27.2 234 368 296 2.7 7.6 5.0

2007 Jan 215.5 196.4 411.8 81.3 44.9 126.2 26.2 52.3 39.9 13.6 40.0 27.4 235 374 301 2.8 7.5 5.0

Feb 219.5 200.6 420.1 70.5 41.4 111.9 26.0 50.8 39.3 13.8 38.7 27.2 234 376 302 2.8 7.3 5.0

Mar 224.4 204.4 428.9 84.4 47.6 131.9 25.4 49.9 38.5 13.4 38.0 26.5 244 384 311 2.8 7.1 4.9

Apr 231.5 209.4 440.9 86.0 44.9 130.9 25.3 49.1 38.1 13.3 37.6 26.4 241 389 311 2.7 7.0 4.8

May 231.0 215.4 446.5 87.3 49.6 136.9 24.3 48.4 37.2 12.8 37.5 26.0 252 398 322 2.6 7.2 4.8

Jun 235.1 217.4 452.5 85.9 45.8 131.6 23.7 47.8 36.7 12.6 37.1 25.8 260 404 329 2.5 7.1 4.7

Jul 240.3 221.9 462.2 91.6 47.9 139.5 23.0 47.0 35.9 12.1 36.3 25.1 261 408 332 2.4 7.1 4.7

Aug* 247.7 226.0 473.7 92.1 49.5 141.7 23.1 46.6 35.7 12.4 35.3 24.7 270 414 339 2.4 7.2 4.7

Sep* 253.3 229.5 482.8 82.8 44.3 127.1 23.1 46.3 35.5 12.6 35.0 24.6 269 420 341 2.3 7.1 4.6

Oct* 258.5 234.8 493.3 95.9 51.3 147.2 23.4 45.8 35.4 12.7 34.5 24.4 270 419 341 2.3 7.0 4.5

1/ Nonearmarked resources defined according to Circular 2,957, dated 12.30.1999.

2/ Percentage of arrears with more han 90 days.

3/ Individuals.

Interest rate Spread Average term Default

(calendar days) (%)

Balance Accumulated grantings

(R$ billion) (R$ billion) (%p.y.) (p.p.)


II.37 – Credit operations used as reference for interest rates Balance by modality – Corporations1/

#####

R$ million

Period Hot Discount Discount Working Guaran- Real Acqui- Vendor Others2/ Advance Export Foreign Import Total

money of trade of promis- capital teed estate sition on notes financ- financ-

bills sory notes overdraft financ- of goods export ing ing and

accounts ing contracts others

2005 Dec 469 10 958 220 51 491 29 732 609 11 152 9 987 22 728 23 856 57 16 041 8 143 185 444

2006 Jan 366 9 924 206 51 197 30 324 623 11 277 9 541 22 605 23 398 54 15 612 8 150 183 278

Feb 424 10 384 215 52 415 31 295 709 11 670 9 951 23 102 23 231 36 15 017 8 003 186 452

Mar 393 10 427 214 52 731 30 531 652 11 995 9 791 23 640 23 970 41 16 556 8 261 189 203

Apr 297 10 738 147 53 130 31 843 637 12 073 9 725 24 525 24 969 40 17 083 8 250 193 456

May 297 10 574 152 54 611 31 355 648 12 194 9 590 24 992 26 284 44 17 852 9 321 197 913

Jun 310 10 763 162 55 853 32 551 612 12 358 10 126 25 868 25 036 40 16 676 8 632 198 986

Jul 393 10 543 158 56 588 32 479 600 12 634 10 241 24 698 26 619 40 17 696 8 666 201 353

Aug 358 10 802 164 56 562 31 791 627 13 255 10 148 24 871 25 479 12 17 263 8 463 199 796

Sep 439 11 257 175 58 084 32 100 652 13 475 10 218 25 525 25 102 1 18 749 8 867 204 644

Oct 394 11 310 173 59 719 32 551 681 13 458 10 463 24 914 25 499 1 19 117 8 618 206 900

Nov 344 11 367 165 62 437 33 272 659 13 535 10 649 26 092 25 514 1 19 414 8 680 212 128

Dec 355 12 012 160 67 814 32 855 734 13 491 10 374 27 229 25 211 1 19 048 8 346 217 631

2007 Jan 285 10 837 158 68 201 32 952 734 13 325 9 957 26 588 24 581 1 19 310 8 532 215 462

Feb 304 10 900 174 69 184 34 627 768 13 395 10 179 26 772 24 773 0 19 609 8 812 219 498

Mar 276 11 643 166 70 156 34 451 783 13 755 10 132 28 236 26 395 0 19 482 8 963 224 440

Apr 361 11 702 156 70 406 35 328 869 14 169 9 995 28 848 30 410 0 20 144 9 122 231 511

May 690 11 918 160 71 246 34 769 876 14 637 9 430 29 240 28 815 0 19 809 9 458 231 047

Jun 302 12 174 169 73 856 35 954 912 15 333 8 847 30 199 26 369 0 20 864 10 119 235 098

Jul 313 11 931 161 75 966 36 729 913 15 510 8 280 30 174 27 467 - 22 297 10 549 240 290

Aug* 653 12 071 161 78 473 35 748 917 15 745 8 416 29 790 29 677 - 24 407 11 629 247 686

Sep* 674 12 492 159 81 846 36 901 953 16 192 8 887 30 772 29 194 - 23 768 11 502 253 340

Oct* 296 12 585 157 84 661 37 181 1 033 16 472 9 492 31 745 30 386 - 23 256 11 204 258 467

1/ End-of-period balance.

2/ It refers to operations with internal resources.


II.38 – Credit operations used as reference for interest rates Balance by modality – Individuals1/

###R$ million

Period Overdraft Personal Real Credit Others Total

accounts credit2/ estate card

financing Vehicles Others Total

2005 Dec 10 974 63 444 956 50 685 10 229 60 914 11 260 7 643 155 190

2006 Jan 12 232 65 010 900 51 938 10 241 62 179 11 882 8 386 160 589

Feb 11 790 66 658 842 53 154 10 161 63 315 12 657 8 545 163 806

Mar 12 825 68 391 869 54 306 10 115 64 421 12 492 9 102 168 100

Apr 12 905 70 675 886 55 248 9 965 65 213 12 916 9 380 171 976

May 13 302 71 794 919 56 441 10 136 66 577 13 117 9 791 175 501

Jun 13 223 72 973 954 57 141 10 102 67 243 13 082 9 707 177 182

Jul 12 934 74 571 994 58 978 10 139 69 117 12 839 10 005 180 461

Aug 13 107 75 972 1 033 60 244 10 114 70 358 13 274 10 396 184 140

Sep 12 787 77 036 1 064 61 387 9 981 71 368 13 293 11 108 186 655

Oct 13 368 78 151 1 116 61 522 10 152 71 674 13 511 11 200 189 020

Nov 13 217 79 700 1 151 62 728 10 248 72 976 13 838 11 161 192 043

Dec 11 760 79 893 1 211 63 475 10 779 74 254 13 418 11 301 191 837

2007 Jan 13 312 81 362 1 276 64 465 10 881 75 346 14 135 10 954 196 386

Feb 13 822 83 386 1 302 65 293 10 721 76 014 14 973 11 091 200 589

Mar 13 800 85 738 1 380 66 976 10 676 77 652 14 927 10 949 204 446

Apr 14 255 87 661 1 461 68 285 10 636 78 921 15 627 11 453 209 378

May 14 224 90 891 1 555 69 855 10 949 80 803 15 677 12 256 215 407

Jun 13 935 91 846 1 627 71 053 11 009 82 062 15 873 12 055 217 397

Jul 14 185 94 013 1 676 72 197 11 200 83 397 16 140 12 493 221 904

Aug* 13 856 95 599 1 772 74 187 11 398 85 585 16 448 12 722 225 982

Sep* 13 990 96 779 1 921 76 126 11 448 87 574 16 674 12 523 229 461

Oct* 14 620 98 805 1 966 78 019 11 769 89 788 17 016 12 605 234 800

1/ End-of-period balance.

2/ It includes payroll-deducted credit and excludes credit unions.

Acquisition of goods


II.39 – Credit operations used as reference for interest rates Interest rates and spread1/

####

% p.y.

Period

General Corporate Individuals General Corporate Individuals General Corporate Individuals

2005 Dec 45.9 31.7 59.3 17.3 17.9 16.7 28.6 13.8 42.6

2006 Jan 46.1 31.3 59.7 16.6 17.0 16.2 29.5 14.3 43.5

Feb 46.2 31.6 59.2 16.2 16.7 15.7 30.0 14.9 43.5

Mar 45.7 30.7 59.0 15.7 16.2 15.2 30.0 14.5 43.8

Apr 45.0 30.6 57.8 15.3 15.8 14.9 29.7 14.8 42.9

May 43.8 29.7 56.1 15.3 15.7 15.0 28.5 14.0 41.1

Jun 43.2 28.8 55.8 15.2 15.3 15.2 28.0 13.5 40.6

Jul 42.2 28.3 54.3 14.7 14.9 14.6 27.5 13.4 39.7

Aug 41.9 27.9 53.9 14.4 14.5 14.3 27.5 13.4 39.6

Sep 41.5 27.3 53.8 13.7 13.8 13.7 27.8 13.5 40.1

Oct 41.4 27.4 53.5 13.4 13.6 13.2 28.0 13.8 40.3

Nov 41.0 26.6 53.6 13.1 13.2 12.9 27.9 13.4 40.7

Dec 39.8 26.2 52.1 12.6 12.7 12.5 27.2 13.5 39.6

2007 Jan 39.9 26.2 52.3 12.5 12.6 12.3 27.4 13.6 40.0

Feb 39.3 26.0 50.8 12.1 12.2 12.1 27.2 13.8 38.7

Mar 38.5 25.4 49.9 12.0 12.0 11.9 26.5 13.4 38.0

Apr 38.1 25.3 49.1 11.7 12.0 11.5 26.4 13.3 37.6

May 37.2 24.3 48.4 11.2 11.5 10.9 26.0 12.8 37.5

Jun 36.7 23.7 47.8 10.9 11.1 10.7 25.8 12.6 37.1

Jul 35.9 23.0 47.0 10.8 10.9 10.7 25.1 12.1 36.3

Aug* 35.7 23.1 46.6 11.0 10.7 11.3 24.7 12.4 35.3

Sep* 35.5 23.1 46.3 10.9 10.5 11.3 24.6 12.6 35.0

Oct* 35.4 23.4 45.8 11.0 10.7 11.3 24.4 12.7 34.5

1/ Includes credit operations with individuals and corporations contracted at fixed, indexed or floating interest rates.

2/ Spread calculated as the difference between lending and funding rates.

Lending rate Funding rate Spread2/


II.40 – Credit operations used as reference for interest rates Interest rate – Fixed-rate operations#####

% p.y.

Period General

Hot Discount Discount Working Guaran- Acqui- Vendor Overdraft Personal

money of trade of promis- capital teed sition accounts credit1/

bills sory notes overdraft of goods Vehicles Others Total

accounts

2005 Dec 47.4 39.5 49.0 34.7 70.3 28.2 22.5 147.5 67.3 34.8 65.2 39.4 53.3

2006 Jan 51.2 40.7 51.8 37.1 69.6 28.6 22.6 147.8 68.9 35.3 58.6 38.9 54.0

Feb 53.4 43.3 56.2 37.3 69.0 29.3 23.1 146.8 68.6 35.2 54.4 38.1 54.0

Mar 53.6 40.4 52.5 35.1 70.7 27.6 21.3 146.4 67.8 34.4 56.9 37.7 53.6

Apr 54.8 42.2 56.3 36.2 68.6 27.3 22.4 145.4 65.3 34.1 59.4 37.7 52.9

May 50.9 38.5 51.7 34.7 69.9 26.6 20.1 145.4 62.3 33.3 58.1 36.8 51.4

Jun 50.7 37.6 48.9 32.4 67.9 26.3 20.3 145.1 62.2 33.3 57.5 36.6 50.8

Jul 47.2 37.2 47.8 32.8 67.8 26.0 19.7 144.1 59.8 32.6 59.6 36.2 49.7

Aug 50.6 37.6 49.3 32.8 66.9 25.5 19.3 143.6 59.1 32.9 59.4 36.4 49.4

Sep 52.2 37.1 50.0 32.2 65.6 26.9 19.2 143.5 58.9 33.0 61.0 36.6 49.2

Oct 51.9 37.2 51.9 31.5 65.5 25.4 18.4 142.6 58.6 33.0 59.0 36.3 48.7

Nov 52.7 36.3 47.1 31.5 66.2 24.6 18.2 142.8 58.6 33.1 59.0 36.4 48.7

Dec 53.8 36.6 48.4 31.1 64.8 24.2 18.3 142.0 57.2 32.3 61.0 36.0 47.3

2007 Jan 55.0 35.5 46.8 32.0 65.4 23.4 17.2 141.9 57.2 32.7 59.3 36.2 47.6

Feb 49.8 35.5 46.7 30.9 64.4 24.7 17.2 141.2 54.5 32.0 57.9 35.4 46.6

Mar 48.2 34.5 47.1 30.8 64.7 22.7 16.6 140.8 53.4 31.2 55.4 34.3 45.8

Apr 48.8 34.4 47.6 30.9 63.4 21.8 16.9 140.9 52.5 30.5 55.8 33.6 45.2

May 47.4 33.7 45.7 30.6 62.8 18.9 16.6 140.3 51.7 29.8 55.6 33.0 44.4

Jun 50.0 32.3 43.3 28.7 62.1 17.0 16.2 139.7 51.1 29.4 55.3 32.7 43.6

Jul 47.7 31.8 42.5 28.1 62.7 16.1 15.2 139.2 50.6 28.7 54.7 31.9 42.9

Aug* 50.4 32.6 41.9 28.5 62.5 15.8 15.1 139.5 49.9 28.7 55.2 32.0 42.7

Sep* 41.0 32.0 41.2 27.9 62.4 16.5 15.9 140.0 49.4 28.6 55.2 31.9 42.4

Oct* 47.3 33.2 42.6 28.4 62.0 15.8 15.9 139.1 48.9 28.4 54.7 31.6 42.1

1/ It includes payroll-deducted credit operations.

Corporations Individuals



II.41 – Credit operations used as reference for interest rates Spread – Fixed-rate operations1/

#####

p.p.

Period General

Hot Discount Discount Working Guaran- Acqui- Vendor Overdraft Personal

money of trade of promis- capital teed sition accounts credit2/

bills sory notes overdraft of goods Vehicles Others Total

accounts

2005 Dec 29.2 21.7 31.2 17.7 52.1 11.7 4.9 129.3 50.7 18.5 48.1 22.9 36.4

2006 Jan 33.5 23.3 34.4 20.6 51.9 12.5 5.5 130.1 52.8 19.5 42.0 23.0 37.6

Feb 36.1 26.4 39.3 21.3 51.7 13.7 6.5 129.5 53.0 19.9 38.4 22.7 38.1

Mar 36.9 24.0 36.1 19.7 54.0 12.6 5.2 129.7 52.7 19.6 41.4 22.8 38.2

Apr 38.6 26.4 40.5 21.2 52.4 12.6 6.8 129.2 50.6 19.4 44.3 23.0 37.8

May 36.3 23.0 36.3 19.7 55.3 11.6 4.8 130.8 47.3 18.2 43.0 21.7 36.4

Jun 36.4 22.5 33.8 17.5 53.6 11.2 5.3 130.8 47.1 17.8 42.6 21.2 35.7

Jul 33.5 22.4 33.0 18.3 54.1 11.4 5.0 130.4 45.2 17.8 45.1 21.5 35.2

Aug 37.1 23.1 34.8 18.5 53.4 11.2 4.9 130.1 44.8 18.5 45.1 22.0 35.2

Sep 39.2 23.1 36.0 18.5 52.6 13.2 5.3 130.5 45.2 19.2 47.3 22.9 35.6

Oct 39.2 23.5 38.2 18.2 52.8 12.1 4.8 129.9 45.3 19.7 45.6 23.0 35.5

Nov 40.3 22.9 33.7 18.5 53.8 11.6 4.9 130.4 45.7 20.1 45.9 23.4 35.8

Dec 41.6 23.5 35.3 18.5 52.6 11.7 5.3 129.8 44.7 19.8 48.3 23.5 34.7

2007 Jan 43.3 22.6 33.9 19.5 53.7 11.0 4.4 130.2 44.8 20.3 46.7 23.8 35.2

Feb 38.1 22.7 33.9 18.6 52.7 12.5 4.5 129.5 42.4 19.9 45.5 23.3 34.5

Mar 36.8 21.9 34.5 18.7 53.3 10.7 4.1 129.4 41.5 19.3 43.2 22.4 33.9

Apr 37.6 22.0 35.3 19.1 52.2 10.2 4.6 129.7 41.0 19.1 43.9 22.1 33.6

May 36.6 21.5 33.6 19.2 52.0 7.8 4.6 129.5 40.7 19.1 44.1 22.2 33.4

Jun 40.0 20.5 31.5 17.6 52.1 6.1 4.5 129.7 40.3 18.8 44.1 22.0 32.8

Jul 37.8 20.3 31.1 17.2 52.8 5.3 3.8 129.3 39.8 18.0 43.7 21.1 32.2

Aug* 40.5 21.3 30.6 17.2 52.6 4.5 3.8 129.6 38.5 17.2 44.0 20.5 31.5

Sep* 31.0 20.9 30.1 16.7 52.4 5.2 4.8 130.0 38.0 17.1 44.1 20.4 31.2

Oct* 37.1 22.1 31.5 17.2 51.8 4.5 4.8 128.9 37.6 17.0 43.5 20.2 30.9

1/ Spread calculated as the difference between lending and funding rates.

2/ It includes payroll-deducted credit operations.

Corporations Individuals


Financial and Capital Markets

Statistical Tables III


III.1 – Interest rates

###

Period

% p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y.

2003 Dec 1.37 16.91 1.37 16.81 0.19 2.20 1.33 16.37 0.87 11.00

2004 Dec 1.48 17.50 1.48 17.46 0.24 2.66 1.43 16.87 0.78 9.75

2005 Dec 1.47 18.24 1.47 18.15 0.23 2.63 1.41 17.39 0.78 9.75

2006 Jan 1.43 17.65 1.43 17.60 0.23 2.70 1.41 17.33 0.72 9.00

Feb 1.15 17.28 1.14 17.20 0.07 1.02 1.09 16.44 0.72 9.00

Mar 1.42 16.74 1.42 16.69 0.21 2.29 1.18 13.73 0.72 9.00

Apr 1.08 16.19 1.08 16.16 0.09 1.20 1.05 15.69 0.66 8.15

May 1.28 15.70 1.28 15.66 0.19 2.18 1.18 14.43 0.66 8.15

Jun 1.18 15.18 1.18 15.15 0.19 2.35 1.16 14.78 0.66 8.15

Jul 1.17 14.98 1.17 14.94 0.18 2.12 1.13 14.39 0.60 7.50

Aug 1.26 14.66 1.25 14.60 0.24 2.70 1.25 14.53 0.60 7.50

Sep 1.06 14.17 1.05 14.11 0.15 1.93 1.01 13.55 0.60 7.50

Oct 1.09 13.95 1.09 13.90 0.19 2.27 1.07 13.61 0.55 6.85

Nov 1.02 13.65 1.02 13.60 0.13 1.63 0.99 13.21 0.55 6.85

Dec 0.99 13.19 0.98 13.14 0.15 1.93 0.96 12.84 0.55 6.85

2007 Jan 1.08 13.13 1.08 13.07 0.22 2.54 1.06 12.85 0.53 6.50

Feb 0.87 12.93 0.87 12.89 0.07 1.01 0.84 12.47 0.53 6.50

Mar 1.05 12.74 1.05 12.69 0.19 2.17 1.01 12.19 0.53 6.50

Apr 0.94 12.58 0.94 12.52 0.13 1.61 0.92 12.21 0.53 6.50

May 1.03 12.43 1.02 12.35 0.17 1.95 0.99 11.95 0.53 6.50

Jun 0.91 12.03 0.90 11.97 0.10 1.21 0.88 11.62 0.53 6.50

Jul 0.97 11.73 0.97 11.67 0.15 1.70 0.90 10.87 0.51 6.25

Aug 0.99 11.43 0.99 11.37 0.15 1.62 0.96 11.01 0.51 6.25

Sep 0.80 11.22 0.80 11.16 0.04 0.47 0.79 10.94 0.51 6.25

Oct 0.93 11.18 0.92 11.11 0.08 0.96 0.86 10.35 0.51 6.25

1/ Refers to the first day of the month. Rate annualized according to base 252 (252 working days).

2/ Fixed for the quarter.

Long-term interest rate2/Federal funds rate Money market interest Reference rate1/ Financial basic rate1/


III.2 – Velocity of circulation of main financial assets

###

Period

Demand Savings Time

deposits deposits deposits

Redemptions Average Redemptions Average Redemptions Average

in month3/ daily in month daily in month daily

balances balances balances

2003 Dec 1.6 0.4 0.3 103 783 63 247 58 658 142 497 40 135 147 439

2004 Dec 1.3 0.4 0.2 101 565 76 105 67 362 157 984 39 549 184 940

2005 Dec 1.0 0.4 0.2 88 992 85 400 71 728 167 845 38 581 246 489

2006 Jan 1.0 0.4 0.2 85 903 83 364 63 217 169 060 42 227 252 202

Feb 0.9 0.3 0.1 69 432 79 688 54 819 168 396 32 634 255 583

Mar 1.1 0.4 0.2 92 463 81 369 67 139 167 463 48 620 263 523

Apr 0.9 0.3 0.1 74 684 80 315 56 715 166 585 35 826 269 416

May 1.1 0.4 0.2 87 228 80 789 64 149 165 821 43 521 273 722

Jun 1.0 0.4 0.2 79 783 81 386 59 534 166 555 46 609 287 371

Jul 1.0 0.4 0.2 80 687 83 244 61 578 169 221 43 152 287 072

Aug 1.0 0.4 0.2 84 275 83 325 68 630 170 604 59 550 285 014

Sep 0.9 0.3 0.1 78 118 85 992 60 449 172 851 41 674 281 506

Oct 1.0 0.4 0.1 85 902 88 215 63 751 174 963 39 115 282 205

Nov 0.9 0.4 0.1 82 163 91 448 66 420 177 738 36 387 287 477

Dec 0.8 0.4 0.2 83 770 100 118 80 856 185 296 46 347 285 375

2007 Jan 0.9 0.4 0.1 86 652 98 960 78 489 189 481 40 761 282 465

Feb 0.8 0.4 0.1 73 273 94 814 69 303 191 313 35 163 284 144

Mar 0.9 0.4 0.2 83 342 95 600 78 173 193 635 59 705 284 322

Apr 0.8 0.4 0.1 80 860 97 434 77 259 196 757 40 991 284 291

May 0.9 0.4 0.2 84 579 96 679 83 383 199 601 43 523 286 851

Jun 0.8 0.4 0.1 77 861 99 652 78 374 202 492 43 050 288 976

Jul 0.8 0.4 0.2 84 731 103 226 85 399 207 379 47 606 290 982

Aug 0.8 0.4 0.2 85 191 105 440 89 541 211 136 46 726 294 732

Sep 0.7 0.4 0.1 76 166 107 588 78 334 216 656 40 401 299 493

Oct 0.8 0.4 0.2 89 718 110 685 90 718 220 171 47 060 304 024

1/ Relation redemptions/balances.

2/ Average daily balances of working days of the month indicated.

3/ Check clearing flow.

Velocity of circulation1/ Memorandum (R$ million)2/

Demand deposits Savings deposits Time deposits


III.3 – Investment funds – Portfolio destination1/ 2/

####R$ million

Period Destination Financial Extramercado Stock FMP-FGTS Total

investment funds4/ funds5/ funds6/

funds3/

2007 Jul Government securities 506 404 23 039 2 252 46 531 741

Private securities 141 623 - 297 - 141 920

Bank Securities 95 958 - 79 - 96 036

Corporate Securities 45 666 - 218 - 45 884

Fund quotas 20 410 - 3 901 - 24 311

Repo operations 194 442 1 811 2 298 7 198 559

Stocks 3 954 - 93 597 13 313 110 863

Other 21 901 - 10 049 18 31 967

Total portfolio 888 734 24 850 112 394 13 383 1 039 362

Aug Government securities 520 152 22 921 2 758 53 545 884


Bank Securities 98 173 - 350 - 98 523


Fund quotas 20 289 - 3 875 - 24 164

Repo operations 180 135 1 975 1 919 5 184 034

Stocks 9 626 - 90 436 13 264 113 325

Other 26 898 - 13 552 24 40 473

Total portfolio 901 259 24 896 113 089 13 345 1 052 590

Sep Government securities 528 121 24 758 2 583 70 555 532


Bank Securities 97 076 - 352 - 97 428


Fund quotas 20 661 - 3 648 - 24 309

Repo operations 178 767 1 319 2 038 2 182 126

Stocks 26 503 - 98 554 15 972 141 029

Other 10 844 - 13 244 12 24 100

Total portfolio 912 453 26 077 120 468 16 056 1 075 055

Oct Government securities 527 656 25 134 2 465 121 555 375


Bank Securities 98 774 - 296 - 99 070


Fund quotas 22 225 - 3 853 - 26 079

Repo operations 184 559 1 167 2 278 12 188 016

Stocks 27 325 - 110 268 17 492 155 084

Other 11 240 0 8 825 118 20 184

Total portfolio 923 217 26 300 128 145 17 743 1 095 405

Sources: Bacen and Securities and Exchange Commission (CVM)

1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.

2/ The net worth is a proxy of the portfolio value.

3/ Includes: exchange investment funds; short-term investment funds; fixed-income investment funds; Multimarket Investment Funds; Indexed Investment Funds; and

other funds not yet classified according to CVM Instruction 409, dated 8.18.2004.

4/ Investment funds hold by state companies, exclusively managed by Banco do Brasil, according to Resolution 2,917, dated 12.19.2001.

5/ Includes: stock investment funds and other security funds not yet classified according to CVM Instruction 409, dated 8.18.2004.

6/ Refers to mutual privatization funds.


III.4 – Investment funds – Portfolio destination1/ 2/

Relative participation %

Period Destination Financial Extramercado Stock FMP-FGTS Total

investment funds4/ funds5/ funds6/

funds3/

2007 Jul Government securities 57.0 92.7 2.0 0.3 51.2

Private securities 15.9 0.0 0.3 0.0 13.7

Bank Securities 10.8 0.0 0.1 0.0 9.2

Corporate Securities 5.1 0.0 0.2 0.0 4.4

Fund quotas 2.3 0.0 3.5 0.0 2.3

Repo operations 21.9 7.3 2.0 0.1 19.1

Stocks 0.4 0.0 83.3 99.5 10.7

Other 2.5 0.0 8.9 0.1 3.1

Total portfolio 100.0 100.0 100.0 100.0 100.0

Aug Government securities 57.7 92.1 2.4 0.4 51.9


Bank Securities 10.9 0.0 0.3 0.0 9.4


Fund quotas 2.3 0.0 3.4 0.0 2.3

Repo operations 20.0 7.9 1.7 0.0 17.5

Stocks 1.1 0.0 80.0 99.4 10.8

Other 3.0 0.0 12.0 0.2 3.8

Total portfolio 100.0 100.0 100.0 100.0 100.0

Sep Government securities 57.9 94.9 2.1 0.4 51.7


Bank Securities 10.6 0.0 0.3 0.0 9.1


Fund quotas 2.3 0.0 3.0 0.0 2.3

Repo operations 19.6 5.1 1.7 0.0 16.9

Stocks 2.9 0.0 81.8 99.5 13.1

Other 1.2 0.0 11.0 0.1 2.2

Total portfolio 100.0 100.0 100.0 100.0 100.0

Oct Government securities 57.2 95.6 1.9 0.7 50.7


Bank Securities 10.7 0.0 0.2 0.0 9.0


Fund quotas 2.4 0.0 3.0 0.0 2.4

Repo operations 20.0 4.4 1.8 0.1 17.2

Stocks 3.0 0.0 86.0 98.6 14.2

Other 1.2 0.0 6.9 0.7 1.8

Total portfolio 100.0 100.0 100.0 100.0 100.0


1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.

2/ The net worth is a proxy of the portfolio value.

3/ Includes: exchange investment funds; short-term investment funds; fixed-income investment funds; Multimarket Investment Funds; Indexed Investment Funds; and

other funds not yet classified according to CVM Instruction 409, dated 8.18.2004.


5/ Includes: stock investment funds and other security funds not yet classified according to CVM Instruction 409, dated 8.18.2004.

6/ Refers to mutual privatization funds.


III.5 – Mutual investment funds

###R$ million

Period

Net worth Net inflow Net worth Net inflow Net worth Net inflow

(balance) (flow) (balance) (flow) (balance) (flow)

2003 Dec 466 793 10 249 13 318 1 124 41 669 -81

2004 Dec 541 965 -4 616 17 185 -16 49 491 686

2005 Dec 653 714 -2 152 20 393 351 59 878 -447

2006 Jan 677 468 13 101 21 628 946 68 605 2 082

Feb 697 470 10 969 21 773 -98 68 238 285

Mar 718 936 12 423 21 745 -344 67 467 264

Apr 727 417 968 22 534 564 70 815 116

May 735 192 2 433 22 955 112 68 722 994

Jun 740 778 472 22 300 -901 68 003 48

Jul 749 639 -1 573 22 830 273 68 787 74

Aug 761 596 1 104 21 299 -1 803 67 971 374

Sep 772 739 2 714 21 422 -103 74 578 611

Oct 777 800 -3 899 21 491 -162 78 201 470

Nov 789 358 1 793 21 498 -215 81 907 -73

Dec 794 875 -1 343 23 180 1 464 88 164 587

2007 Jan 814 832 13 687 22 913 -507 90 785 2 200

Feb 826 769 5 972 24 039 924 92 187 1 755

Mar 833 929 -2 591 24 258 -24 96 054 1 612

Apr 851 809 10 919 24 553 57 101 789 860

May 868 553 8 280 24 344 -446 108 809 2 479

Jun 880 969 8 253 23 812 -743 115 566 3 684

Jul 888 442 5 268 24 851 830 123 390 4 816

Aug 889 388 -1 983 24 893 -188 123 118 1 242

Sep 897 193 -3 787 26 075 992 134 324 606

Oct 909 849 3 755 26 299 -3 145 888 2 162



Financial investment funds Extramercado funds1/ Stock funds


III.6 – Time deposits and savings deposits

###R$ million

Period

Balance1/ Net inflow2/ Balance Net inflow Balance Net inflow Balance Net inflow

2003 Dec 144 242 -6 185 115 257 1 909 27 799 469 143 057 2 378

2004 Dec 188 136 1 451 126 853 2 910 31 413 632 158 267 3 542

2005 Dec 252 339 5 790 135 412 3 743 33 323 606 168 734 4 349

2006 Jan 253 048 -2 766 134 293 -2 019 33 698 138 167 991 -1 881

Feb 258 742 2 874 135 483 379 33 716 -191 169 200 188

Mar 268 149 5 784 132 893 -3 391 33 564 -363 166 456 -3 754

Apr 270 973 23 132 425 -1 277 33 470 -308 165 894 -1 585

May 282 647 8 275 131 757 -1 398 33 499 -170 165 256 -1 568

Jun 286 604 597 133 000 383 33 770 48 166 771 432

Jul 286 752 -3 129 135 025 1 184 34 349 355 169 373 1 539

Aug 285 103 -5 087 135 592 -319 34 623 39 170 215 -280

Sep 279 785 -8 190 138 282 1 829 35 093 239 173 375 2 068

Oct 284 844 2 091 140 127 996 35 567 244 175 694 1 241

Nov 289 377 1 714 143 262 3 125 36 158 417 179 420 3 542

Dec 281 968 -10 121 150 413 6 296 37 523 1 136 187 936 7 432

2007 Jan 283 433 -1 442 150 681 -2 430 38 583 820 189 265 -1 610

Feb 283 969 -1 861 152 538 884 39 145 304 191 683 1 189

Mar 283 128 -3 689 154 473 1 117 39 797 429 194 270 1 546

Apr 285 323 -349 157 093 1 690 40 412 357 197 504 2 047

May 288 816 674 159 034 1 034 40 986 331 200 020 1 365

Jun 292 062 833 161 814 1 843 41 812 568 203 626 2 411

Jul 290 690 -3 994 165 421 2 693 42 878 815 208 299 3 508

Aug 298 122 4 551 168 745 2 375 44 017 878 212 762 3 253

Sep 301 481 1 088 173 102 3 429 45 031 756 218 133 4 185

Oct 306 104 1 912 175 480 1 473 45 616 335 221 096 1 808

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 corresponds to net worth variation.

Savings and Loans

Time deposits Savings deposits

Brazilian System of Rural Total


III.7 – Nominal income of major financial investments

#% p.m.

Period Savings1/ Gold6/ Commercial Ibovespa6/

exchange

Individuals Nonfinancial Average3/ Extramercado Stocks rate6/

corporations funds5/

2003 Dec 0.69 1.18 1.29 1.28 1.34 11.77 2.93 -2.04 10.17

2004 Dec 0.74 1.31 1.39 1.38 1.46 5.13 -4.14 -2.79 4.25

2005 Dec 0.73 1.25 1.36 1.35 1.58 5.90 9.66 6.06 4.82

2006 Jan 0.73 1.23 1.35 1.34 1.36 11.06 5.70 -5.33 14.73

Feb 0.57 0.96 1.05 1.05 1.12 -1.02 -4.17 -3.63 0.59

Mar 0.61 1.16 1.30 1.30 1.42 -1.30 3.07 1.73 -1.71

Apr 0.59 0.83 0.95 0.94 1.02 4.81 9.18 -3.83 6.36

May 0.69 1.10 1.22 1.21 1.36 -4.29 12.73 10.11 -9.50

Jun 0.69 1.02 1.14 1.13 1.12 -1.07 -13.31 -5.92 0.27

Jul 0.68 1.02 1.12 1.12 1.17 1.06 3.49 0.55 1.22

Aug 0.74 1.08 1.17 1.17 1.25 -1.71 -1.80 -1.72 -2.28

Sep 0.65 0.91 0.97 0.97 1.07 8.89 -5.03 1.66 0.60

Oct 0.69 0.90 0.95 0.95 1.09 4.26 1.69 -1.44 7.72

Nov 0.63 0.88 0.93 0.93 1.03 4.85 7.23 1.11 6.80

Dec 0.65 0.83 0.86 0.86 0.98 6.91 -3.87 -1.33 6.06

2007 Jan 0.72 0.93 0.97 0.97 1.04 0.47 3.22 -0.62 0.38

Feb 0.57 0.74 0.77 0.77 0.86 -0.34 1.34 -0.70 -1.68

Mar 0.69 0.90 0.95 0.95 1.01 2.42 -1.54 -2.82 4.36

Apr 0.63 0.80 0.83 0.83 0.97 5.07 3.91 -0.80 6.88

May 0.67 0.87 0.90 0.90 0.97 4.45 -5.48 -5.16 6.77

Jun 0.60 0.78 0.78 0.78 0.88 2.81 -3.41 -0.14 4.06

Jul 0.61 0.86 0.86 0.86 0.89 2.66 -2.59 -2.52 -0.39

Aug 0.65 0.88 0.86 0.87 0.94 -1.17 2.42 4.50 0.84

Sep 0.54 0.71 0.72 0.72 0.75 8.59 3.77 -6.27 10.67

Oct 0.58 0.79 0.82 0.82 0.86 6.98 7.95 -5.16 8.02

1/ Reference rate (TR) + 0,5% per month; earnings refer to savings deposits with anniversary on the 1st of the month following the month indicated (greater occurrence).

2/ Funding rates as in Circular 2,132/1991 article 2nd. Average monthly rate for a 30-day period.3/ Average CDB rate contracted during the month. Those obtained from institutional investors and financial institutions are included.

4/ Average yield estimate based on financial institution's figures.


6/ End-of-period change.

Banking certificates Investment funds4/

of deposits2/


III.8 – One-day interbank deposits contracts Adjustment rates, traded volumes and outstanding contracts####

Period

1st 2nd 3rd 4th 5th 6th 7th 1st to 4th 5th and 6th 7th 1st to 4th 5th and 6th 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month month months month month months month month

2003 Dec 16.24 16.12 15.97 15.88 15.77 15.80 15.88 11 818 12 315 2 969 900 724 426

2004 Dec 17.71 17.84 18.02 18.16 18.29 18.17 17.81 20 866 7 837 6 820 1 622 630 485

2005 Dec 17.93 17.71 17.56 17.37 16.86 16.56 16.39 28 380 6 749 17 834 2 911 794 1 927

2006 Jan 17.10 17.19 16.93 16.77 16.34 16.05 15.89 30 392 10 526 23 465 2 858 1 032 2 379

Feb 17.29 16.67 16.48 16.23 15.99 15.57 15.34 10 482 8 925 30 863 1 291 1 200 2 826

Mar 16.51 16.24 15.95 15.68 15.22 14.96 14.83 12 727 16 476 22 735 1 772 1 355 2 211

Apr 15.70 15.66 15.39 15.26 14.99 14.77 14.69 10 647 17 714 23 872 1 476 1 576 2 444

May 15.65 15.28 15.29 15.29 15.21 15.22 15.28 12 843 17 848 27 981 1 820 1 639 2 629

Jun 15.18 15.01 14.87 14.76 14.66 14.68 14.79 12 813 11 086 21 839 2 131 1 549 2 231

Jul 14.60 14.63 14.52 14.48 14.40 14.41 14.46 11 467 15 657 23 914 1 090 1 838 2 505

Aug 14.11 14.14 14.09 14.03 14.00 13.94 13.94 13 532 17 011 26 113 1 285 2 018 2 765

Sep 14.18 13.96 13.83 13.74 13.58 13.52 13.57 17 990 11 701 31 113 2 150 1 294 2 327

Oct 13.65 13.60 13.44 13.34 13.18 13.06 13.01 22 860 11 202 30 243 1 734 1 356 2 709

Nov 13.13 13.15 13.12 13.05 12.99 12.86 12.77 25 229 16 389 33 511 2 061 1 506 3 033

Dec 13.17 13.08 12.96 12.83 12.59 12.46 12.37 20 458 8 617 33 335 2 741 1 148 3 020

2007 Jan 12.91 12.89 12.81 12.72 12.60 12.46 12.37 20 836 12 435 39 962 1 794 1 394 3 503

Feb 12.90 12.71 12.63 12.56 12.48 12.26 12.15 14 176 15 597 51 899 1 798 1 821 3 498

Mar 12.66 12.57 12.33 12.32 12.13 11.99 11.84 17 936 17 197 33 273 3 325 2 009 2 394

Apr 12.33 12.35 12.23 12.14 11.90 11.61 11.36 31 277 26 889 38 405 2 058 2 125 2 741

May 12.39 12.06 11.92 11.82 11.69 11.35 11.11 23 155 21 185 45 571 2 401 2 441 3 131

Jun 11.89 11.72 11.58 11.46 11.16 10.89 10.76 19 819 26 798 60 235 2 392 2 048 3 110

Jul 11.37 11.39 11.29 11.20 11.08 10.99 10.94 12 932 21 360 52 186 1 251 2 214 3 576

Aug 11.42 11.21 11.18 11.16 11.17 11.22 11.27 8 096 21 591 55 998 1 222 2 463 3 743

Sep 11.12 11.08 11.06 11.03 11.05 11.11 11.16 23 011 10 615 35 654 3 121 1 361 3 335

Oct 11.09 11.14 11.12 11.14 11.15 11.21 11.28 35 057 12 194 34 259 2 375 1 549 3 513

Source: BM&F

1/ Adjustment rates of contracts referring to 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 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.

Interest rates1/ Traded volumes2/ Outstanding contracts3/

% p.y. (R$ million) (thousand)


III.9 – U.S. dollar futures contracts Adjustment prices, traded volumes and outstanding contracts#####

Period

1st 2nd 3rd 1st 2nd 3rd to 7th 3rd 2nd 3rd to 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month month month month

2003 Dec 2.8892 2.9419 2.9704 7 928 1 597 106 111 104 16

2004 Dec 2.6544 2.6863 2.7139 11 842 2 434 183 146 139 20

2005 Dec 2.3407 2.3478 2.3668 16 309 2 139 413 197 191 87

2006 Jan 2.2160 2.2273 2.2493 15 113 2 816 429 171 244 105

Feb 2.1355 2.1631 2.1781 19 383 3 403 422 195 268 107

Mar 2.1724 2.1814 2.2020 20 611 3 156 344 192 279 108

Apr 2.0892 2.1049 2.1220 17 990 3 660 343 169 254 101

May 2.3005 2.3421 2.3622 24 797 3 131 452 157 252 92

Jun 2.1643 2.1829 2.2016 18 924 3 251 302 188 201 91

Jul 2.1762 2.1931 2.2070 16 073 2 617 255 144 216 91

Aug 2.1388 2.1564 2.1707 18 728 2 791 342 170 238 98

Sep 2.1742 2.1841 2.1971 23 106 3 493 442 214 280 105

Oct 2.1430 2.1553 2.1668 19 823 3 621 417 195 309 114

Nov 2.1668 2.1769 2.1913 20 898 4 531 460 225 285 105

Dec 2.1380 2.1477 2.1576 18 846 3 972 262 217 317 104

2007 Jan 2.1247 2.1313 2.1431 20 782 3 820 426 261 353 123

Feb 2.1182 2.1271 2.1361 29 102 6 042 285 204 336 129

Mar 2.0504 2.0668 2.0766 29 328 5 983 416 328 306 138

Apr 2.0339 2.0443 2.0528 26 354 4 577 427 297 391 163

May 1.9289 1.9324 1.9414 30 182 5 052 312 416 515 158

Jun 1.9262 1.9374 1.9456 33 296 5 061 447 359 392 207

Jul 1.8776 1.8910 1.8971 30 293 4 924 291 282 373 229

Aug 1.9620 1.9650 1.9722 34 105 4 281 377 400 417 203

Sep 1.8389 1.8400 1.8460 23 915 4 320 260 321 368 203

Oct 1.7440 1.7423 1.7492 29 166 3 699 407 247 418 208

Source: BM&F

1/ Adjustment prices of contracts corresponding to the last working day of the first three maturities.

2/ Daily average.


Outstanding contracts3/

(R$/US$) (R$ million) (thousand)

Adjustment prices1/ Traded volumes2/


III.10 – FRA on the interbank deposit x U.S. dollar spread Adjustment rates, traded volumes and outstanding contracts####

Period

2nd 3rd 4th 5th 6th 7th 1st to 3rd 4th and 5th 6th and 7th 1st to 4th 4th and 5th 6th and 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month months month month months month month

2003 Dec 1.05 1.34 1.79 2.26 2.73 3.13 6 590 2 648 4 740 378 147 309

2004 Dec 2.26 2.36 2.56 2.78 2.95 3.16 8 561 1 965 2 597 398 104 291

2005 Dec 4.32 4.28 4.27 4.28 4.31 4.36 4 208 1 219 2 596 393 91 310

2006 Jan 4.68 4.70 4.71 4.73 4.72 4.78 2 493 1 268 3 278 366 111 357

Feb 4.72 4.81 4.78 4.80 4.83 4.84 3 216 1 276 2 699 315 139 406

Mar 4.03 4.21 4.57 4.66 4.78 4.89 3 961 1 177 1 416 376 165 314

Apr 4.10 4.40 4.51 4.61 4.74 4.86 4 286 1 288 1 365 415 160 326

May 4.12 4.15 4.55 4.75 5.03 5.22 3 967 1 256 1 637 354 179 347

Jun 4.69 4.86 4.94 5.04 5.13 5.25 3 027 544 711 364 124 317

Jul 5.06 5.09 5.09 5.16 5.25 5.31 2 547 981 1 818 334 125 334

Aug 5.22 5.26 5.27 5.30 5.31 5.32 3 049 1 277 2 157 354 120 380

Sep 5.15 5.24 5.27 5.30 5.30 5.29 4 006 425 1 628 474 92 377

Oct 5.18 5.08 5.22 5.28 5.30 5.33 3 879 356 1 012 415 100 383

Nov 4.97 5.12 5.20 5.22 5.30 5.34 3 727 543 1 800 476 113 388

Dec 5.16 5.17 5.20 5.25 5.32 5.35 4 728 499 1 658 470 109 362

2007 Jan 5.57 5.53 5.46 5.47 5.52 5.59 3 848 500 1 293 480 118 399

Feb 6.18 6.21 6.15 5.94 5.86 5.88 3 785 1 531 2 341 357 168 447

Mar 6.31 6.05 5.83 5.70 5.72 5.71 5 050 2 351 2 356 577 257 373

Apr 5.72 5.60 5.55 5.52 5.52 5.52 6 164 1 791 1 981 629 309 440

May 6.14 6.03 6.09 5.99 5.97 5.98 5 798 2 777 2 152 735 336 489

Jun 6.16 6.24 6.26 6.27 6.26 6.26 5 393 1 240 1 511 823 289 440

Jul 6.15 6.36 6.15 6.17 6.20 6.24 5 047 1 253 1 273 675 279 470

Aug 6.48 6.27 6.48 6.57 6.70 6.70 4 748 2 315 2 165 618 286 495

Sep 5.71 5.80 5.82 5.84 5.84 5.86 4 645 1 169 1 861 679 199 446

Oct 5.30 5.46 5.32 5.31 5.29 5.32 3 904 911 1 695 587 215 479

Source: BM&F

1/ Adjustment rates of contracts referring to the last working day of the month. Rates of contracts falling due between the 2nd and the 4th month subsequent to the reference month

(2nd to 4th maturity) and those falling due in the first months fo the following three quarters (5th to 7th maturity, months of January, April, July and October) are shown.2/ Daily average.


Interest rates1/ Traded volumes2/ Outstanding contracts3/

% p.y. (R$ million) (thousand)


III.11 – Capital market Primary issue

R$ million

Period

Value Amount Value Amount Value Amount Value Amount Value Amount

2003 Dec - - 969 4 300 1 95 1 196 3

2004 Dec 1 076 2 769 4 - - 46 5 - -

2005 Dec 380 2 1 565 3 570 1 1 085 3 - -

2006 Jan - - 1 750 2 900 1 36 7 - -

Feb 2 128 4 780 3 - - 99 5 - -

Mar 905 3 2 190 2 - - 120 4 - -

Apr 1 498 7 1 350 4 - - 7 2 - -

May 155 1 338 1 373 1 - - - -

Jun 173 1 4 900 3 - - 51 2 - -

Jul 5 300 4 32 859 10 2 893 6 120 35 - -

Aug - - 50 1 75 1 43 3 1 1

Sep 474 1 1 610 4 700 4 278 8 1 1

Oct 2 545 4 1 597 5 800 1 51 4 - -

Nov 565 2 4 100 1 460 2 171 4 73 4

Dec 477 2 17 939 11 350 3 92 3 - -

2007 Jan 2 138 4 - - 650 2 27 3 1 1

Feb 1 885 3 250 1 340 1 11 1 15 1

Mar 2 504 4 317 2 460 4 225 11 24 1

Apr 3 895 10 2 502 4 10 1 109 3 1 1

May - - 1 207 3 919 3 135 4 177 3

Jun 5 294 10 550 2 400 1 22 3 1 1

Jul 7 908 14 24 182 15 5 304 2 26 2 88 1

Aug - - - - 120 1 87 4 - -

Sep 272 1 380 1 50 1 86 3 82 1

Oct 4 827 9 10 878 9 1 100 1 117 5 41 2

Source: CVM

Quotas of real estate

investment funds

Stocks Debentures Commercial Real estate receivables

papers


III.12 – Capital market Secondary market indicators

R$ million

Period

Volume1/

Ibovespa Dow Jones Nasdaq Ibovespa Dow Jones Nasdaq Bovespa

NYSE NYSE

2003 Dec 22 236 10 454 2 003 10.2 6.9 2.2 1 175.0

2004 Dec 26 196 10 800 2 178 4.3 3.6 3.9 1 517.5

2005 Dec 33 455 10 718 2 205 4.8 -0.8 -1.2 1 754.7

2006 Jan 38 382 10 865 2 306 14.7 1.4 4.6 2 199.7

Feb 38 610 11 062 2 287 0.6 1.8 -0.8 2 672.5

Mar 37 951 11 151 2 340 -1.7 0.8 2.3 2 175.0

Apr 40 363 11 367 2 323 6.4 1.9 -0.7 2 518.1

May 36 530 11 168 2 179 -9.5 -1.7 -6.2 2 949.0

Jun 36 630 11 150 2 172 0.3 -0.2 -0.3 2 240.4

Jul 37 077 11 186 2 091 1.2 0.3 -3.7 1 752.0

Aug 36 232 11 381 2 184 -2.3 1.7 4.4 2 176.1

Sep 36 449 11 679 2 258 0.6 2.6 3.4 2 082.4

Oct 39 262 12 081 2 367 7.7 3.4 4.8 2 511.6

Nov 41 931 12 222 2 432 6.8 1.2 2.7 2 707.3

Dec 44 473 12 463 2 415 6.1 2.0 -0.7 3 152.2

2007 Jan 44 641 12 622 2 464 0.4 1.3 2.0 2 938.6

Feb 43 892 12 269 2 416 -1.7 -2.8 -1.9 4 149.6

Mar 45 804 12 354 2 422 4.4 0.7 0.2 3 480.8

Apr 48 956 13 063 2 525 6.9 5.7 4.3 4 219.8

May 52 268 13 628 2 605 6.8 4.3 3.1 3 969.4

Jun 54 392 13 409 2 603 4.1 -1.6 0.0 5 243.9

Jul 54 182 13 212 2 546 -0.4 -1.5 -2.2 4 796.3

Aug 54 637 13 358 2 596 0.8 1.1 2.0 5 092.3

Sep 60 465 13 896 2 702 10.7 4.0 4.0 4 715.8

Oct 65 317 13 930 2 859 8.0 0.2 5.8 6 719.2

Sources: Bovespa, Dow Jones and Nasdaq

1/ Daily average.

Stock exchanges

Index Variation accumulated in month (%)


III.13 – Market capitalization Corporations – Bovespa

##

Period

R$ billion Variation % US$ billion1/ Variation % R$ billion Variation % US$ billion1/ Variation % Number of

companies

2003 Dec 493.6 14.27 170.9 16.65 676.7 13.07 234.2 15.43 369

2004 Dec 642.0 6.20 241.9 9.25 904.9 6.67 340.9 9.74 358

2005 Dec 841.2 4.04 359.4 -1.90 1 128.5 5.03 482.1 -0.97 343

2006 Jan 1 229.2 46.12 554.7 54.34 1 292.0 14.49 583.1 20.94 339

Feb 978.4 -20.40 458.2 -17.40 1 298.1 0.47 607.9 4.26 340

Mar 963.8 -1.50 443.7 -3.17 1 285.3 -0.99 591.7 -2.67 336

Apr 1 039.8 7.89 497.7 12.18 1 368.0 6.43 654.8 10.67 341

May 961.4 -7.54 417.9 -16.04 1 299.1 -5.04 564.7 -13.76 341

Jun 952.5 -0.92 440.1 5.31 1 283.5 -1.20 593.1 5.02 339

Jul 968.5 1.69 445.1 1.13 1 271.7 -0.93 584.4 -1.47 342

Aug 949.6 -1.96 444.0 -0.24 1 268.0 -0.29 592.9 1.46 340

Sep 986.8 3.92 453.9 2.23 1 269.1 0.09 583.7 -1.54 341

Oct 1 046.3 6.02 488.2 7.57 1 352.6 6.58 631.2 8.13 346

Nov 1 114.5 6.52 514.4 5.35 1 457.5 7.76 672.7 6.57 347

Dec 1 180.7 5.94 552.2 7.36 1 544.9 6.00 722.6 7.43 350

2007 Jan 1 229.2 4.11 578.5 4.76 1 582.6 2.44 744.8 3.08 352

Feb 1 198.8 -2.47 568.2 -1.79 1 563.8 -1.19 741.2 -0.50 355

Mar 1 245.9 3.93 607.6 6.95 1 630.0 4.24 795.0 7.26 359

Apr 1 318.7 5.84 648.3 6.70 1 750.2 7.37 860.5 8.24 366

May 1 430.7 8.49 741.7 14.40 1 899.9 8.56 985.0 14.46 367

Jun 1 462.4 2.22 759.2 2.36 1 970.8 3.73 1 023.2 3.88 374

Jul 1 467.7 0.36 781.7 2.96 2 121.4 7.64 1 129.8 10.42 388

Aug 1 483.1 1.05 755.9 -3.29 2 175.9 2.57 1 109.0 -1.84 389

Sep 1 658.4 11.82 901.9 19.31 2 266.7 4.17 1 232.6 11.15 390

Oct 1 792.8 8.10 1 028.0 13.98 2 502.9 10.42 1 435.2 16.43 403

Source: São Paulo Stock Exchange (Bovespa)

1/ Exchange rate (selling price) end-of-period.

Value of corporations listed in the Bovespa index Total value of corporations listed in Bovespa

Public Finance

Statistical Tables IV


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

With the objective of adjusting the data from the Banco Central do Brasil Bulletin to the current economic reality, alterations have been carried out in Chapter IV of Public Finance, as of volume 42, number 3. Such alterations concern the exclusion of some tables and the inclusion of new ones. The excluded tables show data that have become irrelevant in the current scenario of price stablility and floating exchange rate. The data belonging to those tables are still available in the Banco Central time series. Parallel to this, the new tables introduce data that help to analyze more accurately the public debt management policy regarding terms, growth conditioning factors and open market and swap operations.

The sequence of some tables has also been changed, as follows:

Version Number of table

Previous IV.12 IV.13 IV.14 IV.16 IV.26 IV.27New IV.14 IV.15 IV.16 IV.22 IV.25 IV.26

Tables excluded

Number Title

IV.11 Federal domestic securities and open market operations – Percentage share of indexIV.15 Net Public Sector Debt (NPSD) – In US$IV.17 Public Sector Borrowing Requirements (PSBR) – Flows in 12 monthsIV.18 PSBR – 12-month flow at price of last month indecatedIV.19 PSBR – With exchange devaluation on the internal securities debt – Cumulative flows for the year as % of GDPIV.20 PSBR – With exchange devaluation on the internal securities debt – 12-month flowsIV.21 PSBR – With exchange devaluation on the internal securities debt – 12-month flows at price of last month indicatedIV.22 PSBR – State-owned companies – 12-month flowsIV.23 PSBR – State-owned companies – 12-month flows at price of last month indicated

Tables included

Number Title

IV.11 Federal domestic securities and open market operations – Percentage share of indexIV.12 Duration and term of federal securities – Securities issued through public offerIV.13 Federal securities – Maturity scheduleIV.17 Net public debt – Percentage share of indexIV.18 Net debt evolution – Condictioning factors – Monthly flowsIV.19 Net debt evolution – Condictioning factorsIV.20 Gross and Net General Government DebtIV.21 Public sector borrowing requirements – Monthly flowsIV.23 Public sector borrowing requirements – Flows in 12 months


IV.1 – Central Government primary result Above the line concept

Flows in R$ million

End-

of-

period National Treasury Social Security Total National Treasury Social Security Total

(a) (b) c = (a+b) (d) (e) f = (d+e)

2000 180 801 55 717 236 518 147 344 65 787 213 131

2001 207 549 62 490 270 039 172 283 75 328 247 611

2002 248 602 71 027 319 629 199 111 88 028 287 139

2003 274 933 80 731 355 664 209 043 107 135 316 178

2004 324 612 93 765 418 377 242 925 125 751 368 676

2005 378 550 108 433 486 983 287 844 146 010 433 854

2006 418 161 123 521 541 682 325 994 165 586 491 580

Jan 37 277 8 204 45 481 28 395 13 048 41 443

Feb 29 130 9 319 38 449 23 139 11 759 34 898

Mar 32 110 9 194 41 304 22 242 11 806 34 048

Apr 39 503 9 281 48 784 22 150 11 891 34 041

May 32 634 9 573 42 207 26 366 12 885 39 251

Jun 34 590 9 656 44 246 25 444 12 812 38 256

Jul 34 969 9 734 44 703 28 516 13 172 41 688

Aug 35 272 10 020 45 292 25 784 13 121 38 905

Sep 34 187 10 420 44 607 25 070 18 987 44 057

Oct 36 352 10 315 46 667 25 909 13 358 39 267

Nov 32 101 10 414 42 515 29 439 13 301 42 740

Dec 40 036 17 391 57 427 43 540 19 446 62 986

2007 389 276 108 821 498 097 287 687 147 253 434 940

Jan 42 523 9 477 52 000 26 942 13 173 40 115

Feb 32 613 10 437 43 050 26 241 13 232 39 473

Mar 37 027 10 534 47 561 28 299 15 225 43 524

Apr 44 231 10 622 54 853 26 864 13 487 40 351

May 37 291 10 838 48 129 29 213 14 187 43 400

Jun 38 395 10 929 49 324 29 752 14 315 44 067

Jul 39 584 11 195 50 779 31 149 14 408 45 557

Aug 36 891 11 684 48 575 30 569 14 270 44 839

Sep 37 835 11 393 49 228 28 543 20 550 49 093

Oct 42 886 11 712 54 598 30 115 14 406 44 521

(continues)

Revenues Expenditures


IV.1 – Central Government primary result Above the line concept

(concluded) Flows in R$ million

End- Banco Central result Central government result1/

of-

period National Treasury Social Security Total

g = (a-d) h = (b-e) i = (g+h) (j) k = (i+j)

2000 33 457 -10 070 23 387 -477 22 910

2001 35 266 -12 838 22 428 -690 21 738

2002 49 491 -17 001 32 490 -777 31 713

2003 65 890 -26 404 39 486 -195 39 291

2004 81 688 -31 986 49 701 -336 49 365

2005 90 706 -37 577 53 129 -314 52 815

2006 92 167 -42 065 50 102 -170 49 932

Jan 8 882 -4 844 4 038 -16 4 022

Feb 5 991 -2 440 3 551 22 3 573

Mar 9 868 -2 612 7 256 4 7 260

Apr 17 353 -2 610 14 743 -17 14 726

May 6 268 -3 312 2 956 -11 2 945

Jun 9 146 -3 156 5 990 -73 5 917

Jul 6 453 -3 438 3 015 -5 3 010

Aug 9 488 -3 101 6 387 -22 6 365

Sep 9 117 -8 567 550 -39 511

Oct 10 443 -3 043 7 400 -6 7 394

Nov 2 662 -2 887 -225 30 -195

Dec -3 504 -2 055 -5 559 -37 -5 596

2007 101 589 -38 432 63 157 -605 62 552

Jan 15 581 -3 696 11 885 -59 11 826

Feb 6 372 -2 795 3 577 -18 3 559

Mar 8 728 -4 691 4 037 -32 4 005

Apr 17 367 -2 865 14 502 -85 14 417

May 8 078 -3 349 4 729 -38 4 691

Jun 8 643 -3 386 5 257 -69 5 188

Jul 8 435 -3 213 5 222 -77 5 145

Aug 6 322 -2 586 3 736 -73 3 663

Sep 9 292 -9 157 135 -89 46

Oct 12 771 -2 694 10 077 -65 10 012

Source: STN

1/ (+) = surplus; (-) = deficit.

Federal government result


IV.2 – National Treasury performance summaryCash basis

Flows in R$ million

End- Revenues1/ Expenditures Cash Federal Remuneration of Result of Federal security Renegotiation of Domestic and Resources

of- balance security available funds the Banco charges – Banco foreign debt and external available

period operations in the Banco Central Central portfolio acquirement contracted

Central of warranties debt

amortization

2000 239 403 252 634 -13 231 32 796 12 303 - -4 313 0 -15 472 12 083

2001 272 109 283 755 -11 646 57 353 15 966 1 138 -6 225 0 -18 325 38 261

2002 328 257 338 008 -9 751 4 217 35 420 - -11 780 0 -16 865 1 241

2003 370 911 367 665 3 246 66 265 19 848 - -15 696 0 -38 632 35 031

2004 436 351 417 309 19 042 13 653 18 447 7 998 -22 560 0 -20 546 16 035

2005 497 009 504 219 -7 210 70 800 28 378 0 -26 242 0 -25 696 40 030

2006 555 487 588 152 -32 665 125 918 28 024 1 025 -40 049 0 -39 044 43 209

Jan 33 811 48 186 -14 375 14 723 2 688 0 -380 0 -4 441 -1 785

Feb 42 099 39 882 2 217 22 149 1 885 0 -900 0 -5 350 20 001

Mar 41 712 37 318 4 394 4 916 2 736 1 025 -100 0 -3 238 9 733

Apr 41 830 47 111 -5 281 -26 514 2 516 0 -4 999 0 -14 448 -48 726

May 47 218 47 447 -229 -24 032 3 109 0 -7 298 0 -362 -28 812

Jun 46 994 49 229 -2 235 42 402 1 884 0 -3 548 0 -1 937 36 566

Jul 43 989 54 402 -10 413 -6 904 1 741 0 -5 524 0 -4 271 -25 371

Aug 46 981 49 316 -2 335 15 667 1 796 0 -4 080 0 -877 10 171

Sep 47 838 47 709 129 28 325 2 716 0 -1 775 0 -2 165 27 230

Oct 46 237 48 901 -2 664 4 769 1 877 0 -4 600 0 -1 661 -2 279

Nov 50 047 59 945 -9 898 19 695 2 403 0 -4 447 0 110 7 863

Dec 66 731 58 706 8 025 30 722 2 673 0 -2 398 0 -404 38 618

2007 504 520 520 540 -16 020 132 783 23 737 0 -27 800 0 -20 646 92 042

Jan 41 190 50 423 -9 233 1 323 1 933 0 -6 100 0 -251 -12 328

Feb 48 280 44 663 3 617 35 248 1 982 0 -600 0 -4 428 35 819

Mar 47 699 51 416 -3 717 13 978 2 577 0 -5 100 0 -2 854 4 884

Apr 53 271 46 609 6 662 2 485 2 300 0 -3 500 0 -4 527 3 420

May 52 080 59 215 -7 135 30 756 1 989 0 -1 000 0 -2 803 21 807

Jun 52 110 55 324 -3 214 24 942 3 032 0 -3 700 0 -236 20 824

Jul 50 154 56 196 -6 042 -24 049 2 379 0 -5 500 0 -2 193 -35 405

Aug 53 454 48 263 5 191 11 096 2 923 0 -600 0 -1 642 16 968

Sep 52 979 59 490 -6 511 10 664 2 438 0 0 0 -467 6 112

Oct 53 303 48 941 4 362 26 340 2 184 0 -1 700 0 -1 245 29 941

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


IV.3 – National Treasury revenues1/

Cash basis

Flows in R$ million

End- Fiscal revenue Revenues of government Social Security Total revenues

of- credit operations and earnings net inflow

period on available resources in the

period Banco do Brasil

2000 172 658 11 297 55 448 239 403

2001 192 796 13 319 65 994 272 109

2002 238 121 13 511 76 625 328 257

2003 269 313 14 736 86 862 370 911

2004 316 643 17 858 101 850 436 351

2005 362 069 20 033 114 907 497 009

2006 403 416 21 639 130 432 555 487

Jan 23 802 1 607 8 402 33 811

Feb 31 046 1 129 9 924 42 099

Mar 29 845 2 263 9 604 41 712

Apr 30 727 1 349 9 754 41 830

May 35 520 2 330 9 368 47 218

Jun 33 490 2 513 10 991 46 994

Jul 32 012 1 632 10 345 43 989

Aug 35 431 1 927 9 623 46 981

Sep 34 303 1 464 12 071 47 838

Oct 33 203 1 991 11 043 46 237

Nov 37 402 1 726 10 919 50 047

Dec 46 635 1 708 18 388 66 731

2007 370 529 16 842 117 149 504 520

Jan 30 162 1 864 9 164 41 190

Feb 35 315 1 528 11 437 48 280

Mar 34 130 1 772 11 797 47 699

Apr 40 509 1 746 11 016 53 271

May 40 231 1 640 10 209 52 080

Jun 37 754 1 266 13 090 52 110

Jul 35 839 1 994 12 321 50 154

Aug 40 367 1 755 11 332 53 454

Sep 37 565 1 318 14 096 52 979

Oct 38 657 1 959 12 687 53 303

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


IV.4 – National Treasury expenditures1/

Cash basis

Flows in R$ million

End- Payroll and Transfers to Other Federal Government Charges on Current expen- Social Total

of- social states and earmarkings security credit contracted debt ditures, invest- Security expenditures

period charges municipalities charges2/ operations – domestic and ment amount benefits

external to be paid

2000 57 177 39 357 8 233 25 042 2 965 13 542 39 502 66 816 252 634

2001 63 347 45 495 9 253 21 518 4 453 16 893 47 372 75 424 283 755

2002 72 874 55 657 9 948 27 006 3 793 19 656 58 378 90 696 338 008

2003 78 198 59 253 13 359 23 740 4 675 29 177 51 316 107 947 367 665

2004 88 254 67 018 14 548 31 682 4 664 14 512 72 266 124 366 417 309

2005 99 460 83 804 17 590 49 585 23 479 4 503 82 538 143 260 504 219

2006 108 386 91 455 19 938 91 847 4 910 15 487 94 184 161 945 588 152

Jan 11 236 8 201 2 398 8 806 277 1 412 4 805 11 051 48 186

Feb 8 228 7 243 682 3 510 367 1 932 6 601 11 319 39 882

Mar 8 251 6 109 627 4 507 98 -67 5 831 11 962 37 318

Apr 7 581 7 099 3 103 8 712 236 1 264 6 659 12 457 47 111

May 8 081 8 532 1 574 9 615 315 173 6 633 12 524 47 447

Jun 10 268 8 040 1 648 6 794 356 2 001 7 832 12 290 49 229

Jul 8 418 7 202 1 495 13 237 487 2 426 8 531 12 606 54 402

Aug 8 302 7 848 1 622 5 921 290 2 487 7 637 15 209 49 316

Sep 8 187 6 482 1 717 4 245 306 2 902 7 166 16 704 47 709

Oct 8 035 6 665 1 691 10 450 450 -33 8 699 12 944 48 901

Nov 11 668 9 140 1 611 12 030 470 546 9 130 15 350 59 945

Dec 10 131 8 894 1 770 4 020 1 258 444 14 660 17 529 58 706

2007 93 951 81 302 18 382 80 015 14 306 3 745 85 343 143 496 520 540

Jan 9 990 7 776 1 789 13 222 362 266 4 828 12 190 50 423

Feb 8 526 8 460 1 604 2 514 3 267 557 6 593 13 142 44 663

Mar 9 743 6 849 1 495 9 801 1 745 438 8 295 13 050 51 416

Apr 8 317 8 355 1 925 4 696 1 854 294 7 257 13 911 46 609

May 8 452 9 234 1 806 8 100 3 873 437 13 500 13 813 59 215

Jun 10 740 9 505 1 794 9 400 640 464 8 567 14 214 55 324

Jul 9 355 7 451 1 879 14 530 993 133 8 234 13 621 56 196

Aug 9 549 8 216 1 921 3 005 717 592 8 974 15 289 48 263

Sep 9 738 7 627 2 193 9 732 267 233 9 527 20 173 59 490

Oct 9 541 7 829 1 976 5 015 588 331 9 568 14 093 48 941

Source: STN

1/ As of January 2000, Social Security benefits were also included.

2/ Excludes charges on Banco Central's portfolio.


IV.5 – Social Security Cash basis

R$ million

End- Operating Social

of- balance Security

period Inflow1/ Other National Federal Total Other Transfer Total balance5/

reve- Treasury govern- expen- to third

nues2/ revenue ment Social Other ditures3/ parties4/

antici- transfer Security

pation

(a) (b) (c) (d) e=(a+b+c+d) (f) (g) (h) (i) j=(f+g+h+i) k=(e-j)

2000 59 605 533 1 760 15 283 77 181 65 787 2 721 4 072 3 889 76 469 712 -10 071

2001 66 996 635 -3 20 543 88 171 75 328 3 368 4 830 4 506 88 032 139 -12 838

2002 76 080 361 2 939 25 652 105 032 88 028 4 083 4 980 5 053 102 144 2 888 -17 001

2003 86 588 602 -3 238 38 275 122 227 107 135 5 062 5 304 5 857 123 359 -1 131 -26 405

2004 101 126 2 610 6 885 49 380 160 000 125 751 8 168 10 463 7 360 151 742 8 259 -31 985

2005 115 954 882 10 324 45 553 172 713 146 009 10 001 8 267 7 519 171 796 917 -37 574

2006 133 016 1 368 -359 67 732 201 757 165 585 12 332 13 097 9 493 200 507 1 250 -42 062

Jan 9 435 56 -7 642 13 879 15 728 13 048 907 1 145 1 231 16 331 -603 -4 844

Feb 10 010 124 -4 759 9 127 14 502 11 759 904 874 692 14 229 273 -2 441

Mar 9 914 716 3 009 1 265 14 904 11 806 919 1 477 720 14 922 -18 -2 612

Apr 9 966 6 3 541 1 999 15 512 11 891 921 869 685 14 366 1 146 -2 610

May 10 287 28 -279 5 246 15 282 12 885 1 062 859 713 15 519 -237 -3 311

Jun 10 417 77 -1 365 6 395 15 524 12 812 1 081 973 761 15 627 -103 -3 156

Jul 10 464 111 1 412 3 607 15 594 13 172 1 077 1 048 730 16 027 -433 -3 438

Aug 10 801 23 5 623 1 806 18 253 13 121 1 080 989 780 15 970 2 283 -3 100

Sep 11 180 -11 1 468 7 369 20 006 18 986 1 097 1 137 760 21 980 -1 974 -8 566

Oct 11 122 97 -4 678 9 727 16 268 13 358 1 081 1 042 807 16 288 -20 -3 043

Nov 11 218 32 5 360 2 045 18 655 13 301 1 087 1 131 803 16 322 2 333 -2 886

Dec 18 202 109 -2 049 5 267 21 529 19 446 1 116 1 553 811 22 926 -1 397 -2 055

2007 119 826 926 7 720 47 331 175 803 147 253 11 869 6 522 11 005 176 649 -846 -38 432

Jan 10 898 4 -1 339 6 332 15 895 13 173 1 120 1 271 1 420 16 984 -1 089 -3 695

Feb 11 251 89 -4 607 10 169 16 902 13 232 1 113 1 713 814 16 872 30 -2 795

Mar 11 571 81 1 787 5 100 18 539 15 225 1 117 1 217 1 037 18 596 -57 -4 691

Apr 11 657 132 4 148 2 307 18 244 13 487 1 124 1 930 1 035 17 576 668 -2 865

May 11 908 120 -960 6 569 17 637 14 187 1 213 1 197 1 070 17 667 -30 -3 349

Jun 12 012 143 3 837 2 453 18 445 14 315 1 220 1 400 1 083 18 018 427 -3 386

Jul 12 289 105 2 399 2 068 16 861 14 408 1 224 813 1 094 17 539 -678 -3 213

Aug 12 815 83 -2 615 8 064 18 347 14 270 1 229 638 1 131 17 268 1 079 -2 586

Sep 12 538 87 7 595 2 288 22 508 20 550 1 262 659 1 146 23 617 -1 109 -9 158

Oct 12 887 82 2 369 1 981 17 319 14 406 1 247 578 1 175 17 406 -87 -2 694

Source: Ministry of Social Security and Assistance

1/ Includes: banking inflow, Simples, judicial deposits and inflow reimbursements.

2/ Includes: financial earnings and other own payments.

3/ Includes: personnel and current expenditures.

4/ Includes: transfers to Sesi, Senac, Senai, etc.

5/ Includes: banking inflow + Simples + judicial deposits - transfers to third parties - reimbursements - social security benefits.

Revenues Expenditures

Benefits


IV.6 – Circulation of Goods and Services Tax (ICMS)

Flows in R$ thousand

End-

of-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

2000 110 475 1 404 444 1 183 937 516 689 101 909 107 821 277 917 3 703 191

2001 132 836 1 655 936 1 480 002 557 721 118 784 118 400 343 415 4 407 094

2002 163 804 1 923 328 1 718 357 622 222 123 889 138 511 416 081 5 106 192

2003 208 455 2 193 498 2 131 688 865 534 134 412 147 463 548 664 6 229 714

2004 257 213 2 612 640 2 405 823 1 057 535 150 919 184 422 606 391 7 274 943

2005 331 512 3 002 409 2 860 873 1 236 212 235 278 189 825 675 784 8 531 893

2006 347 139 3 312 988 3 308 268 1 336 300 287 867 221 277 722 275 9 536 114

Jan 26 953 279 063 294 514 104 617 33 975 19 277 61 392 819 791

Feb 34 074 262 513 244 960 103 202 21 503 16 308 53 649 736 209

Mar 26 921 235 630 237 947 98 447 21 103 17 523 53 912 691 483

Apr 34 949 270 462 249 042 91 759 21 526 18 039 54 486 740 263

May 26 182 275 199 241 865 97 568 21 320 18 948 56 269 737 351

Jun 25 338 276 275 261 863 105 793 20 318 16 839 59 680 766 106

Jul 24 259 280 209 264 629 106 453 20 574 16 839 60 327 773 290

Aug 28 743 276 488 273 658 113 810 20 847 17 051 60 799 791 396

Sep 28 302 302 534 287 441 121 022 28 761 18 740 67 749 854 549

Oct 28 302 305 351 317 540 122 217 25 144 19 236 63 389 881 179

Nov 30 773 300 204 305 633 119 667 24 611 19 104 64 180 864 172

Dec 32 343 249 060 329 176 151 745 28 185 23 373 66 443 880 325

2007 286 524 2 655 329 2 707 652 1 025 586 186 627 230 674 575 893 7 668 285

Jan 32 411 289 228 323 620 124 216 24 295 29 706 63 821 887 297

Feb 28 892 280 173 283 751 92 311 19 959 25 986 53 125 784 197

Mar 30 424 252 252 262 501 86 451 18 232 22 738 56 308 728 906

Apr 35 508 307 679 271 196 86 451 21 488 22 738 62 041 807 101

May 28 877 307 679 319 150 116 100 19 380 22 833 65 793 879 812

Jun 30 362 312 789 289 016 125 250 21 243 25 287 67 687 871 634

Jul* 33 118 312 789 306 987 125 250 22 832 22 950 67 446 891 372

Aug* 33 466 296 370 314 524 135 400 19 599 29 218 69 265 897 842

Sep* 33 466 296 370 336 907 134 157 19 599 29 218 70 407 920 124

(continues)

North region



(continued) Flows in R$ thousand

End-

of-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

2000 631 455 429 989 1 867 770 791 539 735 897 2 143 971 539 445 489 795 3 763 961 11 393 822

2001 805 428 467 930 2 121 415 911 350 910 423 2 394 617 592 673 578 004 4 242 537 13 024 377

2002 921 537 544 160 2 423 682 1 016 366 925 133 2 865 015 649 029 689 971 5 153 876 15 188 769

2003 979 435 612 351 2 633 551 1 186 566 1 040 965 3 177 689 799 452 764 511 5 871 356 17 065 876

2004 1 185 157 761 713 2 994 082 1 394 632 1 125 408 3 667 070 973 292 873 014 7 132 795 20 107 163

2005 1 464 277 902 279 3 144 614 1 616 467 1 336 564 4 313 803 1 100 365 1 010 709 7 830 841 22 719 919

2006 1 828 237 1 068 978 3 826 301 1 909 777 1 532 786 4 864 101 1 281 320 1 139 482 8 614 710 26 065 692

Jan 154 021 84 234 338 841 160 940 135 168 430 576 115 256 100 167 694 170 2 213 373

Feb 160 992 72 464 272 430 143 668 126 127 375 207 91 863 84 539 674 880 2 002 170

Mar 147 246 101 643 250 481 138 134 114 336 352 086 89 775 80 320 641 591 1 915 612

Apr 139 990 74 699 344 939 138 979 122 308 417 140 100 707 88 690 676 300 2 103 752

May 124 338 78 700 217 845 157 721 121 891 382 259 123 448 85 076 631 302 1 922 580

Jun 136 555 90 301 249 903 153 122 121 705 401 401 96 136 90 605 660 586 2 000 314

Jul 156 069 84 960 286 768 149 641 122 473 396 861 92 282 80 686 659 856 2 029 596

Aug 151 219 90 668 334 445 167 894 130 799 392 404 100 448 88 298 680 917 2 137 092

Sep 180 217 95 735 392 028 191 827 134 919 415 458 94 141 96 132 905 653 2 506 110

Oct 156 539 89 436 404 935 166 201 127 033 402 310 133 497 147 363 831 094 2 458 408

Nov 158 900 108 061 404 935 170 825 133 197 430 356 118 021 98 292 831 094 2 453 681

Dec 162 151 98 077 328 751 170 825 142 830 468 043 125 746 99 314 727 267 2 323 004

2007 1 468 854 843 308 2 760 895 1 452 833 1 213 776 3 924 867 1 016 289 890 560 6 641 667 20 213 049

Jan 179 314 104 440 312 663 174 588 142 683 466 927 128 623 109 585 820 561 2 439 384

Feb 151 070 92 208 293 946 151 886 135 087 424 288 111 118 96 370 695 437 2 151 410

Mar 159 981 83 186 281 712 147 664 123 491 390 153 101 477 96 370 657 677 2 041 711

Apr 156 160 88 350 281 712 155 285 126 805 423 538 91 962 96 370 741 942 2 162 124

May 156 672 89 796 281 712 153 012 126 805 418 322 99 427 96 370 688 975 2 111 091

Jun 164 041 97 028 300 201 167 111 137 732 442 789 104 563 96 370 740 410 2 250 245

Jul* 162 483 96 100 323 532 163 079 140 556 449 571 117 151 98 501 728 386 2 279 359

Aug* 165 098 96 100 323 532 163 079 140 869 450 163 147 647 96 044 766 247 2 348 779

Sep* 174 035 96 100 361 885 177 129 139 748 459 116 114 321 104 580 802 032 2 428 946

(continues)

Northeast region




End-

of-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

2000 7 562 363 2 004 531 8 169 916 30 618 863 48 355 673 4 355 485 2 756 601 5 643 999 12 756 086

2001 9 223 821 2 490 518 9 368 880 33 693 292 54 776 511 5 002 579 3 290 356 6 706 354 14 999 289

2002 9 543 622 2 381 617 10 409 117 37 254 155 59 588 511 5 786 722 3 858 352 7 441 494 17 086 568

2003 11 026 332 2 934 516 11 180 563 40 289 405 65 430 816 6 709 703 4 663 419 8 988 843 20 361 965

2004 13 221 766 3 732 002 13 051 844 45 922 468 75 928 080 7 824 123 5 258 227 9 637 938 22 720 288

2005 15 637 858 4 635 618 13 396 127 51 001 253 84 670 856 8 759 645 5 836 075 11 381 938 25 977 658

2006 17 018 048 5 091 607 14 804 973 57 788 447 94 703 075 9 254 511 6 129 334 11 813 298 27 197 143

Jan 1 405 100 420 817 1 314 284 4 560 043 7 700 244 807 291 577 546 1 101 593 2 486 430

Feb 1 280 468 398 454 1 076 847 3 742 525 6 498 294 758 622 452 090 893 999 2 104 711

Mar 1 298 561 370 908 1 100 750 4 883 639 7 653 858 809 544 494 138 910 184 2 213 866

Apr 1 305 141 432 688 1 042 952 4 539 463 7 320 244 786 778 494 683 952 411 2 233 872

May 1 358 557 379 309 1 159 611 4 632 751 7 530 228 715 114 501 681 910 858 2 127 653

Jun 1 429 944 416 988 1 186 907 4 576 974 7 610 813 797 858 504 869 1 043 200 2 345 927

Jul 1 449 007 414 504 1 221 351 4 456 721 7 541 583 679 621 522 299 931 671 2 133 591

Aug 1 437 896 419 380 1 233 337 4 583 451 7 674 064 700 312 519 808 903 043 2 123 163

Sep 1 487 261 441 338 1 330 125 4 733 161 7 991 885 773 037 518 046 1 103 710 2 394 793

Oct 1 516 114 446 314 1 350 755 5 474 834 8 788 017 789 290 503 542 1 055 106 2 347 938

Nov 1 514 358 463 108 1 347 920 6 245 159 9 570 545 818 522 503 542 1 054 210 2 376 274

Dec 1 535 641 487 799 1 440 134 5 359 726 8 823 300 818 522 537 090 953 313 2 308 925

2007 14 081 828 4 257 592 11 342 994 46 043 221 75 725 635 7 321 721 4 938 045 8 882 440 21 142 206

Jan 1 582 451 493 087 1 420 980 5 017 519 8 514 037 876 187 537 090 1 135 879 2 549 156

Feb 1 497 768 471 378 1 231 478 4 732 808 7 933 432 766 061 537 090 901 736 2 204 887

Mar 1 424 182 420 351 1 197 137 4 657 041 7 698 711 735 049 537 090 844 382 2 116 521

Apr 1 517 036 472 820 1 250 701 4 969 817 8 210 374 825 691 537 090 988 601 2 351 382

May 1 532 073 440 555 1 239 570 5 148 428 8 360 626 788 342 571 150 993 169 2 352 661

Jun 1 576 171 468 596 1 185 474 5 088 500 8 318 741 810 737 580 720 1 013 390 2 404 847

Jul* 1 621 501 488 660 1 223 636 5 165 247 8 499 044 832 738 552 775 946 370 2 331 883

Aug* 1 640 413 498 165 1 220 605 5 303 067 8 662 250 810 215 542 520 1 031 508 2 384 243

Sep* 1 690 233 503 980 1 373 413 5 960 794 9 528 420 876 701 542 520 1 027 405 2 446 626

(continues)

Southeast region South region



(concluded) Flows in R$ thousand

End- Total – Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

2000 1 414 069 2 178 832 1 415 797 1 037 156 6 045 853 82 269 693

2001 1 598 339 2 615 094 1 543 252 1 243 930 7 000 615 94 156 996

2002 1 797 393 3 020 440 1 864 312 1 332 005 8 014 150 104 984 190

2003 2 206 574 3 698 715 2 474 555 1 859 637 10 239 481 119 327 852

2004 2 580 823 3 978 086 3 321 144 2 349 044 12 229 097 138 259 571

2005 2 935 715 4 223 689 3 413 595 2 666 873 13 239 872 155 140 198

2006 3 316 431 4 698 623 3 156 533 3 009 798 14 181 385 171 683 409

Jan 295 855 351 781 262 271 245 096 1 155 003 14 374 841

Feb 239 899 430 150 217 589 215 508 1 103 146 12 444 530

Mar 249 185 438 550 255 934 251 183 1 194 852 13 669 671

Apr 275 774 249 081 244 186 236 552 1 005 593 13 403 724

May 268 382 414 954 243 729 230 009 1 157 074 13 474 886

Jun 268 468 351 805 236 455 244 411 1 101 139 13 824 299

Jul 259 622 358 511 262 204 245 532 1 125 869 13 603 929

Aug 266 673 385 553 271 088 257 272 1 180 586 13 906 301

Sep 345 026 361 644 281 299 266 439 1 254 408 15 001 745

Oct 288 127 334 650 297 670 273 248 1 193 695 15 669 237

Nov 278 042 471 935 296 786 284 377 1 331 140 16 595 812

Dec 281 378 550 009 287 322 260 171 1 378 880 15 714 434

2007 2 541 567 3 850 850 2 546 638 2 520 849 11 459 904 136 209 079

Jan 293 834 406 612 282 922 288 160 1 271 528 15 661 402

Feb 273 454 389 461 253 795 248 239 1 164 949 14 238 875

Mar 250 535 455 097 252 943 256 261 1 214 836 13 800 685

Apr 274 813 424 499 273 145 305 621 1 278 078 14 809 059

May 279 397 411 029 279 599 284 417 1 254 442 14 958 632

Jun 282 303 439 656 285 698 271 673 1 279 330 15 124 797

Jul* 318 846 439 656 291 851 278 781 1 329 134 15 330 792

Aug* 283 709 442 760 303 619 294 769 1 324 857 15 617 971

Sep* 284 676 442 080 323 066 292 928 1 342 750 16 666 866

Source: MF/Cotepe

Central-west region


IV.7 – Transfers of funds from the National Treasury to states and municipalities1/

Flows in R$ thousand

End-

of-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

2000 576 642 661 023 1 776 434 548 665 428 569 559 640 855 107 5 406 080

2001 677 789 787 902 2 005 565 647 403 496 306 657 762 1 005 421 6 278 148

2002 838 436 981 440 2 407 136 798 482 624 046 812 443 1 244 221 7 706 204

2003 806 909 1 022 779 2 455 353 828 934 645 112 841 386 1 293 359 7 893 832

2004 899 415 1 160 496 2 867 413 934 262 723 684 940 783 1 445 760 8 971 813

2005 1 189 816 1 399 917 3 479 783 1 148 203 890 609 1 140 175 1 783 377 11 031 880

2006 1 211 063 1 418 626 3 416 679 1 165 700 917 802 1 164 233 1 823 135 11 117 238

Jan 127 311 151 420 357 287 123 963 98 575 120 340 194 743 1 173 639

Feb 106 150 117 609 265 877 99 692 81 606 98 756 158 732 928 422

Mar 98 754 110 519 266 936 93 167 73 756 94 089 146 616 883 837

Apr 114 066 130 935 311 000 110 480 85 855 108 391 173 401 1 034 128

May 122 092 136 960 324 267 115 398 91 115 116 853 181 159 1 087 844

Jun 119 418 141 016 348 469 114 012 88 925 116 381 176 837 1 105 058

Jul 109 761 128 207 308 179 107 052 82 669 104 798 167 532 1 008 198

Aug 107 741 122 483 289 938 101 958 80 402 103 199 159 859 965 580

Sep 100 085 116 184 273 673 94 881 75 827 95 897 148 542 905 089

Oct 93 986 112 116 263 430 92 567 74 079 89 885 144 814 870 877

Nov 111 699 151 177 407 623 112 530 84 993 115 644 170 900 1 154 566

Dec 136 006 179 199 463 038 135 426 104 386 134 488 208 055 1 360 598

2007 249 976 279 030 642 304 237 904 190 984 237 396 374 314 2 211 908

Jan 121 278 135 976 312 307 115 421 89 843 115 066 181 579 1 071 470

Feb 128 698 143 054 329 997 122 483 101 141 122 330 192 735 1 140 438

(continues)

North region




End-

of-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

2000 1 907 818 1 035 443 1 915 161 984 945 1 190 380 1 820 528 989 902 821 320 3 138 735 13 804 232

2001 2 191 690 1 202 356 2 233 307 1 160 231 1 392 471 2 122 741 1 153 315 966 278 3 638 125 16 060 514

2002 2 628 286 1 486 891 2 728 306 1 433 804 1 721 706 2 615 138 1 422 104 1 194 339 4 379 973 19 610 547

2003 2 719 188 1 533 372 2 857 616 1 488 531 1 789 569 2 694 589 1 474 817 1 258 616 4 461 652 20 277 950

2004 3 157 013 1 724 381 3 196 328 1 688 132 2 001 261 2 994 544 1 702 931 1 383 037 4 915 312 22 762 939

2005 3 777 860 2 102 916 3 919 078 2 079 390 2 456 758 3 671 357 2 066 631 1 695 165 5 927 035 27 696 190

2006 3 738 031 2 141 340 3 952 852 2 089 761 2 490 894 3 675 688 2 066 818 1 709 748 5 988 955 27 854 087

Jan 384 296 225 535 408 284 218 905 257 735 386 340 215 737 176 978 628 979 2 902 789

Feb 308 461 184 346 330 578 176 936 211 633 295 656 174 664 146 436 499 926 2 328 636

Mar 313 163 172 038 317 811 167 987 202 051 297 247 164 595 139 099 473 779 2 247 770

Apr 362 467 203 281 372 386 197 417 235 181 348 657 191 151 161 600 563 967 2 636 107

May 369 365 214 736 394 697 207 896 249 896 369 282 204 504 172 201 588 757 2 771 334

Jun 349 822 210 977 395 802 205 193 245 205 369 376 204 481 169 248 599 559 2 749 663

Jul 352 559 196 197 361 412 190 869 226 773 338 452 185 230 155 925 551 094 2 558 511

Aug 328 330 189 542 349 084 183 732 220 706 326 484 180 754 152 013 523 343 2 453 988

Sep 306 989 176 150 325 234 171 121 205 334 304 086 168 252 141 298 491 550 2 290 014

Oct 294 907 169 063 311 176 164 366 194 763 291 594 159 260 133 863 481 561 2 200 553

Nov 367 672 199 475 386 388 205 339 241 617 348 514 218 190 161 087 586 440 2 714 722

Dec 425 260 242 249 463 180 246 331 290 621 421 119 258 456 194 888 703 960 3 246 064

2007 732 355 446 721 810 538 428 149 515 385 755 475 420 026 337 605 1 215 357 5 661 611

Jan 354 620 216 757 393 558 207 881 250 113 366 452 203 882 154 849 588 320 2 736 432

Feb 377 735 229 964 416 980 220 268 265 272 389 023 216 144 182 756 627 037 2 925 179

(continues)

Northeast region




End-

of-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

2000 3 392 035 723 779 1 000 353 3 720 564 8 836 731 2 008 980 1 080 368 2 058 542 5 147 890

2001 3 813 190 819 692 1 101 646 4 018 070 9 752 598 2 232 813 1 225 131 2 281 181 5 739 125

2002 4 542 974 956 081 1 321 077 4 735 071 11 555 203 2 696 225 1 449 844 2 690 351 6 836 420

2003 4 622 189 984 810 1 333 502 4 941 423 11 881 924 2 740 121 1 506 505 2 783 353 7 029 979

2004 5 204 175 1 153 571 1 598 092 5 281 647 13 237 485 3 119 926 1 689 198 3 042 711 7 851 835

2005 6 343 135 1 378 063 1 933 449 6 379 196 16 033 843 3 785 409 2 055 597 3 674 700 9 515 706

2006 6 259 973 1 322 358 1 898 757 6 087 826 15 568 914 3 701 823 2 006 218 3 540 986 9 249 027

Jan 674 724 147 628 207 209 680 405 1 709 966 405 912 221 516 386 502 1 013 930

Feb 496 157 95 683 140 553 433 085 1 165 478 282 484 156 110 271 116 709 710

Mar 470 023 93 010 135 050 407 323 1 105 406 267 239 147 079 255 948 670 266

Apr 573 335 111 150 173 909 534 265 1 392 659 330 779 181 626 314 195 826 600

May 597 008 117 425 171 714 545 743 1 431 890 342 067 184 269 327 113 853 449

Jun 669 593 143 668 209 651 742 104 1 765 016 402 848 205 800 389 064 997 712

Jul 577 233 114 969 179 957 575 003 1 447 162 338 276 182 786 322 254 843 316

Aug 534 842 106 505 158 401 497 427 1 297 175 309 316 167 366 297 302 773 984

Sep 507 348 102 744 156 914 501 415 1 268 421 297 286 162 464 288 333 748 083

Oct 518 637 103 550 165 392 542 173 1 329 752 312 535 165 637 296 369 774 541

Nov 641 073 186 026 200 007 628 883 1 655 989 413 081 231 565 392 790 1 037 436

Dec 759 161 209 642 237 153 745 356 1 951 312 481 836 274 674 460 014 1 216 524

2007 1 197 872 229 029 344 531 1 004 454 2 775 886 677 852 371 500 646 379 1 695 731

Jan 582 236 111 273 166 173 472 764 1 332 446 330 856 182 151 316 486 829 493

Feb 615 636 117 756 178 358 531 690 1 443 440 346 996 189 349 329 893 866 238

(continues)

Southeast region South region



(concluded) Flows in R$ thousand

End- Total – Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

2000 157 673 1 034 112 720 916 484 639 2 397 340 35 592 273

2001 186 573 1 202 920 821 896 553 456 2 764 845 40 595 230

2002 229 297 1 485 757 997 376 675 662 3 388 092 49 096 466

2003 225 098 1 520 652 1 024 471 699 119 3 469 340 50 553 024

2004 256 613 1 736 976 1 233 580 798 885 4 026 054 56 850 126

2005 321 903 2 138 728 1 517 460 979 235 4 957 326 69 234 944

2006 315 240 2 147 773 1 475 492 974 842 4 913 347 68 702 613

Jan 36 504 234 755 166 339 108 260 545 858 7 346 182

Feb 24 126 175 736 112 951 76 758 389 571 5 521 817

Mar 22 587 165 359 106 655 72 553 367 154 5 274 433

Apr 31 014 206 066 132 207 91 491 460 778 6 350 272

May 29 161 205 980 134 423 91 198 460 762 6 605 279

Jun 33 694 209 534 144 495 97 124 484 847 7 102 296

Jul 31 875 202 464 131 754 91 166 457 259 6 314 446

Aug 25 906 182 431 119 553 81 185 409 075 5 899 802

Sep 24 179 170 479 112 216 76 100 382 974 5 594 581

Oct 26 872 183 114 121 335 87 390 418 711 5 594 434

Nov 29 322 211 855 193 564 101 617 536 358 7 099 071

Dec 34 833 252 278 219 635 119 191 625 937 8 400 435

2007 57 113 421 276 271 424 184 546 934 359 13 279 495

Jan 27 731 204 329 131 773 89 650 453 483 6 423 324

Feb 29 382 216 947 139 651 94 896 480 876 6 856 171

Source: STN

1/ Refers to State and Municipalities Equity Funds, Export Funds, Tax on Financial Transactions – Gold, Tax on Rural Properties. The values of refunds of ICMS according to

LC 87 are included as of January 1997.

Central-west region


IV.8 – Federal domestic securities issued National Treasury liabilities

Balances in R$ million

End- LFT LTN BTN NTN CTN/ Partial Securitized Total

of- CFT credits

period TDA/CDP/

Agrarian

debt In In In 12 In In In 12

month year months month year months

2000 Dec 349 498 108 852 64 48 049 14 280 520 743 27 982 548 724 1.2 24.7 24.7 0.6 13.9 13.9

2001 Dec 435 992 81 209 67 134 079 19 366 670 713 21 564 692 277 1.7 23.6 23.6 1.5 12.2 12.2

2002 Dec 462 950 34 634 100 217 098 19 214 733 997 24 850 758 846 0.5 22.0 22.0 -1.9 -4.4 -4.4

2003 Dec 499 621 169 774 74 200 748 18 236 888 453 23 789 912 242 -2.4 16.6 16.6 -5.7 8.3 8.3

2004 Dec 552 300 249 489 62 190 975 17 343 1 010 168 29 850 1 040 018 2.7 12.4 12.4 2.3 3.3 3.3

2005 Dec 611 156 354 707 48 208 790 15 799 1 190 500 24 779 1 215 278 -1.0 13.9 13.9 -0.8 13.2 13.2

2006 Jan 587 421 334 687 46 238 931 15 676 1 176 761 24 441 1 201 202 1.6 1.6 14.2 1.3 1.3 16.7

Feb 581 365 364 112 44 261 972 15 173 1 222 667 24 525 1 247 192 2.2 3.9 15.4 -1.7 -0.4 14.2

Mar 571 517 376 698 41 267 514 15 090 1 230 861 24 575 1 255 436 1.1 5.0 13.8 1.5 1.0 14.5

Apr 554 329 335 575 40 270 068 14 638 1 174 650 23 406 1 198 056 -2.4 2.5 11.0 -1.4 -0.4 12.9

May 485 402 362 110 44 271 642 14 762 1 133 960 22 643 1 156 603 -1.8 0.7 7.2 -2.4 -2.7 6.7

Jun 500 498 402 741 42 280 169 14 758 1 198 208 22 461 1 220 669 3.6 4.3 9.0 3.2 0.4 7.7

Jul 485 753 374 880 42 285 124 14 742 1 160 542 22 608 1 183 149 -0.9 3.4 7.2 -0.7 -0.3 5.4

Aug 492 010 403 874 42 287 026 14 661 1 197 613 22 964 1 220 576 1.6 5.0 8.1 1.2 0.9 5.0

Sep 487 088 437 224 39 299 364 14 643 1 238 358 23 506 1 261 863 2.7 7.8 9.5 3.3 4.2 8.5

Oct 477 154 421 637 38 312 951 14 593 1 226 373 23 358 1 249 731 0.2 8.0 9.3 0.1 4.4 6.3

Nov 466 126 446 051 39 335 906 14 592 1 262 714 23 376 1 286 090 1.6 9.7 8.6 1.0 5.4 4.6

Dec 461 012 463 613 39 352 477 14 532 1 291 673 23 309 1 314 981 1.2 11.0 11.0 1.6 7.1 7.1

2007 Jan 454 126 395 711 39 383 696 14 540 1 248 111 23 236 1 271 347 -0.3 -0.3 8.9 -3.5 -3.5 5.3

Feb 451 392 428 243 39 395 027 14 536 1 289 237 25 145 1 314 382 3.1 2.8 9.9 3.1 -0.5 5.8

Mar 440 401 430 137 34 414 959 14 503 1 300 035 25 793 1 325 828 1.3 4.2 10.1 1.2 0.8 5.4

Apr 439 496 402 104 34 436 323 14 473 1 292 428 25 693 1 318 121 0.1 4.3 12.9 0.2 0.9 8.3

May 446 931 396 306 32 450 934 14 352 1 308 555 25 687 1 334 242 2.5 6.9 17.9 2.6 3.5 13.5

Jun 427 691 410 851 32 482 855 14 362 1 335 792 25 971 1 361 763 1.7 8.7 15.7 1.8 5.4 11.7

Jul 426 332 320 461 32 494 757 14 336 1 255 917 26 195 1 282 111 -2.0 6.5 14.4 -1.2 4.1 11.2

Aug* 427 670 347 920 33 495 781 14 488 1 285 892 26 209 1 312 101 1.6 8.2 14.4 0.4 4.5 8.4

Sep* 412 827 366 008 28 514 545 14 512 1 307 920 25 776 1 333 696 0.9 9.2 12.5 0.1 4.5 6.1

Oct* 426 524 329 690 27 552 262 13 928 1 322 430 25 590 1 348 020 2.1 11.5 14.6 1.3 5.8 7.9

Sources: Bacen and STN

1/ Deflator: IGP-DI centered at end of reference month (geometric average of month indicated and subsequent month indices).

Percentage change

Nominal Real1/


IV.9 – Federal domestic securities Banco Central do Brasil portfolio


End- LTN LFT NTN Partial Securitized Total Securities

of- credit in treasury

period MP 1,789

In In In 12 In In In 12


2000 Dec 33 453 87 197 1 817 122 466 1 246 123 713 - 10.9 9.8 9.8 10.2 28.0 28.0

2001 Dec 32 418 113 839 46 591 192 847 1 543 194 390 - 0.4 57.1 57.1 0.2 42.5 42.5

2002 Dec 21 037 90 366 89 700 201 103 1 678 202 781 - -0.3 4.3 4.3 -2.7 -18.3 -18.3

2003 Dec 78 719 56 441 74 026 209 186 1 857 211 043 - -12.4 4.1 4.1 -13.0 -3.3 -3.3

2004 Dec 89 530 94 543 57 275 241 347 1 990 243 338 - 10.9 15.3 15.3 10.5 3.1 3.1

2005 Dec 91 271 106 503 41 411 239 185 3 247 242 431 - -6.8 -0.4 -0.4 -6.6 1.8 1.8

2006 Jan 81 430 102 613 35 493 219 535 3 254 222 789 - -8.1 -8.1 -3.9 -8.4 -8.4 -1.8

Feb 94 615 107 168 38 382 240 165 3 256 243 421 - 9.3 0.4 6.8 5.1 -3.7 5.7

Mar 95 872 108 033 33 558 237 462 3 263 240 725 - -1.1 -0.7 1.0 -0.8 -4.5 1.7

Apr 73 282 94 519 31 624 199 425 2 071 201 496 - -16.3 -16.9 -15.5 -15.5 -19.3 -14.1

May 82 688 47 770 31 612 162 070 2 075 164 145 - -18.5 -32.3 -34.7 -19.0 -34.6 -34.9

Jun 100 200 70 834 37 749 208 783 2 079 210 862 - 28.5 -13.0 -18.3 27.7 -16.4 -19.5

Jul 84 876 50 354 40 418 175 647 0 175 647 - -16.7 -27.5 -31.4 -16.4 -30.1 -32.4

Aug 96 571 52 917 38 415 187 904 0 187 904 - 7.0 -22.5 -24.9 6.6 -25.5 -27.1

Sep 111 475 49 304 45 725 206 504 0 206 504 - 9.9 -14.8 -19.3 10.6 -17.6 -20.0

Oct 98 582 41 231 49 671 189 485 0 189 485 - -8.2 -21.8 -22.3 -8.4 -24.5 -24.5

Nov 104 262 47 219 52 025 203 506 0 203 506 - 7.4 -16.1 -21.8 6.8 -19.3 -24.7

Dec 116 629 48 978 54 651 220 258 0 220 258 - 8.2 -9.1 -9.1 8.7 -12.3 -12.3

2007 Jan 80 963 32 597 68 156 181 716 0 181 716 - -17.5 -17.5 -18.4 -20.1 -20.1 -21.2

Feb 99 405 22 657 70 237 192 299 0 192 299 - 5.8 -12.7 -21.0 5.8 -15.5 -24.0

Mar 81 814 24 656 74 449 180 918 0 180 918 - -5.9 -17.9 -24.8 -6.0 -20.5 -28.1

Apr 74 696 14 865 74 592 164 153 0 164 153 - -9.3 -25.5 -18.5 -9.2 -27.9 -21.9

May 61 626 18 073 75 838 155 537 0 155 537 - -5.3 -29.4 -5.2 -5.2 -31.6 -8.8

Jun 60 957 20 724 75 343 157 024 0 157 024 - 1.0 -28.7 -25.5 1.1 -30.9 -28.1

Jul 10 649 13 701 77 256 101 607 0 101 607 - -35.3 -53.9 -42.2 -34.8 -54.9 -43.8

Aug* 33 511 9 202 69 408 112 122 0 112 122 - 10.3 -49.1 -40.3 9.1 -50.8 -43.5

Sep* 45 645 3 245 73 806 122 695 0 122 695 - 9.4 -44.3 -40.6 8.5 -46.7 -44.0

Oct* 34 430 1 809 104 569 140 808 0 140 808 - 14.8 -36.1 -25.7 13.9 -39.3 -30.0


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).

Percentage change

Nominal Real1/


IV.10 – Federal domestic securities Outside the Banco Central do Brasil


End- LTN LFT CTN/CFT BTN NTN Partial total–A Securitized Partial total–B

of- (National credits (National

period Treasury) TDA/CDP Treasury)

Agrarian

debt

2000 Dec 75 399 262 301 14 280 64 46 233 398 276 26 735 425 011

2001 Dec 48 791 322 153 19 366 67 87 488 477 866 20 021 497 887

2002 Dec 13 596 372 584 19 214 100 127 399 532 893 23 172 556 066

2003 Dec 91 055 443 180 18 236 74 126 721 679 267 21 932 701 199

2004 Dec 159 960 457 757 17 343 62 133 700 768 821 27 860 796 680

2005 Dec 263 436 504 653 15 799 48 167 379 951 315 21 532 972 847

2006 Jan 253 258 484 807 15 676 46 203 439 957 226 21 187 978 412

Feb 269 498 474 197 15 173 44 223 589 982 503 21 269 1 003 771

Mar 280 826 463 484 15 090 41 233 957 993 399 21 312 1 014 710

Apr 262 293 459 809 14 638 40 238 445 975 225 21 335 996 560

May 279 421 437 632 14 762 44 240 031 971 890 20 567 992 457

Jun 302 541 429 664 14 758 42 242 421 989 425 20 382 1 009 807

Jul 290 004 435 400 14 742 42 244 706 984 895 22 608 1 007 503

Aug 307 303 439 093 14 661 42 248 610 1 009 709 22 964 1 032 673

Sep 325 749 437 783 14 643 39 253 639 1 031 854 23 506 1 055 359

Oct 323 054 435 922 14 593 38 263 280 1 036 888 23 358 1 060 246

Nov 341 789 418 907 14 592 39 283 881 1 059 208 23 376 1 082 584

Dec 346 984 412 034 14 532 39 297 826 1 071 415 23 309 1 094 724

2007 Jan 314 748 421 529 14 540 39 315 540 1 066 396 23 236 1 089 632

Feb 328 838 428 735 14 536 39 324 790 1 096 938 25 145 1 122 083

Mar 348 323 415 746 14 503 34 340 511 1 119 117 25 793 1 144 910

Apr 327 408 424 630 14 473 34 361 731 1 128 275 25 693 1 153 968

May 334 680 428 858 14 352 32 375 096 1 153 018 25 687 1 178 705

Jun 349 895 406 966 14 362 32 407 512 1 178 768 25 971 1 204 739

Jul 309 811 412 630 14 336 32 417 501 1 154 309 26 195 1 180 504

Aug* 314 408 418 468 14 488 33 426 373 1 173 770 26 209 1 199 979

Sep* 320 363 409 582 14 512 28 440 740 1 185 225 25 776 1 211 001

Oct* 295 260 424 715 13 928 27 447 692 1 181 622 25 590 1 207 212

(continues)


IV.10 – Federal domestic securities Outside the Banco Central do Brasil

(concluded) Balances in R$ million

End- LBC BBC NBCA Partial Total

of- BBCA NBCE total

period NBCF (Banco

Central)

In In In 12 In In In 12


2000 Dec - - 85 686 85 686 510 698 -0.8 15.2 15.2 -1.4 5.2 5.2

2001 Dec - - 126 198 126 198 624 084 -0.5 22.2 22.2 -0.6 10.9 10.9

2002 Dec - - 67 125 67 125 623 191 -1.3 -0.1 -0.1 -3.7 -21.8 -21.8

2003 Dec - - 30 659 30 659 731 858 0.5 17.4 17.4 -0.2 9.1 9.1

2004 Dec - - 13 584 13 584 810 264 3.2 10.7 10.7 2.8 -1.0 -1.0

2005 Dec - - 6 815 6 815 979 662 2.1 20.9 20.9 2.4 23.5 23.5

2006 Jan - - 6 515 6 515 984 927 0.5 0.5 19.1 0.2 0.2 21.7

Feb - - 6 326 6 326 1 010 098 2.6 3.1 19.5 -1.4 -1.1 18.3

Mar - - 6 510 6 510 1 021 221 1.1 4.2 16.9 1.4 0.3 17.7

Apr - - 6 113 6 113 1 002 673 -1.8 2.4 14.8 -1.4 -1.1 16.0

May - - 6 626 6 626 999 083 -0.4 2.0 12.5 -0.9 -2.0 12.1

Jun - - 6 294 6 294 1 016 100 1.7 3.7 12.2 1.9 -0.2 11.5

Jul - - 6 389 6 389 1 013 892 -0.2 3.5 10.7 -0.0 -0.2 8.9

Aug - - 6 340 6 340 1 039 013 2.5 6.1 12.8 2.1 1.9 9.5

Sep - - 6 505 6 505 1 061 864 2.2 8.4 13.8 2.9 4.8 12.8

Oct - - 2 773 2 773 1 063 018 0.1 8.5 13.4 -0.0 4.8 10.2

Nov - - 0 0 1 082 584 1.8 10.4 12.7 1.2 6.1 8.6

Dec - - 0 0 1 094 724 1.1 11.6 11.6 1.5 7.7 7.7

2007 Jan - - 0 0 1 089 632 -0.5 -0.5 10.5 -3.7 -3.7 6.7

Feb - - 0 0 1 122 083 3.0 2.4 10.9 3.0 -0.8 6.7

Mar - - 0 0 1 144 910 2.0 4.5 11.9 1.9 1.1 7.1

Apr - - 0 0 1 153 968 0.8 5.3 14.8 0.8 1.9 10.1

May - - 0 0 1 178 705 1.9 7.4 17.5 2.0 4.0 13.1

Jun - - 0 0 1 204 739 2.1 9.6 18.0 2.2 6.3 13.8

Jul - - 0 0 1 180 504 -2.3 7.1 15.5 -1.5 4.7 12.2

Aug* - - 0 0 1 199 979 1.5 8.7 14.4 0.3 5.0 8.4

Sep* - - 0 0 1 211 001 1.0 9.8 13.1 0.1 5.1 6.6

Oct* - - - - 1 207 212 -0.2 9.7 12.8 -0.9 4.0 6.2


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).

Percentage change

Nominal Real1/


IV.11 – Federal domestic securities and open market operations Percentage share by indexing factor

End- Balance Total

of- (R$ million)1/

period Fixed in Reference Price Other Open

advance rate indices market2/

Without With Without With

swap swap swap swap

2000 Dec 506 708 52.7 52.7 22.5 22.5 14.9 4.7 6.0 0.1 -0.8 100.0

2001 Dec 605 428 54.4 54.4 29.5 29.5 8.1 3.9 7.2 0.0 -3.1 100.0

2002 Dec 687 301 55.2 41.9 20.3 33.5 2.0 1.9 11.4 0.0 9.3 100.0

2003 Dec 787 575 57.0 46.6 10.0 20.5 11.6 1.7 12.6 0.0 7.1 100.0

2004 Dec 857 471 54.0 49.5 4.9 9.3 19.0 2.6 14.1 0.0 5.5 100.0

2005 Dec 1 002 519 50.6 52.1 2.6 1.2 27.2 2.1 15.2 0.0 2.3 100.0

2006 Jan 1 042 184 46.8 49.7 2.4 -0.5 25.2 2.0 18.1 0.0 5.5 100.0

Feb 1 049 320 45.4 49.0 2.3 -1.3 26.8 2.0 19.7 0.0 3.7 100.0

Mar 1 067 217 43.7 47.4 2.2 -1.5 27.5 2.0 20.3 0.0 4.3 100.0

Apr 1 074 476 43.0 46.6 2.1 -1.5 25.8 2.0 20.5 0.0 6.7 100.0

May 1 088 497 40.5 44.3 2.3 -1.6 27.1 1.9 20.1 0.0 8.2 100.0

Jun 1 086 162 39.8 43.2 2.1 -1.3 29.4 1.9 20.3 0.0 6.5 100.0

Jul 1 109 707 39.5 42.9 2.1 -1.3 27.7 2.0 20.0 - 8.6 100.0

Aug 1 117 469 39.5 42.9 2.1 -1.3 29.3 2.1 20.1 - 7.0 100.0

Sep 1 133 764 38.8 41.9 1.9 -1.2 30.7 2.1 20.1 - 6.3 100.0

Oct 1 149 768 38.1 40.6 1.5 -1.1 30.4 2.1 20.5 - 7.5 100.0

Nov 1 154 269 36.5 38.8 1.2 -1.1 32.9 2.1 21.0 - 6.3 100.0

Dec 1 153 526 35.9 38.1 1.2 -1.0 34.2 2.1 21.4 - 5.2 100.0

2007 Jan 1 187 721 35.6 37.8 1.2 -1.0 31.6 2.0 21.1 - 8.4 100.0

Feb 1 218 395 35.3 37.5 1.2 -1.0 32.5 2.1 20.8 - 8.1 100.0

Mar 1 248 588 33.4 35.5 1.1 -0.9 34.1 2.1 20.7 - 8.5 100.0

Apr 1 267 165 33.6 36.0 1.1 -1.3 32.9 2.1 21.2 - 9.1 100.0

May 1 311 741 32.8 35.8 1.0 -2.0 33.1 2.0 20.5 - 10.5 100.0

Jun 1 335 663 30.6 33.7 1.0 -2.2 34.7 2.1 21.4 - 10.2 100.0

Jul 1 361 438 30.4 33.5 0.9 -2.1 31.2 2.0 21.4 - 14.0 100.0

Aug* 1 373 635 30.6 33.7 0.9 -2.2 31.5 2.0 21.5 - 13.4 100.0

Sep* 1 376 919 29.8 32.7 0.9 -2.0 32.1 2.0 22.4 - 12.8 100.0

Oct* 1 389 866 30.6 33.4 0.8 -1.9 30.4 2.0 22.5 - 13.7 100.0

1/ Values calculated based on custody position which is estimated by the price of the intrinsic security's yield curve, added by the value of open market operations.

As of Apr/2000, includes securitized debt, agrarian debt, TDA and CDP.

2/ Open market operations refer to the balance, updated by the contracted rate of financing operations falling due in the last day of the month;

positive values represent financing taken by the Banco Central.

Indexing factors

Over/Selic Foreign exchange


IV.12 – Duration and term of federal securities1/

Securities issued through public offer

Average in months

Period

Banco Central National Treasury Banco Central and

National Treasury

Average term and Average Average Average Average Average Average

duration term duration term duration term term

2000 Dec 17.81 15.36 2.95 15.93 6.37 32.27 29.85

2001 Dec 15.77 29.40 8.23 25.47 10.17 39.84 34.97

2002 Dec 16.01 23.05 10.52 21.99 11.35 35.32 33.24

2003 Dec 15.35 24.50 10.59 23.99 10.85 32.04 31.34

2004 Dec 15.77 20.69 11.22 20.59 11.31 28.29 28.08

2005 Dec 9.69 21.90 11.97 21.80 11.95 27.49 27.37

2006 Jan 8.62 23.50 13.97 23.39 13.93 28.89 28.76

Feb 7.82 24.59 15.63 24.47 15.58 29.67 29.53

Mar 6.65 24.43 16.03 24.30 15.97 29.45 29.31

Apr 5.93 24.83 16.61 24.70 16.54 29.79 29.64

May 4.97 24.45 16.55 24.30 16.47 29.44 29.28

Jun 3.97 24.55 16.16 24.41 16.07 29.38 29.22

Jul 2.93 25.27 16.42 25.11 16.32 30.12 29.95

Aug 1.90 25.22 16.29 25.06 16.19 30.01 29.84

Sep 0.93 25.11 16.24 24.94 16.14 29.82 29.65

Oct 0.53 25.76 16.78 25.68 16.74 30.35 30.27

Nov -- 26.56 17.33 26.56 17.33 30.96 30.96

Dec -- 26.73 17.42 26.73 17.42 31.06 31.06

2007 Jan -- 27.64 18.01 27.64 18.01 31.88 31.88

Feb - 27.42 17.84 27.42 17.84 31.64 31.64

Mar - 27.75 17.99 27.75 17.99 31.88 31.88

Apr - 28.73 18.86 28.73 18.86 32.69 32.69

May - 29.50 19.75 29.50 19.75 33.28 33.28

Jun - 30.66 20.82 30.66 20.82 34.43 34.43

Jul - 31.88 21.81 31.88 21.81 35.59 35.59

Aug* - 31.58 21.69 31.58 21.69 35.26 35.26

Sep* - 32.56 22.24 32.56 22.24 36.05 36.05

Oct* - 33.43 22.76 33.43 22.76 36.74 36.74

1/ Duration corresponds to the interest-elasticity of securities prices. Thus, it is based upon an efficacy indicator of the monetary policy when defining the wealth effect on the aggregate demad, since it signals how interest rate alterations in the economy may impact the financial wealth of the private sector and, consequently, the aggregate demand. It should be observed that the average duration of a security indexed to over/Selic rate is one (1) day. The average term is the term for securities redemption adjusted by anticipations performed by means of intermediate coupons, both expressed in months and calculated only for securities issued through public offer.2/ Total of securities issued. Includes both securities issued through direct placements and public offer.

National Treasury

Securities issued through public offer Securities issued2/

National Treasury Banco Central and


IV.13 – Federal securities1/

Maturity schedule

R$ million

Period Exchange Total %

participation

Fixed in Postfixed Partial

advance

2007 Nov 31 - 3 647 3 647 3 678 0.3

Dec 27 - 29 262 29 262 29 289 2.4

Year 58 - 32 909 32 909 32 967 2.7

2008 Jan 42 55 767 422 56 189 56 231 4.7

Feb 23 - 798 798 821 0.1

Mar 25 - 31 931 31 931 31 956 2.7

Apr 42 64 311 12 585 76 896 76 938 6.4

May 27 - 411 411 438 0.0

Jun 24 - 28 961 28 961 28 985 2.4

Jul 1 059 57 894 13 57 907 58 966 4.9

Aug 20 - 11 166 11 166 11 186 0.9

Sep 22 - 23 877 23 877 23 899 2.0

Oct 39 7 205 1 838 9 043 9 082 0.8

Nov 24 - 11 11 35 0.0

Dec 21 - 28 368 28 368 28 389 2.4

Year 1 368 185 177 140 381 325 558 326 926 27.3

As of Jan/2009 9 919 236 663 592 556 829 219 839 138 70.0

Total 11 345 421 840 765 846 1 187 686 1 199 031 100.0

1/ Position in 10.31.2007. Total at market. Amounts calculated by using price curves. Securities utilized in financing operations are not included.

No exchange


IV.14 – Monetary impact from federal securities operations National Treasury and Banco Central do Brasil

R$ million

End-

of-

period Placements Redemp- Balance Sales + net Buyings + Balance Placements Redemptions Balance

tions borrowings net loans + sales + net + buyings

borrowings + net loans

2003 332 352 245 087 -87 265 3 291 590 3 391 060 99 471 3 623 943 3 636 147 12 206

National Treasury 332 352 214 216 -118 136 3 284 137 3 383 908 99 771 3 616 490 3 598 124 -18 365

Banco Central - 30 871 30 871 7 453 7 152 -300 7 453 38 023 30 571

2004 272 177 263 666 -8 511 2 591 666 2 658 882 67 216 2 863 843 2 922 548 58 705

National Treasury 272 177 244 817 -27 361 2 586 815 2 653 908 67 094 2 858 992 2 898 725 39 733

Banco Central - 18 849 18 850 4 851 4 974 122 4 851 23 823 18 972

2005 466 334 442 553 -23 782 1 704 978 1 724 985 20 007 2 171 313 2 167 538 -3 775

National Treasury 466 334 436 380 -29 954 1 671 966 1 692 050 20 084 2 138 300 2 128 430 -9 870

Banco Central - 6 172 6 172 33 013 32 925 -77 33 013 39 107 6 095

2006 470 450 492 556 22 107 2 781 356 2 754 437 -26 919 3 251 806 3 246 994 -4 812

National Treasury 470 450 485 683 15 233 2 774 995 2 748 162 -26 833 3 245 445 3 233 845 -11 600

Banco Central - 6 874 6 874 6 362 6 275 -87 6 362 13 149 6 787

2007 Jan 50 730 68 722 17 992 545 304 506 628 -38 676 596 034 575 351 -20 683

Feb 38 736 18 672 -20 064 350 480 350 677 197 389 216 369 349 -19 867

Mar 51 230 41 258 -9 972 422 248 415 800 -6 448 473 478 457 058 -16 420

Apr 52 678 54 354 1 676 394 521 386 066 -8 455 447 199 440 419 -6 780

May 51 268 40 556 -10 713 196 270 175 244 -21 026 247 538 215 799 -31 739

Jun 60 086 46 418 -13 667 297 181 299 554 2 373 357 267 345 972 -11 295

Jul 28 765 68 457 39 692 617 554 565 576 -51 977 646 319 634 034 -12 285

Aug 18 431 13 818 -4 612 355 358 362 973 7 615 373 789 376 791 3 002

Sep 42 459 41 131 -1 328 283 448 293 411 9 963 325 908 334 542 8 634

Oct 42 099 54 430 12 331 343 375 330 938 -12 436 385 474 385 368 -106

LFT 18 646 46 943 28 297 233 693 216 992 -16 701 252 339 263 935 11 597

LTN 14 844 3 631 -11 213 60 379 59 056 -1 323 75 223 62 687 -12 536

NTN 8 610 3 856 -4 753 49 303 54 890 5 587 57 912 58 746 834

Accumulated in year 436 483 447 817 11 334 3 805 738 3 686 867 -118 871 4 242 221 4 134 684 -107 537

Primary market Secondary market Total


IV.15 – State and municipal securities Total issued

R$ million

End-

of-

period RS Total Total

market issued

Portfolio Market Partial Market

position total

2003 Dec 235 461 696 85 546 781

2004 Dec 273 536 809 98 634 907

2005 Dec 325 638 963 117 755 1 080

2006 Jan 330 647 977 119 766 1 096

Feb 334 654 988 120 775 1 108

Mar - - - 122 122 122

Apr - - - 123 123 123

May - - - 125 125 125

Jun - - - 126 126 126

Jul - - - 128 128 128

Aug - - - 129 129 129

Sep - - - 131 131 131

Oct - - - 132 132 132

Nov - - - 134 134 134

Dec - - - 135 135 135

2007 Jan - - - 136 136 136

Feb - - - 138 138 138

Mar - - - 139 139 139

Apr - - - 140 140 140

May - - - 142 142 142

Jun - - - 143 143 143

Jul - - - 144 144 144

Aug* - - - 146 146 146

Sep* - - - 147 147 147

Oct* - - - 148 148 148

State debt

SP


IV.16 – Public sector net debt

R$ million

Itemization 2007

Balances % of Balances % of Balances % of Balances % of Balances % of

GDP GDP GDP GDP GDP

Fiscal net debt (G=E-F) 763 347 35.4 833 230 35.1 849 451 33.3 861 370 33.4 861 898 33.2

Internal debt methodological adjustment (F) 121 472 5.6 119 249 5.0 118 078 4.6 117 262 4.5 116 639 4.5

Fiscal net debt with exchange devaluation (E=A-B-C-D) 884 819 41.0 952 479 40.1 967 529 37.9 978 632 38.0 978 537 37.7

External debt methodological adjustment (D) 80 080 3.7 79 723 3.4 93 794 3.7 107 048 4.2 118 378 4.6

Asset adjustment (C) 103 021 4.8 102 646 4.3 103 464 4.1 103 579 4.0 103 861 4.0

Privatization adjustment (B) -65 436 -3.0 -67 485 -2.8 -68 750 -2.7 -68 750 -2.7 -68 750 -2.7

Total net debt (A) 1 002 485 46.5 1 067 363 44.9 1 096 037 43.0 1 120 509 43.5 1 132 026 43.7

Federal government and Bacen 660 186 30.6 727 319 30.6 765 457 30.0 763 421 29.6 788 471 30.4

Banco Central do Brasil 4 038 0.2 8 481 0.4 13 999 0.5 35 347 1.4 20 603 0.8

State governments 305 714 14.2 316 864 13.3 310 436 12.2 313 808 12.2 315 874 12.2

Local governments 44 341 2.1 47 073 2.0 48 028 1.9 48 709 1.9 48 341 1.9

State enterprises -11 794 -0.5 -32 373 -1.4 -41 883 -1.6 -40 776 -1.6 -41 264 -1.6

Federal -45 499 -2.1 -62 531 -2.6 -71 777 -2.8 -70 182 -2.7 -71 376 -2.8

State 30 433 1.4 26 712 1.1 26 335 1.0 25 825 1.0 26 546 1.0


Internal net debt 952 185 44.1 1 130 902 47.6 1 323 719 51.9 1 336 840 51.9 1 349 655 52.1

Federal government and Bacen 488 154 22.6 591 211 24.9 648 085 25.4 652 673 25.3 684 988 26.4

Federal securities1/ 951 315 44.1 1 070 187 45.0 1 162 878 45.6 1 175 056 45.6 1 173 440 45.3

Securitized debt and TDA 21 532 1.0 23 309 1.0 26 209 1.0 25 776 1.0 25 590 1.0

Bank debt 2 245 0.1 1 705 0.1 1 795 0.1 1 797 0.1 1 799 0.1

Tax collected (not transferred) -22 -0.0 -324 -0.0 -9 345 -0.4 -8 714 -0.3 -13 354 -0.5

Demand deposits -569 -0.0 -734 -0.0 -699 -0.0 -563 -0.0 -862 -0.0

Investment in funds2/ -74 532 -3.5 -64 410 -2.7 -65 964 -2.6 -66 042 -2.6 -63 929 -2.5

Worker Assistance Fund (FAT) -116 890 -5.4 -130 807 -5.5 -137 465 -5.4 -136 678 -5.3 -137 804 -5.3

Social Security system 30 0.0 154 0.0 -143 -0.0 50 0.0 -224 -0.0

Renegotiation (Law 9,496/1997 and Proes) -289 123 -13.4 -306 932 -12.9 -314 649 -12.3 -319 635 -12.4 -322 712 -12.4

Renegotiation (Law 8,727/1993) -21 686 -1.0 -21 531 -0.9 -21 236 -0.8 -21 239 -0.8 -21 248 -0.8

Restructured debt3/ -17 283 -0.8 -12 245 -0.5 -10 374 -0.4 -9 704 -0.4 -8 873 -0.3

Credits with Official Financial Institutions4/ 0 0.0 -2 389 -0.1 -7 760 -0.3 -7 495 -0.3 -7 519 -0.3

Other federal government's credits4/ -38 049 -1.8 -35 922 -1.5 -34 384 -1.3 -34 717 -1.3 -34 540 -1.3

Relationship with the Banco Central 71 187 3.3 71 151 3.0 59 223 2.3 54 781 2.1 95 224 3.7

Banco Central do Brasil 129 277 6.0 191 592 8.1 329 768 12.9 334 853 13.0 313 196 12.1

Monetary base 101 247 4.7 121 102 5.1 114 488 4.5 120 340 4.7 122 967 4.7

Banco Central securities1/ 6 815 0.3 0 0.0 0 0.0 0 0.0 0 0.0

Repo operations 37 168 1.7 77 367 3.3 205 211 8.0 196 836 7.6 211 613 8.2

Other deposits in Bacen 73 336 3.4 83 165 3.5 92 035 3.6 95 015 3.7 96 282 3.7

Bacen credits to financial institutions -19 017 -0.9 -19 916 -0.8 -22 650 -0.9 -22 546 -0.9 -22 440 -0.9

Other Bacen's accounts 914 0.0 1 025 0.0 -92 -0.0 -12 -0.0 -2 -0.0

Relationship with the Federal Government -71 187 -3.3 -71 151 -3.0 -59 223 -2.3 -54 781 -2.1 -95 224 -3.7


Securities net debt5/ 755 0.0 135 0.0 146 0.0 147 0.0 148 0.0

Renegotiation (Law 9,496/1997 and Proes) 251 041 11.6 265 603 11.2 272 293 10.7 276 486 10.7 279 507 10.8

Renegotiation (Law 8,727/1993) 27 892 1.3 27 025 1.1 26 005 1.0 25 902 1.0 25 798 1.0

Restructured debt3/ 9 225 0.4 7 382 0.3 6 215 0.2 5 809 0.2 5 366 0.2 Bank debt 5 897 0.3 6 339 0.3 6 240 0.2 7 380 0.3 6 164 0.2

Other state's debts6/ 24 341 1.1 23 102 1.0 21 401 0.8 21 661 0.8 21 858 0.8

Tax collected (not transferred) -724 -0.0 -700 -0.0 -918 -0.0 -1 106 -0.0 -716 -0.0 Demand deposits -2 115 -0.1 -1 904 -0.1 -1 747 -0.1 -1 980 -0.1 -1 906 -0.1

Other state's credits7/ -23 578 -1.1 -22 664 -1.0 -30 678 -1.2 -31 221 -1.2 -30 573 -1.2

(continues)

Sep Oct

20062005

Dec Dec Aug


IV.16 – Public sector net debt


Itemization

Balances % of Balances % of Balances % of Balances % of Balances % of

GDP GDP GDP GDP GDP


Securities net debt5/ 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0

Renegotiation (MP 2,118/2000) 38 082 1.8 41 329 1.7 42 356 1.7 43 149 1.7 43 205 1.7


Restructured debt3/ 866 0.0 661 0.0 547 0.0 513 0.0 475 0.0

Bank debt 3 855 0.2 3 967 0.2 4 107 0.2 4 100 0.2 4 206 0.2

Tax collected (not transferred) - 135 -0.0 - 180 -0.0 - 173 -0.0 - 170 -0.0 - 212 -0.0

Demand deposits -2 849 -0.1 -2 889 -0.1 -2 839 -0.1 -2 806 -0.1 -3 156 -0.1

State enterprises - 171 -0.0 -1 359 -0.1 755 0.0 - 699 -0.0 - 828 -0.0

Federal -29 767 -1.4 -26 936 -1.1 -25 006 -1.0 -26 214 -1.0 -27 231 -1.1

Restructured debt3/ 2 129 0.1 1 501 0.1 1 310 0.1 1 226 0.0 1 106 0.0

Bank debt 2 214 0.1 3 974 0.2 2 845 0.1 2 517 0.1 2 496 0.1

Other debts 25 906 1.2 24 219 1.0 23 750 0.9 23 545 0.9 23 170 0.9

Renegotiation (Law 8,727/1993) - 588 -0.0 - 641 -0.0 - 671 -0.0 - 680 -0.0 - 690 -0.0

State enterprises' portfolios of fed. secur. -29 316 -1.4 -28 108 -1.2 -26 053 -1.0 -26 459 -1.0 -27 709 -1.1

Demand deposits -1 024 -0.0 - 835 -0.0 - 886 -0.0 -1 224 -0.0 - 602 -0.0

Other credts -29 087 -1.3 -27 047 -1.1 -25 301 -1.0 -25 140 -1.0 -25 000 -1.0

States 26 324 1.2 22 132 0.9 22 201 0.9 21 933 0.9 22 837 0.9

Restructured debt3/ 3 860 0.2 1 784 0.1 1 494 0.1 1 400 0.1 1 238 0.0

Bank debt 10 441 0.5 7 933 0.3 7 456 0.3 7 476 0.3 7 252 0.3

Debentures 1 168 0.1 1 407 0.1 3 441 0.1 3 388 0.1 3 471 0.1


State enterprises' portfolios of fed. secur. - 609 -0.0 - 462 -0.0 -1 439 -0.1 -1 548 -0.1 - 70 -0.0

Demand deposits - 481 -0.0 - 412 -0.0 - 520 -0.0 - 533 -0.0 - 775 -0.0

Local government 3 271 0.2 3 445 0.1 3 560 0.1 3 581 0.1 3 566 0.1

Restructured debt3/ 105 0.0 87 0.0 76 0.0 71 0.0 65 0.0

Bank debt 117 0.0 144 0.0 171 0.0 169 0.0 172 0.0


Demand deposits - 83 -0.0 - 76 -0.0 - 84 -0.0 - 70 -0.0 - 93 -0.0

Foreign net debt 50 300 2.3 -63 538 -2.7 -227 683 -8.9 -216 330 -8.4 -217 629 -8.4

Federal government 172 032 8.0 136 108 5.7 117 372 4.6 110 747 4.3 103 483 4.0

Banco Central do Brasil8/ -125 238 -5.8 -183 111 -7.7 -315 769 -12.4 -299 506 -11.6 -292 593 -11.3



State enterprises -11 623 -0.5 -31 015 -1.3 -42 637 -1.7 -40 077 -1.6 -40 436 -1.6

Federal -15 732 -0.7 -35 595 -1.5 -46 772 -1.8 -43 968 -1.7 -44 146 -1.7

State 4 109 0.2 4 580 0.2 4 134 0.2 3 891 0.2 3 710 0.1

Local government 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0

GDP9/ 2158 072 2376 511 2549 752 2577 326 2592 868

1/ Portfolio valuation.

2/ Includes constitutional funds and other funds and federal programs.

3/ Includes MF30, BIB, and others.

4/ Hybrid capital and debt instruments – BNDES and CEF.

5/ Includes royalties, agrarian debt and others.

6/ Includes royalties, Fundef and others.

7/ Includes securitized credit, CFTs, LFTs, and other financial accounts.

8/ Excludes international reserves.

9/ Last 12 month GDP at prices of the month indicated. Deflator: centered IGP-C (geometric average of IGP-DI growth in the current and subsequent month).

2005

Dec Dec Aug

2006 2007

Sep Oct


IV.17 – Public sector net debt Percentage share by indexing factor

Period Balance Total

(R$ million)

Selic IGP-M IGP-DI IPC-A TR TJLP Non Fixed- Other

interest- rate

Internal External Total bearing

2001 Dec 660 867 25.8 19.8 45.6 36.6 3.1 6.6 0.0 3.8 -9.3 6.1 7.4 0.0 100.0

2002 Dec 881 108 13.3 25.7 39.0 46.0 5.6 4.2 1.1 2.9 -7.6 7.3 1.5 0.0 100.0

2003 Dec 913 145 6.7 20.4 27.1 50.4 7.0 4.0 1.9 1.5 -9.0 7.0 10.0 -0.0 100.0

2004 Dec 956 994 2.3 14.5 16.8 49.5 8.4 3.5 2.7 3.8 -10.3 8.5 17.0 -0.0 100.0

2005 Dec 1 002 485 0.6 4.7 5.3 48.9 6.8 3.1 7.2 3.3 -11.2 9.1 27.6 -0.0 100.0

2006 Jan 1 014 358 0.6 3.4 4.0 49.7 6.7 3.0 10.8 4.0 -11.2 6.8 26.3 -0.0 100.0

Feb 1 021 753 0.6 2.6 3.2 46.6 6.6 2.9 12.5 4.1 -11.2 7.3 27.9 -0.0 100.0

Mar 1 021 772 0.5 1.7 2.3 46.1 6.5 3.0 13.6 4.4 -11.5 6.6 29.1 0.0 100.0

Apr 1 014 884 0.3 0.8 1.1 48.5 6.5 2.9 14.2 4.5 -11.5 6.2 27.6 0.0 100.0

May 1 018 764 0.3 -0.1 0.2 47.9 6.5 2.9 13.9 4.6 -11.7 6.4 29.3 0.0 100.0

Jun 1 024 290 0.4 -0.4 -0.0 45.2 6.6 2.9 14.0 4.7 -12.0 7.2 31.5 0.0 100.0

Jul 1 030 933 0.3 -1.7 -1.4 48.0 6.5 2.9 14.1 4.8 -11.8 6.8 30.2 0.0 100.0

Aug 1 033 580 0.3 -2.8 -2.5 46.9 6.5 2.7 14.2 4.3 -12.1 7.9 32.0 0.0 100.0

Sep 1 039 823 0.1 -3.4 -3.4 46.0 6.5 2.7 14.5 4.2 -12.4 7.9 34.0 0.0 100.0

Oct 1 042 914 -0.3 -4.8 -5.1 47.8 6.5 2.7 15.1 4.3 -12.6 7.4 34.0 0.0 100.0

Nov 1 047 389 -0.6 -5.9 -6.5 44.6 6.6 2.7 15.5 4.5 -12.7 8.4 36.9 0.0 100.0

Dec 1 067 363 -0.6 -6.6 -7.1 42.6 6.5 2.6 15.7 4.6 -12.8 10.3 37.6 0.0 100.0

2007 Jan 1 067 894 -0.5 -7.7 -8.2 47.1 6.4 2.6 16.1 4.9 -12.8 8.1 35.8 0.0 100.0

Feb 1 076 305 -0.5 -9.9 -10.4 47.5 6.4 2.6 16.2 4.9 -12.8 8.0 37.6 0.0 100.0

Mar 1 088 453 -0.5 -11.2 -11.7 46.4 6.3 2.5 16.6 4.9 -12.8 7.9 39.9 0.0 100.0

Apr 1 079 527 -0.5 -14.3 -14.8 48.4 6.1 2.6 17.8 5.1 -13.0 8.4 39.4 0.0 100.0

May 1 096 721 -0.4 -16.1 -16.4 49.8 6.1 2.5 17.6 4.8 -13.0 8.2 40.5 -0.0 100.0

Jun 1 095 042 -0.3 -18.3 -18.6 48.0 6.1 2.5 18.4 4.9 -13.3 8.7 43.3 -0.1 100.0

Jul 1 104 706 -0.3 -19.5 -19.8 53.0 6.0 2.5 18.9 5.2 -13.2 8.4 39.4 -0.2 100.0

Aug 1 096 037 -0.3 -21.7 -22.0 53.4 6.1 2.5 19.3 5.3 -13.4 8.6 40.5 -0.2 100.0

Sep 1 120 509 -0.3 -20.2 -20.5 50.8 6.1 2.5 19.9 5.2 -13.2 9.0 40.4 -0.1 100.0

Oct 1 132 026 -0.3 -20.1 -20.4 52.6 6.0 2.4 20.2 5.6 -13.3 8.7 38.2 -0.1 100.0

1/ Major components:

Internal exchange-indexed: BTN, CFT-D, NTN-M, NTN-A, NTN-D, NTN-I, NTN-R, NBCE, NBCF, FAT (exchange-indexed share);

External exchange-indexed: foreign gross debt minus international reserves, guarantees and foreign credits;

Selic: LFT, LFT-A, LFT-B, repo operations with federal public securities, financial investments, bank debt, securitized debt;

IGP-M: CFT-E, NTN-C, CTN;

IGP-DI: CFT-A, renegotiation (Law 8,727/1993), renegotiation (Law 9,496/1997), securitized debt, financial investments;

IPC-A: NTN-B;

TR: CFT-B, NTN-F, NTN-P, securitized debt, TDA, bank debt, Emgea's debts and credits;

TJLP: constitutional funds, FAT (TJLP-indexed share);

Non interest-bearing: demand deposits, tax collected (not transferred), monetary base;

Fixed-rate: LTN, NTN-F (since December, 2003); external debt securities issued in R$ (BRL16);

Other: extramercado funds.

Indexing factors1/

Foreign exchange


IV.18 – Net debt evolution – Conditioning factors Monthly flows

Itemization

R$ million % of R$ million % of R$ million % of R$ million % of R$ million % of

GDP GDP GDP GDP GDP

Total net debt – balance 1 095 042 44.1 1 104 706 44.0 1 096 037 43.0 1 120 509 43.5 1 132 026 43.7

Net debt – monthly growth -1 679 -0.4 9 663 -0.1 -8 669 -1.0 24 472 0.5 11 517 0.2

Conditioning factors:1/ -1 679 -0.1 9 663 0.4 -8 669 -0.3 24 472 0.9 11 517 0.4

Public sector borrowing requirements -677 -0.0 6 184 0.2 2 858 0.1 11 919 0.5 528 0.0

Primary -11 647 -0.5 -7 904 -0.3 -8 091 -0.3 -3 554 -0.1 -15 347 -0.6

Nominal interest 10 970 0.4 14 087 0.6 10 948 0.4 15 473 0.6 15 875 0.6

Exchange adjustment 286 0.0 4 535 0.2 -8 642 -0.3 13 572 0.5 10 954 0.4

Domestic exchange-indexed securities debt -18 -0.0 -322 -0.0 556 0.0 -816 -0.0 -623 -0.0

External debt – methododogical 304 0.0 4 857 0.2 -9 198 -0.4 14 388 0.6 11 577 0.4

External debt adjustment – others2/ -806 -0.0 -875 -0.0 -2 407 -0.1 -1 133 -0.0 -247 -0.0

Acknowledgement of debt -481 -0.0 1 084 0.0 -478 -0.0 114 0.0 282 0.0

Privatizations 0 0.0 -1 265 -0.1 0 0.0 0 0.0 0 0.0

GDP Growfh effect – debt3/ -0.3 -0.5 -0.7 -0.5 -0.3

GDP accumulated in 12 months – valued 2 485 681 2 511 878 2 549 752 2 577 326 2 592 868

1/ Net debt growth as percentage of GDP when considering all factors taken together, divided by the valuated GDP accumulated in the last 12-month period,

calculated by the formula: (∑ConditioningFactors/GDPAccumulatedIn12Months)*100. It does not reflect debt growth as percentage of GDP.

2/ Includes parity rate adjustment of the basket of currencies composing international reserves and the external debt as well as other adjustments in the external area.

3/ It takes into account the change in the ratio Debt/GDP due to growth observed in GDP, calculated by the formula: Dt-1/(GDPCurrentMonth/GDPBaseMonth)-Dt-1.

2007

OctSepJune July Aug


IV.19 – Net debt evolution – Conditioning factors Flows accumulated in the year

Itemization

R$ million % of R$ million % of R$ million % of R$ million % of R$ million % of

GDP GDP GDP GDP GDP

Total net debt – balance 1 002 485 46.5 1 067 363 44.9 1 096 037 43.0 1 120 509 43.5 1 132 026 43.7

Net debt – growth accumulated in the year 45 488 -0.5 64 879 -1.5 28 673 -1.9 53 146 -1.4 64 663 -1.3

Conditioning factors:1/ 45 488 2.1 64 879 2.7 28 673 1.1 53 146 2.1 64 663 2.5

Public sector borrowing requirements 63 641 2.9 69 883 2.9 16 221 0.6 28 140 1.1 28 668 1.1

Primary -93 505 -4.3 -90 144 -3.8 -87 669 -3.4 -91 223 -3.5 -106 570 -4.1

Nominal interest 157 146 7.3 160 027 6.7 103 889 4.1 119 363 4.6 135 238 5.2

Exchange adjustment2/ -18 202 -0.8 -4 881 -0.2 7 936 0.3 21 508 0.8 32 462 1.3

Domestic exchange-indexed securities debt -4 554 -0.2 -2 222 -0.1 -1 171 -0.0 -1 987 -0.1 -2 610 -0.1

External debt – methodological -13 648 -0.6 -2 659 -0.1 9 107 0.4 23 495 0.9 35 072 1.4

External debt adjustment – others3/ -2 258 -0.1 2 302 0.1 4 963 0.2 3 829 0.1 3 582 0.1

Acknowledgement of debt 3 262 0.2 -375 -0.0 818 0.0 933 0.0 1 215 0.0

Privatizations -954 -0.0 -2 049 -0.1 -1 265 -0.0 -1 265 -0.0 -1 265 -0.0

GDP Growfh effect – debt4/ -2.6 -4.3 -3.1 -3.5 -3.7

GDP accumulated in 12 months – valued 2 158 072 2 376 510 2 549 752 2 577 326 2 592 868

1/ Accumulated net debt growth as percentage of GDP when considering all factors taken together, divided by the valuated GDP accumulated in the last 12-month period

calculated by the formula: (∑ConditioningFactors/GDPAccumulatedIn12Months)*100. It does not reflect debt growth as percentage of GDP.

2/ Indicates the sum of the monthly impacts up to the reference month.

3/ Includes parity rate adjustment of the basket of currencies composing international reserves and the external debt as well as other adjustments in the external area.

4/ It takes into account the change in the ratio Debt/GDP due to growth observed in GDP, calculated by the formula: Dt-1/(GDPCurrentMonth/GDPBaseMonth)-Dt-1.

2005

Dec Dec Aug

2006 2007

Sep Oct


IV.20 – Gross and Net General Government Debt1/

R$ million

Itemization

Balance % of Balance % of Balance % of Balance % of

GDP GDP GDP GDP

Public sector net debt 1 067 363 44.9 1 096 037 43.0 1 120 509 43.5 1 132 026 43.7

General government net debt 1 091 255 45.9 1 123 920 44.1 1 125 938 43.7 1 152 687 44.5

General government gross debt 1 556 476 65.5 1 646 829 64.6 1 654 862 64.2 1 678 387 64.7

Internal gross debt 1 405 889 59.2 1 516 105 59.5 1 531 610 59.4 1 562 987 60.3

Federal securities2/ 3/ 1 073 652 45.2 1 165 961 45.7 1 177 946 45.7 1 177 116 45.4

Federal securities in market 1 070 187 45.0 1 162 878 45.6 1 175 056 45.6 1 173 440 45.3

Securitized debt and TDA 23 309 1.0 26 209 1.0 25 776 1.0 25 590 1.0

Investment of public agencies in securities4/ -11 575 -0.5 -15 171 -0.6 -14 956 -0.6 -15 000 -0.6

Investment of subnational government in federal securities -8 268 -0.3 -7 954 -0.3 -7 930 -0.3 -6 914 -0.3

Federal securities in Bacen 297 198 12.5 315 772 12.4 318 266 12.3 351 714 13.6

Federal government bank debt 2 090 0.1 2 198 0.1 2 205 0.1 2 216 0.1

Renegotiation of debt (Law 8,727/1993) 23 585 1.0 22 727 0.9 22 607 0.9 22 463 0.9

State securities debt5/ 135 0.0 146 0.0 147 0.0 148 0.0

State governments bank debt 6 339 0.3 6 240 0.2 7 380 0.3 6 164 0.2

Other state debts 0 0.0 0 0.0 0 0.0 0 0.0

Local government securities debt6/ 0 0.0 0 0.0 0 0.0 0 0.0

Local government bank debt 2 890 0.1 3 061 0.1 3 058 0.1 3 166 0.1

Foreign gross debt 150 587 6.3 130 724 5.1 123 252 4.8 115 400 4.5

Federal government 136 108 5.7 117 372 4.6 110 747 4.3 103 483 4.0

State government 12 545 0.5 11 479 0.5 10 729 0.4 10 227 0.4

Local government 1 934 0.1 1 873 0.1 1 776 0.1 1 689 0.1

Assets of general government -465 221 -19.6 -522 909 -20.5 -528 924 -20.5 -525 701 -20.3

Internal assets -465 221 -19.6 -522 909 -20.5 -528 924 -20.5 -525 701 -20.3

Available assets of general government -247 406 -10.4 -295 541 -11.6 -302 473 -11.7 -300 996 -11.6

Investment of the Social Security system -231 -0.0 -547 -0.0 -358 -0.0 -641 -0.0

Tax collected (not transferred) -1 204 -0.1 -10 436 -0.4 -9 990 -0.4 -14 282 -0.6

Demand deposits -5 528 -0.2 -5 285 -0.2 -5 348 -0.2 -5 925 -0.2

Available assets of federal government in Bacen -226 047 -9.5 -256 549 -10.1 -263 486 -10.2 -256 490 -9.9

Investments in the banking system (states) -14 396 -0.6 -22 724 -0.9 -23 291 -0.9 -23 659 -0.9

Investment in funds -60 247 -2.5 -61 638 -2.4 -61 700 -2.4 -59 568 -2.3

Credits with public enterprises -20 041 -0.8 -19 411 -0.8 -19 179 -0.7 -18 811 -0.7

Other federal government credits -14 877 -0.6 -20 277 -0.8 -20 067 -0.8 -19 699 -0.8

Worker Assistance Fund (FAT) -122 650 -5.2 -126 041 -4.9 -125 505 -4.9 -126 627 -4.9

Foreign credits 0 0.0 0 0.0 0 0.0 0 0.0

Federal government 0 0.0 0 0.0 0 0.0 0 0.0

State government - - - - - - - -

Local government - - - - - - - -

Bacen net debt 8 481 0.4 13 999 0.5 35 347 1.4 20 603 0.8

Public enterprises net debt -32 373 -1.4 -41 883 -1.6 -40 776 -1.6 -41 264 -1.6

GDP7/ 2 376 510 2 549 752 2 577 326 2 592 868

1/ Includes federal, state and local government debt with other economic agents, including the Banco Central.

2/ Includes market securities debt, and other securitized credits, less investment within the government and among different government levels.

3/ Federal government securities debt will follow an upward path as Banco Central's securities on market fall due and new issues are forbidden as stated in the Fiscal Responsibility Law.

4/ Includes investments of social security, Worker Support Fund and other investment funds.

5/ Includes balance of market securities debt less intergovernment investments in state public securities and bonds in treasury.

6/ Includes balance of market securities debt, less bonds in treasury.

7/ GDP of the last 12 months, at prices of the month indicated. Centered IGP-DI deflator (geometric mean of IGP-DI variation in the month and in the following month).

Oct

2006

Dec Aug Sep

2007


IV.21 – Public sector borrowing requirementsMonthly flows

R$ million

Itemization

Oct Dec Oct Dec Aug Sep Oct

Nominal 4 789 15 776 2 792 19 445 2 858 11 919 528

Central government 4 710 11 742 2 799 13 506 4 116 8 811 882

Federal government1/ 5 238 13 077 2 249 12 622 5 686 5 115 -2 609

Bacen -528 -1 335 550 883 -1 570 3 696 3 490

Regional government 366 4 917 -329 7 409 953 4 809 2 303

State government 306 4 748 -232 6 613 238 4 017 2 586

Local government 60 169 -97 796 716 793 -283

State enterprises -287 -883 322 -1 470 -2 212 -1 701 -2 657

Federal owner -92 -1 617 390 -2 053 -1 942 -1 472 -3 579

State owner -190 733 -66 553 -300 -250 937

Local governments owner -5 0 -2 30 30 22 -15

Nominal interest 13 342 10 676 13 258 12 992 10 948 15 473 15 875

Central government 11 032 7 352 10 566 7 742 7 562 9 622 10 899

Federal government1/ 11 586 8 738 10 022 6 896 9 204 6 017 7 475

Bacen -554 -1 386 544 846 -1 642 3 606 3 425

Regional government 2 078 3 541 2 772 5 396 3 355 6 198 5 346

State government 1 723 3 003 2 303 4 325 2 799 5 277 4 832

Local government 355 537 468 1 071 556 921 514

State enterprises 233 -217 -80 -147 32 -347 -370

Federal owner -148 -698 -325 -316 -237 -463 -558

State owner 354 456 224 152 246 101 173

Local governments owner 26 26 21 18 23 15 15

Primary -8 553 5 100 -10 466 6 453 -8 091 -3 554 -15 347

Central government -6 322 4 391 -7 767 5 763 -3 446 -812 -10 018

Federal government -9 485 -2 575 -10 816 3 671 -6 105 -10 059 -12 778

Bacen 26 52 6 37 72 90 66

INSS 3 137 6 914 3 043 2 055 2 586 9 158 2 694

Regional government -1 711 1 376 -3 101 2 013 -2 401 -1 389 -3 043

State government -1 417 1 745 -2 535 2 289 -2 561 -1 261 -2 247

Local government -295 -369 -566 -276 160 -128 -797

State enterprises -520 -667 401 -1 323 -2 244 -1 353 -2 287

Federal owner 56 -919 715 -1 737 -1 705 -1 009 -3 021

State owner -545 278 -291 401 -546 -351 765

Local governments owner -31 -25 -23 13 7 6 -31

1/ Includes INSS.

(+) deficit (-) surplus

20072005 2006


IV.22 – Public sector borrowing requirements

Accumulated in the year as % of GDP

Itemization

2007

Jan-Oct Year Jan-Oct Year Jan-Oct

Nominal 2.18 2.96 2.31 3.01 1.38

Central government 2.96 3.41 2.78 3.21 1.98

Federal government1/ 2.90 3.45 2.34 2.83 1.44

Bacen 0.05 -0.04 0.44 0.38 0.54

Regional government -0.04 0.25 0.38 0.71 0.19

State government -0.06 0.22 0.29 0.59 0.11

Local government 0.02 0.03 0.09 0.12 0.07

State enterprises -0.73 -0.70 -0.85 -0.91 -0.79

Federal owner -0.65 -0.66 -0.65 -0.77 -0.83

States owner -0.09 -0.04 -0.21 -0.15 0.03

Local governments owner 0.01 0.01 0.01 0.01 0.01

Nominal interest 7.57 7.32 7.08 6.89 6.49

Central government 6.35 6.01 5.78 5.42 5.02

Federal government1/ 6.31 6.06 5.35 5.05 4.51

Bacen 0.04 -0.05 0.43 0.37 0.51

Regional government 1.13 1.24 1.38 1.56 1.56

State government 0.93 1.02 1.15 1.30 1.33

Local government 0.21 0.22 0.23 0.27 0.23

State enterprises 0.09 0.06 -0.08 -0.09 -0.09

Federal owner -0.01 -0.05 -0.18 -0.19 -0.17

States owner 0.09 0.10 0.09 0.09 0.07

Local governments owner 0.01 0.01 0.01 0.01 0.01

Primary -5.39 -4.35 -4.78 -3.88 -5.12

Central government -3.39 -2.60 -3.00 -2.21 -3.04

Federal government -4.97 -4.36 -4.96 -4.03 -4.92

Bacen 0.01 0.01 0.01 0.01 0.03

INSS 1.57 1.75 1.95 1.81 1.85

Regional government -1.18 -0.99 -1.01 -0.85 -1.37

State government -0.99 -0.80 -0.86 -0.70 -1.22

Local government -0.19 -0.19 -0.15 -0.14 -0.16

State enterprises -0.82 -0.77 -0.77 -0.82 -0.70

Federal owner -0.64 -0.61 -0.47 -0.58 -0.65

States owner -0.18 -0.15 -0.29 -0.24 -0.05

Local governments owner -0.00 -0.00 -0.00 -0.00 -0.00

1/ Includes INSS.


Current prices

2005 2006


IV.23 – Public sector borrowing requirementsFlows in 12 months

R$ million

Itemization

May June July Aug Sep Oct

Nominal 60 244 52 576 50 919 51 390 56 896 54 631

Central government 69 633 64 625 65 597 63 570 64 767 62 850

Federal government1/ 58 046 56 705 57 753 58 512 56 149 51 292

Bacen 11 587 7 920 7 844 5 058 8 618 11 558

Regional government 12 235 10 117 7 925 7 328 10 666 13 297

State government 9 826 7 707 5 760 4 979 7 798 10 615

Local government 2 408 2 409 2 165 2 349 2 868 2 682

State enterprises -21 624 -22 166 -22 602 -19 507 -18 537 -21 516

Federal owner -18 492 -20 492 -21 127 -19 956 -18 775 -22 744

States owner -3 257 -1 839 -1 604 292 73 1 076

Local governments owner 125 165 129 157 165 152

Nominal interest 163 705 157 240 157 872 153 251 157 736 160 353

Central government 127 973 121 562 123 884 118 076 120 020 120 354

Federal government1/ 116 773 114 024 116 494 113 522 111 957 109 410

Bacen 11 200 7 539 7 390 4 554 8 063 10 944

Regional government 38 106 37 848 36 203 37 175 39 908 42 482

State government 31 964 31 731 30 246 31 076 33 430 35 960

Local government 6 143 6 118 5 957 6 098 6 477 6 523


Federal owner -4 479 -4 441 -4 407 -4 297 -4 373 -4 606

States owner 1 878 2 038 1 964 2 065 1 955 1 904

Local governments owner 227 233 229 234 226 220

Primary -103 461 -104 664 -106 953 -101 861 -100 841 -105 722

Central government -58 340 -56 937 -58 288 -54 506 -55 253 -57 504

Federal government -102 370 -101 192 -102 390 -98 144 -99 533 -101 495

Bacen 386 382 454 504 555 614

INSS 43 644 43 874 43 649 43 135 43 726 43 377

Regional government -25 872 -27 732 -28 278 -29 847 -29 242 -29 185

State government -22 137 -24 023 -24 486 -26 098 -25 632 -25 344

Local government -3 735 -3 708 -3 792 -3 749 -3 610 -3 840


Federal owner -14 012 -16 051 -16 720 -15 659 -14 403 -18 139

States owner -5 135 -3 877 -3 568 -1 773 -1 883 -827

Local governments owner -101 -68 -100 -77 -61 -68

GDP flows in 12 months* 2 425 098 2 443 473 2 455 829 2 472 054 2 487 266 2 500 639

1/ Includes INSS.

* Preliminary data.


Current prices

2007


IV.24 – Public accounts – Uses and sources

Flows in 12 months in R$ million


Dec Dec Aug Sep Oct

Uses (1+2+3) 77 600 69 883 51 390 56 896 54 631

1 - Primary result -85 199 -90 144 -101 861 -100 841 -105 722

2 - Internal debt interest 148 979 152 116 151 183 156 448 159 726

Real interest 137 945 117 290 94 074 92 698 95 653

Monetary updating 11 033 34 825 57 109 63 750 64 073

3 - External debt interest 13 819 7 911 2 069 1 288 628

Sources (4+5) 77 600 69 883 51 390 56 896 54 631

4 - Internal borrowing 153 850 183 364 266 343 268 819 264 597

Securities debt 172 197 155 060 257 350 245 892 242 619

Bank debt -29 633 7 765 -8 922 -358 -3 714

Renegotiations - - - - -

States - - - - -

Local governments - - - - -

State enterprises - - - - -

Others 11 287 20 540 17 916 23 286 25 692

National Treasury/Bacen relationship - - - - -

5 - External borrowing -76 251 -113 482 -214 953 -211 924 -209 966

GDP (accumulated in the year)1/ 1 949 819 2 322 818 2 472 054 2 487 266 2 500 639

In percentage of GDP2/

Uses (1+2+3) 3.98 3.01 2.08 2.29 2.18

1 - Primary result -4.37 -3.88 -4.12 -4.05 -4.23

2 - Internal debt interest 7.64 6.55 6.12 6.29 6.39

Real interest 7.07 5.05 3.81 3.73 3.83

Monetary updating 0.57 1.50 2.31 2.56 2.56

3 - External debt interest 0.71 0.34 0.08 0.05 0.03

Sources (4+5) 3.98 3.01 2.08 2.29 2.18

4 - Internal borrowing 7.89 7.89 10.77 10.81 10.58

Securities debt 8.83 6.68 10.41 9.89 9.70

Bank debt -1.52 0.33 -0.36 -0.01 -0.15

Renegotiations - - - - -

States - - - - -

Local governments - - - - -

State Enterprises - - - - -

Others 0.58 0.88 0.72 0.94 1.03

National Treasury/Bacen relationship - - - - -

5 - External borrowing -3.91 -4.89 -8.70 -8.52 -8.40

1/ GDP at current prices.

2/ Reflects the ratio between flows and GDP at current prices.

2007


IV.25 – Harmonized public sector net debt

End-

of-

period R$ million % of GDP R$ million % of GDP

2001 Dec 589 803 45.30 325 107 24.97

2002 Dec 753 029 50.96 418 747 28.34

2003 Dec 784 186 46.13 429 635 25.27

2004 Dec 803 943 41.41 416 286 21.44

2005 Dec 828 820 38.59 445 060 20.72

2006 Jan 848 831 39.27 467 710 21.64

Feb 853 911 39.21 471 397 21.64

Mar 859 759 39.23 476 872 21.76

Apr 852 102 38.78 471 438 21.45

May 859 362 38.88 475 521 21.51

Jun 854 380 38.44 471 471 21.21

Jul 860 655 38.42 476 495 21.27

Aug 857 691 37.98 474 532 21.01

Sep 861 969 37.93 477 069 20.99

Oct 865 396 37.78 481 140 21.00

Nov 862 434 37.37 475 997 20.62

Dec 864 237 37.21 470 143 20.24

2007 Jan 875 353 37.38 482 257 20.60

Feb 887 724 37.65 494 344 20.96

Mar 897 070 37.69 505 337 21.23

Apr 880 134 36.63 490 367 20.41

May 902 436 37.21 514 456 21.21

Jun 892 022 36.51 503 912 20.62

Jul 899 803 36.62 512 825 20.87

Aug* 890 800 36.03 502 442 20.32

Sep* 906 509 36.45 514 586 20.69

Oct* 914 156 36.56 519 829 20.79

1/ The federal government, Banco Central and state-owned enterprises are included.


Public sector National government1/


IV.26 – Variation of the harmonized net fiscal debt Flows in 12 months

End-

of-

period R$ million % of GDP R$ million % of GDP

2005 Jan 44 030 2.25 12 843 0.66

Feb 44 811 2.27 14 839 0.75

Mar 46 545 2.34 18 197 0.91

Apr 45 485 2.26 17 952 0.89

May 48 038 2.37 24 901 1.23

Jun 51 676 2.53 32 682 1.60

Jul 51 255 2.49 36 224 1.76

Aug 53 842 2.60 42 693 2.06

Sep 55 278 2.64 49 559 2.37

Oct 57 182 2.71 53 402 2.53

Nov 63 150 2.97 59 514 2.79

Dec 63 641 2.96 59 036 2.75

2006 Jan 77 600 3.59 72 297 3.34

Feb 78 552 3.61 71 056 3.26

Mar 76 606 3.50 71 110 3.24

Apr 73 110 3.33 71 411 3.25

May 66 568 3.01 63 932 2.89

Jun 67 948 3.06 64 194 2.89

Jul 72 448 3.23 66 079 2.95

Aug 71 597 3.17 64 874 2.87

Sep 71 121 3.13 60 279 2.65

Oct 69 124 3.02 58 851 2.57

Nov 66 214 2.87 55 194 2.39

Dec 69 883 3.01 56 521 2.43

2007 Jan 55 491 2.37 41 329 1.76

Feb 51 201 2.17 39 342 1.67

Mar 58 266 2.45 47 479 1.99

Apr 53 647 2.23 43 025 1.79

May 60 244 2.48 51 141 2.11

Jun 52 576 2.15 44 134 1.81

Jul 50 919 2.07 44 470 1.81

Aug* 51 390 2.08 43 614 1.76

Sep* 56 896 2.29 45 992 1.85

Oct* 54 631 2.18 40 105 1.60

1/ The federal government, Banco Central and state-owned enterprises are included.


Public sector National government1/

Foreign Sector of the Brazilian Economy

Statistical Tables V


V.1 – Balance of payments

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Trade balance (FOB) 13 121 24 794 33 641 44 703 46 458

Exports 60 362 73 084 96 475 118 308 137 807

Imports 47 240 48 290 62 835 73 606 91 350

Services -4 957 -4 931 -4 678 -8 309 -9 654

Credit 9 551 10 447 12 584 16 047 19 462

Debit 14 509 15 378 17 261 24 356 29 116

Income -18 191 -18 552 -20 520 -25 967 -27 489

Credit 3 295 3 339 3 199 3 194 6 438

Debit 21 486 21 891 23 719 29 162 33 927

Unrequited current transfers 2 390 2 867 3 236 3 558 4 306

Credit 2 627 3 132 3 542 4 051 4 847

Debit 237 265 306 493 541

Current account -7 637 4 177 11 679 13 985 13 621

Capital and financial account 8 004 5 111 -7 523 -9 464 15 982

Capital account1/ 433 498 372 663 869

Financial account 7 571 4 613 -7 895 -10 127 15 113

Direct investment 14 108 9 894 8 339 12 550 -9 420

Abroad -2 482 -249 -9 807 -2 517 -28 202

Equity capital -2 402 -62 -6 640 -2 695 -23 413

Intercompany loans -81 -187 -3 167 178 -4 789

In Brazil 16 590 10 144 18 146 15 066 18 782

Equity capital 17 118 9 320 18 570 15 045 15 373

Intercompany loans -528 823 -424 21 3 409

Portfolio investment -5 119 5 308 -4 750 4 885 9 573

Assets -321 179 -755 -1 771 523

Equity securities -389 -258 -121 -831 -915

Debt securities 67 437 -633 -940 1 438

Liabilities -4 797 5 129 -3 996 6 655 9 051

Equity securities 1 981 2 973 2 081 6 451 7 716

Debt securities -6 778 2 156 -6 076 204 1 335

Derivatives -356 -151 -677 -40 383

Assets 933 683 467 508 482

Liabilities -1 289 -834 -1 145 -548 -99

Other investment2/ -1 062 -10 438 -10 806 -27 521 14 577

Assets -3 211 -9 752 -2 085 -5 035 -8 914

Liabilities 2 150 -686 -8 721 -22 486 23 491

Errors and omissions -66 -793 -1 912 -201 965

Overall balance 302 8 496 2 244 4 319 30 569

Memo:

Current account/GDP (%) -1.51 0.75 1.76 1.58 1.28

Medium- and long-term amortizations3/ 31 084 27 115 33 199 32 694 44 082

(continues)


V.1 – Balance of payments

(concluded) US$ million

Itemization 2006* 2007*

Oct Jan-Oct Year Oct Jan-Oct

Trade balance (FOB) 3 951 38 166 46 458 3 439 34 377

Exports 12 689 113 646 137 807 15 769 132 368

Imports 8 738 75 479 91 350 12 330 97 992

Services -1 042 -8 103 -9 654 -1 289 -10 048

Credit 1 595 15 593 19 462 2 265 19 201

Debit 2 637 23 696 29 116 3 554 29 249

Income -1 734 -21 847 -27 489 -2 497 -22 055

Credit 443 5 424 6 438 1 082 9 104

Debit 2 176 27 270 33 927 3 578 31 158

Unrequited current transfers 361 3 573 4 306 304 3 323

Credit 403 4 013 4 847 405 3 951

Debit 42 440 541 101 629

Current account 1 536 11 789 13 621 -42 5 597

Capital and financial account 2 978 11 396 15 982 3 838 77 481

Capital account1/ 126 750 869 48 550

Financial account 2 852 10 646 15 113 3 790 76 931

Direct investment -13 300 -9 200 -9 420 -959 30 389

Abroad -15 022 -22 827 -28 202 -4 147 -812

Equity capital -14 070 -20 446 -23 413 -1 140 -7 685

Intercompany loans -952 -2 381 -4 789 -3 006 6 873

In Brazil 1 722 13 628 18 782 3 188 31 200

Equity capital 1 426 9 950 15 373 1 880 22 541

Intercompany loans 295 3 678 3 409 1 308 8 660

Portfolio investment 2 799 5 295 9 573 5 312 40 779

Assets -35 769 523 -724 -1 050

Equity securities 17 -523 -915 -317 -1 245

Debt securities -52 1 293 1 438 -407 195

Liabilities 2 834 4 526 9 051 6 036 41 830


Debt securities 589 -2 465 1 335 1 670 22 736

Derivatives 96 332 383 212 335

Assets 69 439 482 101 264

Liabilities 27 -108 -99 111 71

Other investment2/ 13 257 14 218 14 577 -775 5 428

Assets 168 -7 201 -8 914 -32 -20 788

Liabilities 13 090 21 419 23 491 -742 26 216

Errors and omissions 169 -35 965 456 -5 083

Overall balance 4 683 23 150 30 569 4 252 77 996

Memo:

Current account/GDP (%) - 1.33 1.28 - 0.53

Medium- and long-term amortizations3/ 2 099 33 746 44 082 3 409 32 455

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.


V.2 – Trade balance – FOB

US$ million

Period Exports Imports Balance

Monthly Accumulated 12 months Monthly Accumulated 12 months Monthly Accumulated 12 months

1990 - 31 414 31 414 - 20 661 20 661 - 10 752 10 752

1991 - 31 620 31 620 - 21 040 21 040 - 10 580 10 580

1992 - 35 793 35 793 - 20 554 20 554 - 15 239 15 239

1993 - 38 555 38 555 - 25 256 25 256 - 13 299 13 299

1994 - 43 545 43 545 - 33 079 33 079 - 10 466 10 466

1995 - 46 506 46 506 - 49 972 49 972 - - 3 466 - 3 466

1996 - 47 747 47 747 - 53 346 53 346 - - 5 599 - 5 599

1997* - 52 994 52 994 - 59 747 59 747 - - 6 753 - 6 753

1998* - 51 140 51 140 - 57 763 57 763 - - 6 624 - 6 624

1999* - 48 013 48 013 - 49 302 49 302 - - 1 289 - 1 289

2000* - 55 119 55 119 - 55 851 55 851 - - 732 - 732

2001* - 58 287 58 287 - 55 602 55 602 - 2 685 2 685

2002* - 60 439 60 439 - 47 243 47 243 - 13 196 13 196

2003* - 73 203 73 203 - 48 326 48 326 - 24 878 24 878

2004* - 96 678 96 678 - 62 836 62 836 - 33 842 33 842

2005* - 118 529 118 529 - 73 600 73 600 - 44 929 44 929

2006* Jan 9 287 9 287 120 359 6 452 6 452 74 789 2 835 2 835 45 570

Feb 8 774 18 061 121 361 5 972 12 423 75 781 2 803 5 638 45 580

Mar 11 397 29 458 123 488 7 707 20 130 77 578 3 690 9 328 45 910

Apr 9 831 39 289 124 098 6 741 26 871 78 988 3 089 12 418 45 110

May 10 305 49 594 124 567 7 288 34 158 79 903 3 017 15 435 44 664

Jun 11 463 61 057 125 805 7 365 41 524 81 092 4 098 19 533 44 713

Jul 13 651 74 708 128 377 7 992 49 515 83 027 5 659 25 193 45 350

Aug 13 672 88 380 130 682 9 117 58 633 84 448 4 554 29 747 46 234

Sep 12 577 100 957 132 605 8 109 66 741 86 242 4 468 34 215 46 363

Oct 12 689 113 646 135 371 8 738 75 479 88 752 3 951 38 166 46 619

Nov 11 897 125 543 136 459 8 658 84 138 90 698 3 239 41 405 45 761

Dec 12 265 137 807 137 807 7 213 91 351 91 351 5 052 46 457 46 457

2007* Jan 10 984 10 984 139 504 8 467 8 467 93 366 2 517 2 517 46 139

Feb 10 130 21 113 140 860 7 228 15 695 94 623 2 901 5 418 46 237

Mar 12 889 34 002 142 352 9 565 25 261 96 481 3 323 8 742 45 870

Apr 12 446 46 449 144 967 8 268 33 529 98 008 4 178 12 920 46 959

May 13 647 60 096 148 310 9 789 43 318 100 510 3 858 16 778 47 800

Jun 13 118 73 214 149 964 9 302 52 620 102 447 3 816 20 594 47 518

Jul 14 120 87 333 150 433 10 779 63 398 105 234 3 341 23 935 45 199

Aug 15 100 102 433 151 861 11 568 74 967 107 685 3 532 27 467 44 176

Sep 14 166 116 599 153 450 10 695 85 662 110 271 3 471 30 938 43 179

Oct 15 768 132 367 156 529 12 330 97 991 113 863 3 438 34 376 42 666

Source: MDIC/Secex


V.3 – Exports – FOB By aggregated factor and main products1/

US$ million

Itemization 2001* 2002* 2003* 2004* 2005*

Total 58 287 60 439 73 203 96 678 118 529

Primary products 15 349 16 959 21 186 28 529 34 732

Iron ore and concentrates 2 932 3 049 3 456 4 759 7 297

Petroleum oils, crude 721 1 691 2 122 2 528 4 164

Soybeans, including grinded 2 726 3 032 4 290 5 395 5 345

Meat and edible offal of chicken, fresh, chilled or frozen 1 292 1 335 1 710 2 494 3 324

Meat of bovine animals, fresh, chilled or frozen 739 776 1 155 1 963 2 419

Coffee, not roasted 1 208 1 195 1 302 1 750 2 516

Oil-cake and other residues from soybeans 2 065 2 199 2 602 3 271 2 865

Tobacco, unmanufactured; tobacco refuse 921 978 1 052 1 380 1 660

Maize, unmilled 497 268 375 597 121

Meat of swine, fresh, chilled or frozen 346 469 527 744 1 123

Other 1 967 2 595 3 647 3 896 3 896

Semimanufactured products 8 244 8 965 10 945 13 433 15 963

Cane sugar, raw 1 401 1 111 1 350 1 511 2 382

Chemical wood pulp 1 246 1 160 1 744 1 722 2 034

Iron or nonalloy steel flat-rolled products 1 082 1 410 1 619 2 124 2 304

Hides and skins 872 956 1 057 1 290 1 394

Pig iron and spiegeleisen 428 473 573 1 179 1 810

Aluminum, unwrought 676 813 903 952 1 020

Ferroalloys 390 433 486 598 712

Soybean oil, crude 415 675 1 042 1 156 1 022

Wood, sawn or chipped lengthwise, over 6 mm thick 532 577 648 838 883

Gold, nonmonetary in semimanufactured forms 336 349 327 413 459

Other 1 009 1 196 1 649 1 943 1 943

Manufactured products 32 957 33 068 39 764 53 137 65 353

Passenger motor vehicles 1 951 2 005 2 656 3 352 4 395

Airplanes 2 839 2 335 1 939 3 269 3 168

Parts and accessories for motor cars and tractors 1 175 1 163 1 495 1 979 2 475

Iron or nonalloy steel flat-rolled products 602 813 1 410 2 007 2 383

Passenger motor vehicles engines and parts thereof 1 113 1 342 1 676 1 976 2 318

Transmission and reception apparatus, and components 1 763 1 783 1 678 1 379 2 733

Cane sugar, refined 878 982 790 1 129 1 537

Heavy fuel oils 798 623 1 006 1 199 1 572

Footwear, parts and components 1 686 1 519 1 625 1 904 1 984

Motor vehicles for the transport of goods 484 428 671 1 123 1 682

Polymers of ethylene, propylene and styrene 343 328 522 687 1 008

Electric motors, generators, transformers; parts thereof 459 441 501 601 906

Pumps, compressors, fans and others 650 696 795 1 033 1 217

Ethyl alcohol 92 169 158 498 766

Gasoline 500 524 548 570 1 066

Orange juice 813 869 910 790 796

Tractors 151 275 466 887 1 239

Civil engineering and contractors' plant and equipment 344 359 457 905 1 234

Pneumatic rubber tires 468 490 615 690 830

Aluminum oxide and aluminum hydroxide 211 181 334 431 576

Other 15 745 19 513 26 729 31 467 31 467

Special operations2/ 1 736 1 446 1 308 1 579 2 482

(continues)


V.3 – Exports – FOB By aggregated factor and main products1/




Total 12 689 113 646 137 807 15 768 132 367

Primary products 3 715 33 679 40 285 5 617 42 443

Iron ore and concentrates 914 7 444 8 949 992 8 775

Petroleum oils, crude 536 5 637 6 894 1 009 6 803

Soybeans, including grinded 379 5 311 5 663 664 6 226

Meat and edible offal of chicken, fresh, chilled or frozen 283 2 352 2 923 406 3 395

Meat of bovine animals, fresh, chilled or frozen 320 2 539 3 135 325 2 928

Coffee, not roasted 308 2 302 2 928 351 2 735

Oil-cake and other residues from soybeans 200 2 017 2 419 321 2 505

Tobacco, unmanufactured; tobacco refuse 118 1 507 1 694 254 1 909

Maize, unmilled 45 384 482 333 1 496

Meat of swine, fresh, chilled or frozen 120 813 990 92 900

Other 493 3 371 4 208 870 4 771

Semimanufactured products 1 864 15 825 19 523 2 129 18 069

Cane sugar, raw 452 3 103 3 936 319 2 620

Chemical wood pulp 193 2 019 2 479 275 2 439


Hides and skins 171 1 511 1 872 199 1 820

Pig iron and spiegeleisen 146 1 291 1 637 185 1 498

Aluminum, unwrought 99 1 252 1 495 111 1 293

Ferroalloys 77 702 839 155 1 155

Soybean oil, crude 92 651 829 157 1 046

Wood, sawn or chipped lengthwise, over 6 mm thick 67 692 846 92 764

Gold, nonmonetary in semimanufactured forms 37 530 659 60 651

Other 260 2 203 2 655 302 2 806

Manufactured products 6 888 61 624 75 018 7 703 69 194

Passenger motor vehicles 369 3 835 4 597 478 3 848

Airplanes 182 2 409 3 241 374 3 394

Parts and accessories for motor cars and tractors 267 2 462 2 972 293 2 651


Passenger motor vehicles engines and parts thereof 251 2 371 2 797 239 2 107

Transmission and reception apparatus, and components 299 2 493 2 901 168 1 826

Cane sugar, refined 305 1 722 2 231 171 1 714

Heavy fuel oils 98 2 007 2 252 257 1 892

Footwear, parts and components 159 1 654 1 967 173 1 713

Motor vehicles for the transport of goods 159 1 542 1 869 169 1 680

Polymers of ethylene, propylene and styrene 109 1 050 1 375 133 1 327

Electric motors, generators, transformers; parts thereof 160 1 079 1 333 172 1 381

Pumps, compressors, fans and others 119 1 134 1 371 177 1 326

Ethyl alcohol 276 1 335 1 605 129 1 291

Gasoline 49 1 096 1 199 169 1 449

Orange juice 151 833 1 043 154 1 299

Tractors 113 994 1 239 164 1 252

Civil engineering and contractors' plant and equipment 118 1 207 1 440 136 1 228

Pneumatic rubber tires 91 845 1 018 141 1 140

Aluminum oxide and aluminum hydroxide 102 868 1 109 117 1 063

Other 3 254 28 561 34 739 3 759 33 411

Special operations2/ 222 2 518 2 981 319 2 661

Source: MDIC/Secex

1/ Main products by value in the last twelve months.

2/ Including special transactions, on-board consumption and reexports.


V.4 – Imports – FOB By end-use category and selected products

US$ million

Itemization 2001* 2002* 2003* 2004* 2005*

Total 55 602 47 243 48 326 62 836 73 600

Capital goods 14 829 11 643 10 353 12 145 15 387

Industrial machinery 4 878 4 367 3 426 3 279 4 251

Other fixed equipments 3 148 1 910 1 920 2 530 3 312

Machines and apparatuses for offices, scientific services 2 809 2 258 2 111 2 685 3 381

Parts for industrial capital goods 1 676 1 200 1 206 1 519 1 745

Moving equipment for transportation 837 607 445 610 969

Accessories for industrial machinery 1 018 975 911 1 068 1 240

Tools 231 167 178 221 253

Fixed equipment for transportation 146 78 61 90 122

Machines and tools 38 19 22 67 55

Capital goods – sundry 48 62 73 76 59

Consumer goods 7 154 5 912 5 540 6 864 8 484

Nondurable consumer goods 3 632 3 400 3 121 3 674 4 556

Foodstuffs 1 170 1 085 924 1 059 1 374

Pharmaceutical products 1 185 1 211 1 248 1 454 1 684

Beauty products 226 184 197 238 277

Apparel and other textil clothing 204 136 116 177 274

Beverage and tobacco 180 163 159 184 211

Non-durables – sundry 667 619 478 562 735

Durable consumer goods 3 522 2 512 2 419 3 190 3 928

Passenger vehicles 1 402 730 578 583 819

Articles of adornment – personal use and others 713 684 714 920 1 124

Machines and apparatuses for domestic use 466 411 410 640 822

Durable consumer goods parts and spares 425 332 394 618 637

Furniture and other house equipments 243 154 137 190 199

Household appliances 86 66 61 84 100

Durables – sundry 188 135 125 155 228

Fuels and lubricants 6 277 6 240 6 600 10 315 11 925

Intermediate products and raw materials 27 341 23 448 25 832 33 512 37 804

Chemical and pharmaceutical products 7 951 7 297 7 533 9 638 10 699

Intermediate products – parts and spares 4 654 3 785 4 154 5 591 6 700

Mineral products 4 433 3 061 3 599 5 073 6 372

Accessories for transportation equipment 4 234 3 567 3 714 4 912 5 912

Inedible farm products 1 894 1 602 1 693 2 213 2 360

Foodstuffs 1 598 1 679 2 017 1 517 1 308

Other raw materials for farming 1 606 1 616 2 275 3 473 3 017

Building materials 428 442 440 503 638

Transportation equipment – parts and spares 324 171 153 341 466

Animal feed 167 178 209 168 203

Intermediate products and raw material – sundry 54 49 45 83 128

(continues)


V.4 – Imports – FOB By end-use category and selected products




Total 8 738 75 479 91 351 12 330 97 991

Capital goods 1 777 15 605 18 920 2 457 20 382

Industrial machinery 455 4 406 5 310 643 5 911

Other fixed equipments 402 3 313 3 971 322 2 642

Machines and apparatuses for offices, scientific services 390 3 511 4 305 598 4 766

Parts for industrial capital goods 188 1 662 2 010 404 3 384

Moving equipment for transportation 171 1 105 1 404 214 1 457

Accessories for industrial machinery 118 1 137 1 347 193 1 519

Tools 35 271 327 46 375

Fixed equipment for transportation 9 118 141 19 160

Machines and tools 5 34 42 5 71

Capital goods – sundry 4 49 65 14 98

Consumer goods 1 184 9 680 11 997 1 765 13 049

Nondurable consumer goods 563 4 768 5 918 807 6 420

Foodstuffs 162 1 367 1 728 211 1 631

Pharmaceutical products 200 1 793 2 171 283 2 421

Beauty products 31 261 325 45 364

Apparel and other textil clothing 43 347 449 85 641

Beverage and tobacco 30 227 285 38 292

Non-durables – sundry 97 773 959 144 1 070

Durable consumer goods 621 4 912 6 079 958 6 629

Passenger vehicles 192 1 477 1 914 422 2 416

Articles of adornment – personal use and others 143 1 130 1 393 194 1 500

Machines and apparatuses for domestic use 132 1 096 1 294 160 1 297

Durable consumer goods parts and spares 84 626 753 65 543

Furniture and other house equipments 28 221 274 41 325

Household appliances 12 104 132 24 181

Durables – sundry 29 259 318 51 367

Fuels and lubricants 1 446 12 592 15 197 2 077 15 845

Intermediate products and raw materials 4 331 37 602 45 237 6 032 48 715

Chemical and pharmaceutical products 1 174 10 077 12 243 1 634 12 924

Intermediate products – parts and spares 702 6 626 7 818 914 7 357

Mineral products 842 7 774 9 205 950 9 558

Accessories for transportation equipment 552 5 281 6 290 893 6 977

Inedible farm products 310 2 636 3 189 415 3 250

Foodstuffs 177 1 353 1 705 236 2 102

Other raw materials for farming 407 2 426 3 036 729 4 431

Building materials 75 655 801 102 957

Transportation equipment – parts and spares 48 458 553 82 655

Animal feed 27 171 227 42 233

Intermediate products and raw material – sundry 16 144 170 36 270

Source: MDIC/Secex


V.5 – Trade by area – FOB

US$ million

Itemization 2001* 2002* 2003* 2004*

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 58 287 55 602 2 685 60 439 47 243 13 196 73 203 48 326 24 878 96 678 62 836 33 842

Efta1/ 629 1 227 -598 619 1 118 -499 618 1 209 -592 680 1 423 -744

Africa2/ 1 989 3 331 -1 342 2 363 2 676 -312 2 862 3 291 -429 4 248 6 183 -1 936

Aladi 12 249 10 000 2 249 9 891 8 225 1 666 12 959 8 210 4 749 19 766 10 026 9 739

Mercosul 6 374 7 010 -635 3 319 5 612 -2 293 5 684 5 685 -1 8 935 6 390 2 544

Argentina 5 010 6 207 -1 197 2 347 4 744 -2 397 4 570 4 673 -103 7 391 5 570 1 821

Paraguay 721 300 421 560 383 177 709 475 234 873 298 576

Uruguay 643 503 140 413 485 -72 406 538 -132 671 523 148

Chile 1 355 844 511 1 465 649 816 1 887 821 1 066 2 556 1 399 1 157

Mexico 1 871 695 1 176 2 346 580 1 765 2 747 533 2 214 3 958 704 3 254

Other3/ 2 648 1 451 1 197 2 762 1 384 1 377 2 640 1 171 1 470 4 317 1 533 2 784

Asia2/ 6 954 8 926 -1 972 8 798 7 996 802 11 685 8 923 2 762 14 577 12 280 2 298

China 1 902 1 328 574 2 521 1 554 967 4 533 2 148 2 386 5 442 3 710 1 731

Korea, Republic of 737 1 574 -838 853 1 067 -214 1 223 1 079 144 1 430 1 730 -300

Japan 1 990 3 064 -1 074 2 103 2 348 -245 2 316 2 521 -205 2 774 2 869 -94

Others 2 326 2 960 -634 3 322 3 028 294 3 613 3 176 437 4 932 3 971 961

Canada 556 927 -371 783 740 43 980 750 230 1 202 866 336

USA4/ 14 397 13 050 1 347 15 559 10 440 5 119 16 936 9 730 7 206 20 403 11 531 8 872

Eastern Europe5/ 1 161 584 577 1 357 584 772 1 696 821 874 2 014 1 254 761

Middle East 2 030 1 471 559 2 331 1 430 901 2 807 1 626 1 181 3 689 2 315 1 374

European Union 15 488 15 446 42 15 609 13 495 2 114 18 816 13 053 5 763 24 676 15 990 8 686

Germany 2 504 4 825 -2 321 2 540 4 419 -1 879 3 140 4 204 -1 064 4 047 5 072 -1 025

Belgium-Luxembourg 1 812 585 1 228 1 892 546 1 346 1 796 515 1 281 1 932 640 1 292

Spain6/ 1 043 1 225 -182 1 121 975 146 1 554 974 580 1 988 1 176 812

France 1 648 2 080 -431 1 526 1 773 -247 1 717 1 766 -49 2 194 2 289 -95

Italy 1 810 2 187 -376 1 818 1 758 60 2 210 1 739 471 2 909 2 049 860

Netherlands 2 864 533 2 331 3 183 535 2 648 4 248 509 3 739 5 919 618 5 302

United Kingdom 1 706 1 244 462 1 771 1 344 427 1 902 1 206 696 2 122 1 355 767

Other7/ 2 099 2 767 -667 1 758 2 145 -387 2 249 2 141 109 3 565 2 791 774

Other 2 833 640 2 193 3 129 538 2 590 3 844 711 3 133 5 424 967 4 457

Memo:

Opec8/ 3 500 4 639 -1 139 3 739 4 143 -405 4 083 4 560 -477 6 077 7 872 -1 795

(continues)


V.5 – Trade by area – FOB


Itemization 2005* 2006* 2006* 2007*

Jan-Oct Jan-Oct

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 118 529 73 600 44 929 137 807 91 351 46 457 113 646 75 479 38 166 132 367 97 991 34 376

Efta1/ 984 1 516 -533 1 434 1 677 -244 1 130 1 352 -222 1 483 2 216 -733

Africa2/ 5 981 6 657 -675 7 456 8 111 -655 6 052 6 810 -758 7 080 8 913 -1 833

Aladi 25 498 11 616 13 882 31 495 16 282 15 214 25 995 13 263 12 732 29 803 16 545 13 258

Mercosul 11 746 7 054 4 692 13 986 8 967 5 018 11 510 7 230 4 280 14 237 9 229 5 008

Argentina 9 930 6 241 3 689 11 740 8 053 3 686 9 698 6 539 3 158 11 820 8 285 3 535

Paraguay 963 319 644 1 234 296 938 994 222 772 1 335 309 1 026

Uruguay 853 494 359 1 013 618 394 819 468 350 1 082 635 447

Chile 3 624 1 746 1 878 3 914 2 866 1 047 3 298 2 380 918 3 472 2 905 567

Mexico 4 074 844 3 230 4 458 1 310 3 148 3 755 1 074 2 681 3 477 1 631 1 847

Other3/ 6 054 1 973 4 081 9 138 3 138 6 000 7 432 2 580 4 853 8 617 2 781 5 836

Asia2/ 18 566 16 870 1 696 20 816 22 888 -2 072 17 362 18 840 -1 478 21 192 24 832 -3 640

China 6 835 5 355 1 480 8 402 7 990 412 7 171 6 439 732 9 282 10 170 -887

Korea, Republic of 1 897 2 327 -430 1 963 3 106 -1 144 1 642 2 669 -1 026 1 672 2 800 -1 128

Japan 3 483 3 405 78 3 895 3 840 55 3 185 3 257 -72 3 593 3 842 -249

Others 6 352 5 784 568 6 557 7 952 -1 395 5 364 6 475 -1 111 6 645 8 021 -1 376

Canada 1 947 1 019 928 2 281 1 194 1 087 1 884 991 893 1 890 1 426 464

USA4/ 22 810 12 853 9 956 24 773 14 817 9 956 20 778 12 243 8 535 20 950 15 791 5 160

Eastern Europe5/ 3 359 1 084 2 275 3 892 1 434 2 458 3 080 1 177 1 903 3 469 2 160 1 309

Middle East 4 288 2 510 1 779 5 749 3 165 2 584 4 435 2 730 1 705 5 411 2 540 2 871

European Union 27 039 18 236 8 804 31 045 20 203 10 842 25 465 16 791 8 674 33 018 21 879 11 139

Germany 5 032 6 144 -1 112 5 691 6 503 -812 4 674 5 514 -840 5 812 7 117 -1 304

Belgium-Luxembourg 2 197 760 1 437 3 015 997 2 018 2 521 824 1 697 3 252 978 2 274

Spain6/ 2 177 1 333 845 2 330 1 431 899 1 884 1 152 732 2 868 1 536 1 331

France 2 507 2 700 -192 2 669 2 838 -169 2 191 2 342 -151 2 929 2 887 42

Italy 3 229 2 276 952 3 836 2 571 1 266 3 140 2 116 1 024 3 693 2 687 1 006

Netherlands 5 286 587 4 699 5 749 786 4 963 4 657 671 3 986 7 195 837 6 358

United Kingdom 2 597 1 376 1 222 2 829 1 417 1 412 2 284 1 152 1 132 2 572 1 634 938

Other7/ 4 014 3 060 954 4 925 3 659 1 265 4 115 3 021 1 094 4 697 4 202 495

Other 8 057 1 240 6 817 8 866 1 580 7 286 7 464 1 282 6 182 8 071 1 690 6 380

Memo:

Opec8/ 8 053 8 199 -146 11 427 10 483 944 9 191 8 898 293 11 348 10 351 997

Source: MDIC/Secex

1/ Includes Iceland, Norway and Switzerland (includes Liechtenstein).

2/ Excludes Middle East countries.

3/ Includes Bolivia, Colombia, Ecuador, Peru and Venezuela.

4/ Includes Puerto Rico.

5/ Albania, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrqys, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.

6/ Includes Canary Islands.

7/ Austria, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Latvia, Lithuania, Malta, Poland, Portugal, Romania, Slovak Republic,

Slovenia and Sweden.

8/ Algeria, Angola, Qatar, Indonesia, Iran (Islamic Rep.), Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.

Note: Imports according to the country of origin, and not from the country of acquisition of the product.

As of May 2007 the composition of the blocs for all periods is that of the reference month.


V.6 – Services

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total -4 957 -4 931 -4 678 -8 309 -9 654

Credit 9 551 10 447 12 584 16 047 19 462

Debit 14 509 15 378 17 261 24 356 29 116

Transportation -1 959 -1 590 -1 986 -1 950 -3 126

Credit 1 536 1 822 2 467 3 139 3 439

Debit 3 494 3 412 4 453 5 089 6 565

Travel -398 218 351 -858 -1 448

Credit 1 998 2 479 3 222 3 861 4 316

Debit 2 396 2 261 2 871 4 720 5 764

Communication 14 84 174 127 104

Credit 135 449 243 239 205

Debit 122 366 70 112 102


Credit 12 10 1 8 23

Debit - 0 - - 4

Insurance -420 -436 -544 -568 -430

Credit 206 124 105 134 324

Debit 626 560 649 702 755

Financial -232 -383 -77 -230 -123

Credit 390 363 423 507 738

Debit 623 745 499 737 861

Computer and information -1 118 -1 034 -1 228 -1 626 -1 903

Credit 36 29 53 88 102

Debit 1 155 1 063 1 281 1 713 2 005

Royalties and license fees -1 129 -1 120 -792 -1 303 -1 513

Credit 100 108 113 102 150

Debit 1 229 1 228 905 1 404 1 664

Merchanting and trade-related -12 -92 -235 -279 1

Credit 421 389 379 606 967

Debit 433 480 613 885 967

Operational leasing -1 672 -2 312 -2 166 -4 130 -4 887

Credit 49 25 59 78 77

Debit 1 721 2 337 2 225 4 208 4 964

Misc. business, professional and technical 2 460 2 158 2 378 3 651 4 556

Credit 3 848 3 719 4 515 6 038 7 524

Debit 1 388 1 562 2 136 2 387 2 967

Personal, cultural and recreational -251 -283 -362 -396 -452

Credit 58 54 47 56 81

Debit 309 337 409 451 533

Government services -252 -151 -192 -755 -450

Credit 761 877 957 1 192 1 517

Debit 1 013 1 028 1 149 1 947 1 967

(continues)


V.6 – Services




Total -1 042 -8 103 -9 654 -1 289 -10 048

Credit 1 595 15 593 19 462 2 265 19 201

Debit 2 637 23 696 29 116 3 554 29 249

Transportation -323 -2 669 -3 126 -391 -3 216

Credit 302 2 810 3 439 361 3 276

Debit 625 5 479 6 565 752 6 493

Travel -213 -1 221 -1 448 -479 -2 576

Credit 341 3 548 4 316 436 4 044

Debit 554 4 769 5 764 915 6 619

Communication 2 98 104 31 140

Credit 14 178 205 38 215

Debit 12 80 102 7 75


Credit 2 19 23 1 14

Debit - 3 4 - 3

Insurance -55 -467 -430 -24 -680

Credit 2 113 324 71 382

Debit 57 580 755 95 1 062

Financial -62 -84 -123 27 218

Credit 82 591 738 95 884

Debit 144 675 861 68 667

Computer and information -161 -1 657 -1 903 -189 -1 749

Credit 7 79 102 13 138

Debit 168 1 736 2 005 202 1 888

Royalties and license fees -118 -1 272 -1 513 -252 -1 563

Credit 15 118 150 16 258

Debit 134 1 391 1 664 268 1 821

Merchanting and trade-related -16 -51 1 -31 -9

Credit 60 720 967 56 725

Debit 76 771 967 86 734

Operational leasing -437 -3 939 -4 887 -480 -4 329

Credit 5 50 77 4 25

Debit 442 3 989 4 964 483 4 354

Misc. business, professional and technical 399 3 698 4 556 689 4 912

Credit 655 6 069 7 524 1 040 8 037

Debit 256 2 371 2 967 350 3 125

Personal, cultural and recreational -35 -384 -452 -45 -463

Credit 9 63 81 8 62

Debit 44 447 533 54 524

Government services -26 -172 -450 -145 -743

Credit 100 1 234 1 517 128 1 141

Debit 126 1 406 1 967 273 1 883


V.7 – Income

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Balance on income -18 191 -18 552 -20 520 -25 967 -27 489

Credit 3 295 3 339 3 199 3 194 6 438

Debit 21 486 21 891 23 719 29 162 33 927

Compensation of employees 102 109 181 214 177

Credit 293 269 354 325 397

Debit 191 160 173 111 220

Investment income -18 292 -18 661 -20 701 -26 181 -27 666

Credit 3 002 3 070 2 845 2 869 6 041

Debit 21 295 21 731 23 546 29 050 33 707

Direct investment income -4 983 -5 098 -5 789 -10 302 -12 811

Credit 967 886 1 114 733 1 073

Debit 5 950 5 984 6 903 11 035 13 884

Income on equity (profits and dividends) -4 034 -4 076 -4 937 -9 142 -11 431

Credit 857 760 916 641 928

Debit 4 891 4 836 5 853 9 783 12 359

Income on intercompany loans (interest) -949 -1 022 -852 -1 161 -1 380

Credit 109 126 198 92 145

Debit 1 058 1 148 1 050 1 253 1 525

Paid in cash 802 802 866 1 072 1 287

Converted to FDI 256 346 184 181 238

Portfolio investment income -8 384 -8 743 -10 415 -11 778 -11 051

Credit 1 383 1 323 733 785 3 049

Debit 9 767 10 066 11 149 12 563 14 101

Income on equity (profits and dividends) -1 128 -1 564 -2 400 -3 544 -4 924

Credit 1 3 4 10 21

Debit 1 129 1 568 2 404 3 554 4 945

Income on debt securities (interest) -7 256 -7 179 -8 015 -8 234 -6 128

Credit 1 382 1 320 729 775 3 028

Debit 8 638 8 499 8 744 9 009 9 156

Other investment income1/ -4 925 -4 820 -4 497 -4 101 -3 804

Credit 653 861 998 1 351 1 919

Debit 5 578 5 681 5 495 5 452 5 723

Memo:

Interests -13 130 -13 020 -13 364 -13 496 -11 312

Credit 2 144 2 307 1 925 2 218 5 092

Debit 15 275 15 328 15 289 15 713 16 404

Profits and dividends -5 162 -5 640 -7 338 -12 686 -16 354

Credit 858 763 920 651 949

Debit 6 020 6 403 8 257 13 337 17 303

(continues)


V.7 – Income




Balance on income -1 734 -21 847 -27 489 -2 497 -22 055

Credit 443 5 424 6 438 1 082 9 104

Debit 2 176 27 270 33 927 3 578 31 158

Compensation of employees 9 157 177 35 372

Credit 31 318 397 38 411

Debit 22 161 220 2 38

Investment income -1 743 -22 004 -27 666 -2 532 -22 427

Credit 412 5 106 6 041 1 044 8 693

Debit 2 155 27 110 33 707 3 576 31 120

Direct investment income -876 -9 434 -12 811 -1 716 -13 082

Credit 17 994 1 073 233 1 999

Debit 893 10 428 13 884 1 950 15 081

Income on equity (profits and dividends) -805 -8 376 -11 431 -1 839 -12 569

Credit 8 880 928 10 1 073

Debit 813 9 256 12 359 1 848 13 641

Income on intercompany loans (interest) -71 -1 057 -1 380 123 -513

Credit 9 114 145 224 927

Debit 80 1 171 1 525 101 1 440

Paid in cash 74 938 1 287 94 1 331

Converted to FDI 6 233 238 7 109

Portfolio investment income -568 -9 659 -11 051 -433 -5 333

Credit 246 2 476 3 049 634 5 058

Debit 813 12 135 14 101 1 067 10 392

Income on equity (profits and dividends) -97 -4 134 -4 924 -362 -3 416

Credit 0 19 21 2 9

Debit 97 4 153 4 945 364 3 425

Income on debt securities (interest) -470 -5 525 -6 128 -71 -1 918

Credit 246 2 458 3 028 632 5 049

Debit 716 7 983 9 156 703 6 967

Other investment income1/ -299 -2 911 -3 804 -383 -4 012

Credit 149 1 635 1 919 177 1 636

Debit 448 4 547 5 723 559 5 647

Memo:

Interests -840 -9 494 -11 312 -331 -6 443

Credit 404 4 207 5 092 1 033 7 612

Debit 1 244 13 701 16 404 1 364 14 055

Profits and dividends -902 -12 510 -16 354 -2 201 -15 984

Credit 8 899 949 12 1 081

Debit 911 13 409 17 303 2 212 17 066

1/ Includes interests on trade credits, loans, deposits and other assets and liabilities.


V.8 – Unrequited current transfers

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total 2 390 2 867 3 236 3 558 4 306

Credit 2 627 3 132 3 542 4 051 4 847

Debit 237 265 306 493 541

General government transfers -1 -21 -38 -59 -35

Credit 57 48 44 81 86

Debit 58 68 82 140 122

Other sectors transfers 2 391 2 887 3 274 3 616 4 342

Credit 2 570 3 084 3 498 3 969 4 761

Debit 179 197 224 353 419

Workers' remittances 1 573 1 882 2 292 2 217 2 581

Credit 1 711 2 018 2 459 2 480 2 890

United States 897 1 059 1 534 1 358 1 416

Japan 532 526 419 615 650

Remaining countries 282 433 506 507 824

Debit 138 136 167 263 309

Other transfers 818 1 005 982 1 399 1 761

Credit 859 1 066 1 039 1 490 1 871

Debit 41 61 57 91 110

(continues)


V.8 – Unrequited current transfers




Total 361 3 573 4 306 304 3 323

Credit 403 4 013 4 847 405 3 951

Debit 42 440 541 101 629

General government transfers - -27 -35 - -1

Credit 8 67 86 9 93

Debit 8 93 122 9 94

Other sectors transfers 362 3 599 4 342 304 3 324

Credit 395 3 946 4 761 395 3 859

Debit 34 347 419 91 535

Workers' remittances 221 2 144 2 581 184 1 960

Credit 248 2 395 2 890 240 2 357

United States 119 1 184 1 416 115 1 026

Japan 54 536 650 54 479

Remaining countries 76 675 824 71 852

Debit 28 250 309 57 397

Other transfers 141 1 455 1 761 120 1 363

Credit 147 1 552 1 871 155 1 502

Debit 6 97 110 35 138


V.9 – Direct investment

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total direct investment 14 108 9 894 8 339 12 550 -9 420

Credit 27 045 20 975 27 087 31 577 33 425

Debit 12 937 11 081 18 748 19 027 42 846

Abroad -2 482 -249 -9 807 -2 517 -28 202

Credit 585 1 737 1 287 1 515 1 129

Debit 3 067 1 986 11 094 4 032 29 331

Equity capital -2 402 -62 -6 640 -2 695 -23 413

Credit 417 1 645 1 156 1 180 1 002

Debit 2 818 1 707 7 796 3 875 24 416

Intercompany loans -81 -187 -3 167 178 -4 789

Credit 168 93 131 335 126

Debit 249 280 3 298 157 4 915

Loans from headquarters in Brazil to affiliates abroad -79 -187 -3 170 103 -4 773

Credit 165 92 115 160 120

Debit 243 279 3 284 57 4 893

Loans from affiliates abroad to headquarters in Brazil -2 0 3 75 -16

Credit 4 1 16 175 6

Debit 6 1 13 100 22

Foreign direct investment in Brazil 16 590 10 144 18 146 15 066 18 782

Credit 26 460 19 238 25 801 30 062 32 297

Debit 9 870 9 094 7 655 14 996 13 514

Equity capital 17 118 9 320 18 570 15 045 15 373

Credit 18 960 13 087 20 542 22 043 22 706

Currency 10 400 7 846 15 972 16 406 20 463

Autonomous 10 120 7 846 15 972 16 406 20 233

Privatization related 280 0 0 0 230

Conversions 8 484 5 213 4 557 5 603 2 234

Autonomous 8 484 5 213 4 557 5 603 2 234


Merchandise 76 29 13 35 9

Reinvested earnings ... ... ... ... ...

Debit 1 842 3 767 1 971 6 998 7 333

Intercompany loans -528 823 -424 21 3 409

Credit 7 500 6 150 5 259 8 018 9 590

Debit 8 028 5 327 5 683 7 997 6 181

Loans from headquarters abroad to affiliates in Brazil -529 803 -412 340 4 021

Credit 7 495 6 120 5 254 7 990 9 369

Debit 8 024 5 317 5 666 7 650 5 349

Paid in cash 5 796 3 903 4 617 6 380 4 758

Converted to FDI equity capital 2 229 1 414 1 049 1 269 591

Loans from affiliates in Brazil to headquarters abroad 2 21 -12 -319 -612

Credit 5 30 5 29 221

Debit 4 10 17 347 833

(continues)


V.9 – Direct investment




Total direct investment -13 300 -9 200 -9 420 -959 30 389

Credit 2 425 25 167 33 425 6 335 60 578

Debit 15 726 34 367 42 846 7 294 30 190

Abroad -15 022 -22 827 -28 202 -4 147 -812

Credit 65 1 009 1 129 1 930 18 605

Debit 15 087 23 836 29 331 6 076 19 417

Equity capital -14 070 -20 446 -23 413 -1 140 -7 685

Credit 64 886 1 002 189 1 706

Debit 14 134 21 332 24 416 1 329 9 391

Intercompany loans -952 -2 381 -4 789 -3 006 6 873

Credit 1 122 126 1 741 16 899

Debit 953 2 503 4 915 4 747 10 026

Loans from headquarters in Brazil to affiliates abroad -952 -2 366 -4 773 -3 568 -737

Credit 1 116 120 1 179 9 287

Debit 953 2 482 4 893 4 747 10 024

Loans from affiliates abroad to headquarters in Brazil 0 -15 -16 562 7 610

Credit 0 6 6 562 7 612

Debit 0 21 22 0 2

Foreign direct investment in Brazil 1 722 13 628 18 782 3 188 31 200

Credit 2 361 24 159 32 297 4 405 41 973

Debit 639 10 531 13 514 1 218 10 773

Equity capital 1 426 9 950 15 373 1 880 22 541

Credit 1 654 16 134 22 706 2 585 28 324

Currency 1 555 14 104 20 463 2 430 26 589

Autonomous 1 555 13 874 20 233 2 430 26 589


Conversions 98 2 022 2 234 147 1 712

Autonomous 98 2 022 2 234 147 1 712


Merchandise 1 8 9 8 23

Reinvested earnings ... ... ... ... ...

Debit 227 6 185 7 333 705 5 784

Intercompany loans 295 3 678 3 409 1 308 8 660

Credit 707 8 024 9 590 1 820 13 648

Debit 411 4 346 6 181 512 4 989

Loans from headquarters abroad to affiliates in Brazil 356 4 018 4 021 1 346 8 935

Credit 690 7 859 9 369 1 792 12 983

Debit 335 3 841 5 349 446 4 048

Paid in cash 327 3 343 4 758 342 3 444

Converted to FDI equity capital 8 498 591 103 603

Loans from affiliates in Brazil to headquarters abroad -60 -340 -612 -39 -276

Credit 16 166 221 28 666

Debit 77 506 833 67 941


V.10 – Portfolio investment – Assets

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total -321 179 -755 -1 771 523

Credit 1 016 1 805 2 767 3 159 6 024

Debit 1 337 1 626 3 522 4 929 5 501

Equity securities -389 -258 -121 -831 -915

Credit 320 66 36 70 406

Debit 709 324 157 901 1 322

Brazilian Depositary Receipts (BDR) 106 -10 -0 -4 -614

Credit 113 2 1 - 6

Debit 7 12 1 4 620

Other equities -495 -248 -121 -827 -301

Credit 207 64 35 70 400

Debit 702 312 156 897 701

Debt securities 67 437 -633 -940 1 438

Credit 696 1 738 2 732 3 089 5 618

Debit 629 1 302 3 365 4 029 4 180

Bonds and notes 67 437 -633 -519 858

Credit 696 1 738 2 731 3 088 4 714

Collateral release - 359 8 - 846

Other 696 1 379 2 724 3 088 3 868

Debit 629 1 302 3 365 3 607 3 855

Short-term - - 0 -421 579

Credit - - 0 - 904

Debt - - - 421 325

(continues)


V.10 – Portfolio investment – Assets




Total -35 769 523 -724 -1 050

Credit 219 5 110 6 024 273 3 324

Debit 253 4 341 5 501 997 4 375

Equity securities 17 -523 -915 -317 -1 245

Credit 37 340 406 131 399

Debit 19 864 1 322 448 1 644

Brazilian Depositary Receipts (BDR) 3 -288 -614 -349 -963

Credit 3 6 6 - 11

Debit - 294 620 349 974

Other equities 15 -235 -301 32 -282

Credit 34 334 400 131 389

Debit 19 569 701 99 670

Debt securities -52 1 293 1 438 -407 195

Credit 182 4 770 5 618 142 2 925

Debit 234 3 477 4 180 549 2 730

Bonds and notes - 1 111 858 -407 385

Credit 182 4 263 4 714 142 2 925

Collateral release - 846 846 - -

Other 182 3 418 3 868 142 2 925

Debit 182 3 153 3 855 549 2 540

Short-term -52 182 579 - -190

Credit - 507 904 - -

Debt 52 325 325 - 190


V.11 – Portfolio investment – Liabilities

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total -4 797 5 129 -3 996 6 655 9 051

Credit 18 352 27 347 30 614 59 376 99 317

Debit 23 150 22 218 34 610 52 721 90 266


Credit 10 055 10 552 16 370 34 033 51 287

Debit 8 074 7 579 14 289 27 582 43 571

Issued in the country -723 2 094 1 236 5 421 5 859

Credit 7 103 9 475 14 797 32 332 48 511

Debit 7 826 7 381 13 562 26 911 42 652

Issued abroad (Annex V – ADR) 2 704 878 845 1 030 1 857

Credit 2 952 1 076 1 572 1 701 2 776

Debit 248 198 727 671 919

Debt securities -6 778 2 156 -6 076 204 1 335

Credit 8 297 16 795 14 245 25 344 48 030

Debit 15 076 14 639 20 321 25 139 46 695

Issued in the country -223 272 101 689 11 042

Medium and long-term -218 163 38 413 6 971

Credit 538 717 1 121 2 450 17 776

Debit 756 555 1 083 2 037 10 805

Short-term -5 109 63 276 4 070

Credit 383 479 748 1 633 10 400

Debit 388 370 685 1 358 6 330

Issued abroad -6 556 1 884 -6 178 -485 -9 707

Bonds 1 597 2 319 -440 2 207 -13 223

Disbursements 4 101 7 087 5 928 12 490 5 575

New issues 4 070 5 889 5 928 7 981 4 877

Bond swaps 30 1 198 - 4 509 698

Amortizations 2 504 4 768 6 368 10 282 18 798

Paid in cash 2 473 3 570 6 368 5 773 16 694

Bond swaps 30 1 198 - 4 509 2 103

Face value 30 1 289 - 4 509 648

Discounts -1 90 - - -1 455

Notes and commercial papers -7 338 -761 -6 111 -3 127 3 425

Disbursements 2 093 4 729 5 085 7 337 10 194

Amortizations 9 432 5 490 11 196 10 463 6 769

Money market instruments -815 326 373 435 91

Disbursements 1 182 3 783 1 363 1 434 4 084

Amortizations 1 996 3 457 990 999 3 993

(continues)


V.11 – Portfolio investment – Liabilities




Total 2 834 4 526 9 051 6 036 41 830

Credit 8 628 81 618 99 317 25 202 164 067

Debit 5 794 77 092 90 266 19 166 122 237


Credit 5 156 41 864 51 287 18 327 87 538

Debit 2 911 34 872 43 571 13 961 68 444

Issued in the country 2 226 5 094 5 859 4 356 17 509

Credit 5 106 39 330 48 511 18 147 85 008

Debit 2 879 34 236 42 652 13 791 67 499

Issued abroad (Annex V – ADR) 18 1 897 1 857 10 1 585

Credit 51 2 534 2 776 180 2 530

Debit 32 636 919 170 945

Debt securities 589 -2 465 1 335 1 670 22 736

Credit 3 472 39 755 48 030 6 875 76 529

Debit 2 883 42 220 46 695 5 205 53 793

Issued in the country 852 8 235 11 042 2 585 18 846

Medium and long-term 532 5 171 6 971 1 732 12 399

Credit 1 406 15 023 17 776 3 316 34 152

Debit 874 9 852 10 805 1 585 21 752

Short-term 319 3 064 4 070 854 6 447

Credit 895 8 923 10 400 1 638 17 399

Debit 575 5 859 6 330 785 10 952

Issued abroad -262 -10 700 -9 707 -916 3 890

Bonds -12 -13 975 -13 223 -1 327 -7 214

Disbursements 301 3 729 5 575 - 2 883

New issues 301 3 031 4 877 - 2 883

Bond swaps - 698 698 - -

Amortizations 313 17 704 18 798 1 327 10 097

Paid in cash 262 15 647 16 694 1 223 8 734

Bond swaps 51 2 057 2 103 103 1 363

Face value - 648 648 - -

Discounts -51 -1 409 -1 455 -103 -1 363

Notes and commercial papers -178 2 662 3 425 -726 6 462

Disbursements 669 8 547 10 194 729 13 370

Amortizations 847 5 885 6 769 1 455 6 909

Money market instruments -72 613 91 1 137 4 642

Disbursements 202 3 533 4 084 1 192 8 724

Amortizations 274 2 920 3 993 54 4 082


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 - - - 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 - 0.0 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 20 120 86.8 0.6 0.7 11.6 - 0.3 11 020 8 599 2 421

2004 29 066 90.1 1.1 0.2 8.3 - 0.3 20 219 19 949 270

2005 53 439 91.0 0.4 0.2 6.8 - 1.5 36 039 35 332 707

-

2006 Jan 73 266 87.0 2.9 0.2 6.5 - 3.4 3 252 3 004 249

Feb 75 156 86.0 2.1 0.5 7.8 - 3.6 6 925 4 191 2 734

Mar 76 987 80.7 1.0 0.6 14.3 - 3.5 5 366 4 573 793

Apr 83 321 80.5 1.0 0.8 14.5 - 3.2 4 260 3 360 900

May 72 205 80.2 1.1 0.4 15.4 - 2.9 6 908 7 425 -517

Jun 77 615 80.1 1.1 0.3 15.3 - 3.2 5 461 5 908 -447

Jul 77 702 82.4 1.1 0.5 14.9 - 1.1 3 584 3 020 563

Aug 78 529 82.4 1.2 0.5 15.0 - 0.9 4 009 3 936 73

Sep 79 401 82.5 0.8 0.4 15.8 - 0.5 3 747 2 843 904

Oct 87 716 82.5 1.1 0.3 15.5 - 0.6 5 771 3 548 2 223

Nov 92 990 82.7 1.1 0.3 15.4 - 0.5 5 116 4 004 1 111

Dec 101 601 81.7 0.4 0.3 16.9 - 0.7 5 446 3 830 1 616

Year 101 601 81.7 0.4 0.3 16.9 - 0.7 54 399 45 813 8 585

-

2007 Jan 104 642 81.4 0.8 0.0 17.4 - 0.4 5 516 5 437 80

Feb 107 443 80.2 1.3 0.1 18.0 - 0.4 7 577 5 202 2 375

Mar 115 026 79.3 1.0 0.0 19.3 - 0.3 8 388 7 881 507

Apr 123 971 79.1 0.8 0.1 19.8 - 0.3 10 404 5 459 4 945

May 150 254 77.4 1.2 0.1 21.0 - 0.3 12 324 8 384 3 940

Jun 153 610 76.6 0.7 0.2 22.0 - 0.6 12 986 11 012 1 974

Jul 169 018 77.1 0.9 0.0 21.0 - 1.0 14 639 10 432 4 207

Aug 161 175 76.1 1.3 0.0 21.2 - 1.4 17 230 14 634 2 596

Sep 184 983 77.2 1.0 0.0 20.3 - 1.5 12 539 9 551 2 988

Oct 218 106 77.5 1.0 0.0 20.3 - 1.1 19 432 14 704 4 728

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.


V.13 – Other investment – Assets

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total -3 211 -9 752 -2 085 -5 035 -8 914

Loans -1 740 -811 -1 489 -1 840 -5 015

Long-term -1 724 -665 -1 217 -1 872 -4 979

Credit 1 739 1 962 2 422 2 069 1 513

Debit 3 462 2 627 3 639 3 941 6 492

Short-term (net) -16 -145 -272 32 -35

Currency and deposits -1 300 -8 579 -668 -2 930 -3 241

Banks 4 341 -7 009 1 407 -1 187 -1 732

Remaining domestic sectors -5 641 -1 570 -2 075 -1 744 -1 509

Collateral release - - - - -

Other -5 641 -1 570 -2 075 -1 744 -1 509

Other assets -172 -363 73 -265 -658

Long-term -122 -77 -38 -169 -198

Credit 3 1 31 2 4

Debit 126 78 70 171 201

Short-term (net) -50 -286 111 -96 -460

(continues)


V.13 – Other investment – Assets




Total 168 -7 201 -8 914 -32 -20 788

Loans -452 -3 976 -5 015 -166 -708

Long-term -363 -4 013 -4 979 -247 -865

Credit 243 1 335 1 513 113 2 318

Debit 606 5 348 6 492 360 3 183

Short-term (net) -89 36 -35 81 157

Currency and deposits 626 -3 056 -3 241 201 -19 762

Banks 891 -2 101 -1 732 -1 169 -8 792

Remaining domestic sectors -265 -955 -1 509 1 370 -10 970

Collateral release - - - - -

Other -265 -955 -1 509 1 370 -10 970

Other assets -6 -169 -658 -67 -319

Long-term -28 -124 -198 -32 -254

Credit - 4 4 9 288

Debit 28 128 201 42 542

Short-term (net) 22 -45 -460 -35 -65


V.14 – Other investment – Liabilities

US$ million

Itemization 2002* 2003* 2004* 2005* 2006*

Total 2 150 -686 -8 721 -22 486 23 491

Trade credit (suppliers credit) 1 741 236 1 181 3 585 12 314

Long-term -1 370 -959 -1 387 -941 -841

Credit 1 284 1 007 969 740 812

Debit 2 654 1 967 2 356 1 681 1 653

Short-term (net) 3 111 1 195 2 568 4 526 13 155

Loans 1 031 -1 549 -10 421 -26 753 9 753

Monetary Authority 11 363 4 645 -4 494 -23 402 -138

Exceptional financing 11 480 4 769 -4 363 -23 271 -

IMF credit facitlities 11 480 4 769 -4 363 -23 271 -

Credit 16 045 17 596 - - -

Debit 4 564 12 826 4 363 23 271 -

Other1/ - - - - -

Credit - - - - -

Debit - - - - -

Other long-term loans -118 -125 -132 -132 -138

Credit - - - - -

Debit 118 125 132 132 138

Multilateral - - - - -

Other 118 125 132 132 138

Short-term loans - - - - -

Remaining sectors -10 332 -6 194 -5 927 -3 351 9 891

Long-term loans -5 321 -4 751 -4 743 -2 291 10 407

Credit 11 115 10 081 8 405 7 976 27 132

Multilateral 3 872 2 766 2 393 2 718 5 100

Agencies 1 519 1 731 785 1 219 1 469

Buyers credit 3 438 2 696 1 492 1 433 2 117

Direct loans 2 286 2 888 3 735 2 606 18 446

Debit 16 436 14 831 13 147 10 267 16 725

Multilateral 2 511 3 979 3 847 2 530 2 130

Agencies 2 030 2 585 2 617 2 624 3 470

Buyers credit 8 239 4 803 3 757 2 443 2 313

Direct loans 3 655 3 464 2 926 2 671 8 812

Short-term loans -5 011 -1 443 -1 184 -1 059 -516

Currency and deposits -621 625 517 567 1 419

Other liabilities - 3 1 115 5

Long-term - 3 1 - -

Short-term - - - 115 5

(continues)


V.14 – Other investment – Liabilities




Total 13 090 21 419 23 491 -742 26 216

Trade credit (suppliers credit) -1 356 6 877 12 314 -74 14 298

Long-term -70 -517 -841 161 142

Credit 86 698 812 196 1 219

Debit 156 1 215 1 653 34 1 076

Short-term (net) -1 286 7 393 13 155 -235 14 155

Loans 14 031 13 138 9 753 -648 11 973

Monetary Authority - -138 -138 - -138

Exceptional financing - - - - -

IMF credit facitlities - - - - -

Credit - - - - -

Debit - - - - -

Other1/ - - - - -

Credit - - - - -

Debit - - - - -

Other long-term loans - -138 -138 - -138

Credit - - - - -

Debit - 138 138 - 138

Multilateral - - - - -

Other - 138 138 - 138

Short-term loans - - - - -

Remaining sectors 14 031 13 276 9 891 -648 12 112

Long-term loans 13 755 15 582 10 407 1 160 -2 670

Credit 14 538 24 386 27 132 1 752 11 564

Multilateral 262 4 487 5 100 124 1 351

Agencies 60 1 230 1 469 198 653

Buyers credit 375 1 880 2 117 449 4 470

Direct loans 13 840 16 789 18 446 982 5 090

Debit 783 8 805 16 725 593 14 235

Multilateral 158 1 640 2 130 138 1 597

Agencies 27 3 365 3 470 52 430

Buyers credit 388 2 028 2 313 142 1 234

Direct loans 211 1 771 8 812 261 10 974

Short-term loans 276 -2 305 -516 -1 808 14 782

Currency and deposits 414 1 400 1 419 -21 -73

Other liabilities - 4 5 - 19

Long-term - - - - -

Short-term - 4 5 - 19

1/ Includes loans provided by BIS and Bank of Japan.


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 49 296 11 473 12

2004 52 935 3 639 10

2005 53 799 864 9

2006 Jan 56 924 3 124 9

Feb 57 415 491 9

Mar 59 824 2 410 9

Apr 56 552 -3 272 9

May 63 381 6 829 10

Jun 62 670 -710 9

Jul 66 819 4 149 10

Aug 71 478 4 658 10

Sep 73 393 1 915 10

Oct 78 171 4 778 11

Nov 83 114 4 943 11

Dec 85 839 2 725 11

Year 85 839 32 040 11

2007 Jan 91 086 5 247 12

Feb 101 070 9 984 13

Mar 109 531 8 462 14

Apr 121 830 12 299 15

May 136 419 14 589 16

Jun 147 101 10 682 17

Jul 155 910 8 809 18

Aug 161 097 5 187 18

Sep 162 962 1 866 18

Oct 167 867 4 904 18


V.16 – Statement of international reserves changes International liquidity concept

US$ million



I - Stock – end of previous period 73 393 53 799 53 799 162 962 85 839

II - Overall balance of payments (a + b) 4 683 23 150 30 569 4 252 77 996

a. Sales to/purchases from resident banks 4 342 29 262 34 336 3 590 70 565

b. Banco Central external operations 341 -6 112 -3 767 662 7 431

Income earned on international reserves 292 2 217 2 815 639 5 050

Exceptional financing (capital and interests accrued) - -107 -107 - -

Other 49 -8 223 -6 476 24 2 381

III - Change in market prices of international reserves 95 1 222 1 470 652 4 032

IV - Change in international reserves (II + III) 4 778 24 372 32 040 4 904 82 028

V - Stock – end-of-period (I + IV) 78 171 78 171 85 839 167 867 167 867


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

1999 1 063 45 12 472 22 055 90 35 725 -12 245 382 23 861

2000 578 16 14 394 17 962 62 33 011 -1 764 293 31 541

2001 303 22 19 986 15 526 29 35 866 -8 313 244 27 797

2002 375 629 24 323 12 476 21 37 823 -20 793 -692 16 339

2003 450 634 27 292 20 866 54 49 296 -28 374 -397 20 525

2004 473 64 31 190 21 162 46 52 935 -24 946 -447 27 541

2005 554 126 41 100 11 947 72 53 799 - 1 714 55 513

2006 Jan 614 218 41 890 14 123 79 56 924 - -434 56 490

Feb 599 137 44 469 12 186 24 57 415 - -156 57 259

Mar 629 105 44 086 14 953 52 59 824 - -240 59 584

Apr 696 246 44 212 11 335 63 56 552 - -747 55 805

May 705 654 49 207 12 785 30 63 381 - -808 62 573

Jun 663 92 49 907 11 976 33 62 670 - -711 61 959

Jul 683 81 48 841 17 186 28 66 819 - -943 65 877

Aug 673 49 60 108 10 527 119 71 478 - -1 169 70 309

Sep 647 95 62 148 10 443 60 73 393 - -1 127 72 266

Oct 652 110 63 543 13 792 73 78 171 - -1 222 76 949

Nov 699 128 70 134 12 123 30 83 114 - -1 896 81 218

Dec 683 172 71 660 13 257 67 85 839 - -1 470 84 368

2007 Jan 703 124 74 878 15 336 45 91 086 - 423 91 509

Feb 717 106 83 629 16 590 27 101 070 - 376 101 446

Mar 715 101 97 513 11 145 58 109 531 - 904 110 435

Apr 731 105 110 207 10 746 41 121 830 - 565 122 396

May 712 339 110 861 24 469 38 136 419 - 1 511 137 930

Jun 703 104 125 966 20 253 75 147 101 - 1 575 148 676

Jul 719 128 143 985 10 934 143 155 910 - 138 156 048

Aug 726 95 149 517 10 680 79 161 097 - -1 175 159 922

Sep 803 204 152 601 9 298 57 162 962 - -2 434 160 528

Oct 853 177 158 117 8 594 126 167 867 - -3 086 164 781

1/ It does not include export-related loans (Finex).

2/ Includes metallic 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/ As of November 2000, values at market prices.

5/ Includes, until February 2001, CCR credit balance and export-related loans to other countries; as of March 2001, includes only CCR credit balance.

6/ Includes CCR debit balance, credits from the IMF and, as of 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.


V.18 – Foreign exchange operations

US$ million

Period 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

1998 47 735 43 903 3 833 126 562 120 093 6 470 10 302 -24 817 -14 515

1999 41 641 32 905 8 736 92 401 107 118 -14 717 -5 981 -10 201 -16 182

2000 51 699 46 069 5 629 99 290 92 971 6 319 11 948 -7 269 4 680

2001 58 036 47 248 10 789 85 710 93 350 -7 640 3 149 -6 110 -2 962

2002 60 083 39 756 20 327 69 781 93 989 -24 208 -3 881 -9 106 -12 987

2003 73 203 44 848 28 355 72 118 98 096 -25 978 2 377 -1 660 719

2004 93 466 56 794 36 672 84 621 109 369 -24 748 11 924 -5 562 6 362

2005 123 021 71 248 51 772 120 241 152 703 -32 462 19 310 -492 18 819

2006 Jan 9 410 6 261 3 149 13 631 14 831 -1 200 1 949 - 1 949

Feb 10 582 5 647 4 935 16 813 13 998 2 815 7 750 - 7 750

Mar 12 334 6 797 5 537 17 252 14 797 2 456 7 993 - 7 993

Apr 10 116 6 792 3 325 11 128 13 844 -2 715 609 - 609

May 14 080 6 750 7 330 17 372 17 199 174 7 504 - 7 504

Jun 11 144 7 568 3 575 16 689 22 940 -6 251 -2 676 - -2 676

Jul 11 831 7 036 4 795 11 575 13 878 -2 303 2 492 - 2 492

Aug 12 379 8 554 3 824 14 410 16 944 -2 533 1 291 - 1 291

Sep 12 522 7 022 5 501 14 516 14 882 -366 5 134 - 5 134

Oct 11 690 8 955 2 735 28 589 28 137 452 3 187 - 3 187

Nov 12 751 7 661 5 090 17 319 16 909 410 5 500 - 5 500

Dec 15 537 7 734 7 802 16 086 27 352 -11 265 -3 463 - -3 463

Year 144 376 86 778 57 598 195 382 215 710 -20 328 37 270 - 37 270

2007 Jan 17 335 7 272 10 063 17 193 23 486 -6 293 3 770 - 3 770

Feb 12 246 7 547 4 699 19 664 17 386 2 278 6 977 - 6 977

Mar 13 946 8 070 5 876 26 333 25 561 772 6 647 - 6 647

Apr 17 081 7 254 9 827 24 043 23 143 900 10 728 - 10 728

May 13 988 7 993 5 995 27 855 26 906 949 6 944 - 6 944

Jun 17 572 8 116 9 456 36 405 29 299 7 105 16 561 - 16 561

Jul 15 025 9 531 5 494 33 779 27 684 6 095 11 588 - 11 588

Aug 17 224 10 343 6 880 28 518 28 557 -39 6 841 - 6 841

Sep 12 521 10 540 1 980 23 688 25 671 -1 983 -3 - -3

Oct 16 569 10 674 5 895 36 909 36 082 828 6 722 - 6 722

Memo:

2006 Jan-Oct 116 089 71 382 44 707 161 976 171 449 -9 473 35 233 - 35 233

2007 Jan-Oct 153 507 87 342 66 165 274 385 263 775 10 611 76 776 - 76 776

1/ Transactions related to international flows in BRL, including nonresidents' deposits held in Brazil.


V.19 – Total external debt

US$ million

Itemization 2003 2004 2005 2006 2007

Mar Jun Sep Dec Mar Jun

Registered debt 200 107 185 382 153 749 152 850 143 490 145 707 156 062 156 037 159 215

Nonfinancial public sector 119 785 114 713 87 567 82 641 75 466 74 850 76 269 76 802 73 297

Banks 5 700 5 207 4 267 4 361 4 260 4 287 4 077 5 950 3 080

Brazilian 1 274 1 207 1 080 1 096 1 002 1 007 857 3 043 2 408

Foreign 4 425 4 000 3 187 3 265 3 258 3 280 3 220 2 907 672

Multilateral 45 978 41 706 16 248 16 639 18 328 18 217 18 729 18 282 18 140

Bilateral (Paris Club included) 6 795 6 706 5 111 3 353 2 571 2 438 2 328 2 282 2 122

Debt bond from banks 16 118 14 174 6 948 6 459 - - - - -

Other 45 194 46 920 54 993 51 830 50 307 49 909 51 135 50 287 49 955

Private sector1/ 80 322 70 669 66 182 70 208 68 025 70 857 79 793 79 235 85 918

Banks 56 173 53 201 49 120 52 494 42 425 44 377 44 895 50 382 62 675

Brazilian 6 495 10 256 10 737 12 835 11 017 11 059 12 062 13 773 16 847

Foreign 49 678 42 945 38 383 39 659 31 408 33 318 32 833 36 609 45 828

Multilateral 5 737 5 490 5 531 5 649 6 056 6 542 6 429 6 837 6 958

Bilateral 6 061 4 264 3 504 3 824 3 638 3 755 3 931 3 946 3 948

Other 12 351 7 714 8 028 8 241 15 906 16 183 24 537 18 070 12 337

Nonregistered debt 14 822 15 991 15 701 13 802 13 170 13 853 16 527 26 045 32 143

Nonfinancial public sector - - - - - - - - -

Credit lines - - - - - - - - -

Banco Central do Brasil - - - - - - - - -

Private sector1/ 14 822 15 991 15 701 13 802 13 170 13 853 16 527 26 045 32 143

Commercial banks (liabilities) 14 822 15 991 15 701 13 802 13 170 13 853 16 527 26 045 32 143

Total external debt2/ 214 930 201 373 169 450 166 652 156 661 159 560 172 589 182 082 191 358

Nonfinancial public sector 119 785 114 713 87 567 82 641 75 466 74 850 76 269 76 802 73 297

Private sector1/ 95 144 86 660 81 884 84 010 81 195 84 710 96 320 105 279 118 061

International reserves 49 296 52 935 53 799 59 824 62 670 73 393 85 839 109 531 147 101

Brazilian credit abroad 2 915 2 597 2 778 2 790 2 836 2 848 2 939 2 905 2 924

Commercial banks assets 11 726 10 140 11 790 15 685 11 747 12 489 8 990 9 616 12 477

Net total external debt 150 992 135 701 101 082 88 352 79 408 70 830 74 821 60 029 28 856

Intercompany loans 20 484 18 808 18 537 20 216 20 998 22 775 26 783 33 462 38 938

Total external debt, includes intercompany loans 235 414 220 181 187 987 186 868 177 659 182 335 199 372 215 543 230 296

Memo:

Foreign banks 67 424 61 316 55 681 55 328 46 503 49 048 50 906 62 922 75 386

Registered 54 103 46 945 41 570 42 924 34 666 36 598 36 053 39 516 46 500

Nonregistered 13 321 14 371 14 111 12 404 11 836 12 450 14 853 23 406 28 887

Brazilian banks 9 271 13 083 13 407 15 330 13 353 13 469 14 593 19 454 22 511

Registered 7 770 11 463 11 817 13 932 12 019 12 066 12 919 16 816 19 255

Nonregistered 1 501 1 620 1 591 1 398 1 334 1 403 1 674 2 638 3 256

1/ Includes financial public sector.

2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.


V.20 – Registered external debt Distribution by interest rate category

Itemization 2005 2006 2007


US$ % US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share million share

Floating rates 48 350 31.4 48 792 31.9 44 545 31.0 46 399 31.8 56 047 35.9 50 920 32.6 53 925 33.9

Libor 26 649 17.3 26 642 17.4 20 590 14.3 22 010 15.1 31 223 20.0 26 626 17.1 26 501 16.6

Prime 1 633 1.1 1 462 1.0 1 196 0.8 1 149 0.8 1 122 0.7 1 119 0.7 1 011 0.6

New York 21 0.0 21 0.0 22 0.0 22 0.0 27 0.0 28 0.0 28 0.0

Other 1 612 1.0 1 441 0.9 1 174 0.8 1 127 0.8 1 095 0.7 1 091 0.7 983 0.6

IMF - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0

IBRD 8 085 5.3 8 112 5.3 9 475 6.6 9 460 6.5 9 623 6.2 9 533 6.1 9 541 6.0

IDB 10 672 6.9 11 058 7.2 11 831 8.2 12 062 8.3 12 248 7.8 11 089 7.1 9 415 5.9

Others 1 312 0.9 1 518 1.0 1 453 1.0 1 719 1.2 1 831 1.2 2 554 1.6 7 457 4.7

Fixed rates 105 399 68.6 104 058 68.1 98 945 69.0 99 309 68.2 100 015 64.1 105 117 67.4 105 291 66.1

IBRD - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0 - 0.0

IDB 881 0.6 845 0.6 816 0.6 773 0.5 685 0.4 1 768 1.1 3 401 2.1

Other 104 518 68.0 103 212 67.5 98 129 68.4 98 536 67.6 99 331 63.6 103 349 66.2 101 890 64.0

Total 153 749 100.0 152 850 100.0 143 490 100.0 145 707 100.0 156 062 100.0 156 037 100.0 159 215 100.0

Note: Excludes debt related to intercompany loans and includes revision of debt position.


V.21 – Registered external debt Distribution by currency

Itemization 2005 2006 2007


US$ % US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share million share

US dollar1/ 126 233 82.1 125 717 82.2 117 066 81.6 117 620 80.7 127 068 81.4 122 178 78.3 117 503 73.8

Yen 10 481 6.8 10 671 7.0 10 128 7.1 10 982 7.5 11 084 7.1 14 222 9.1 15 704 9.9

Euro Zone2/ 13 114 8.5 12 374 8.1 12 226 8.5 12 149 8.3 11 684 7.5 11 047 7.1 10 909 6.9

Euro 9 587 6.2 9 871 6.5 10 037 7.0 10 037 6.9 9 606 6.2 9 581 6.1 9 457 5.9

Deutsche mark 2 496 1.6 1 663 1.1 1 679 1.2 1 626 1.1 1 673 1.1 1 057 0.7 1 037 0.7

French franc 561 0.4 376 0.2 23 0.0 4 0.0 3 0.0 2 0.0 2 0.0

Italian lira 364 0.2 371 0.2 391 0.3 387 0.3 401 0.3 406 0.3 413 0.3

Austrian schilling 7 0.0 - - - 0.0 - 0.0 - 0.0 - - - -

Portuguese escudo - 0.0 - - - 0.0 - 0.0 - 0.0 - - - -

Dutch guilder 4 0.0 3 0.0 1 0.0 1 0.0 1 0.0 1 0.0 1 0.0

Belgian franc 95 0.1 90 0.1 95 0.1 94 0.1 - 0.0 - 0.0 - 0.0

Special Drawing Right 11 0.0 10 0.0 11 0.0 10 0.0 10 0.0 9 0.0 9 0.0

Sterling pound 507 0.3 284 0.2 300 0.2 285 0.2 299 0.2 299 0.2 303 0.2

Swiss franc 143 0.1 85 0.1 88 0.1 86 0.1 76 0.0 79 0.1 59 0.0

Canadian dollar 116 0.1 55 0.0 68 0.0 64 0.0 66 0.0 69 0.0 72 0.0

Other 3 145 2.0 3 653 2.4 3 603 2.5 4 511 3.1 5 774 3.7 8 134 5.2 14 656 9.2

Total 153 749 100.0 152 850 100.0 143 490 100.0 145 707 100.0 156 062 100.0 156 037 100.0 159 215 100.0

Memo:

IDB 11 553 7.5 11 903 7.8 12 647 8.8 12 835 8.8 12 933 8.3 12 856 8.2 12 816 8.0

IBRD 8 085 5.3 8 112 5.3 9 475 6.6 9 460 6.5 9 623 6.2 9 533 6.1 9 541 6.0

1/ Includes World Bank and IDB.

2/ Original currency.

Note: Excludes debt related to intercompany loans and includes revision of debt position.


V.22 – Medium and long-term registered external debt Principal amortization schedule

US$ million

Itemization Outstanding 2007 2008 2009 2010 2011 2012 2013 2014

(Jul-Dec)

6.30.2007

IMF loans1/ - - - - - - - - -

Import financing 39 524 2 712 4 508 4 365 5 706 3 805 4 445 2 905 2 042

International organizations 25 072 961 2 011 2 437 2 691 2 622 3 428 2 063 1 448

World Bank 9 541 413 831 985 967 1 145 2 033 833 423

IDB 12 816 427 910 1 014 1 191 1 092 1 029 918 885

IFC 1 330 69 167 170 173 166 131 258 102

Other 1 385 52 103 267 360 219 235 54 38

Government agencies 6 065 355 764 818 823 625 594 509 410

USAID – project loans 69 10 15 12 10 7 7 5 1

Eximbank – USA 322 17 42 41 36 32 33 34 33

Eximbank – Japan 3 962 188 446 507 390 378 395 369 323

KFW 715 52 113 97 227 69 54 24 22

Paris Club - - - - - - - - -

Other 997 88 148 160 160 139 104 76 32

Other financing sources 8 387 1 396 1 733 1 110 2 193 558 423 333 184

Foreign commercial banks 2 252 321 548 430 291 220 230 79 50

Brazilian banks 1 299 132 306 244 135 129 104 98 97

Nonfinancial institutions 4 835 943 879 437 1 766 210 89 155 37

Currency loans 55 746 5 597 11 605 5 963 5 162 3 111 2 369 4 041 1 966

Foreign commercial banks 38 782 3 674 9 024 3 387 3 663 1 568 1 716 3 255 1 520

Brazilian banks 14 904 1 701 1 992 2 358 1 367 1 329 484 778 443

Nonbanks 2 060 222 588 218 132 214 168 8 3

Program loans (IDA) - - - - - - - - -

Bonds 50 183 2 079 2 032 1 647 2 329 3 096 2 827 2 189 1 484

Other loans - - - - - - - -

Total medium and long-term debts2/ 145 453 10 389 18 145 11 976 13 197 10 012 9 641 9 135 5 491

Intercompany loans – M.L.T. 34 818 3 828 4 472 2 611 2 426 2 881 2 263 2 193 2 428

Total medium and long-term debts,

includes intercompany loans 180 272 14 217 22 617 14 587 15 623 12 893 11 904 11 328 7 920

(continues)


V.22 – Medium and long-term registered external debt Principal amortization schedule


Itemization 2015 2016 2017 2018 2019 2020 2021 2022 Due and

postponed

IMF loans1/ - - - - - - - - -

Import financing 1 801 1 522 1 310 1 005 835 661 512 360 1 030

International organizations 1 307 1 178 1 061 849 747 618 491 342 817

World Bank 368 357 311 219 210 210 139 72 24

IDB 858 791 726 626 534 406 352 269 788

IFC 39 26 21 2 2 - - - 4

Other 43 5 3 2 1 1 1 1 1

Government agencies 359 293 206 136 84 39 15 11 24

USAID – project loans - - - - - - - - -

Eximbank – USA 31 14 1 1 - - - - 8

Eximbank – Japan 282 229 172 131 80 38 14 11 9

KFW 22 17 11 1 1 - - - 3

Paris Club - - - - - - - - -

Other 23 34 23 2 3 1 1 0 3

Other financing sources 135 51 42 20 4 5 5 6 189

Foreign commercial banks 37 18 6 - - - - - 24

Brazilian banks 48 - - - - - - - 5

Nonfinancial institutions 49 33 36 20 4 5 5 6 161

Currency loans 4 224 3 309 2 354 244 130 689 266 315 4 400

Foreign commercial banks 2 294 1 698 1 637 188 130 221 176 315 4 315

Brazilian banks 1 714 1 388 715 55 - 468 90 - 21

Nonbanks 216 223 2 1 1 - - - 64

Program loans (IDA) - - - - - - - - -

Bonds 3 426 2 391 3 050 250 1 415 719 - 1 557 19 689

Other loans - - - - - - - - -

Total medium and long-term debts2/ 9 451 7 223 6 714 1 499 2 381 2 069 778 2 232 25 119

Intercompany loans – M.L.T. 1 930 1 945 1 146 1 077 919 778 412 357 3 153

Total medium and long-term debts,

includes intercompany loans 11 382 9 167 7 860 2 577 3 299 2 847 1 190 2 589 28 271

1/ Repurchases of BRL by Brazil in IMF are included as reduction of liabilities in balance of payments.

2/ Excludes debt related to intercompany loans and includes revision of debt position.


V.23 – Registered external debt Distribution by type of debtor and creditor

Outstanding as of 6.30.2007US$ 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/ - - - - - -

Import financing 39 524 26 141 18 537 12 948 1 308 4 282

International organizations 25 072 21 419 14 757 11 106 372 3 279

World Bank 9 541 9 452 7 280 7 248 - 32

IDB 12 816 11 747 7 359 3 854 260 3 245

IFC 1 330 - - - - -

Other 1 385 220 118 5 112 2

Government agencies 6 065 2 973 2 208 628 729 850

USAID – project loans 69 69 69 59 - 10

Eximbank – USA 322 32 32 11 21 -

Eximbank – Japan 3 962 2 361 1 629 447 502 680

KFW 715 303 270 11 99 160

Opic 50 - - - - -

PL-480 (USA Government) - - - - - -

Paris Club - - - - - -

Other 947 207 207 101 107 0

Other financing sources 8 387 1 750 1 573 1 213 207 153

Foreign commercial banks 2 252 612 446 274 108 64

Brazilian banks 1 299 843 836 747 - 89

Nonfinancial institutions 4 835 295 291 192 99 -

Currency loans 55 746 6 792 5 505 6 1 095 4 404

Foreign commercial banks 38 782 5 076 3 794 1 1 094 2 699

Brazilian banks 14 904 1 715 1 710 5 - 1 705

Nonbanks 2 060 1 1 - 1 -

Program loans (IDA) - - - - - -

Bonds 50 183 49 055 49 055 49 055 - -

Other loans - - - - - -

Total medium and long-term debts 145 453 81 988 73 098 62 009 2 403 8 686

Total short-term debts 13 763 697 692 - - 692

International organizations 5 2 2 - - 2

Government agencies 5 - - - - -

Foreign commercial banks 5 466 1 1 - - 1

Brazilian banks 3 052 694 689 - - 689

Nonfinancial institutions 5 211 - - - - -

Bonds - - - - - -

Total2/ 159 216 82 686 73 790 62 009 2 403 9 378

Intercompany loans 38 938 33 33 - 33 -

Total external debt,

includes intercompany loans 198 154 82 719 73 823 62 009 2 436 9 378

(continues)


V.23 – Registered external debt Distribution by type of debtor and creditor

Outstanding as of 6.30.2007(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 7 604 6 668 936 - 13 383 11 456 1 927

International organizations 6 662 6 155 507 - 3 653 2 641 1 012

World Bank 2 172 2 172 - - 89 89 -

IDB 4 389 3 882 507 - 1 069 962 107

IFC - - - - 1 330 987 343

Other 101 101 - - 1 166 603 562

Government agencies 765 400 365 - 3 093 3 004 89

USAID – project loans - - - - - - -

Eximbank – USA - - - - 290 290 -

Eximbank – Japan 732 379 352 - 1 601 1 592 9

KFW 33 20 13 - 412 400 11

Opic - - - - 50 50 -

PL-480 (USA Government) - - - - - - -

Paris Club - - - - - - -

Other - 0 - 0 0 - 740 672 69

Other financing sources 177 113 64 - 6 637 5 811 826

Foreign commercial banks 166 109 57 - 1 641 1 200 440

Brazilian banks 7 - 7 - 456 77 379

Nonfinancial institutions 5 5 - - 4 540 4 534 7

Currency loans 1 287 121 1 161 5 48 955 29 730 19 225

Foreign commercial banks 1 282 121 1 161 - 33 706 24 952 8 754

Brazilian banks 5 - - 5 13 189 4 335 8 854

Nonbanks - - - - 2 059 443 1 617

Program loans (IDA) - - - - - - -

Bonds - - - - 1 128 1 003 125

Other loans - - - - - - -

Total medium and long-term debts 8 891 6 788 2 097 5 63 465 42 189 21 276

Total short-term debts 5 - - 5 13 065 423 12 641

International organizations - - - - 3 - 3

Government agencies - - - - 5 5 -

Foreign commercial banks 1 - - 1 5 464 150 5 314

Brazilian banks 5 - - 5 2 358 53 2 305

Nonfinancial institutions - - - - 5 211 212 4 998

Bonds - - - - - - -

Total2/ 8 896 6 788 2 097 10 76 530 42 612 33 917

-Intercompany loans - - - - 38 905 38 658 247

Total external debt, -

includes intercompany loans 8 896 6 788 2 097 10 115 435 81 270 34 164

1/ Repurchases of BRL 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.


V.24 – Total external debt by debtor

US$ million

Itemization 2005 20061/ 20071/


Medium and long-term debt2/ 150 674 148 837 140 251 141 471 152 266 147 509 145 453

Nonfinancial public sector 87 567 82 641 75 466 74 844 76 263 76 337 73 297

Private sector and financial public sector 63 107 66 195 64 785 66 627 76 003 71 172 72 156

Short-term debt 18 777 17 815 16 410 18 088 20 323 34 573 45 905

Nonfinancial public sector 0 - - 6 6 465 -

Banco Central (liabilities) - - - - - - -

Credit lines - - - - - - -

Short-term registered debt2/ 0 - - 6 6 465 -

Private sector and financial public sector 18 776 17 815 16 410 18 082 20 317 34 108 45 905

Commercial banks (liabilities) 15 701 13 802 13 170 13 853 16 527 26 045 32 143

Short-term registered debt2/ 3 075 4 013 3 239 4 229 3 790 8 063 13 762

Resolution 2,483 – Rural financing - - - - - - -

Import financing 602 480 499 524 531 393 320

Other3/ 2 473 3 533 2 740 3 705 3 258 7 670 13 443

Total external debt4/ 169 451 166 652 156 660 159 559 172 589 182 082 191 358

Intercompany loans 18 537 20 216 20 998 22 775 26 783 33 462 38 938

Total external debt,

includes intercompany loans 187 988 186 868 177 659 182 334 199 372 215 543 230 296

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.


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

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 - 0.75 -

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 2.8884 -18.23 2.8892 -18.23 3.0707 4.80 3.0715 - 4.80 -

2004 2.6536 -8.13 2.6544 -8.13 2.9249 -4.75 2.9257 - -4.75 -

2005 2.3399 -11.82 2.3407 -11.82 2.4333 -16.81 2.4341 - -16.80 -

2006 Jan 2.2152 -5.33 2.2160 -5.33 2.2731 -0.51 2.2739 -0.51 -0.51 -15.56

Feb 2.1347 -3.63 2.1355 -3.63 2.1611 -4.92 2.1619 -4.92 -5.41 -16.78

Mar 2.1716 1.73 2.1724 1.73 2.1512 -0.46 2.1520 -0.46 -5.84 -20.44

Apr 2.0884 -3.83 2.0892 -3.83 2.1285 -1.05 2.1293 -1.05 -6.83 -17.44

May 2.2997 10.12 2.3005 10.11 2.1773 2.29 2.1781 2.29 -4.70 -11.20

Jun 2.1635 -5.92 2.1643 -5.92 2.2475 3.22 2.2483 3.22 -1.63 -6.85

Jul 2.1754 0.55 2.1762 0.55 2.1885 -2.63 2.1893 -2.62 -4.21 -7.76

Aug 2.1380 -1.72 2.1388 -1.72 2.1551 -1.53 2.1559 -1.53 -5.67 -8.67

Sep 2.1734 1.66 2.1742 1.66 2.1679 0.60 2.1687 0.60 -5.11 -5.48

Oct 2.1422 -1.44 2.1430 -1.44 2.1475 -0.94 2.1483 -0.94 -6.00 -4.79

Nov 2.1660 1.11 2.1668 1.11 2.1571 0.45 2.1579 0.45 -5.58 -2.39

Dec 2.1372 -1.33 2.1380 -1.33 2.1491 -0.37 2.1499 -0.37 -5.93 -5.93

Year 2.1372 -8.66 2.1380 -8.66 2.1763 -10.56 2.1771 - -10.56 -

2007 Jan 2.1239 -0.62 2.1247 -0.62 2.1377 -0.53 2.1385 -0.53 -0.53 -5.95

Feb 2.1174 -0.31 2.1182 -0.31 2.0955 -1.98 2.0963 -1.97 -2.50 -3.04

Mar 2.0496 -3.20 2.0504 -3.20 2.0879 -0.36 2.0887 -0.36 -2.85 -2.94

Apr 2.0331 -0.81 2.0339 -0.80 2.0312 -2.71 2.0320 -2.71 -5.48 -4.57

May 1.9281 -5.16 1.9289 -5.16 1.9808 -2.48 1.9816 -2.48 -7.83 -9.02

Jun 1.9254 -0.14 1.9262 -0.14 1.9311 -2.51 1.9319 -2.51 -10.14 -14.07

Jul 1.8768 -2.52 1.8776 -2.52 1.8820 -2.54 1.8828 -2.54 -12.42 -14.00

Aug 1.9612 4.50 1.9620 4.50 1.9652 4.42 1.9660 4.42 -8.55 -8.81

Set 1.8381 -6.28 1.8389 -6.27 1.8988 -3.38 1.8996 -3.38 -11.64 -12.41

Oct 1.7432 -5.16 1.7440 -5.16 1.8002 -5.19 1.8010 -5.19 -16.23 -16.16

1/ Rates for accounting purpose.

The International Economy

Statistical Tables VI


VI.1 – Interest rates Prime rate and 6-month Libor in various currencies1/

In percentage per year

Period average Prime rate

American Yen Euro Sterling

dollar pound

2005 6.16 3.90 0.09 2.30 4.76

2006 Jan 7.25 4.84 0.12 2.83 4.62

Feb 7.47 5.07 0.16 2.91 4.63

Mar 7.51 5.19 0.28 3.11 4.72

Apr 7.75 5.33 0.37 3.22 4.79

May 7.89 5.40 0.51 3.31 4.97

Jun 8.00 5.60 0.58 3.40 5.00

Jan-Jun 7.65 5.24 0.34 3.13 4.79

Jul 8.24 5.66 0.65 3.54 5.00

Aug 8.25 5.50 0.65 3.62 5.22

Sep 8.25 5.38 0.60 3.72 5.30

Oct 8.25 5.36 0.65 3.80 5.39

Nov 8.25 5.31 0.71 3.86 5.43

Dec 8.25 5.24 0.74 3.92 5.49

Jul-Dec 8.25 5.41 0.67 3.74 5.31

Year 7.95 5.32 0.50 3.44 5.05

2007 Jan 8.25 5.37 0.74 4.06 5.78

Feb 8.25 5.39 0.73 4.08 5.82

Mar 8.25 5.22 0.78 4.18 5.86

Apr 8.25 5.28 0.81 4.25 5.92

May 8.25 5.34 0.86 4.37 6.00

Jun 8.25 5.45 0.98 4.51 6.24

Jan-Jun 8.25 5.34 0.82 4.24 5.94

Jul 8.25 5.38 1.00 4.56 6.34

Aug 8.25 5.19 1.09 4.67 6.43

Sep 8.12 5.05 1.14 4.73 6.42

Oct 7.75 4.88 1.12 4.64 6.17

1/ Rates in accordance with daily interest bulletin of Banco Central do Brasil.

Libor


VI.2 – Selected country indicators1/

In percentage

Period

United Japan Germany United United Japan Germany United United Japan Germany United

States Kingdom States Kingdom States Kingdom

2005 Dec 3.4 -0.1 2.1 1.9 3.6 4.9 6.2 -2.4 4.9 4.4 11.1 5.1

2006 Jan 4.0 0.5 2.1 1.9 3.3 0.6 3.4 -1.6 4.7 4.5 12.1 5.0

Feb 3.6 0.4 2.1 2.0 3.0 2.5 5.2 -1.5 4.8 4.1 12.2 5.1

Mar 3.4 0.3 1.8 1.8 3.7 3.7 5.9 0.4 4.7 4.1 12.0 5.2

Apr 3.5 0.4 2.0 2.0 4.4 3.1 4.8 -1.0 4.7 4.1 11.5 5.3

May 4.2 0.6 1.9 2.2 4.0 3.7 6.8 -0.5 4.6 4.0 10.8 5.4

Jun 4.3 1.0 2.0 2.5 4.3 5.3 6.4 -0.6 4.6 4.2 10.5 5.5

Jul 4.1 0.3 1.9 2.4 4.7 6.1 6.1 -0.6 4.8 4.1 10.5 5.5

Aug 3.8 0.9 1.7 2.5 4.6 6.2 7.5 0.9 4.7 4.1 10.5 5.5

Sep 2.1 0.6 1.0 2.4 6.0 5.5 5.5 1.1 4.6 4.2 10.1 5.6

Oct 1.3 0.4 1.1 2.4 4.6 6.6 6.0 1.0 4.4 4.1 9.8 5.5

Nov 2.0 0.3 1.5 2.7 3.0 4.9 7.1 1.1 4.5 4.0 9.6 5.5

Dec 2.5 0.3 1.4 3.0 2.8 4.5 6.3 0.1 4.5 4.1 9.6 5.5

2007 Jan 2.1 0.0 1.6 2.7 2.4 3.2 7.7 0.1 4.6 4.0 10.2 5.5

Feb 2.4 -0.2 1.6 2.8 2.8 4.5 6.8 -0.4 4.5 4.0 10.1 5.5

Mar 2.8 -0.1 1.9 3.1 2.2 3.2 7.1 -0.3 4.4 4.0 9.8 5.5

Apr 2.6 0.0 1.9 2.8 2.0 2.4 6.4 0.5 4.5 3.8 9.5 5.5

May 2.7 0.0 1.9 2.5 1.9 2.4 5.1 0.8 4.5 3.8 9.1 5.4

Jun 2.7 -0.2 1.8 2.4 1.4 2.3 5.1 0.7 4.5 3.7 8.8 5.4

Jul 2.4 0.0 1.9 1.9 1.7 2.0 6.0 0.8 4.6 3.6 8.9 5.4

Aug 2.0 -0.2 1.9 1.8 1.7 4.4 5.3 0.6 4.6 3.8 8.8 5.4

Sep 2.1 -0.2 2.4 1.8 2.1 3.4 5.5 -0.4 4.7 4.0 8.4 5.4

Oct 2.2 0.3 2.4 2.1 1.8 3.6 6.9 1.0 4.7 4.0 8.2 5.3

Sources: United States: Bureau of Labour Statistics (BLS) and Federal Reserve System (FED)

Japan: Statistics Bureau of Ministry of Internal Affairs and Communications and Ministry of Economy, Trade and Industry (METI)

Official National Statistics (United Kingdom).Germany: Statistisches Bundesamt Deutschland

United Kingdom: Official National Statistics (ONS). From August 2006 on, the Consumer Price Index (CPI) replaces the Retail Price Index (RPI).

1/ Percentage change in 12 months.

Consumer prices Industrial output Unemployment rate


VI.3 – International reserves

US$ billion

End of Germany Argentina Brazil Canada United France Italy Japan Mexico United

period States Kingdom

2005 Dec 51 27 54 33 67 32 29 836 74 44

2006 Jan 52 19 57 33 68 34 30 842 77 44

Feb 51 20 57 33 68 34 30 841 76 44

Mar 51 21 60 36 67 33 29 838 76 43

Apr 48 21 57 36 69 36 29 845 78 45

May 49 23 63 36 70 38 29 847 81 41

Jun 49 25 63 36 71 37 30 857 ... 39

Jul 50 25 67 36 70 38 30 861 83 39

Aug 49 26 71 36 69 40 30 866 84 41

Sep 49 28 73 37 70 43 30 888 85 42

Oct 49 29 78 36 69 44 30 890 79 42

Nov 48 29 83 36 70 43 31 884 77 43

Dec 48 31 86 35 69 47 30 884 77 41

2007 Jan 49 33 91 36 69 47 31 892 78 42

Feb 48 34 101 36 69 49 31 893 77 43

Mar 47 36 110 39 69 48 31 894 76 44

Apr 49 37 122 40 69 48 31 892 77 45

May 50 39 136 40 69 47 32 895 78 45

Jun ... ... 147 ... ... ... ... ... ... ...

Jul ... ... 156 ... ... ... ... ... ... ...

Aug ... ... 161 ... ... ... ... ... ... ...

Sep ... ... 163 ... ... ... ... ... ... ...

Oct ... ... 168 ... ... ... ... ... ... ...

Sources: International Financial Statistics (IMF), except for Brazil.

Brazil: Banco Central do Brasil


VI.4 – Currencies per US dollar1/

End of ¥ CHF US$/£ C$ US$/SDR US$/€

period

2005 Dec 118.10 1.3158 1.7183 1.1630 1.42927 1.18300

2006 Jan 116.88 1.2762 1.7836 1.1423 1.44540 1.21790

Feb 117.00 1.3175 1.7446 1.1483 1.43559 1.18740

Mar 117.74 1.3046 1.7367 1.1681 1.44062 1.21190

Apr 113.79 1.2409 1.8236 1.1175 1.47106 1.26180

May 112.66 1.2187 1.8693 1.1015 1.49418 1.28140

Jun 114.43 1.2235 1.8484 1.1164 1.47370 1.27900

Jul 114.62 1.2303 1.8684 1.1321 1.48386 1.27670

Aug 117.36 1.2309 1.9049 1.1053 1.48852 1.28110

Sep 118.15 1.2508 1.8718 1.1182 1.47637 1.26830

Oct 116.95 1.2443 1.9079 1.1224 1.48004 1.27650

Nov 115.67 1.1974 1.9685 1.1414 1.50733 1.32640

Dec 119.11 1.2202 1.9576 1.1650 1.50440 1.31910

2007 Jan 120.99 1.2468 1.9616 1.1800 1.49015 1.30120

Feb 118.40 1.2185 1.9635 1.1704 1.50472 1.32350

Mar 117.90 1.2158 1.9676 1.1547 1.51019 1.33580

Apr 119.51 1.2078 2.0002 1.1094 1.52418 1.36510

May 121.70 1.2251 1.9807 1.0697 1.51286 1.34570

Jun 123.00 1.2213 2.0079 1.0638 1.51557 1.35360

Jul 118.89 1.2029 2.0339 1.0650 1.53122 1.36850

Aug 115.87 1.2083 2.0178 1.0556 1.53263 1.36350

Sep 114.83 1.1636 2.0465 0.9945 1.55665 1.42676

Oct 115.08 1.1607 2.0785 0.9518 1.57188 1.44540

Sources: International Financial Statistics (IMF) and Bacen

1/ Refer to rates utilized by the Banco Central do Brasil in its accounts.


Members of the National Monetary Council

Banco Central do Brasil Management

Central units (departments) of the Banco Central do Brasil

Regional offices of the Banco Central do Brasil

Appendix


Members of the National Monetary Council (December 31, 2007)

Guido MantegaMinister of Finance

Paulo BernardoMinister of Planning and Budget

Henrique de Campos MeirellesGovernor


Banco Central do Brasil Management (December 31, 2007)

Board of directors

GovernorHenrique de Campos Meirelles

Directors

Administration (Dirad)Anthero de Moraes Meirelles

Bank Liquidation and Privatization (Dilid)Antonio Gustavo Matos do Vale

Economic Policy (Dipec)Mário Magalhães Carvalho Mesquita

Financial System Regulation and Organization (Dinor)Alexandre Antonio Tombini

International Affairs (Direx)Paulo Vieira da Cunha

Monetary Policy (Dipom)Mario Gomes Torós

Supervision (Difis)Alvir Alberto Hoffmann

Executive Secretariat Executive SecretarySérgio Almeida de Souza Lima

Head of Governor´s OfficeIsaac Sidney Menezes Ferreira

Secretaries

Board of Directors and National Monetary Council Affairs (Sucon)Sergio Albuquerque de Abreu e Lima

Institutional Relations (Surel)José Linaldo Gomes de Aguiar


Banco Central do Brasil Management (December 31, 2007)

Senior Advisors

Administration (Dirad)Carolina de Assis Barros

Bank Liquidation and Privatization (Dilid)Marco Antonio Belém da Silva

Economic Policy (Dipec)Katherine Hennings

Financial System Regulation and Organization (Dinor)Clarence Joseph Hillerman Junior

International Affairs (Direx)Dalmir Sérgio Louzada

Monetary Policy (Dipom)Flávio Pinheiro de Melo

Supervision (Difis)Sidinei Corrêa Marques


Congressional Affairs Office (Aspar)Head: Luiz do Couto NetoEdifício-Sede – 19º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Currency Management Department (Mecir)Head: João Sidney de Figueiredo FilhoAv. Rio Branco, 30 – Centro20071-900 Rio de Janeiro (RJ)

Department of Analysis and Control of Disciplinary Actions (Decap)Head: Claudio JalorettoEdifício-Sede – 14º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Bank Liquidation (Deliq)Head: José Irenaldo Leite de AtaídeEdifício-Sede – 2º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Banking Operations and Payments System (Deban)Head: José Antonio MarcianoEdifício-Sede – 18º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Economics (Depec)Head: Altamir LopesEdifício-Sede – 10º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Central units of the Banco Central do Brasil (December 31, 2007)

Department of External Debt and International Relations (Derin)Head: Ronaldo Malagoni de Almeida CavalcanteEdifício-Sede – 4º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Human Resources Administration and Organization (Depes)Head: Miriam de OliveiraEdifício-Sede – 17º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Infrastructure (Demap)Head: Dimas Luís Rodrigues da CostaEdifício-Sede – 1º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Financial System Surveillance and Information Management (Desig)Head: Cornélio Farias PimentelEdifício-Sede – 6º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Planning and Management Overview of SupervisoryActivities (Decop)Head: Arnaldo de Castro CostaEdifício-Sede – 14º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Supervision of Credit Unions and Non-banking Financial Institutions (Desuc)Head: Gilson Marcos BallianaEdifício-Sede – 16º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)


Department of Surveillance of Illegal Activities and Financial System Consumer Complaints (Decic)Head: Ricardo LiáoEdifício-Sede – 7º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Financial System Organization (Deorf)Head: Luiz Edson FeltrimEdifício-Sede – 19º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Financial System Regulation (Denor)Head: Amaro Luiz de Oliveira GomesEdifício-Sede – 15º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of International Reserves Operations (Depin)Head: Márcio Barreira de Ayrosa Moreira Edifício-Sede – 5º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Open Market Operations (Demab)Head: João Henrique de Paula Freitas Simão Av. Pres. Vargas, 730 – 6º andar20071-900 Rio de Janeiro (RJ)

Accounting and Financial Department (Deafi)Head: Jefferson MoreiraEdifício-Sede – 16º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Information Technology Department (Deinf)Head: Fernando de Abreu FariaEdifício-Sede – 2º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Internal Auditing Department (Deaud)Head: José Aísio Catunda AragãoEdifício-Sede – 15º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Legal Department (PGBCB)General Attorney: Francisco José de SiqueiraEdifício-Sede – 11º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Department of Supervision of Banks and Banking Conglomerates (Desup)Head: Osvaldo WatanabeAv. Paulista, 1804 – 14º andarCerqueira César01310-922 São Paulo (SP)

Office of the Corregidor (CGBCB)Corregidor: Jaime Alves de FreitasEdifício-Sede – 12º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Office of the Ombundsman (Ouvid)Ouvidor: Hélio José FerreiraEdifício-Sede – 13º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Planning and Budget Department (Depla)Head: José Clóvis Batista DattoliEdifício-Sede – 9º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Research Department (Depep)Head: Carlos Hamilton Vasconcelos AraújoEdifício-Sede – 9º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Security Department (Deseg)Head: Sidney Furtado BezerraEdifício-Sede – 1º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)


Executive Office

Exchange and Foreign Capital Regulation Executive Office (Gence)Gerente-Executivo: Geraldo Magela Siqueira Edifício-Sede – 3º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office for Monetary Policy Integrated Risk Management (Gepom)Gerente-Executivo: Isabela Ribeiro Damaso MaiaEdifício-Sede – 5º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office for Projects (Gepro)Gerente-Executivo: Nivaldo Peçanha de OliveiraEdifício-Sede – 17º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office of Special Studies (Geesp)Gerente-Executivo: Eduardo FernandesEdifício-Sede – 20º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office on Bank Privatization (Gedes)Gerente-Executivo: Geraldo Pereira JuniorEdifício-Sede – 12º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Investor Relations Group (Gerin)Gerente-Executivo: Renato Jansson RosekEdifício-Sede – 1º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Executive Office for the Regulation and Control of Rural Operations and Proagro (Gerop)Gerente-Executivo: Deoclécio Pereira de Souza Edifício-Sede – 19º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)

Supervision Relations Group (Gefis)Gerente-Executivo: Andreia Lais de Melo Silva VargasEdifício-Sede – 6º andarSBS – Quadra 3 – Zona Central70074-900 Brasília (DF)


1st Region Regional Office in Belém (ADBEL)Regional Delegate: Maria de Fátima Moraes de

LimaJurisdiction: Acre, Amapá, Amazonas, Pará, Rondônia and RoraimaBoulevard Castilhos França, 708 – CentroP.O. Box 65166010-020 Belém (PA)

2nd RegionRegional Office in Fortaleza (ADFOR)Regional Delegate: Luiz Edivam CarvalhoJurisdiction: Ceará, Maranhão and PiauíAv. Heráclito Graça, 273 – CentroP.O. Box 89160140-061 Fortaleza (CE)

3rd RegionRegional Office in Recife (ADREC)Regional Delegate: Cléber Pinto dos SantosJurisdiction: Alagoas, Paraíba, Pernambuco and Rio Grande do NorteRua da Aurora, 1.259 – Santo AmaroP.O. Box 1.44550040-090 Recife (PE)

4th RegionRegional Office in Salvador (ADSAL)Regional Delegate: Antonio Carlos Mendes Oliveira Jurisdiction: Bahia and SergipeAv. Anita Garibaldi, 1.211 – OndinaP.O. Box 4440210-901 Salvador (BA)

Regional offices of the Banco Central do Brasil (December 31, 2007)

5th RegionRegional Office in Belo Horizonte (ADBHO)Regional Delegate: Everaldo José da Silva JúniorJurisdiction: Minas Gerais, Goiás and TocantinsAv. Álvares Cabral, 1.605 – Santo AgostinhoP.O. Box 88730170-001 Belo Horizonte (MG) 6th RegionRegional Office in Rio de Janeiro (ADRJA)Regional Delegate: Paulo dos SantosJurisdiction: Espírito Santo and Rio de JaneiroAv. Presidente Vargas, 730 – CentroP.O. Box 49520071-900 Rio de Janeiro (RJ)

7th RegionRegional Office in São Paulo (ADSPA)Regional Delegate: Fernando Roberto MedeirosJurisdiction: São PauloAv. Paulista, 1.804 – Bela VistaP.O. Box 89401310-922 São Paulo (SP)

8th RegionRegional Office in Curitiba (ADCUR)Regional Delegate: Salim Cafruni SobrinhoJurisdiction: Paraná, Mato Grosso and Mato Grosso do Sul Av. Cândido de Abreu, 344 – Centro CívicoP.O. Box 1.40880530-914 Curitiba (PR) 9th RegionRegional Office in Porto Alegre (ADPAL)Regional Delegate: José Afonso NedelJurisdiction: Rio Grande do Sul and Santa CatarinaRua 7 de Setembro, 586 – CentroP.O. Box 91990010-190 Porto Alegre (RS)

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