Boletim do Banco Central do Brasil · Boletim do Banco Central do Brasil January 2005 35 I.2 - Gross Domestic Product (GDP) Year GDP at current Implicit Real change rates (%) Real

ISSN 1517-7270

Boletim do Banco Central do Brasil

January 2005

Volume 41 – Number 1

I - Economic activity

Boletim do Banco Central do Brasil January 2005

34

I.1 - National accounts

Itemization 1999 2000 2001 2002 2003

GDP at market prices (R$ thousand) 973 845 966 1 101 255 078 1 198 736 188 1 346 027 553 1 556 182 114

Real GDP change rate (%) 0.8 4.4 1.3 1.9 0.5

Implicit GDP deflator (%) 5.7 8.4 7.4 10.2 15.0

Nominal GDP change rate (%) 6.5 13.1 8.9 12.3 15.6

Net income/payments abroad (R$ thousand)1/ 34 106 815 32 597 271 45 284 441 51 943 778 55 149 917

GNP at market prices (R$ thousand) 939 739 151 1 068 657 807 1 153 451 747 1 294 083 775 1 501 032 197

Other current transfers (R$ thousand) 3 026 999 2 790 640 3 866 547 7 267 024 8 752 133

Gross national disposable income (R$ thousand) 942 766 150 1 071 448 447 1 157 318 294 1 301 350 799 1 509 784 330

Final consumption (R$ thousand) 792 528 541 880 655 448 956 501 328 1 052 139 114 1 192 613 281

Gross savings (R$ thousand) 150 237 609 190 792 999 200 816 966 249 211 685 317 171 049

Gross capital formation (R$ thousand) 196 335 889 237 254 899 254 136 764 265 953 462 307 491 071

Capital transfers (R$ thousand) 47 690 498 510 - 89 359 1 307 996 1 511 961

Balance of payments deficit in current account (R$ thousand) - 46 050 590 - 45 963 390 - 53 409 157 - 15 433 781 11 191 939

GDP (US$ billion)2/ 536.6 602.2 509.8 459.4 506.8

Source: Bacen and IBGE

1/ Nonresident employees earnings included.

2/ Banco Central do Brasil estimates.


35

I.2 - Gross Domestic Product (GDP)

Year GDP at current Implicit Real change rates (%) Real GDP Population Per capita GDP

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

(%) Agricul- Industry Services GDP 2003=100 At constant Real change Real index

ture and 2003 prices rate (%) 2003=100

livestock (R$)

1986 1 274 149.2 - 8.0 11.7 8.1 7.5 73.2 134 653 8 235.01 5.4 96.1

1987 4 038 206.2 15.0 1.0 3.1 3.5 75.8 137 268 8 363.29 1.6 97.6

1988 29 376 628.0 0.8 - 2.6 2.3 - 0.1 75.7 139 819 8 205.78 - 1.9 95.8

1989 425 595 1 304.4 2.8 2.9 3.5 3.2 78.1 142 307 8 317.08 1.4 97.1

1990 11 548 795 2 737.0 - 3.7 - 8.2 - 0.8 - 4.3 74.7 147 594 7 670.32 - 7.8 89.6

1991 60 285 999 416.7 1.4 0.3 2.0 1.0 75.5 149 926 7 628.79 - 0.5 89.1

1992 640 958 768 969.0 4.9 - 4.2 1.5 - 0.5 75.1 152 227 7 472.63 - 2.0 87.2

1993 14 097 114 182 1 996.2 - 0.1 7.0 3.2 4.9 78.8 154 513 7 724.64 3.4 90.2

1994 349 204 679 000 2 240.2 5.5 6.7 4.7 5.9 83.4 156 775 8 058.78 4.3 94.1

1995 646 191 517 000 77.5 4.1 1.9 1.3 4.2 86.9 159 016 8 280.79 2.8 96.7

1996 778 886 727 000 17.4 3.1 3.3 2.3 2.7 89.2 161 247 8 383.33 1.2 97.9

1997 870 743 034 000 8.3 - 0.8 4.6 2.6 3.3 92.2 163 471 8 539.79 1.9 99.7

1998 914 187 877 000 4.9 1.3 - 1.0 0.9 0.1 92.3 165 688 8 436.64 - 1.2 98.5

1999 973 845 966 000 5.7 8.3 - 2.2 2.0 0.8 93.0 167 910 8 390.39 - 0.5 98.0

2000 1 101 255 078 000 8.4 2.1 4.8 3.8 4.4 97.1 170 143 8 641.35 3.0 100.9

2001 1 198 736 188 000 7.4 5.8 - 0.5 1.8 1.3 98.3 172 386 8 640.86 0.0 100.9

2002 1 346 027 553 000 10.2 5.5 2.6 1.6 1.9 100.2 174 633 8 694.03 0.6 101.5

2003 1 556 182 114 000 15.0 4.5 0.1 0.6 0.5 100.0 178 985 8 694.47 - 0.9 100.0

Source: IBGE


36

I.3 - Economic indicators

1992 average=100

Period Industrial production Level of Capacity utilization Real industrial sales Hours worked

Activity in manufacturing in production

Total Manufacturing Mineral Indicator industry1/ in manufacturing

industry extraction (INA) industry

(SP) (SP) (CNI)2/ (SP) (CNI)2/ (SP) (CNI)2/

1992 100.00 100.00 100.00 100.00 70.69 72.29 100.00 100.00 100.00 100.00

1993 107.51 108.07 100.63 108.56 74.69 75.23 108.72 106.65 100.51 98.19

1994 115.68 116.53 105.38 118.01 77.44 77.13 124.26 116.25 99.39 98.24

1995 117.80 118.54 108.85 120.02 78.78 78.05 141.64 127.37 98.67 98.01

1996 119.84 119.87 119.46 118.45 78.44 78.19 150.65 134.92 89.35 89.17

1997 124.50 124.20 128.10 124.12 79.21 78.71 168.60 146.69 86.10 86.12

1998 121.97 120.15 144.04 121.07 78.84 78.24 168.84 144.38 79.79 79.77

1999 121.18 118.22 157.14 115.98 78.03 78.23 168.33 145.99 70.44 72.75

2000 129.23 125.38 173.00 123.56 81.63 80.70 191.42 161.76 73.74 75.79

2001 131.27 127.08 178.92 126.71 80.76 80.30 217.49 181.01 74.45 77.23

2002 134.85 127.75 212.84 125.38 81.08 80.65 217.50 184.41 73.64 78.45

2003 Jan 124.37 117.13 218.17 113.58 79.63 79.32 204.76 168.17 72.00 75.92

Feb 121.72 115.00 202.17 114.80 80.92 79.20 210.20 175.34 70.20 74.99

Mar 129.52 121.95 228.60 120.80 81.32 80.14 208.87 175.40 73.08 77.21

Apr 128.63 121.33 219.90 118.21 80.05 79.74 205.76 171.58 72.87 77.98

May 133.86 126.14 232.86 126.47 81.04 80.38 213.82 179.33 74.76 80.66

Jun 128.14 121.12 211.02 120.98 78.59 78.98 207.61 172.26 72.24 78.29

Jul 137.42 129.93 224.69 131.45 78.96 79.28 224.67 185.19 73.80 81.19

Aug 138.15 130.39 233.22 135.53 80.11 79.58 231.69 190.26 73.46 80.13

Sep 145.61 138.07 225.73 138.91 81.32 80.64 243.74 197.67 74.54 81.29

Oct 153.63 145.85 232.44 145.38 82.24 81.27 259.17 208.14 76.61 83.63

Nov 145.54 138.12 221.77 135.06 81.04 80.26 243.66 195.85 73.68 79.19

Dec 132.47 125.04 224.16 115.28 78.89 78.71 233.17 190.37 71.34 74.19

2004 Jan 129.10 121.86 218.00 118.62 80.59 79.50 235.56 184.21 72.64 75.34

Feb 124.19 117.18 211.02 118.31 79.88 79.64 223.22 175.52 72.03 75.06

Mar 146.86 139.26 227.65 ... 82.62 82.06 272.79 214.27 79.35 83.68

Apr 138.34 130.95 221.54 ... 81.33 81.23 256.12 200.14 76.43 80.17

May 145.69 138.08 227.71 ... 83.74 82.39 268.90 214.80 78.79 83.78

Jun 145.43 137.74 230.65 ... 84.06 83.13 274.11 220.81 79.30 84.71

Jul 151.85 143.81 241.06 ... 84.89 83.52 276.52 220.57 80.33 87.10

Aug 156.59 148.23 250.66 ... ... 83.85 ... 230.64 ... 88.46

Sep 156.52 148.49 239.99 ... ... 83.76 ... 222.44 ... 87.34

Oct 158.62 150.38 246.76 ... ... 84.03 ... 220.04 ... 87.52

Nov 157.27 149.40 235.01 ... ... 83.60 ... 217.57 ... 86.89

(continues)


37

I.3 - Economic indicators

(concluded) 1992 average=100

Period Own Corrugated Inputs Consultations Industrial employment Real Real industrial Productivity

electric paper production with telephone industrial overall wages3/ in the

charge shipments for the check & credit wages3/ manufacturing

building department industry4/

(SP) industry (SP) (SP) (CNI)2/ (SP) (SP) (CNI)2/

1992 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1993 104.53 120.44 104.77 101.72 96.29 96.72 111.31 107.33 102.87 109.93

1994 108.90 132.47 111.13 103.97 93.96 95.43 121.42 114.15 107.54 118.43

1995 113.36 138.46 111.14 123.05 92.57 94.38 132.02 122.30 118.15 121.13

1996 116.58 150.83 117.41 152.75 84.52 87.40 139.25 117.81 115.54 134.35

1997 124.15 162.55 127.47 200.15 81.15 83.82 146.86 119.29 116.92 144.04

1998 126.67 165.26 129.78 220.47 76.92 78.83 153.64 118.26 111.18 150.51

1999 125.37 171.43 125.07 207.37 72.24 74.20 151.18 109.86 100.85 162.30

2000 135.83 179.59 127.71 223.57 72.94 74.80 155.22 113.98 103.70 165.27

2001 121.71 178.89 124.75 230.26 73.37 75.66 164.72 121.24 107.01 164.47

2002 127.80 185.74 120.30 242.97 71.71 75.57 174.14 125.08 106.38 162.76

2003 Jan 127.24 159.51 112.98 225.26 71.29 75.43 172.03 122.82 100.52 154.34

Feb 135.72 156.16 111.58 207.40 71.34 75.61 165.15 118.00 97.52 153.40

Mar 129.60 166.09 112.52 210.07 71.24 75.97 167.04 119.18 98.11 158.01

Apr 128.25 ... 108.71 209.67 71.22 76.41 169.64 121.00 99.57 155.67

May 124.75 ... 112.58 236.86 71.13 76.62 172.20 122.66 100.65 156.44

Jun 123.25 ... 104.30 230.67 70.96 76.53 172.36 122.72 101.44 154.77

Jul 123.45 ... 112.91 252.09 70.70 76.31 173.91 123.15 102.18 160.11

Aug 124.87 ... 113.68 248.80 70.41 76.15 173.49 122.34 102.16 162.80

Sep 129.80 ... 116.92 238.15 70.39 76.12 171.32 120.78 101.42 169.92

Oct 133.24 ... 124.88 259.05 70.54 76.22 173.33 122.45 102.92 174.46

Nov 131.53 ... 118.98 248.65 70.67 76.15 183.53 129.90 108.32 174.49

Dec 133.33 ... 106.21 307.13 70.48 75.20 183.54 129.56 108.06 168.61

2004 Jan 132.40 ... 109.90 225.19 70.94 75.27 181.16 128.70 104.86 161.81

Feb 131.10 ... 107.16 206.38 71.41 75.74 179.40 128.31 104.45 156.17

Mar 149.90 ... 122.57 235.38 71.85 76.58 182.03 130.98 106.82 166.49

Apr 147.94 ... 114.10 218.33 72.05 77.31 183.59 132.48 108.16 163.41

May 144.65 ... 117.30 244.53 72.45 78.08 184.28 133.71 109.59 164.88

Jun 145.79 ... 117.00 240.77 72.75 78.64 183.36 133.59 110.53 162.67

Jul 145.65 ... 124.91 266.46 73.17 79.33 182.59 133.81 110.75 165.17

Aug 149.52 ... 129.69 261.84 ... 80.05 ... ... 112.28 167.62

Sep 154.03 ... 127.88 241.87 ... 80.72 ... ... 112.61 170.09

Oct 149.65 ... 128.51 257.34 ... 81.08 ... ... 114.01 171.89

Nov 150.63 ... 121.69 261.43 ... 81.17 ... ... 119.44 172.02

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

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

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

3/ Deflated by IPC-Fipe.

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


38

I.4 - Economic indicators - seasonally adjusted

1992 average=100

Period Industrial production Level of Capacity utilization Real industrial sales Hours worked

Activity in manufacturing in production

Total Manufacturing Mineral Indicator industry1/ in manufacturing

industry extraction (INA) industry

(SP) (SP) (CNI)2/ (SP) (CNI)2/ (SP) (CNI)2/

1992 100.00 100.00 100.00 100.00 70.74 72.29 100.00 100.00 100.00 100.00

1993 107.64 108.19 100.58 108.56 74.74 75.23 109.10 106.89 100.73 98.42

1994 115.87 116.72 105.37 118.01 77.48 77.10 124.45 116.47 99.74 98.57

1995 118.26 119.03 108.88 120.02 78.80 78.06 142.19 128.03 98.88 98.36

1996 119.42 119.41 119.44 118.45 78.44 78.18 150.29 134.72 89.19 89.10

1997 124.49 124.15 128.01 124.12 79.21 78.71 168.53 147.00 86.22 86.34

1998 121.99 120.18 143.90 121.07 78.85 78.25 169.00 144.86 79.90 79.99

1999 121.20 118.20 157.07 115.98 78.04 78.24 168.43 146.25 70.57 72.96

2000 129.60 125.79 172.87 123.57 81.65 80.68 192.99 162.28 73.85 75.93

2001 131.68 127.49 178.79 126.71 80.76 80.32 220.37 181.49 74.67 77.45

2002 135.26 128.16 212.74 125.39 81.07 80.67 220.37 184.85 73.86 78.64

2003 Jan 133.45 126.80 221.12 128.84 80.83 80.42 219.16 182.52 74.30 79.35

Feb 133.06 126.31 220.63 130.54 81.47 80.27 234.46 199.82 73.78 80.32

Mar 133.22 126.37 225.85 125.74 80.51 79.84 207.80 176.35 71.74 76.61

Apr 133.72 126.84 225.51 127.51 79.94 79.74 213.70 177.20 73.03 78.65

May 132.34 124.41 234.38 124.48 80.03 79.74 213.88 175.90 72.96 78.79

Jun 130.57 123.14 212.59 117.27 78.84 79.29 214.27 174.13 72.30 78.29

Jul 131.77 124.32 217.78 120.24 78.75 78.97 220.73 177.65 72.50 78.37

Aug 133.11 125.54 221.61 120.53 79.32 79.15 226.85 182.74 72.66 78.25

Sep 138.35 130.57 224.68 127.73 81.06 79.89 233.75 186.43 74.01 79.66

Oct 141.20 132.46 224.30 132.00 80.94 79.91 243.81 191.38 74.38 80.04

Nov 141.61 134.08 224.61 131.21 80.72 79.98 244.51 196.15 74.74 79.97

Dec 140.60 133.53 218.17 130.39 81.62 80.50 248.15 198.52 74.67 78.80

2004 Jan 140.21 133.41 223.64 133.85 81.72 80.68 254.69 203.67 75.39 79.64

Feb 139.02 132.50 229.89 134.05 80.46 80.00 232.70 196.27 73.70 78.48

Mar 142.69 134.94 225.42 ... 81.80 81.41 265.81 207.13 76.37 81.13

Apr 143.04 135.60 227.91 ... 81.28 81.19 266.85 208.34 76.83 81.29

May 146.34 138.83 229.23 ... 82.81 82.01 272.82 214.60 77.58 82.77

Jun 147.10 139.33 232.51 ... 84.38 83.30 277.59 218.00 78.57 83.57

Jul 148.07 140.14 233.64 ... 84.75 83.27 277.74 216.09 79.57 85.02

Aug 149.55 141.21 237.47 ... ... 83.27 ... 217.55 ... 85.55

Sep 149.32 141.16 237.94 ... ... 83.02 ... 209.50 ... 85.57

Oct 149.33 140.32 237.94 ... ... 82.96 ... 210.10 ... 85.40

Nov 148.80 140.39 238.43 ... ... 82.90 ... 209.70 ... 85.53

(continues)


39

I.4 - Economic indicators - seasonally adjusted

(concluded) 1992 average=100

Period Own Corrugated Inputs Consultations Industrial employment Real Real industrial Productivity

electric paper production with telephone industrial overall wages3/ in the

charge shipments for the check & credit wages3/ manufacturing

building department industry4/

(SP) industry (SP-Cap.) (SP) (CNI)2/ (SP) (SP) (CNI)2/

1992 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1993 104.78 120.57 105.10 102.02 96.28 96.71 111.42 107.40 102.88 109.92

1994 109.24 132.69 111.57 103.97 93.94 95.40 121.44 114.10 107.46 118.34

1995 113.72 138.37 111.48 122.89 92.53 94.37 131.99 122.18 118.14 121.24

1996 116.50 149.99 117.44 152.02 84.48 87.38 139.19 117.66 115.52 134.29

1997 124.50 162.07 127.78 199.45 81.11 83.80 146.75 119.10 116.90 144.06

1998 126.97 165.01 130.07 221.56 76.89 78.81 153.51 118.07 111.16 150.58

1999 125.62 171.04 125.44 207.89 72.22 74.19 151.07 109.69 100.85 162.75

2000 135.93 180.05 128.05 224.09 72.94 74.81 155.18 113.98 103.75 165.25

2001 121.78 179.81 125.35 231.41 73.38 75.67 164.67 121.21 107.02 164.43

2002 128.07 186.62 120.83 244.12 71.71 75.56 174.07 124.98 106.34 162.73

2003 Jan 129.77 166.33 118.84 245.14 71.43 76.04 170.73 122.04 101.31 160.69

Feb 137.21 174.78 121.64 245.74 71.36 76.15 166.40 119.01 100.00 161.33

Mar 123.17 163.58 110.51 224.53 71.22 76.18 167.50 119.39 99.44 159.22

Apr 123.99 ... 111.43 233.81 71.12 76.38 168.47 119.84 99.72 159.58

May 124.92 ... 111.23 232.41 70.92 76.18 170.00 120.69 99.98 157.94

Jun 125.62 ... 109.76 238.09 70.77 76.05 172.42 122.18 101.21 158.47

Jul 125.96 ... 109.60 237.42 70.58 75.96 173.71 122.56 101.87 159.19

Aug 127.33 ... 108.42 238.78 70.45 75.89 174.64 123.34 102.25 159.85

Sep 129.89 ... 112.52 245.00 70.46 75.86 175.27 123.84 102.39 164.38

Oct 132.00 ... 115.37 248.66 70.54 76.00 176.45 124.82 103.41 165.51

Nov 133.36 ... 118.37 248.84 70.69 76.20 181.30 128.21 105.02 166.44

Dec 135.75 ... 114.45 242.12 70.77 75.76 179.60 127.36 105.78 170.14

2004 Jan 135.62 ... 116.69 244.22 71.06 75.90 179.80 128.08 105.76 167.88

Feb 129.45 ... 112.95 242.05 71.41 76.29 180.94 129.59 107.03 163.96

Mar 140.91 ... 117.75 246.04 71.80 76.79 182.58 131.11 108.16 167.55

Apr 143.01 ... 117.74 244.93 71.93 77.26 182.52 131.51 108.56 167.25

May 145.40 ... 118.24 246.34 72.24 77.68 182.28 131.98 109.21 166.82

Jun 147.41 ... 120.50 243.30 72.57 78.18 183.19 132.79 110.28 166.76

Jul 148.69 ... 123.26 249.25 73.06 79.00 182.27 133.11 110.68 164.91

Aug 150.93 ... 123.58 252.77 ... 79.76 ... ... 112.31 165.18

Sep 154.85 ... 122.57 247.91 ... 80.40 ... ... 113.49 164.32

Oct 150.15 ... 121.46 252.46 ... 80.81 ... ... 114.38 162.76

Nov 150.32 ... 118.22 254.78 ... 81.20 ... ... 115.79 163.48

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

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

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

3/ Deflated by IPC-Fipe.

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


40

I.5 - Sales Volume Index in the Retail Sector - Brasil

Média 2003=100

Period Retail sector Fuel and lubricants Supermarkets Textiles, clothing Furniture and Vehicles, motorcycles

and footwear home appliances

2000 106.21 101.74 106.63 102.85 102.81 134.66

2001 104.54 98.90 107.03 104.49 101.49 129.83

2002 103.81 104.48 105.11 103.17 100.88 107.76

2003 Jan 93.38 95.64 96.38 78.34 89.25 98.61

Feb 90.20 88.71 92.68 80.60 82.53 101.07

Mar 93.13 95.64 98.67 81.72 81.48 92.10

Apr 94.59 95.38 99.88 87.72 81.52 95.78

May 98.68 100.80 99.11 97.45 95.85 94.15

Jun 92.65 96.85 92.17 95.10 86.95 90.69

Jul 97.91 107.02 97.26 96.70 95.04 96.98

Aug 99.58 104.23 100.50 96.38 97.27 92.33

Sep 94.96 101.06 94.80 85.68 96.77 105.33

Oct 102.71 106.22 101.09 97.62 107.58 109.61

Nov 103.16 103.01 101.00 104.17 109.11 107.42

Dec 139.05 105.43 126.46 198.52 176.63 115.91

2004 Jan 98.97 100.43 99.39 79.67 106.14 106.86

Feb 94.73 93.98 97.21 75.87 96.06 100.24

Mar 103.38 106.70 102.48 87.54 110.88 121.79

Apr 104.19 104.18 106.62 87.58 108.59 108.23

May 109.37 104.94 104.09 119.90 129.54 113.91

Jun 104.56 104.44 100.38 108.53 118.47 116.80

Jul 109.69 110.67 107.37 104.34 125.67 118.40

Aug 106.50 105.98 104.36 95.33 125.29 121.95

Sep 103.74 105.16 103.48 89.16 116.41 121.56

Oct 111.32 107.55 111.85 96.24 128.48 120.31

Nov 109.80 102.98 107.33 104.67 133.59 125.88

Fonte: IBGE


41

I.6 - Industrial production indicators

Annual change (%)

Itemization 1997 1998 1999 2000 2001 2002 2003 20041/

Total2/ 3.9 - 2.0 - 0.7 6.6 1.6 2.7 - 0.1 8.3

Extraction industries 6.9 12.2 8.5 11.8 3.4 19.0 3.8 4.1

Manufacturing industry 3.6 - 3.3 - 1.6 6.1 1.4 0.5 - 0.3 8.6

By segment

Food products 1.0 1.3 3.1 - 2.1 4.9 3.0 - 1.4 3.6

Beverages - 0.3 - 2.2 0.0 4.0 0.3 - 12.2 - 4.3 6.7

Tobacco leaves 22.2 - 22.7 - 7.1 - 7.8 - 4.7 - 40.0 - 6.4 20.3

Textiles - 6.4 - 6.8 2.1 6.1 - 5.4 0.2 - 4.5 10.5

Clothing and cloth goods - 5.9 1.2 - 4.3 8.8 - 9.6 5.6 - 12.2 0.7

Leather and footwear goods - 6.4 - 12.5 - 1.4 0.5 - 4.0 - 1.5 - 9.8 1.4

Wood 2.5 - 6.7 7.0 3.1 - 0.3 4.4 5.3 8.5

Pulp, paper and paper produtcts 2.9 0.3 6.3 4.1 0.1 3.3 6.3 8.0

Issue, priting and copy of recording ... ... ... ... ... ... 0.7 - 1.4

Petroleum and alcohol refining 3.8 5.6 - 0.5 - 1.8 4.0 - 2.6 - 2.2 1.3

Pharmaceuticals 11.4 4.0 - 0.4 - 2.0 - 1.0 16.3 - 9.1 0.9

Perfumes, soaps, detergents and cleaning products 5.5 3.3 7.3 2.7 - 1.2 1.9 0.9 11.7

Other chemical products 5.1 1.1 3.8 6.0 - 8.3 - 4.2 3.0 7.1

Rubber and plastics 3.8 - 5.7 - 1.8 4.1 - 4.5 0.1 - 3.4 8.0

Nonmetallic minerals 8.0 - 0.5 - 2.9 1.7 - 2.3 - 1.0 - 3.6 4.7

Metallurgy 6.7 - 3.7 - 1.3 9.2 0.2 3.6 5.8 3.7

Metal products - excludes machinery and equipments 4.0 - 4.1 - 1.1 2.2 2.3 2.7 - 5.5 9.2

Machinery and equipments 6.9 - 3.8 - 5.9 18.9 4.2 2.8 5.3 17.1

Office and computer equipments ... ... ... ... ... ... 8.0 34.2

Eletrical appliances and equipments 10.3 0.8 - 6.7 10.5 20.3 - 0.9 1.8 8.1

Eletronical anda communications equipments - 6.5 - 29.7 - 19.4 32.7 - 2.8 - 11.1 0.5 18.7

Medical and hospital equipments ... ... ... ... ... - 3.4 7.9

Automotives vehicles 13.7 - 19.3 - 9.3 18.5 0.0 - 2.1 4.1 29.9

Other transportation vehicles - 4.1 27.9 11.0 21.4 24.2 21.8 9.2 9.7

Furniture - 0.3 - 10.2 0.1 8.1 0.0 - 1.9 - 9.2 7.3

Other ... ... ... ... ... ... - 1.7 9.9

By category of use

Capital goods 4.8 - 1.6 - 9.1 13.1 13.5 - 5.8 2.2 20.4

Intermediate goods 4.6 - 0.7 1.9 6.8 - 0.1 4.2 1.9 7.4

Consumer goods 1.2 - 5.4 - 2.8 3.5 1.2 1.5 - 2.8 7.2

Durable 3.5 - 19.6 - 9.3 20.8 - 0.6 4.7 3.0 22.3

Semidurable and nondurable 0.5 - 1.1 - 1.2 - 0.4 1.6 1.1 - 4.0 3.8

Source: IBGE

1/ Production in January-November/2004 compared to that of the same period of the previous year.

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


42

I.7 - Automotive industry

Units

Period Production Sales Imports

Domestic External Total

Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated

average average average average average

1993 115 948 1 391 376 88 461 1 061 526 27 411 328 935 115 872 1 390 461 6 811 81 735

1994 131 993 1 583 912 100 608 1 207 299 31 337 376 042 131 945 1 583 341 14 812 177 738

1995 135 751 1 629 008 113 323 1 359 879 22 516 270 187 135 839 1 630 066 34 161 409 933

1996 150 361 1 804 328 125 565 1 506 782 24 613 295 359 150 178 1 802 141 28 422 341 059

1997 172 475 2 069 703 136 687 1 640 243 34 739 416 872 171 426 2 057 115 28 250 339 004

1998 132 136 1 585 630 98 921 1 187 050 33 300 399 597 132 221 1 586 647 29 167 349 998

1999 113 060 1 356 714 89 851 1 078 215 22 900 274 799 112 751 1 353 014 13 844 166 132

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

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

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

Monthly Monthly Monthly Monthly Monthly

2003 Jan 144 215 144 215 97 684 97 684 28 760 28 760 126 444 126 444 13 473 13 473

Feb 154 481 298 696 117 470 215 154 35 775 64 535 153 245 279 689 8 736 22 209

Mar 142 085 440 781 100 424 315 578 43 192 107 727 143 616 423 305 6 107 28 316

Apr 152 228 593 009 101 724 417 302 49 375 157 102 151 099 574 404 8 654 36 970

May 164 682 757 691 101 812 519 114 48 236 205 338 150 048 724 452 7 160 44 130

Jun 146 571 904 262 92 253 611 367 61 106 266 444 153 359 877 811 6 136 50 266

Jul 135 920 1 040 182 100 538 711 905 36 086 302 530 136 624 1 014 435 6 399 56 665

Aug 134 699 1 174 881 99 314 811 219 43 483 346 013 142 797 1 157 232 6 345 63 010

Sep 161 821 1 336 702 114 765 925 984 51 648 397 661 166 413 1 323 645 10 989 73 999

Oct 167 869 1 504 571 129 455 1 055 439 52 400 450 061 181 855 1 505 500 9 875 83 874

Nov 168 412 1 672 983 131 037 1 186 476 43 813 493 874 174 850 1 680 350 6 344 90 218

Dec 154 055 1 827 038 128 406 1 314 882 40 871 534 745 169 277 1 849 627 5 194 95 412

2004 Jan 156 057 156 057 114 140 114 140 38 109 38 109 152 249 152 249 5 897 5 897

Feb 154 934 310 991 123 259 237 399 33 364 71 473 156 623 308 872 8 506 14 403

Mar 190 955 501 946 135 747 373 146 52 717 124 190 188 464 497 336 4 351 18 754

Apr 169 991 671 937 119 966 493 112 43 132 167 322 163 098 660 434 5 208 23 962

May 179 256 851 193 119 403 612 515 49 282 216 604 168 685 829 119 6 919 30 881

Jun 187 180 1 038 373 123 793 736 308 61 452 278 056 185 245 1 014 364 6 514 37 395

Jul 187 777 1 226 150 129 300 865 608 61 562 339 618 190 862 1 205 226 6 242 43 637

Aug 199 843 1 425 993 132 739 998 347 68 432 408 050 201 171 1 406 397 4 948 48 585

Sep 203 062 1 629 055 139 182 1 137 529 57 417 465 467 196 599 1 602 996 7 058 55 643

Oct 190 302 1 819 357 130 473 1 268 002 62 856 528 323 193 329 1 796 325 5 250 60 893

Nov 201 350 2 020 707 140 793 1 408 795 58 395 586 718 199 188 1 995 513 7 356 68 249

Source: Anfavea and MDIC/Secex


43

I.8 - Crop production (major crops)

1000 t

Itemization 1995 1996 1997 1998 1999 2000 2001 2002 2003 20041/

Grain production 79 376 73 611 77 517 75 178 82 356 83 250 98 544 97 122 123 174 119 242

Cotton (seed) 1 016 708 585 824 990 1 307 1 718 1 407 1 429 2 352

Rice (in husk) 11 226 9 990 9 293 7 744 11 710 11 135 10 195 10 472 10 199 13 251

Beans 2 946 2 822 2 990 2 200 2 831 3 056 2 436 3 050 3 310 2 998

Corn 36 275 32 185 34 602 29 494 32 239 32 321 41 439 35 502 47 809 41 864

Soybeans 25 651 23 562 26 431 31 374 30 987 32 821 37 683 42 020 51 532 49 205

Wheat 1 534 3 359 2 441 2 232 2 462 1 726 3 261 2 935 5 900 5 963

Others 728 985 1 175 1 310 1 137 884 1 812 1 736 2 995 3 608

Other crops

Bananas (millions of bunches) 568 562 595 533 547 566 5 959 6 455 6 518 6 603

White potatoes 2 677 2 703 2 757 2 675 2 905 2 607 2 787 2 882 3 070 2 892

Cocoa (beans) 296 257 285 280 205 197 184 173 171 169

Coffee (beans) 1 858 2 686 2 343 3 450 3 263 3 807 1 918 2 444 1 970 2 476

Sugarcane 303 557 325 929 337 255 338 972 333 848 326 121 345 941 367 496 389 929 410 983

Onion ... ... ... ... ... ... ... ... 1 187 1 121

Tobacco (in leaf) 455 471 620 510 630 580 565 657 649 928

Oranges (millions of fruits) 98 066 109 325 114 891 103 659 114 398 106 651 16 844 18 932 16 936 18 257

Cassava 25 316 24 584 24 310 19 661 20 864 23 041 22 479 22 990 22 236 24 039

Tomatoes 2 700 2 675 2 602 2 755 3 305 3 005 3 043 3 596 3 641 3 420

Real output change of crop sector (%) 0.0 3.4 - 0.1 1.3 8.3 2.8 ... ... ... ...

Source: IBGE

1/ Refers to the November/2004 Systematic Survey of Agricultural Production.


44

I.9 - Formal employment level index - Brazil

December 2003 = 100

Period Total Manufacturing industry Commerce Services Building

Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally

data adjusted data adjusted data adjusted data adjusted data adjusted

2000 Dec 91.40 91.30 92.74 92.63 85.60 85.72 90.69 90.63 108.30 108.27

2001 Dec 93.86 93.79 94.62 94.53 89.68 89.73 93.99 93.93 105.42 105.37

2002 Dec 97.20 97.10 97.58 97.47 95.50 95.45 97.19 97.09 104.21 104.11

2003 Jan 97.36 97.28 98.08 97.87 95.44 95.82 97.32 97.27 103.69 103.02

Feb 97.73 97.50 98.12 98.00 95.72 96.26 97.86 97.61 103.03 102.37

Mar 97.81 97.63 98.34 98.17 95.62 96.52 97.99 97.73 101.83 101.28

Apr 98.47 97.93 99.26 98.65 95.98 96.86 98.36 97.89 101.92 100.72

May 99.09 98.09 99.81 98.67 96.28 97.16 98.68 98.11 101.95 100.22

Jun 99.63 98.34 99.97 98.84 96.72 97.57 98.93 98.31 102.34 100.18

Jul 99.79 98.44 99.80 98.78 96.88 97.83 99.02 98.45 102.65 100.02

Aug 100.14 98.64 100.16 98.98 97.38 98.18 99.47 98.66 102.92 99.76

Sep 100.84 99.13 101.52 99.35 98.07 98.62 100.07 99.03 103.52 99.82

Oct 101.14 99.39 101.82 99.55 98.80 99.03 100.42 99.36 103.88 100.04

Nov 101.29 99.72 101.58 99.76 99.99 99.47 100.81 99.74 103.40 100.42

Dec 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

2004 Jan 100.43 100.42 100.67 100.55 100.06 100.50 100.37 100.38 101.29 100.71

Feb 101.02 100.83 101.37 101.34 100.46 101.05 100.93 100.71 101.43 100.90

Mar 101.48 101.33 102.31 102.20 100.69 101.66 101.31 101.07 102.13 101.69

Apr 102.28 101.75 103.51 102.90 101.21 102.18 101.84 101.39 103.27 102.15

May 103.53 102.49 105.17 103.99 101.98 102.93 102.44 101.85 104.59 102.89

Jun 104.42 103.08 106.05 104.86 102.53 103.45 102.86 102.23 105.49 103.31

Jul 105.29 103.89 107.09 106.01 103.18 104.23 103.32 102.75 106.45 103.74

Aug 106.27 104.68 108.43 107.13 104.16 105.02 104.12 103.28 108.12 104.76

Sep 107.12 105.30 110.29 107.89 105.03 105.62 104.76 103.68 108.87 104.89

Oct 107.68 105.81 111.26 108.72 105.96 106.21 105.25 104.13 108.99 104.86

Nov 108.61 106.89 111.40 109.37 107.59 107.01 105.77 104.62 107.79 104.62

Source: Ministério do Trabalho e Emprego


45

I.10 - Unemployment rate (weekly)1/

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

2003 Jan 11.20 13.00 8.30 9.80 7.90 15.20 11.70

Feb 11.60 13.60 8.60 10.10 8.60 15.00 12.10

Mar 12.10 13.90 9.10 10.30 10.00 16.30 12.70

Apr 12.40 14.30 9.20 10.50 9.80 16.70 14.00

May 12.80 14.60 9.60 11.00 10.20 17.30 15.10

Jun 13.00 14.50 9.80 12.10 10.20 17.90 14.90

Jul 12.80 14.50 9.60 11.40 9.50 17.60 14.20

Aug 13.00 14.90 9.50 12.10 9.80 17.60 15.00

Sep 12.90 14.80 9.70 10.80 10.10 17.60 15.00

Oct 12.90 15.00 9.40 11.20 10.10 17.00 14.40

Nov 12.20 14.00 8.90 10.30 9.40 16.40 14.00

Dec 10.90 11.80 8.60 10.40 7.90 15.70 12.10

2004 Jan 11.70 12.90 8.90 12.30 7.60 16.20 12.80

Feb 12.00 13.60 8.60 11.90 8.50 17.10 12.70

Mar 12.80 14.60 9.80 12.10 9.60 17.10 12.60

Apr 13.10 14.50 10.70 11.40 10.70 16.60 14.30

May 12.20 13.60 9.60 10.90 9.70 16.20 13.30

Jun 11.70 13.40 8.90 10.50 9.50 14.90 12.80

Jul 11.20 12.50 8.10 10.70 8.90 14.90 13.40

Aug 11.40 12.60 8.60 10.20 8.50 16.60 13.50

Sep 10.90 11.70 8.80 10.20 8.70 15.60 12.40

Oct 10.50 11.20 8.50 9.60 7.60 15.80 12.10

Nov 10.60 11.20 9.40 9.20 7.80 15.90 11.20

Source: IBGE

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

active people of 10 years of age or more.


46

I.11 - Real average earnings1/

By different types of employment and by sector

R$1.00

Period Total Registered Nonregistered Self-employed Private sector Public sector

2003 Jan 977.79 968.53 608.13 756.29 876.53 1 463.87

Feb 942.93 964.53 598.41 714.21 867.99 1 398.36

Mar 942.45 976.66 593.47 707.97 873.71 1 351.37

Apr 916.47 947.39 589.68 714.56 851.37 1 353.39

May 916.68 937.19 586.67 726.27 842.47 1 353.43

Jun 903.83 924.77 582.29 740.80 834.13 1 345.75

Jul 916.37 947.50 608.59 710.04 855.82 1 347.40

Aug 901.48 925.37 595.56 719.17 834.75 1 362.40

Sep 891.52 909.80 588.71 693.83 823.61 1 345.78

Oct 896.91 924.46 593.95 684.45 834.82 1 346.32

Nov 922.32 983.39 567.91 697.75 868.42 1 395.82

Dec 1 065.28 1 195.66 643.39 738.92 1 048.48 1 672.66

2004 Jan 906.36 955.81 567.00 710.02 851.80 1 319.79

Feb 918.18 954.17 570.15 733.81 852.63 1 340.59

Mar 909.68 946.85 575.11 729.40 843.72 1 314.35

Apr 902.40 937.41 599.78 717.42 843.22 1 322.25

May 919.42 952.33 617.75 709.05 858.45 1 333.89

Jun 928.36 961.59 595.60 721.24 859.87 1 328.19

Jul 913.36 940.30 599.79 715.56 844.89 1 331.65

Aug 926.08 940.08 593.91 718.44 844.07 1 356.68

Sep 914.75 924.00 580.71 736.67 828.58 1 344.53

Oct 917.68 926.32 620.42 711.71 842.16 1 343.58

Source: IBGE

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


47

I.12 - Price indices

Percentage change

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

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

1992 991.39 1 157.95 976.91 1 154.18 1 071.92 1 194.51 998.49 1 156.15

1993 2 103.68 2 708.55 2 065.39 2 639.27 2 124.19 2 763.64 2 169.16 2 828.74

1994 2 123.60 909.61 2 015.72 857.75 2 250.48 961.39 2 287.96 992.03

1995 59.65 14.78 51.39 6.39 72.57 31.45 71.87 25.91

1996 11.10 9.34 6.33 8.09 15.19 9.56 18.22 11.34

1997 7.91 7.48 8.14 7.78 7.43 6.81 7.73 7.21

1998 3.89 1.70 3.55 1.51 4.87 2.75 4.12 1.66

1999 11.32 19.98 16.56 28.90 5.35 9.21 4.87 9.12

2000 13.77 9.81 18.11 12.06 9.43 7.66 7.48 6.21

2001 10.37 10.40 12.61 11.87 7.60 8.85 6.91 7.94

2002 13.51 26.41 16.67 35.41 9.62 12.87 8.30 12.18

2003 22.80 7.67 27.56 6.26 16.74 14.42 14.31 8.93

2004 9.15 12.23 9.71 14.97 11.28 10.64 6.11 6.06

Monthly Monthly Monthly Monthly

2003 Jan 2.17 28.92 2.21 38.58 1.51 14.16 2.32 13.88

Feb 1.59 30.73 1.71 40.76 1.39 15.09 1.37 15.28

Mar 1.66 32.75 1.93 43.63 1.38 16.04 1.06 16.01

Apr 0.41 32.37 0.07 42.65 0.90 16.70 1.12 16.48

May - 0.67 30.05 - 1.68 38.50 2.84 17.05 0.69 16.95

Jun - 0.70 26.94 - 1.16 33.55 1.05 17.61 - 0.16 16.12

Jul - 0.20 24.14 - 0.59 29.12 0.99 18.43 0.34 15.33

Aug 0.62 22.03 0.70 25.85 1.44 18.94 0.13 14.61

Sep 1.05 20.13 1.29 22.76 0.22 18.37 0.76 14.72

Oct 0.44 15.78 0.50 16.36 0.65 17.80 0.21 13.67

Nov 0.48 9.92 0.46 8.79 1.04 16.18 0.33 10.58

Dec 0.60 7.67 0.74 6.26 0.16 14.42 0.43 8.93

2004 Jan 0.80 6.22 0.75 4.75 0.33 13.09 1.08 7.81

Feb 1.08 5.69 1.42 4.45 1.00 12.64 0.28 6.46

Mar 0.93 4.94 1.09 3.59 1.16 12.40 0.46 5.83

Apr 1.15 5.71 1.57 5.14 0.59 12.04 0.31 4.98

May 1.46 7.97 1.71 8.76 1.83 10.94 0.71 5.00

Jun 1.29 10.13 1.57 11.76 0.70 10.56 0.78 5.99

Jul 1.14 11.60 1.35 13.95 1.12 10.71 0.59 6.25

Aug 1.31 12.37 1.59 14.94 0.81 10.01 0.79 6.94

Sep 0.48 11.74 0.65 14.22 0.58 10.41 0.01 6.14

Oct 0.53 11.85 0.61 14.35 1.19 11.00 0.10 6.02

Nov 0.82 12.23 1.00 14.97 0.71 10.64 0.37 6.06

(continues)


48

I.12 - Price indices

(concluded) Percentage change

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

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

1992 986.77 1 174.47 965.20 1 129.45 951.96 1 119.10 980.80 1 149.06

1993 2 006.78 2 567.33 1 920.41 2 490.99 1 927.38 2 477.15 1 936.32 2 489.11

1994 2 036.30 869.79 2 149.26 941.25 2 075.89 916.46 2 111.61 929.32

1995 58.75 15.24 67.34 23.17 66.01 22.41 65.96 21.98

1996 12.11 9.20 16.48 10.03 15.76 9.56 15.52 9.12

1997 8.02 7.74 6.44 4.82 6.93 5.22 5.99 4.34

1998 4.36 1.78 1.43 - 1.79 3.20 1.65 3.78 2.49

1999 10.73 20.10 2.56 8.64 4.86 8.94 4.85 8.43

2000 14.26 9.95 6.64 4.38 7.04 5.97 6.22 5.27

2001 10.17 10.38 5.73 7.13 6.84 7.67 7.49 9.44

2002 12.94 25.31 6.69 9.92 8.45 12.53 10.20 14.74

2003 23.70 8.71 12.58 8.17 14.71 9.30 16.96 10.38

2004 9.09 12.28 5.60 6.30 6.50 7.24 6.28 5.80

Monthly Monthly Monthly Monthly

2003 Jan 2.33 27.76 2.19 11.69 2.25 14.47 2.47 16.33

Feb 2.28 30.60 1.61 13.19 1.57 15.85 1.46 17.66

Mar 1.53 32.48 0.67 13.87 1.23 16.57 1.37 18.54

Apr 0.92 32.97 0.57 14.45 0.97 16.77 1.38 19.36

May - 0.26 31.53 0.31 14.74 0.61 17.24 0.99 20.44

Jun - 1.00 28.23 - 0.16 14.20 - 0.15 16.57 - 0.06 19.64

Jul - 0.42 25.25 - 0.08 13.35 0.20 15.43 0.04 18.32

Aug 0.38 22.88 0.63 12.92 0.34 15.07 0.18 17.53

Sep 1.18 21.42 0.84 13.01 0.78 15.14 0.82 17.51

Oct 0.38 17.34 0.63 12.29 0.29 13.98 0.39 16.15

Nov 0.49 12.09 0.27 9.69 0.34 11.02 0.37 12.76

Dec 0.61 8.71 0.42 8.17 0.52 9.30 0.54 10.38

2004 Jan 0.88 7.17 0.65 6.54 0.76 7.71 0.83 8.62

Feb 0.69 5.50 0.19 5.05 0.61 6.69 0.39 7.47

Mar 1.13 5.08 0.12 4.47 0.47 5.89 0.57 6.62

Apr 1.21 5.38 0.29 4.18 0.37 5.26 0.41 5.60

May 1.31 7.04 0.57 4.45 0.51 5.15 0.40 4.99

Jun 1.38 9.61 0.92 5.58 0.71 6.06 0.50 5.57

Jul 1.31 11.51 0.59 6.29 0.91 6.81 0.73 6.30

Aug 1.22 12.44 0.99 6.67 0.69 7.18 0.50 6.64

Sep 0.69 11.90 0.21 6.00 0.33 6.70 0.17 5.95

Oct 0.39 11.91 0.62 5.99 0.44 6.86 0.17 5.72

Nov 0.82 12.28 0.56 6.30 0.69 7.24 0.44 5.80

Source: FGV, Fipe and IBGE

1/ General Price Index (Domestic Supply).2/ Wholesale Price Index (Domestic Supply).3/ National Index of Building Costs.4/ Consumer Price Index - Brazil.5/ General Price Index (Market).6/ Consumer Price Index (Fipe).7/ Broad National Consumer Price Index.8/ National Consumer Price Index.

II - Money and credit


50

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

As of August, 2000

The National Monetary Council (CMN), through Resolution 2,682, dated 12.21.1999, revised the procedures utilized forclassifying credit operations, with the aim of making them more objective and broader in scope, and instituted a newtechnically more suitable foundation for setting aside provisions for possible losses. In this way, as of March 1, 2000,the newly adopted system determined to be necessary an analysis of the potential risk of the borrower by the financialinstitution in addition to the consideration of the length of default and the guaranties offered, following internationalstandard procedures. In the framework of the alterations introduced, one should highlight the classification of thecredit portfolio into nine different levels with increasingly more serious risk levels: AA, A, B, C, D, E, F, G and H, ascompared to the previous three classification levels.

Thus, as of the release of the August 2000 Boletim, statistics referring to financial system loans (tables II.11 to II.13) aregoing to be replaced by tables II.18 to II.26, which contain more detailed information on the classification of creditoperations.

It is important to clarify that, with the new methodology of registering National Financial System credit operations, itwill not be possible to ensure compatibility with the previous series published by Banco Central. Therefore, as of March2000 a new series on credit assets was initiated.

Further details on the alterations defined by Resolution 2,682 may be found at the Banco Central’s homepage(http:\\www.bcb.gov.br). Please search for the Monetary Policy Press Release May 2000, following Economic Information,Press Releases and Previous Editions.

As of November, 2001

With regard to the Banco Central and financial institutions’ analytical accounts (tables II.12 to II.17), changes areconsequent upon a sector-by-sector distribution of committed operations as of December 2000.

Previously, the result of committed operations had been included under the heading “other items (net)”. As data havebeen broken down, the amounts were reclassified as credit, reserves (financial institutions’ available funds), deposits,money market instruments and liabilities among financial institutions or among financial institutions and the BancoCentral.

Soon, the historically reviewed series will be released on the Banco Central’s website.

As of June, 2002

In the tables II.13 to II.17, the following series have changed data since September, 2001:a) Other claims on monetary authority, Claims on central government and Claims on private sector (tables II.13, II.15

and II.17);b) Claims on central government, Claims on private sector and Liabilities for Central Bank securities (tables II.14 and II.16).

The review was consequent upon changes in the Accounting Plan of National Financial System Institutions (Cosif).The revised amounts for months prior to September 2001 may be found at the Banco Central do Brasil web site:www.bcb.gov.br; Economic and Financial Information; Time Series.


51

II.1 - Factors affecting the monetary base

Flows in R$ million

Period National Operations External Bacen's Deposits Operations with Other Monetary base change

Treasury1/ with federal sector rediscount derivative ac-

securitites operations operations2/ Financial Investment Total instruments - counts4/ Currency Banking Total

institutions3/ funds Adjustments issued reserves

1999 Dec 221 13 672 - 2 759 - 15 8 - 8 - - 35 8 213 2 880 11 093

2000 Dec - 90 9 095 - 1 942 - - 127 - - 127 - 20 7 092 - 137 6 955

2001 Dec 8 398 1 537 - 2 232 - - 614 - - 614 - - 66 7 602 - 580 7 022

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

2003 Jan 1 056 - 17 800 3 342 - 0 1 259 - 1 259 3 677 - 466 - 6 292 - 2 640 - 8 932

Feb - 5 371 10 755 - 2 918 2 - 274 - - 274 937 - 7 24 3 100 3 124

Mar - 2 491 2 662 - 1 009 - 3 1 858 - 1 858 - 2 360 - 119 - 3 754 2 292 - 1 462

Apr - 6 998 20 048 - 256 - 0 481 - 481 - 11 076 - 2 - 862 3 058 2 196

May - 7 569 873 1 467 - 0 1 548 - 1 548 392 174 - 231 - 2 884 - 3 115

Jun 1 156 - 990 13 43 964 - 964 - 2 551 90 - 18 - 1 258 - 1 276

Jul 4 059 - 1 883 - 26 - 43 885 - 885 924 88 433 3 571 4 003

Aug - 1 734 - 7 534 14 29 79 - 79 - 270 5 581 - 9 993 - 9 411

Sep 1 636 - 3 394 - 6 - 30 1 171 - 1 171 - 1 530 - 165 - 657 - 1 663 - 2 320

Oct 2 283 3 669 - 1 - 0 298 - 298 - 3 125 - 1 524 984 616 1 600

Nov 1 198 1 544 11 9 126 - 126 1 858 - 38 2 552 2 155 4 707

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

2004 Jan 1 720 - 15 010 7 396 - 6 718 - 718 872 - 10 - 5 300 981 - 4 319

Feb - 6 224 5 839 20 66 656 - 656 - 399 10 - 53 22 - 31

Mar - 5 436 - 260 - 19 - 66 871 - 871 - 684 - 152 - 1 529 - 4 217 - 5 746

Apr - 9 271 11 862 3 - - 340 - - 340 251 - 14 679 1 812 2 490

May - 7 345 6 875 8 6 188 - 188 1 461 17 864 345 1 209

Jun - 3 609 6 328 3 - 6 - 1 187 - - 1 187 - 361 1 621 549 1 170

Jul - 928 7 661 - 28 - 0 - 555 - - 555 - 874 - 157 1 583 3 535 5 118

Aug - 6 315 7 339 - 1 - 1 - 513 - - 513 - 1 452 34 - 165 - 745 - 909

Sep - 3 852 4 443 - 15 4 - 325 - - 325 - 1 355 - 145 1 763 - 3 009 - 1 246

Oct - 3 019 4 283 - 5 - 2 - 445 - - 445 - 83 - 12 944 - 227 717

Nov - 1 225 6 295 9 - 1 110 - 110 - 1 828 65 1 382 2 043 3 425

1/ Securities operations are not included.

2/ Up to November 2000, discount window operations and Proes are included.

3/ Includes reserve requirements on legal deposits and on bails, deposits earmarked to the SBPE, deposits on insufficient investments on rural credit, Proagro's deposits, financial

institution deposits - Resolution 2,461, payments on Advances on Exchange Contract (ACC), additional requirements on demand deposits, time deposits and savings deposits,

deposits in advance for check clearing and payment of demand deposits which were not invested in microfinance.

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

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


52

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

R$ million

Period Monetary base Money supply

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

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

issued reserves issued reserves outside deposits outside deposits

banks banks

1999 Dec 29 838 18 592 48 430 27 307 18 101 45 407 25 951 36 794 62 744 23 573 35 459 59 032

2000 Dec 32 633 15 053 47 686 30 815 15 489 46 304 28 641 45 712 74 352 26 678 43 697 70 375

2001 Dec 37 669 15 587 53 256 35 871 16 976 52 846 32 628 51 079 83 707 30 640 48 303 78 943

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

2003 Jan 43 639 20 731 64 370 46 311 22 575 68 886 37 004 55 448 92 451 39 390 59 328 98 719

Feb 43 664 23 831 67 494 43 113 20 980 64 092 36 241 54 732 90 973 36 590 55 321 91 911

Mar 39 910 26 123 66 032 41 326 27 964 69 290 33 215 53 892 87 107 34 886 54 526 89 413

Apr 39 048 29 181 68 229 40 519 26 852 67 372 32 515 51 985 84 500 34 126 53 359 87 485

May 38 816 26 297 65 114 39 472 26 727 66 199 32 575 50 759 83 334 33 322 51 767 85 089

Jun 38 799 25 039 63 838 39 777 25 926 65 703 32 003 53 622 85 625 33 477 51 921 85 398

Jul 39 231 28 610 67 841 40 122 26 235 66 357 32 508 51 756 84 264 33 833 52 248 86 081

Aug 39 813 18 617 58 430 40 499 23 994 64 493 33 308 51 032 84 339 33 956 51 791 85 746

Sep 39 156 16 954 56 110 40 811 18 040 58 851 32 549 52 835 85 384 34 274 51 873 86 147

Oct 40 140 17 571 57 710 40 900 18 315 59 216 33 385 52 145 85 530 34 241 53 002 87 243

Nov 42 692 19 726 62 417 41 748 19 235 60 983 35 292 56 805 92 097 34 865 55 220 90 084

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

2004 Jan 46 064 22 836 68 900 48 231 22 583 70 815 38 345 59 730 98 075 40 330 62 412 102 742

Feb 46 011 22 858 68 869 47 066 21 700 68 766 37 691 61 847 99 539 39 074 61 221 100 295

Mar 44 482 18 641 63 123 45 485 21 274 66 759 36 202 61 522 97 725 37 951 60 938 98 889

Apr 45 161 20 452 65 613 46 340 21 727 68 067 36 928 60 992 97 920 38 195 61 993 100 189

May 46 025 20 797 66 822 46 564 22 032 68 595 37 333 63 937 101 270 38 721 63 855 102 576

Jun 46 646 21 347 67 992 47 819 22 950 70 769 37 919 64 562 102 481 39 826 64 131 103 958

Jul 48 229 24 882 73 110 49 139 22 890 72 029 39 560 63 651 103 211 40 959 65 606 106 565

Aug 48 064 24 137 72 201 49 519 23 000 72 520 39 137 66 653 105 790 41 116 65 164 106 280

Sep 49 827 21 129 70 955 50 236 22 961 73 198 40 631 69 084 109 715 41 704 67 763 109 467

Oct 50 771 20 902 71 672 51 571 24 295 75 866 41 657 68 810 110 467 42 788 70 456 113 244

Nov 52 152 22 945 75 098 52 076 24 902 76 978 42 391 72 428 114 819 43 059 70 168 113 227

1/ Based on working days of the month indicated.

Note: Monetary programming for the fourth quarter 2004 (Base): R$73.6 billion - R$99.6 billion (average point of forecasts: 22.4% in 12 months).

Monetary programming for the fourth quarter 2004 (M1): R$108.7 billion - R$147 billion (average point of forecasts: 21.9% in 12 months).


53

II.3 - Monetary behavior factors1/

Working day average in month

Period Individual behavior Bank behavior Multiplier

1999 Dec 0.40 0.60 0.11 0.51 1.30

2000 Dec 0.38 0.62 0.09 0.35 1.52

2001 Dec 0.39 0.61 0.11 0.35 1.49

2002 Dec 0.40 0.60 0.12 0.36 1.46

2003 Jan 0.40 0.60 0.12 0.38 1.43

Feb 0.40 0.60 0.12 0.38 1.43

Mar 0.39 0.61 0.12 0.51 1.29

Apr 0.39 0.61 0.12 0.50 1.30

May 0.39 0.61 0.12 0.52 1.29

Jun 0.39 0.61 0.12 0.50 1.30

Jul 0.39 0.61 0.12 0.50 1.30

Aug 0.40 0.60 0.13 0.46 1.33

Sep 0.40 0.60 0.13 0.35 1.46

Oct 0.39 0.61 0.13 0.35 1.47

Nov 0.39 0.61 0.12 0.35 1.48

Dec 0.40 0.60 0.13 0.33 1.48

2004 Jan 0.39 0.61 0.13 0.36 1.45

Feb 0.39 0.61 0.13 0.35 1.46

Mar 0.38 0.62 0.12 0.35 1.48

Apr 0.38 0.62 0.13 0.35 1.47

May 0.38 0.62 0.12 0.35 1.50

Jun 0.38 0.62 0.12 0.36 1.47

Jul 0.38 0.62 0.12 0.35 1.48

Aug 0.39 0.61 0.13 0.35 1.47

Sep 0.38 0.62 0.13 0.34 1.50

Oct 0.38 0.62 0.12 0.34 1.49

Nov 0.38 0.62 0.13 0.35 1.47

1/ Where (based on average daily balance):

C - Individual preference for currency

PMPP - Currency outside banks

M1 - Money supply

D - Individual preference for demand deposits

DV - Demand deposits

R1 - Bank deposit ratio in currency

CX - Bank currency reserves

R2 - Banking reserves ratio

RB - Banking reserves

K - Monetary base multiplier

B - Monetary base

CPMPP

M=

1D

DV

M=

1R

CX

DV1 = R

RB

DV2 = B

M

RRDCK 1

)21(

1=

++=


54

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

R$ million

Period Monetary Reserve Federal securities3/ Total Percentage

base requirements extended change

monetary in

Bacen securities National Treasury securities Total base month

securities

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

earnings2/position4/ position

1999 Dec 48 430 14 917 215 62 468 - 62 468 323 706 - 2 604 321 102 383 570 447 132 4.47

2000 Dec 47 686 14 748 154 85 680 - 1 766 83 914 394 413 - 2 222 392 191 476 105 538 693 0.78

2001 Dec 53 256 17 585 235 126 055 - 4 011 122 044 468 180 - 14 628 453 552 575 596 646 672 0.52

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

2003 Jan 64 370 54 293 124 64 785 - 140 64 645 557 508 75 045 632 553 697 198 815 985 3.55

Feb 67 494 54 139 1 621 59 921 - 96 59 825 554 524 75 843 630 367 690 192 813 446 -0.31

Mar 66 032 53 464 1 171 53 201 - 58 53 143 549 224 87 175 636 399 689 542 810 209 -0.40

Apr 68 229 53 517 1 364 42 510 - 61 42 449 570 843 52 200 623 043 665 492 788 602 -2.67

May 65 114 52 907 1 190 40 601 - 40 601 582 146 55 393 637 539 678 140 797 351 1.11

Jun 63 838 52 906 952 37 002 - 37 002 604 992 44 801 649 793 686 795 804 491 0.90

Jul 67 841 52 956 819 36 046 - 36 046 622 873 45 383 668 256 704 302 825 918 2.66

Aug 58 430 53 483 826 34 136 - 34 136 631 638 57 573 689 211 723 347 836 086 1.23

Sep 56 110 53 124 786 33 660 - 33 660 644 670 58 949 703 619 737 279 847 299 1.34

Oct 57 710 53 402 839 32 599 - 32 599 654 078 54 747 708 825 741 424 853 375 0.72

Nov 62 417 53 712 925 32 841 - 32 841 664 109 55 012 719 121 751 962 869 016 1.83

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

2004 Jan 68 900 55 765 904 31 427 - 31 427 675 296 76 179 751 475 782 902 908 471 2.43

Feb 68 869 55 666 807 31 184 - 31 184 681 178 72 469 753 647 784 831 910 173 0.19

Mar 63 123 55 516 660 28 215 - 28 215 703 210 66 125 769 335 797 550 916 849 0.73

Apr 65 613 56 174 825 25 981 - 25 981 713 051 58 187 771 238 797 219 919 831 0.33

May 66 822 56 701 678 26 250 - 48 26 202 693 661 85 393 779 054 805 256 929 457 1.05

Jun 67 992 58 265 834 24 360 - 24 360 705 767 79 088 784 855 809 215 936 306 0.74

Jul 73 110 59 458 773 22 766 - 25 22 741 708 315 79 616 787 931 810 672 944 014 0.82

Aug 72 201 59 684 1 675 18 527 - 183 18 344 714 864 79 527 794 391 812 735 946 296 0.24

Sep 70 955 60 406 1 843 15 991 - 15 991 726 341 74 852 801 193 817 184 950 388 0.43

Oct 71 672 61 315 1 922 14 797 - 14 797 731 449 76 396 807 845 822 642 957 551 0.75

Nov 75 098 61 768 1 951 13 866 - 322 13 544 744 156 67 378 811 534 825 078 963 894 0.66

1/ Adjusted balances.

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

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

4/ Excludes LBCE.

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

Note: Monetary programming for the fourth quarter of 2004 (extended base): R$880 billion - R$1,190.6 billion (average point of forecasts: 16.7% in 12 months).


55

II.5 - Extended monetary base Average daily balance

R$ million

Period Monetary Reserve Federal securities3/ Total Percentage

base requirements extended change

Bacen securities National Treasury securities Total monetary in

securities base month

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

earnings2/ position4/ position

1999 Dec 45 407 14 812 216 64 610 - 112 64 498 316 408 - 1 776 314 632 379 130 439 565 3.14

2000 Dec 46 304 14 664 143 85 515 - 206 85 310 391 153 4 326 395 479 480 789 541 900 1.32

2001 Dec 52 846 17 150 180 130 000 - 5 714 124 286 459 392 - 14 062 445 331 569 616 639 792 -0.61

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

2003 Jan 68 886 54 610 141 63 353 - 154 63 199 540 518 70 439 610 957 674 156 797 793 1.09

Feb 64 092 54 163 124 62 021 - 79 61 942 550 147 76 455 626 602 688 544 806 923 1.14

Mar 69 290 54 061 1 593 56 330 - 61 56 269 562 356 70 666 633 022 689 291 814 236 0.91

Apr 67 372 53 582 1 163 49 046 - 74 48 972 562 571 66 597 629 168 678 140 800 257 -1.72

May 66 199 53 085 1 283 41 862 - 34 41 827 578 809 50 454 629 263 671 090 791 658 -1.07

Jun 65 703 53 132 1 024 38 359 - 8 38 351 596 491 44 488 640 979 679 330 799 189 0.95

Jul 66 357 53 006 1 010 36 027 - 1 36 026 609 028 51 014 660 043 696 069 816 442 2.16

Aug 64 493 53 225 801 35 298 - 34 35 264 628 372 51 094 679 466 714 729 833 248 2.06

Sep 58 851 53 277 829 33 611 - 44 33 566 638 497 55 767 694 264 727 830 840 787 0.90

Oct 59 216 53 423 815 32 690 - 1 32 689 647 616 55 787 703 403 736 092 849 546 1.04

Nov 60 983 53 383 877 32 759 - 34 32 725 661 432 50 947 712 380 745 105 860 348 1.27

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

2004 Jan 70 815 55 855 904 30 343 - 30 343 666 373 72 892 739 265 769 608 897 181 1.88

Feb 68 766 55 453 777 31 299 - 11 31 288 678 004 73 375 751 379 782 667 907 662 1.17

Mar 66 759 55 677 781 29 805 - 0 29 805 687 857 70 272 758 129 787 934 911 151 0.38

Apr 68 067 55 955 716 26 649 21 26 670 699 781 67 078 766 858 793 528 918 266 0.78

May 68 595 56 342 796 26 412 - 6 26 405 704 377 70 448 774 825 801 230 926 963 0.95

Jun 70 769 57 842 747 25 480 2 25 482 700 080 80 358 780 438 805 921 935 279 0.90

Jul 72 029 58 928 748 23 380 - 1 23 379 699 410 88 500 787 910 811 288 942 993 0.82

Aug 72 520 59 636 1 099 20 630 - 19 20 611 710 474 82 475 792 949 813 561 946 814 0.41

Sep 73 198 60 304 1 743 17 408 - 17 408 722 399 76 784 799 182 816 591 951 835 0.53

Oct 75 866 60 909 1 838 15 334 - 5 15 329 725 579 79 649 805 228 820 557 959 170 0.77

Nov 76 978 61 664 1 918 14 343 - 77 14 266 740 655 67 324 807 979 822 246 962 805 0.38

1/ Adjusted balances.

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

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

4/ Excludes LBCE.

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


56

II.6 - Money supply (M4) - balances

R$ million

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

period deposits deposits securities1/ fixed-income committed securities municipal

funds2/ with federal securities

securities3/

1999 Dec 62 744 - 111 407 100 619 274 770 184 381 9 577 468 728 80 819 1 545 551 092

2000 Dec 74 352 - 111 936 97 496 283 785 253 832 18 961 556 577 93 624 1 892 652 093

2001 Dec 83 707 - 120 030 117 875 321 612 285 329 18 115 625 057 128 569 2 555 756 181

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

2003 Jan 92 451 - 141 283 154 771 388 506 293 544 11 274 693 323 122 815 1 928 818 066

Feb 90 973 - 140 815 159 313 391 101 300 440 12 372 703 913 117 595 1 999 823 507

Mar 87 107 - 139 705 158 427 385 238 310 325 12 245 707 808 117 565 2 036 827 409

Apr 84 500 - 138 719 167 479 390 699 315 260 12 073 718 031 117 632 2 074 837 737

May 83 334 - 138 432 163 603 385 368 320 748 12 083 718 199 118 943 2 114 839 256

Jun 85 625 - 138 247 159 375 383 248 332 070 13 122 728 440 115 669 2 154 846 263

Jul 84 264 - 138 812 162 597 385 674 344 467 15 825 745 965 114 548 2 199 862 711

Aug 84 339 - 139 451 163 821 387 611 357 283 17 996 762 890 111 892 2 238 877 020

Sep 85 384 - 139 203 163 510 388 097 368 588 19 221 775 906 115 248 2 228 893 382

Oct 85 530 - 139 142 161 351 386 023 381 604 20 141 787 768 112 429 2 251 902 448

Nov 92 097 - 141 201 165 127 398 425 392 546 20 600 811 571 113 760 2 279 927 610

Dec 109 648 - 144 118 159 128 412 895 408 096 17 394 838 386 119 373 2 302 960 061

2004 Jan 98 075 - 144 684 162 297 405 056 425 437 16 690 847 183 125 438 2 331 974 952

Feb 99 539 - 144 902 163 655 408 096 430 628 18 294 857 017 128 805 2 360 988 182

Mar 97 725 - 144 292 167 741 409 758 438 609 18 689 867 056 127 181 2 393 996 630

Apr 97 920 - 144 735 168 323 410 978 442 522 18 796 872 295 126 630 2 422 1 001 348

May 101 270 - 147 288 179 204 427 762 439 941 19 239 886 942 127 028 2 452 1 016 422

Jun 102 481 - 149 287 184 700 436 469 443 690 19 480 899 639 125 451 2 485 1 027 575

Jul 103 211 - 151 503 187 190 441 904 449 865 18 644 910 414 126 212 2 513 1 039 139

Aug 105 790 - 152 155 192 303 450 248 454 418 19 987 924 653 122 103 2 542 1 049 298

Sep 109 715 - 152 921 194 487 457 123 463 211 18 508 938 841 122 344 2 574 1 063 759

Oct 110 467 299 153 685 199 738 464 190 466 961 18 736 949 887 121 573 2 604 1 074 064

Nov* 114 819 349 155 220 200 370 470 758 472 191 18 961 961 911 121 344 2 635 1 085 890

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

2/ Excludes guaranties issued primarily by financial institutions.

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

October 1991 required in such operations was eliminated.

Note: Monetary programming for the fourth quarter 2004 (M4): R$954.2 billion - R$1,291 billion (average point of forecasts: 16.9% in 12 months).


57

II.7 - Money supply (M4)

Percentage share

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

period deposits deposits securities1/ fixed-income committed securities municipal


securities3/

1999 Dec 11.4 0.0 20.2 18.3 49.9 33.5 1.7 85.1 14.7 0.3 100.0

2000 Dec 11.4 0.0 17.2 15.0 43.5 38.9 2.9 85.4 14.4 0.3 100.0

2001 Dec 11.1 0.0 15.9 15.6 42.5 37.7 2.4 82.7 17.0 0.3 100.0

2002 Dec 13.4 0.0 17.4 18.4 49.2 34.6 1.4 85.2 14.5 0.2 100.0

2003 Jan 11.3 0.0 17.3 18.9 47.5 35.9 1.4 84.8 15.0 0.2 100.0

Feb 11.0 0.0 17.1 19.3 47.5 36.5 1.5 85.5 14.3 0.2 100.0

Mar 10.5 0.0 16.9 19.1 46.6 37.5 1.5 85.5 14.2 0.2 100.0

Apr 10.1 0.0 16.6 20.0 46.6 37.6 1.4 85.7 14.0 0.2 100.0

May 9.9 0.0 16.5 19.5 45.9 38.2 1.4 85.6 14.2 0.3 100.0

Jun 10.1 0.0 16.3 18.8 45.3 39.2 1.6 86.1 13.7 0.3 100.0

Jul 9.8 0.0 16.1 18.8 44.7 39.9 1.8 86.5 13.3 0.3 100.0

Aug 9.6 0.0 15.9 18.7 44.2 40.7 2.1 87.0 12.8 0.3 100.0

Sep 9.6 0.0 15.6 18.3 43.4 41.3 2.2 86.9 12.9 0.2 100.0

Oct 9.5 0.0 15.4 17.9 42.8 42.3 2.2 87.3 12.5 0.2 100.0

Nov 9.9 0.0 15.2 17.8 43.0 42.3 2.2 87.5 12.3 0.2 100.0

Dec 11.4 0.0 15.0 16.6 43.0 42.5 1.8 87.3 12.4 0.2 100.0

2004 Jan 10.1 0.0 14.8 16.6 41.5 43.6 1.7 86.9 12.9 0.2 100.0

Feb 10.1 0.0 14.7 16.6 41.3 43.6 1.9 86.7 13.0 0.2 100.0

Mar 9.8 0.0 14.5 16.8 41.1 44.0 1.9 87.0 12.8 0.2 100.0

Apr 9.8 0.0 14.5 16.8 41.0 44.2 1.9 87.1 12.6 0.2 100.0

May 10.0 0.0 14.5 17.6 42.1 43.3 1.9 87.3 12.5 0.2 100.0

Jun 10.0 0.0 14.5 18.0 42.5 43.2 1.9 87.5 12.2 0.2 100.0

Jul 9.9 0.0 14.6 18.0 42.5 43.3 1.8 87.6 12.1 0.2 100.0

Aug 10.1 0.0 14.5 18.3 42.9 43.3 1.9 88.1 11.6 0.2 100.0

Sep 10.3 0.0 14.4 18.3 43.0 43.5 1.7 88.3 11.5 0.2 100.0

Oct 10.3 0.0 14.3 18.6 43.2 43.5 1.7 88.4 11.3 0.2 100.0

Nov* 10.6 0.0 14.3 18.5 43.4 43.5 1.7 88.6 11.2 0.2 100.0






58

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

Percentage share

Period Monetary base M1 Investment Savings

deposits deposits

Currency Banking Total Currency Demand Total

issued reserves outside banks deposits

1999 Dec 2.8 1.8 4.6 2.4 3.5 5.9 0.0 10.5

2000 Dec 2.8 1.3 4.1 2.5 4.0 6.4 0.0 9.7

2001 Dec 3.0 1.2 4.2 2.6 4.1 6.7 0.0 9.6

2002 Dec 3.1 1.5 4.6 2.7 4.1 6.8 0.0 8.9

2003 Jan 2.7 1.3 4.0 2.3 3.5 5.8 0.0 8.8

Feb 2.7 1.5 4.2 2.2 3.4 5.6 0.0 8.7

Mar 2.5 1.6 4.1 2.0 3.3 5.4 0.0 8.6

Apr 2.4 1.8 4.2 2.0 3.2 5.3 0.0 8.6

May 2.5 1.7 4.1 2.1 3.2 5.3 0.0 8.7

Jun 2.5 1.6 4.1 2.1 3.4 5.5 0.0 8.9

Jul 2.5 1.8 4.4 2.1 3.3 5.4 0.0 8.9

Aug 2.6 1.2 3.8 2.1 3.3 5.4 0.0 9.0

Sep 2.5 1.1 3.6 2.1 3.4 5.5 0.0 8.9

Oct 2.6 1.1 3.7 2.1 3.3 5.4 0.0 8.9

Nov 2.7 1.2 3.9 2.2 3.6 5.8 0.0 8.9

Dec 3.2 1.4 4.6 2.7 4.2 6.9 0.0 9.0

2004 Jan 2.8 1.4 4.3 2.4 3.7 6.1 0.0 8.9

Feb 2.8 1.4 4.2 2.3 3.8 6.1 0.0 8.9

Mar 2.7 1.1 3.8 2.2 3.7 5.9 0.0 8.7

Apr 2.7 1.2 3.9 2.2 3.6 5.8 0.0 8.6

May 2.7 1.2 3.9 2.2 3.7 5.9 0.0 8.6

Jun 2.7 1.2 3.9 2.2 3.7 5.9 0.0 8.5

Jul 2.7 1.4 4.1 2.2 3.6 5.8 0.0 8.5

Aug 2.7 1.3 4.0 2.2 3.7 5.9 0.0 8.5

Sep 2.8 1.2 3.9 2.2 3.8 6.1 0.0 8.5

Oct 2.8 1.1 3.9 2.3 3.7 6.0 0.0 8.4

Nov* 2.8 1.2 4.1 2.3 3.9 6.2 0.0 8.4

(continues)


59

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

(concluded) Percentage share

Period Private M2 Quotas of Operations M3 Federal State and M4

securities2/ fixed-income committed securities municipal


securities4/

1999 Dec 9.5 25.9 17.4 0.9 44.2 7.6 0.1 51.9

2000 Dec 8.4 24.6 22.0 1.6 48.2 8.1 0.2 56.5

2001 Dec 9.4 25.6 22.7 1.4 49.8 10.2 0.2 60.2

2002 Dec 9.4 25.0 17.6 0.7 43.4 7.4 0.1 50.9

2003 Jan 9.6 24.2 18.3 0.7 43.2 7.6 0.1 50.9

Feb 9.8 24.1 18.5 0.8 43.4 7.3 0.1 50.8

Mar 9.7 23.7 19.1 0.8 43.5 7.2 0.1 50.9

Apr 9.9 23.8 19.6 0.8 44.1 7.3 0.1 51.6

May 10.3 24.3 20.3 0.8 45.4 7.5 0.1 53.0

Jun 10.2 24.6 21.3 0.8 46.7 7.4 0.1 54.2

Jul 10.5 24.8 22.2 1.0 48.1 7.4 0.1 55.6

Aug 10.5 24.9 23.0 1.2 49.0 7.2 0.1 56.4

Sep 10.4 24.8 23.5 1.2 49.5 7.4 0.1 57.0

Oct 10.3 24.6 24.3 1.3 50.1 7.2 0.1 57.4

Nov 10.4 25.2 24.8 1.3 51.4 7.2 0.1 58.7

Dec 10.0 25.9 25.6 1.1 52.5 7.5 0.0 60.0

2004 Jan 10.0 25.1 26.3 1.0 52.4 7.8 0.0 60.2

Feb 10.0 24.9 26.3 1.1 52.4 7.9 0.0 60.3

Mar 10.1 24.7 26.4 1.1 52.2 7.7 0.0 59.9

Apr 10.0 24.3 26.2 1.1 51.7 7.5 0.0 59.2

May 10.4 24.9 25.6 1.1 51.6 7.4 0.0 59.1

Jun 10.6 25.0 25.4 1.1 51.5 7.2 0.0 58.7

Jul 10.5 24.9 25.3 1.1 51.3 7.1 0.0 58.4

Aug 10.7 25.1 25.3 1.1 51.5 6.8 0.0 58.3

Sep 10.8 25.3 25.6 1.0 51.9 6.8 0.0 58.7

Oct 10.9 25.4 25.7 1.0 52.1 6.7 0.0 58.8

Nov* 11.0 25.6 25.8 1.2 52.6 6.6 0.0 59.2

Source: Bacen and Ipea

1/ GDP of the last twelve months at prices of the month indicated (deflator: IGP-DI) based on series published by the IBGE.






60

II.9 - Income-velocity of money1/

End-of- M1 M2 M3 M4

period

1999 Dec 16.9 3.9 2.3 1.9

2000 Dec 15.5 4.1 2.1 1.8

2001 Dec 15.0 3.9 2.0 1.7

2002 Dec 14.7 4.0 2.3 2.0

2003 Jan 17.4 4.1 2.3 2.0

Feb 17.8 4.1 2.3 2.0

Mar 18.7 4.2 2.3 2.0

Apr 19.0 4.1 2.2 1.9

May 19.0 4.1 2.2 1.9

Jun 18.2 4.1 2.1 1.8

Jul 18.4 4.0 2.1 1.8

Aug 18.4 4.0 2.0 1.8

Sep 18.3 4.0 2.0 1.8

Oct 18.4 4.1 2.0 1.7

Nov 17.2 4.0 1.9 1.7

Dec 14.6 3.9 1.9 1.7

2004 Jan 16.5 4.0 1.9 1.7

Feb 16.4 4.0 1.9 1.7

Mar 17.0 4.1 1.9 1.7

Apr 17.3 4.1 1.9 1.7

May 17.0 4.0 1.9 1.7

Jun 17.1 4.0 1.9 1.7

Jul 17.2 4.0 2.0 1.7

Aug 17.0 4.0 1.9 1.7

Sep 16.5 4.0 1.9 1.7

Oct 16.5 3.9 1.9 1.7

Nov* 16.0 3.9 1.9 1.7

Source: Bacen and IBGE

1/ GDP/Mi (i=1,2,3,4) ratio based on the end-of-period balance and on the GDP of the last 12 months at prices of the month indicated (deflator: IGP-DI)

based on the series published by the IBGE.


61

II.10 - Net domestic assets of the Banco Central do Brasil

Accumulated flows in R$ million

Itemization 2003 2004

March June September December March June September November

A - Currency outside banks1/ - 5 528 - 6 937 - 6 140 1 231 - 3 693 - 1 818 60 1 414

B - Net adjusted international reserves2/ 2 523 3 908 7 711 12 243 12 733 13 933 12 723 10 317

C - Net domestic assets (A-B) - 8 050 - 10 845 - 13 851 - 11 012 - 16 427 - 15 751 - 12 663 - 8 903

1/ Working day average balance.

2/ From 1995 on, it refers to net adjusted international reserves and converted into reais at average buying exchange rate.


62

II.11 - Banco Central do Brasil - adjusted balance sheet Assets

R$ million

End-of- Credits to financial institutions1/ Memorandum

period

Liquidity loans2/ Special Others3/ Total Banking Total

transactions

Government Private

1999 Dec 8 224 521 24 442 33 187 11 138 22 049 33 187

2000 Dec 8 402 - 23 614 32 016 10 023 21 993 32 016

2001 Dec - - 21 573 21 573 1 481 20 092 21 573

2002 Dec - - 19 895 19 895 983 18 912 19 895

2003 Jan - - 17 105 17 105 935 16 170 17 105

Feb 2 - 17 141 17 143 910 16 233 17 143

Mar - - 18 936 18 936 872 18 064 18 936

Apr - - 18 971 18 971 832 18 139 18 971

May - - 19 014 19 014 790 18 224 19 014

Jun 51 - 18 885 18 936 804 18 132 18 936

Jul - - 18 953 18 953 717 18 236 18 953

Aug 37 - 18 979 19 016 711 18 305 19 016

Sep - - 19 386 19 386 645 18 741 19 386

Oct - - 16 444 16 444 607 15 837 16 444

Nov 9 - 16 431 16 440 573 15 867 16 440

Dec 6 - 16 979 16 985 530 16 455 16 985

2004 Jan - - 16 958 16 958 481 16 477 16 958

Feb 66 - 16 922 16 988 502 16 486 16 988

Mar - - 17 179 17 179 389 16 790 17 179

Apr - - 17 149 17 149 344 16 805 17 149

May 6 - 17 129 17 135 304 16 831 17 135

Jun - - 18 016 18 016 252 17 764 18 016

Jul - - 17 332 17 332 205 17 127 17 332

Aug - - 17 319 17 319 158 17 161 17 319

Sep 4 - 17 740 17 744 115 17 629 17 744

Oct 2 - 17 712 17 714 65 17 649 17 714

Nov 1 - 17 684 17 685 15 17 670 17 685

(continues)


63


(continued) R$ million

End-of- Securities Open-market operations

period

National Treasury issue Other Provision for Total Lending (resale Borrowing Total

securities market value commitments) (repurchase

Not Earmarked Earmarked to reduction5/ commitments)

earmarked to foreign liability

repurchase (NTN-L)4/

1999 Dec 56 818 59 010 - 1 848 - 117 676 2 604 - 7 343 - 4 739

2000 Dec 114 358 13 385 - 1 801 159 129 703 7 961 - 14 010 - 6 049

2001 Dec 171 243 13 781 - 2 796 35 187 855 22 483 - 13 707 8 776

2002 Dec 167 132 82 209 - 28 924 - 7 845 270 420 3 011 - 80 100 - 77 089

2003 Jan 170 687 95 263 - 27 491 - 4 146 289 295 2 284 - 93 364 - 91 080

Feb 179 035 91 217 - 28 809 - 3 149 295 912 2 909 - 89 193 - 86 284

Mar 184 757 83 543 - 28 766 - 281 296 785 1 088 - 83 526 - 82 438

Apr 195 906 64 551 - 29 340 1 747 291 544 1 131 - 64 644 - 63 513

May 206 276 60 254 - 28 542 2 636 297 708 39 - 60 275 - 60 236

Jun 206 124 59 909 - 29 143 3 983 299 159 - - 60 088 - 60 088

Jul 210 894 58 114 - 29 791 3 866 302 665 957 - 58 236 - 57 279

Aug 200 588 69 378 - 30 359 5 265 305 590 - - 69 655 - 69 655

Sep 219 013 71 016 - 19 490 6 082 315 601 - - 71 295 - 71 295

Oct 222 776 64 395 - 19 839 5 985 312 995 - - 64 663 - 64 663

Nov 218 527 64 811 - 19 500 6 985 309 823 - - 65 136 - 65 136

Dec 188 530 65 285 - 19 810 6 647 280 272 302 - 66 112 - 65 810

2004 Jan 176 159 85 536 - 14 561 6 646 282 902 10 - 86 413 - 86 403

Feb 187 293 81 992 - 12 723 5 772 287 780 - - 82 825 - 82 825

Mar 197 136 76 756 - 12 543 5 504 291 939 634 - 77 409 - 76 775

Apr 200 270 68 524 - 12 707 4 310 285 811 24 - 69 298 - 69 274

May 180 084 96 528 - 12 897 1 910 291 419 886 - 97 420 - 96 534

Jun 196 816 90 445 - 11 151 2 883 301 295 171 - 90 711 - 90 540

Jul 193 784 91 713 - 11 310 2 411 299 218 994 - 91 485 - 90 491

Aug 194 638 91 625 - 11 470 1 987 299 720 1 075 - 91 423 - 90 348

Sep 202 681 86 327 - 8 386 1 952 299 346 1 022 - 86 396 - 85 374

Oct 206 237 86 022 - 7 689 1 576 301 524 720 - 86 088 - 85 368

Nov 209 260 81 731 - 7 792 5 702 304 485 2 735 - 81 682 - 78 947

(continues)


64



End-of- Foreign assets Funds and Other Total assets

period program accounts (net

Foreign currency Stocks and Gold SDR Total operations balance)

quotas of (IMF)

Available funds Agreements Others Total international

and short-term organizations

investment

1999 Dec 38 789 147 28 412 67 348 7 492 1 697 18 76 555 4 217 16 501 243 397

2000 Dec 34 538 293 36 383 71 214 7 787 1 072 1 80 074 2 697 24 402 262 843

2001 Dec 40 398 182 47 304 87 884 8 908 318 24 97 134 3 557 12 066 330 962

2002 Dec 45 570 222 99 889 145 681 14 626 546 923 161 776 3 839 21 906 415 683

2003 Jan 44 410 48 106 383 150 841 14 829 579 979 167 228 4 213 10 725 397 486

Feb 45 076 78 114 688 159 842 14 925 555 187 175 509 4 398 6 696 413 370

Mar 53 825 99 103 799 157 723 14 075 506 948 173 252 6 231 6 264 419 031

Apr 47 580 125 96 506 144 211 12 218 440 823 157 692 6 336 8 313 419 343

May 54 869 47 94 451 149 367 12 862 491 111 162 831 6 637 6 715 432 668

Jun 63 880 82 95 906 159 868 12 290 448 1 071 173 677 4 728 8 786 445 197

Jul 68 743 102 94 165 163 010 12 610 475 1 097 177 192 4 940 7 843 454 314

Aug 69 701 138 99 281 169 120 12 483 502 240 182 345 5 160 7 446 449 902

Sep 79 336 62 94 869 174 267 12 766 509 181 187 723 5 297 9 478 466 190

Oct 77 629 83 102 362 180 074 12 490 501 993 194 058 5 476 8 336 472 647

Nov 85 359 105 106 252 191 716 12 967 526 44 205 253 5 628 8 615 480 624

Dec 63 102 190 104 016 167 308 13 109 544 7 180 968 5 017 7 889 425 321

2004 Jan 78 224 46 110 534 188 804 13 302 534 876 203 516 5 167 1 975 424 115

Feb 81 059 52 105 759 186 870 13 168 521 24 200 583 5 246 2 495 430 266

Mar 74 899 71 102 968 177 938 13 149 559 24 191 670 5 517 2 371 431 900

Apr 76 215 93 102 363 178 671 13 056 519 792 193 038 5 647 2 690 435 060

May 99 707 70 102 693 202 470 14 035 558 20 217 083 5 821 995 435 918

Jun 86 781 124 101 096 188 001 13 914 547 20 202 482 5 224 2 164 438 642

Jul 62 622 133 116 887 179 642 13 475 536 922 194 575 5 388 2 164 428 187

Aug 56 632 170 112 676 169 478 13 087 542 39 183 146 5 568 2 584 417 987

Sep 55 878 58 110 837 166 773 12 823 539 4 180 139 5 792 2 406 420 054

Oct 56 861 86 111 701 168 648 13 075 554 922 183 199 6 396 2 610 426 076

Nov 52 641 149 108 458 161 248 12 809 558 13 174 628 6 566 3 276 427 692

(continues)


65

II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities


End-of- Currency and security liabilities

period

Monetary base Securities issued by the Bacen Total

Currency Banking reserves Total Banco Banco Banco Earnings Total

issued Central Central Central appropriation

Government Private Total bills bonds notes

(LBC) (BBC) (NBC)

1999 Dec 29 838 8 918 9 673 18 591 48 429 1 122 - 61 346 - 62 468 110 897

2000 Dec 32 633 8 097 6 956 15 053 47 686 - - 85 781 58 85 839 133 525

2001 Dec 37 669 7 860 7 719 15 579 53 248 - - 126 489 35 126 524 179 772

2002 Dec 49 931 8 969 14 402 23 371 73 302 - - 67 021 - 67 021 140 323

2003 Jan 43 639 7 137 13 594 20 731 64 370 - - 62 744 - 62 744 127 114

Feb 43 664 8 626 15 205 23 831 67 495 - - 59 868 - 59 868 127 363

Mar 39 910 10 418 15 705 26 123 66 033 - - 53 103 - 53 103 119 136

Apr 39 048 14 591 14 590 29 181 68 229 - - 42 423 - 42 423 110 652

May 38 816 12 392 13 905 26 297 65 113 - - 40 512 - 40 512 105 625

Jun 38 799 12 188 12 851 25 039 63 838 - - 36 900 - 36 900 100 738

Jul 39 231 14 232 14 378 28 610 67 841 - - 35 972 - 35 972 103 813

Aug 39 813 9 772 8 845 18 617 58 430 - - 34 069 - 34 069 92 499

Sep 39 156 8 368 8 586 16 954 56 110 - - 33 592 - 33 592 89 702

Oct 40 140 8 838 8 733 17 571 57 711 - - 32 555 - 32 555 90 266

Nov 42 692 9 169 10 557 19 726 62 418 - - 32 803 - 32 803 95 221

Dec 51 364 9 787 12 068 21 855 73 219 - - 30 619 - 30 619 103 838

2004 Jan 46 064 10 602 12 234 22 836 68 900 - - 31 391 - 31 391 100 291

Feb 46 011 11 175 11 683 22 858 68 869 - - 31 137 - 31 137 100 006

Mar 44 482 8 068 10 573 18 641 63 123 - - 28 172 - 28 172 91 295

Apr 45 161 8 967 11 485 20 452 65 613 - - 25 929 - 25 929 91 542

May 46 025 8 415 12 382 20 797 66 822 - - 26 066 - 26 066 92 888

Jun 46 646 9 075 12 272 21 347 67 993 - - 24 314 - 24 314 92 307

Jul 48 229 10 704 14 178 24 882 73 111 - - 22 731 - 22 731 95 842

Aug 48 064 10 442 13 695 24 137 72 201 - - 18 491 - 18 491 90 692

Sep 49 827 8 416 12 713 21 129 70 956 - - 16 008 - 16 008 86 964

Oct 50 771 8 575 12 327 20 902 71 673 - - 14 770 - 14 770 86 443

Nov 52 152 9 729 13 216 22 945 75 097 - - 13 811 - 13 811 88 908

(continues)


66



End-of- Deposits

period

Foreign Brazilian Financial Short- Asset and Others7/ Total

currency savings investment term liabilities

deposits and loan funds financial operations

system investment

funds6/

1999 Dec 13 14 909 - - 214 283 15 419

2000 Dec 13 14 716 - - 153 135 15 017

2001 Dec 15 17 575 - - 234 4 742 22 566

2002 Dec 23 28 046 - - 182 27 202 55 453

2003 Jan 23 28 054 - - 123 27 095 55 295

Feb 23 27 929 - - 146 29 105 57 203

Mar 22 27 687 - - 203 27 150 55 062

Apr 19 27 644 - - 201 29 168 57 032

May 19 27 431 - - 177 29 392 57 019

Jun 18 27 366 - - 135 27 877 55 396

Jul 19 27 515 - - 120 27 981 55 635

Aug 19 27 597 - - 145 30 245 58 006

Sep 19 27 631 - - 121 28 494 56 265

Oct 18 27 640 - - 127 27 710 55 495

Nov 19 27 682 - - 158 28 398 56 257

Dec 18 28 559 - - 125 29 223 57 925

2004 Jan 18 28 791 - - 140 28 504 57 453

Feb 18 28 726 - - 126 31 225 60 095

Mar 18 28 627 - - 112 30 319 59 076

Apr 18 28 766 - - 136 32 275 61 195

May 20 28 896 - - 143 39 387 68 446

Jun 19 29 505 - - 158 33 850 63 532

Jul 19 30 015 - - 155 33 235 63 424

Aug 18 30 133 - - 203 32 700 63 054

Sep 18 30 335 - - 223 32 401 62 977

Oct 18 30 426 - - 206 35 843 66 493

Nov 17 30 506 - - 231 33 746 64 500

(continues)


67



End-of- National Treasury operations

period

Non-earmarked resources Earmarked resources Total

Fiscal Non-fiscal Total Compulsory on From the Total

vehicles and fuels Bacen to the

National Treasury

1999 Dec 24 025 51 754 75 779 - 4 4 75 783

2000 Dec 86 294 2 086 88 380 - 1 149 1 149 89 529

2001 Dec 81 318 1 198 82 516 - 4 995 4 995 87 511

2002 Dec 86 833 2 318 89 151 - - - 89 151

2003 Jan 93 000 1 689 94 689 - - - 94 689

Feb 99 101 620 99 721 - - - 99 721

Mar 102 929 2 262 105 191 - - - 105 191

Apr 109 599 393 109 992 - - - 109 992

May 125 873 633 126 506 - - - 126 506

Jun 133 173 - 2 715 130 458 - 24 186 24 186 154 644

Jul 131 768 1 774 133 542 - 24 802 24 802 158 344

Aug 134 177 488 134 665 - 25 208 25 208 159 873

Sep 150 510 20 948 171 458 - - - 171 458

Oct 171 258 812 172 070 - - - 172 070

Nov 162 582 1 339 163 921 - - - 163 921

Dec 117 467 2 797 120 264 - 5 356 5 356 125 620

2004 Jan 109 069 1 318 110 387 - 5 433 5 433 115 820

Feb 125 032 433 125 465 - - - 125 465

Mar 107 632 36 049 143 681 - - - 143 681

Apr 143 796 914 144 710 - - - 144 710

May 124 287 681 124 968 - - - 124 968

Jun 137 239 2 192 139 431 - 2 456 2 456 141 887

Jul 131 324 689 132 013 - 2 473 2 473 134 486

Aug 134 576 274 134 850 - 2 494 2 494 137 344

Sep 143 840 448 144 288 - - - 144 288

Oct 142 984 590 143 574 - - - 143 574

Nov 144 828 435 145 263 - - - 145 263

(continues)


68



End-of- Funds and Foreign liabilities

period programs

resources Deposits earmarked to foreign debt

Brazilian Paris Club Under Other deposits Total

Financing Resolution 1,564

Plan dated 1.16.1989

1999 Dec 4 217 1 850 99 46 22 328 24 323

2000 Dec 2 697 1 804 84 - 56 3 494 5 326

2001 Dec 3 557 1 836 4 - 19 520 21 360

2002 Dec 3 839 2 367 6 - 73 967 76 340

2003 Jan 4 213 2 367 6 - 75 302 77 675

Feb 4 398 2 398 6 - 75 263 77 667

Mar 6 231 2 022 6 - 84 489 86 517

Apr 6 336 1 746 5 - 73 581 75 332

May 6 637 1 796 6 - 77 018 78 820

Jun 4 728 1 743 5 - 86 180 87 928

Jul 4 940 1 804 5 - 88 779 90 588

Aug 5 160 1 805 5 - 87 288 89 098

Sep 5 297 1 578 6 - 98 105 99 689

Oct 5 476 1 547 6 - 96 669 98 222

Nov 5 628 1 600 6 - 99 733 101 339

Dec 5 017 1 570 6 - 82 663 84 239

2004 Jan 5 167 1 601 6 - 84 139 85 746

Feb 5 246 1 589 6 - 82 604 84 199

Mar 5 517 1 381 6 - 78 784 80 171

Apr 5 647 1 401 6 - 78 479 79 886

May 5 821 1 491 6 - 83 843 85 340

Jun 5 224 1 483 6 - 79 250 80 739

Jul 5 388 1 447 6 - 77 055 78 508

Aug 5 568 1 405 6 - 74 263 75 674

Sep 5 792 1 170 6 - 71 039 72 215

Oct 6 396 1 172 6 - 72 709 73 887

Nov 6 566 1 123 6 - 70 688 71 817

(continues)


69


(concluded) R$ million

End-of- Foreign liabilities Own resources Total liabilities

period

Liabilities based on International Others Total

agreements organizations

1999 Dec 223 8 891 448 33 885 3 196 243 397

2000 Dec 327 9 021 2 398 17 072 5 003 262 843

2001 Dec 176 10 337 541 32 414 5 142 330 962

2002 Dec 210 16 703 28 257 121 510 5 407 415 683

2003 Jan 117 16 968 15 349 110 109 6 066 397 486

Feb 131 17 083 22 225 117 106 7 579 413 370

Mar 135 16 127 17 036 119 815 13 596 419 031

Apr 127 14 003 23 486 112 948 22 383 419 343

May 100 14 742 18 570 112 232 24 649 432 668

Jun 146 13 960 22 182 124 216 5 475 445 197

Jul 147 14 352 21 504 126 591 4 991 454 314

Aug 152 14 213 24 517 127 980 6 384 449 902

Sep 91 14 541 18 770 133 091 10 377 466 190

Oct 94 14 225 26 121 138 662 10 678 472 647

Nov 105 14 768 30 377 146 589 13 008 480 624

Dec 116 14 926 24 574 123 855 9 066 425 321

2004 Jan 97 15 193 33 281 134 317 11 067 424 115

Feb 95 15 042 29 763 129 099 10 355 430 266

Mar 104 15 035 25 776 121 086 11 245 431 900

Apr 111 14 942 27 228 122 167 9 799 435 060

May 120 16 057 33 737 135 254 8 541 435 918

Jun 118 15 927 29 404 126 188 9 504 438 642

Jul 120 15 310 27 636 121 574 7 473 428 187

Aug 113 14 872 22 806 113 465 7 864 417 987

Sep 87 14 588 25 063 111 953 8 080 420 054

Oct 110 14 874 25 649 114 520 8 650 426 076

Nov 114 14 557 24 057 110 545 11 910 427 692

1/ Operations involving resources from funds and programs are not included.

2/ Includes the Program of Incentives to the Restructuring and Strengthening of the Financial system (Proer) and Program of Incentives to Reduce the Presence

of State Public Sector in the Banking Activity (Proes). As of February 2000, includes rediscount.

3/ Includes credits receivable of the Department of Bank Liquidation, and up to november 1999 included, also, counterpart to LBCE purchase and sale time operations.

4/ Decree 916, dated 9.8.1993 (up to April 1999).

5/ As of January 2000, includes adjustments of securities issued by the National Treasury to the market value.

6/ Circular 2,596 dated 7.27.1995 (up to July 1999).

7/ Includes time deposits, deposits in foreign currency earmarked to foreign exchange market and deposits due to insufficient investments in real state and rural credits, Financial

investment funds (Resolution 1,787 dated 2.2.1991 - up to January 1996, Resolution 2,069 dated 4.29.1994, Circular 2,420 dated 4.29.1994 - up to December 1995),

credit operations, additional requirements on demand deposits (Circular 3,144 dated 8.14.2002), among others.


70

II.12 - Monetary authority

R$ million

Itemization 2004

May Jun Jul Aug Sep Oct Nov

Assets 468 128 476 722 466 128 458 341 457 426 460 447 460 960

Foreign assets 169 087 168 912 160 057 151 856 151 852 152 944 148 554

Claims on central governmment (includes securities debt) 297 857 307 387 304 872 305 252 304 437 306 718 309 656

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

Claims on private sector - - - - - - -

Claims on deposit money banks 858 185 1 008 1 089 1 031 736 2 750

Claims on other banking institutions 43 - - - 9 - -

Claims on nonbanking financial institutions 283 238 191 144 97 49 -

Liabilities 468 128 476 722 466 128 458 341 457 426 460 447 460 960

Reserve money (IMF) 221 364 210 668 217 011 215 552 208 946 212 387 209 339

of which: currency outside deposit money banks 37 351 37 919 39 559 39 137 40 464 41 579 42 198

Money market instruments 9 298 9 425 9 021 9 120 9 378 9 844 9 923

Liabilities for Banco Central securities 26 066 24 314 22 731 18 491 16 008 14 770 13 811

Foreign currency deposits 20 19 19 18 18 18 17

Foreign liabilities 83 485 78 577 76 096 73 900 70 380 71 757 70 292

Long-term foreign liabilities 35 965 31 944 30 300 24 820 27 141 28 031 25 811

Central government deposits 124 968 139 430 132 014 134 850 144 288 143 574 145 263

Capital accounts 10 189 13 595 11 528 11 895 9 586 10 186 13 414

Other items (net) - 43 228 - 31 250 - 32 592 - 30 305 - 28 320 - 30 120 - 26 910


71

II.13 - Deposit money banks1/

R$ million

Itemization 2004


Assets 962 076 963 571 982 355 974 590 977 516 987 729 1 003 069

Reserves 182 626 169 175 175 621 172 397 164 960 165 554 162 975

Other claims on monetary authority 16 405 14 186 14 316 12 081 10 448 9 584 8 840

Foreign assets 43 555 47 706 48 782 48 697 49 409 52 085 51 201


Claims on state and local governments (includes securities debt) 2 407 2 700 2 541 2 863 3 193 3 095 2 952

Claims on nonfinancial public enterprises 2 814 3 153 3 116 3 115 3 116 3 253 3 185

Claims on private sector 458 188 461 143 468 512 475 342 484 475 491 809 502 958

Claims on other banking institutions 2 322 2 773 2 913 2 626 2 128 1 918 3 666

Claims on nonbanking financial institutions 479 855 533 415 812 648 437

Liabilities 962 076 963 571 982 355 974 590 977 516 987 729 1 003 069

Demand deposits 63 672 64 377 63 443 66 339 69 243 67 712 70 937

Time, savings and other deposits 365 228 370 766 375 035 381 825 385 586 390 963 396 142


Restricted deposits - - - - - - -

Foreign liabilities 72 529 73 578 69 613 67 688 65 001 65 811 62 066



Credit from monetary authority 935 189 1 146 1 172 1 089 772 2 948

Liabilities to other banking institutions 51 675 53 062 52 481 52 084 52 788 50 695 52 297

Liabilities to nonbanking financial institutions 137 447 128 357 140 317 130 986 124 807 121 896 124 607


Other items (net) - 37 005 - 33 789 - 31 971 - 37 724 - 35 074 - 32 014 - 32 563

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


72

II.14 - Monetary survey1/

R$ million

Itemization 2004


Assets 928 713 947 367 960 070 953 442 959 839 968 423 991 647

Foreign assets (net) 56 628 64 463 63 130 58 965 65 880 67 461 67 397

Domestic credit 872 085 882 903 896 941 894 476 893 959 900 962 924 250

Claims on central government (net) - includes securities debt 405 549 412 041 419 135 409 971 400 129 400 190 411 052




Claims on other banking institutions 2 365 2 773 2 913 2 626 2 137 1 918 3 666

Claims on nonbanking financial institutions 762 1 093 724 559 909 697 437

Liabilities 928 713 947 367 960 070 953 442 959 839 968 423 991 647

Money 102 533 104 698 105 543 108 183 112 498 112 223 116 902

Quasi-money 365 228 370 766 375 035 381 825 385 586 390 963 396 142


Liabilities for Banco Central securities 9 661 10 128 8 415 6 410 5 560 5 186 4 971

Restricted deposits 20 19 19 18 18 18 17


Liabilities to other banking institutions 51 675 53 062 52 481 52 084 52 788 50 695 52 297



Other items (net) - 80 279 - 63 863 - 65 134 - 66 635 - 62 605 - 59 776 - 58 876

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


73

II.15 - Other banking institutions1/

R$ million

Itemization 2004


Assets 214 094 214 584 212 923 212 291 213 410 214 822 217 908

Reserves 3 952 3 863 4 152 4 284 3 363 5 008 4 241

Other claims on monetary authority 505 595 579 509 740 357 299

Foreign assets 2 670 1 303 882 540 578 534 404





Claims on deposit money banks 90 057 88 384 86 307 86 256 86 282 85 875 87 540

Claims on nonbanking financial institutions 0 0 0 0 37 0 3

Liabilities 214 094 214 584 212 923 212 291 213 410 214 822 217 908

Demand deposits - - - - - - -

Time, savings and other deposits 7 129 7 780 8 009 8 133 8 150 8 113 7 838

Money market instruments 740 746 736 735 682 656 674


Foreign liabilities 3 088 959 1 001 751 977 706 652



Credit from monetary authority 329 277 279 282 295 286 288

Credit from deposit money banks 2 595 3 508 3 755 3 013 2 507 2 200 4 409



Other items (net) 37 024 36 814 36 754 38 089 37 673 38 506 39 547

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

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


74

II.16 - Banking survey1/

R$ million

Itemization 2004


Assets 1 004 621 1 026 994 1 040 020 1 033 194 1 040 568 1 050 524 1 074 098

Foreign assets (net) 56 210 64 807 63 011 58 754 65 481 67 289 67 149

Domestic credit 948 411 962 187 977 009 974 440 975 088 983 235 1 006 950





Claims on nonbanking financial institutions 762 1 094 724 559 947 697 440

Liabilities 1 004 621 1 026 994 1 040 020 1 033 194 1 040 568 1 050 524 1 074 098

Liquidity liabilities 470 939 479 381 484 434 493 857 502 871 506 291 516 641


Liabilities for Central Bank securities 9 156 9 533 7 837 5 901 4 820 4 829 4 672

Restricted deposits 20 19 19 18 18 18 17




Other items (net) - 81 077 - 61 359 - 61 084 - 62 048 - 57 761 - 55 882 - 53 541

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


75

II.17 - Nonbanking financial institutions1/

R$ million

Itemization 2004


Assets 21 361 21 964 22 110 23 114 22 731 22 888 23 726

Reserves 9 11 11 6 7 7 7

Other claims on monetary authority 97 72 43 41 39 39 38

Foreign assets 32 33 31 30 31 31 29


Claims on state and local governments (includes securities debt) 2 3 2 1 1 1 1

Claims on nonfinancial public enterprises 128 121 115 106 107 104 95


Claims on deposit money banks 4 953 5 205 4 841 5 057 5 312 4 753 5 309

Claims on other banking institutions 82 98 102 251 173 132 153

Liabilities 21 361 21 964 22 110 23 114 22 731 22 888 23 726



Foreign liabilities 504 505 267 254 250 206 199


Central government deposits - - - 1 - - 1

Credit from monetary authority - - - - - - -

Credit from deposit money banks 200 572 264 208 253 433 276

Liabilities to other banking institutions 661 628 619 637 676 628 660


Other items (net) - 17 570 - 17 482 - 17 807 - 17 160 - 16 799 - 16 990 - 16 021

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


76

II.18 - Total credit operations in the financial system1/

End-of-period balances

R$ million

Period Public sector2/ Private sector Total

Federal State and Public Industry Housing Rural Commerce Individuals Other Private

government municipal sector services sector

governments total total

2002 Dec 4 169 9 312 13 481 115 868 24 081 34 671 39 974 81 943 69 505 366 042 379 523

2003 Jan 4 087 9 351 13 438 115 816 24 125 34 754 39 823 82 403 68 892 365 813 379 251

Feb 3 698 10 209 13 907 117 220 24 220 35 395 40 191 82 941 68 930 368 897 382 804

Mar 4 164 9 607 13 771 115 401 24 298 35 657 39 867 83 971 68 599 367 793 381 564

Apr 3 947 9 211 13 158 111 916 24 430 36 300 40 139 85 114 66 815 364 714 377 872

May 4 380 9 447 13 827 112 387 24 516 37 139 40 125 86 162 66 274 366 603 380 430

Jun 3 888 9 266 13 154 112 543 24 694 38 432 40 191 87 080 66 415 369 355 382 509

Jul 4 356 10 196 14 552 112 249 24 708 38 447 40 016 86 886 67 267 369 573 384 125

Aug 4 894 10 213 15 107 112 909 24 823 39 293 39 983 87 773 66 750 371 531 386 638

Sep 4 841 10 199 15 040 113 294 24 888 41 244 40 633 90 183 65 981 376 223 391 263

Oct 4 877 10 341 15 218 113 491 24 964 42 943 41 415 91 468 66 969 381 250 396 468

Nov 4 873 9 990 14 863 117 200 25 048 43 815 42 700 92 801 69 900 391 464 406 327

Dec 4 737 10 246 14 983 116 868 25 056 44 861 43 285 94 431 71 908 396 409 411 392

2004 Jan 4 957 10 564 15 521 113 268 24 935 44 740 43 521 95 655 73 157 395 276 410 797

Feb 5 060 10 660 15 720 114 271 24 632 45 327 43 988 97 564 72 097 397 879 413 599

Mar 5 354 10 960 16 314 114 529 24 935 45 581 44 136 100 048 72 629 401 858 418 172

Apr 5 379 12 211 17 590 117 437 25 105 46 091 45 285 102 465 73 806 410 189 427 779

May 5 333 12 547 17 880 120 006 25 127 46 746 47 352 104 979 75 720 419 930 437 810

Jun 5 208 13 274 18 482 120 481 25 236 47 968 48 688 107 213 76 691 426 277 444 759

Jul 5 257 13 403 18 660 121 605 25 413 47 208 49 037 109 959 77 105 430 327 448 987

Aug 5 342 13 916 19 258 121 365 25 489 48 151 50 971 113 447 77 337 436 760 456 018

Sep* 5 455 14 006 19 461 122 069 25 434 50 570 52 651 116 432 77 955 445 111 464 572

Oct* 5 272 14 336 19 608 123 893 25 487 51 935 53 458 119 256 81 117 455 146 474 754

Nov* 5 165 14 273 19 438 124 648 25 608 53 597 54 866 122 251 79 171 460 141 479 579

1/ Leasing operations included.

2/ Federal government, government agencies and foundations and entrepreneurial activities.


77

II.19 - Total credit operations in the private financial system1/


R$ million





2002 Dec 1 701 802 2 503 67 222 8 525 14 204 31 567 63 410 47 711 232 639 235 142

2003 Jan 1 733 797 2 530 66 435 8 474 14 083 31 288 63 803 47 256 231 339 233 869

Feb 1 737 762 2 499 67 096 8 397 14 386 31 447 64 065 47 242 232 633 235 132

Mar 1 657 779 2 436 65 515 8 361 14 358 31 247 64 517 46 243 230 241 232 677

Apr 1 439 772 2 211 63 167 8 341 14 366 31 379 65 383 44 809 227 445 229 656

May 1 463 760 2 223 63 626 8 313 14 359 31 340 66 037 44 161 227 836 230 059

Jun 1 347 756 2 103 63 360 8 320 14 621 31 314 66 698 43 447 227 760 229 863

Jul 1 368 740 2 108 62 596 8 327 14 665 31 145 66 604 44 201 227 538 229 646

Aug 1 363 968 2 331 63 081 8 354 14 831 31 005 67 270 43 753 228 294 230 625

Sep 1 336 1 006 2 342 63 500 8 297 15 539 31 437 69 064 42 519 230 356 232 698

Oct 1 379 1 123 2 502 63 975 8 291 15 970 31 909 69 908 43 217 233 270 235 772

Nov 1 396 644 2 040 66 916 8 283 16 069 32 835 71 037 44 145 239 285 241 325

Dec 1 273 721 1 994 67 424 8 262 16 363 33 244 72 615 44 729 242 637 244 631

2004 Jan 1 514 766 2 280 65 860 8 203 16 482 33 099 73 315 44 676 241 635 243 915

Feb 1 540 871 2 411 67 581 8 157 16 753 33 530 74 466 44 825 245 312 247 723

Mar 1 610 1 200 2 810 67 931 8 094 16 864 33 734 76 157 44 506 247 286 250 096

Apr 1 642 1 181 2 823 70 283 8 084 17 337 34 812 77 835 45 342 253 693 256 516

May 1 714 1 208 2 922 72 614 8 061 17 992 36 579 79 662 46 190 261 098 264 020

Jun 1 618 1 646 3 264 72 835 8 087 18 858 37 558 81 356 46 208 264 902 268 166

Jul 1 581 1 686 3 267 73 610 8 104 19 239 37 744 83 783 46 445 268 925 272 192

Aug 1 542 1 728 3 270 73 520 8 119 19 955 39 458 86 585 46 635 274 272 277 542

Sep* 1 508 1 730 3 238 73 149 8 024 20 944 40 912 89 146 46 876 279 051 282 289

Oct* 1 502 1 908 3 410 74 896 8 041 21 207 41 512 91 920 49 369 286 945 290 355

Nov* 1 413 1 823 3 236 75 209 8 065 21 492 42 504 94 610 47 426 289 306 292 542




78

II.20 - Total credit operations in the public financial system1/


R$ million





2002 Dec 2 468 8 510 10 978 48 646 15 556 20 467 8 407 18 533 21 794 133 403 144 381

2003 Jan 2 354 8 554 10 908 49 381 15 651 20 671 8 535 18 600 21 636 134 474 145 382

Feb 1 961 9 447 11 408 50 124 15 823 21 009 8 744 18 876 21 688 136 264 147 672

Mar 2 507 8 828 11 335 49 886 15 937 21 299 8 620 19 454 22 356 137 552 148 887

Apr 2 508 8 439 10 947 48 749 16 089 21 934 8 760 19 731 22 006 137 269 148 216

May 2 917 8 687 11 604 48 761 16 203 22 780 8 785 20 125 22 113 138 767 150 371

Jun 2 541 8 510 11 051 49 183 16 374 23 811 8 877 20 382 22 968 141 595 152 646

Jul 2 988 9 456 12 444 49 653 16 381 23 782 8 871 20 282 23 066 142 035 154 479

Aug 3 531 9 245 12 776 49 828 16 469 24 462 8 978 20 503 22 997 143 237 156 013

Sep 3 505 9 193 12 698 49 794 16 591 25 705 9 196 21 119 23 462 145 867 158 565

Oct 3 498 9 218 12 716 49 516 16 673 26 973 9 506 21 560 23 752 147 980 160 696

Nov 3 477 9 346 12 823 50 284 16 765 27 746 9 865 21 764 25 755 152 179 165 002

Dec 3 464 9 525 12 989 49 444 16 794 28 498 10 041 21 816 27 179 153 772 166 761

2004 Jan 3 443 9 798 13 241 47 408 16 732 28 258 10 422 22 340 28 481 153 641 166 882

Feb 3 520 9 789 13 309 46 690 16 475 28 574 10 458 23 098 27 272 152 567 165 876

Mar 3 744 9 760 13 504 46 598 16 841 28 717 10 402 23 891 28 123 154 572 168 076

Apr 3 737 11 030 14 767 47 154 17 021 28 754 10 473 24 630 28 464 156 496 171 263

May 3 619 11 339 14 958 47 392 17 066 28 754 10 773 25 317 29 530 158 832 173 790

Jun 3 590 11 628 15 218 47 646 17 149 29 110 11 130 25 857 30 483 161 375 176 593

Jul 3 676 11 717 15 393 47 995 17 309 27 969 11 293 26 176 30 660 161 402 176 795

Aug 3 800 12 188 15 988 47 845 17 370 28 196 11 513 26 862 30 702 162 488 178 476

Sep* 3 947 12 276 16 223 48 920 17 410 29 626 11 739 27 286 31 079 166 060 182 283

Oct* 3 770 12 428 16 198 48 997 17 446 30 728 11 946 27 336 31 748 168 201 184 399

Nov* 3 752 12 450 16 202 49 439 17 543 32 105 12 362 27 641 31 745 170 835 187 037




79

II.21 - Credit operations in the financial system1/

Balances in R$ million and % participation on total

Segment November 2004*

Total Risk level

AA A B C D E F G H

Public sector2/ 19 438 11 221 2 577 2 248 907 1 075 59 0 1 1 350

100.0 57.7 13.3 11.6 4.7 5.5 0.3 0.0 0.0 6.9

Federal government 5 165 5 101 17 11 34 1 1 0 0 0

100.0 98.8 0.3 0.2 0.7 0.0 0.0 0.0 0.0 0.0

State and municipal governments 14 273 6 120 2 560 2 237 873 1 074 58 0 1 1 350

100.0 42.9 17.9 15.7 6.1 7.5 0.4 0.0 0.0 9.5

Private sector 460 141 122 036 156 468 86 495 47 347 19 656 5 781 5 162 2 745 14 451

100.0 26.5 34.0 18.8 10.3 4.3 1.3 1.1 0.6 3.1

Industry 124 648 52 305 32 459 21 064 11 011 3 370 983 581 586 2 289

100.0 42.0 26.0 16.9 8.8 2.7 0.8 0.5 0.5 1.8

Housing 25 608 2 948 7 324 3 258 3 712 5 215 644 452 281 1 774

100.0 11.5 28.6 12.7 14.5 20.4 2.5 1.8 1.1 6.9

Rural 53 597 13 483 17 911 13 253 5 680 1 413 507 310 283 757

100.0 25.2 33.4 24.7 10.6 2.6 0.9 0.6 0.5 1.4

Commerce 54 866 15 689 15 975 13 678 5 450 1 527 611 408 202 1 326

100.0 28.6 29.1 24.9 9.9 2.8 1.1 0.7 0.4 2.4

Individuals 122 251 7 148 64 881 20 057 13 013 5 521 2 037 1 912 1 174 6 508

100.0 5.8 53.1 16.4 10.6 4.5 1.7 1.6 1.0 5.3

Other services 79 171 30 463 17 918 15 185 8 481 2 610 999 1 499 219 1 797

100.0 38.5 22.6 19.2 10.7 3.3 1.3 1.9 0.3 2.3

Total 479 579 133 257 159 045 88 743 48 254 20 731 5 840 5 162 2 746 15 801

100.0 27.8 33.2 18.5 10.1 4.3 1.2 1.1 0.6 3.3

(continues)


80

II.21 - Credit operations in the financial system1/

(concluded) Balances in R$ million and % participation on total

Segment October 2004*

Total Risk level

AA A B C D E F G H

Public sector2/ 19 608 11 454 2 616 2 188 901 1 094 34 0 10 1 311

100.0 58.4 13.3 11.2 4.6 5.6 0.2 0.0 0.1 6.7


100.0 99.0 0.3 0.7 0.0 0.0 0.0 0.0 0.0 0.0


100.0 43.5 18.1 15.0 6.3 7.6 0.2 0.0 0.1 9.1

Private sector 455 146 123 990 151 859 84 390 47 368 19 344 5 707 5 248 2 753 14 487

100.0 27.2 33.4 18.5 10.4 4.3 1.3 1.2 0.6 3.2

Industry 123 893 51 957 32 326 21 009 10 934 3 136 986 622 621 2 302

100.0 41.9 26.1 17.0 8.8 2.5 0.8 0.5 0.5 1.9

Housing 25 487 2 848 7 380 3 272 3 734 5 080 645 463 280 1 785

100.0 11.2 29.0 12.8 14.7 19.9 2.5 1.8 1.1 7.0

Rural 51 935 12 911 17 425 12 820 5 439 1 494 550 327 283 686

100.0 24.9 33.6 24.7 10.5 2.9 1.1 0.6 0.5 1.3

Commerce 53 458 15 409 15 564 13 125 5 363 1 474 582 387 205 1 349

100.0 28.8 29.1 24.6 10.0 2.8 1.1 0.7 0.4 2.5

Individuals 119 256 7 444 62 072 19 199 13 426 5 560 1 938 1 953 1 144 6 520

100.0 6.2 52.0 16.1 11.3 4.7 1.6 1.6 1.0 5.5

Other services 81 117 33 421 17 092 14 965 8 472 2 600 1 006 1 496 220 1 845

100.0 41.2 21.1 18.4 10.4 3.2 1.2 1.8 0.3 2.3

Total 474 754 135 444 154 475 86 578 48 269 20 438 5 741 5 248 2 763 15 798

100.0 28.5 32.5 18.2 10.2 4.3 1.2 1.1 0.6 3.3



Note: As far as the debtor is concerned, financial institutions credit ratings must take into account the following factors, among others: financial economic situation,

degree of indebtedness, economic activity sector, credit limit, type of credit operation, type of guaranties and amount of credit, as well as income status, wealth and

reference file in the case of individuals. Operations in arrears are classified according to their risk level, as following:

a) between 15 and 30 days: at least risk level B;

b) between 31 and 60 days: at least risk level C;

c) between 61 and 90 days: at least risk level D;

d) between 91 and 120 days: at least risk level E;

e) between 121 and 150 days: at least risk level F;

f) between 151 and 180 days: at least risk level G;

g) of more than 180 days: risk level H.


81

II.22 - Credit operations in the private financial system1/



Total Risk level

AA A B C D E F G H

Public sector2/ 3 236 1 872 781 537 25 11 1 0 0 9

100.0 57.8 24.1 16.6 0.8 0.3 0.0 0.0 0.0 0.3


100.0 99.2 0.0 0.7 0.0 0.0 0.1 0.0 0.0 0.0

State and municipal governments 1 823 470 781 527 25 11 0 0 0 9

100.0 25.8 42.8 28.9 1.4 0.6 0.0 0.0 0.0 0.5

Private sector 289 306 74 030 118 305 48 268 25 740 7 991 3 055 2 431 1 536 7 950

100.0 25.6 40.9 16.7 8.9 2.8 1.1 0.8 0.5 2.7

Industry 75 209 29 545 21 364 13 276 7 043 1 705 411 380 279 1 206

100.0 39.3 28.4 17.7 9.4 2.3 0.5 0.5 0.4 1.6

Housing 8 065 2 309 2 524 1 405 511 452 101 108 78 577

100.0 28.6 31.3 17.4 6.3 5.6 1.3 1.3 1.0 7.2

Rural 21 492 6 239 7 611 4 015 2 242 598 314 161 163 149

100.0 29.0 35.4 18.7 10.4 2.8 1.5 0.7 0.8 0.7

Commerce 42 504 13 339 12 896 9 224 4 466 990 420 242 117 810

100.0 31.4 30.3 21.7 10.5 2.3 1.0 0.6 0.3 1.9

Individuals 94 610 5 747 60 811 12 094 4 801 3 080 1 514 1 312 822 4 429

100.0 6.1 64.3 12.8 5.1 3.3 1.6 1.4 0.9 4.7

Other services 47 426 16 851 13 099 8 254 6 677 1 166 295 228 77 779

100.0 35.5 27.6 17.4 14.1 2.5 0.6 0.5 0.2 1.6

Total 292 542 75 902 119 086 48 805 25 765 8 002 3 056 2 431 1 536 7 959

100.0 25.9 40.7 16.7 8.8 2.7 1.0 0.8 0.5 2.7

(continues)


82

II.22 - Credit operations in the private financial system1/



Total Risk level

AA A B C D E F G H

Public sector2/ 3 410 2 047 805 495 44 10 0 0 9 0

100.0 60.0 23.6 14.5 1.3 0.3 0.0 0.0 0.3 0.0


100.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

State and municipal governments 1 908 545 805 495 44 10 0 0 9 0

100.0 28.6 42.2 25.9 2.3 0.5 0.0 0.0 0.5 0.0

Private sector 286 945 76 990 114 780 47 337 25 314 7 637 3 000 2 459 1 512 7 916

100.0 26.8 40.0 16.5 8.8 2.7 1.0 0.9 0.5 2.8

Industry 74 896 29 355 21 544 13 188 6 967 1 475 433 420 275 1 239

100.0 39.2 28.8 17.6 9.3 2.0 0.6 0.6 0.4 1.7

Housing 8 041 2 274 2 531 1 404 537 432 101 106 77 579

100.0 28.3 31.5 17.5 6.7 5.4 1.3 1.3 1.0 7.2

Rural 21 207 5 990 7 598 4 093 2 157 601 316 164 162 126

100.0 28.2 35.8 19.3 10.2 2.8 1.5 0.8 0.8 0.6

Commerce 41 512 13 223 12 589 8 807 4 354 965 398 227 120 829

100.0 31.9 30.3 21.2 10.5 2.3 1.0 0.5 0.3 2.0

Individuals 91 920 6 362 58 179 11 699 4 720 3 027 1 447 1 320 800 4 366

100.0 6.9 63.3 12.7 5.1 3.3 1.6 1.4 0.9 4.7

Other services 49 369 19 786 12 339 8 146 6 579 1 137 305 222 78 777

100.0 40.1 25.0 16.5 13.3 2.3 0.6 0.4 0.2 1.6

Total 290 355 79 037 115 585 47 832 25 358 7 647 3 000 2 459 1 521 7 916

100.0 27.2 39.8 16.5 8.7 2.6 1.0 0.8 0.5 2.7














83

II.23 - Credit operations in the public financial system1/



Total Risk level

AA A B C D E F G H

Public sector2/ 16 202 9 349 1 796 1 711 882 1 064 58 0 1 1 341

100.0 57.7 11.1 10.6 5.4 6.6 0.4 0.0 0.0 8.3


100.0 98.6 0.5 0.0 0.9 0.0 0.0 0.0 0.0 0.0


100.0 45.4 14.3 13.7 6.8 8.5 0.5 0.0 0.0 10.8

Private sector 170 835 48 006 38 163 38 227 21 607 11 665 2 726 2 731 1 209 6 501

100.0 28.1 22.3 22.4 12.6 6.8 1.6 1.6 0.7 3.8

Industry 49 439 22 760 11 095 7 788 3 968 1 665 572 201 307 1 083

100.0 46.0 22.4 15.8 8.0 3.4 1.2 0.4 0.6 2.2

Housing 17 543 639 4 800 1 853 3 201 4 763 543 344 203 1 197

100.0 3.6 27.4 10.6 18.2 27.2 3.1 2.0 1.2 6.8

Rural 32 105 7 244 10 300 9 238 3 438 815 193 149 120 608

100.0 22.6 32.1 28.8 10.7 2.5 0.6 0.5 0.4 1.9

Commerce 12 362 2 350 3 079 4 454 984 537 191 166 85 516

100.0 19.0 24.9 36.0 8.0 4.3 1.5 1.3 0.7 4.2

Individuals 27 641 1 401 4 070 7 963 8 212 2 441 523 600 352 2 079

100.0 5.1 14.7 28.8 29.7 8.8 1.9 2.2 1.3 7.5

Other services 31 745 13 612 4 819 6 931 1 804 1 444 704 1 271 142 1 018

100.0 42.9 15.2 21.8 5.7 4.5 2.2 4.0 0.4 3.2

Total 187 037 57 355 39 959 39 938 22 489 12 729 2 784 2 731 1 210 7 842

100.0 30.7 21.4 21.4 12.0 6.8 1.5 1.5 0.6 4.2

(continues)


84

II.23 - Credit operations in the public financial system1/



Total Risk level

AA A B C D E F G H

Public sector2/ 16 198 9 407 1 811 1 693 857 1 084 34 0 1 1 311

100.0 58.1 11.2 10.5 5.3 6.7 0.2 0.0 0.0 8.1


100.0 98.6 0.5 0.9 0.0 0.0 0.0 0.0 0.0 0.0


100.0 45.8 14.4 13.3 6.9 8.7 0.3 0.0 0.0 10.5

Private sector 168 201 47 000 37 079 37 053 22 054 11 707 2 707 2 789 1 241 6 571

100.0 27.9 22.0 22.0 13.1 7.0 1.6 1.7 0.7 3.9

Industry 48 997 22 602 10 782 7 821 3 967 1 661 553 202 346 1 063

100.0 46.1 22.0 16.0 8.1 3.4 1.1 0.4 0.7 2.2

Housing 17 446 574 4 849 1 868 3 197 4 648 544 357 203 1 206

100.0 3.3 27.8 10.7 18.3 26.6 3.1 2.0 1.2 6.9

Rural 30 728 6 921 9 827 8 727 3 282 893 234 163 121 560

100.0 22.5 32.0 28.4 10.7 2.9 0.8 0.5 0.4 1.8

Commerce 11 946 2 186 2 975 4 318 1 009 509 184 160 85 520

100.0 18.3 24.9 36.1 8.4 4.3 1.5 1.3 0.7 4.4

Individuals 27 336 1 082 3 893 7 500 8 706 2 533 491 633 344 2 154

100.0 4.0 14.2 27.4 31.8 9.3 1.8 2.3 1.3 7.9

Other services 31 748 13 635 4 753 6 819 1 893 1 463 701 1 274 142 1 068

100.0 42.9 15.0 21.5 6.0 4.6 2.2 4.0 0.4 3.4

Total 184 399 56 407 38 890 38 746 22 911 12 791 2 741 2 789 1 242 7 882

100.0 30.6 21.1 21.0 12.4 6.9 1.5 1.5 0.7 4.3














85

II.24 - Credit operations in the financial system Provisions

R$ million

Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total

2002 Dec 183 795 831 1 458 2 561 3 855 2 209 2 196 13 193 27 281

2003 Jan 98 883 825 1 507 2 514 3 930 2 413 2 225 13 130 27 525

Feb 106 891 822 1 565 2 540 3 304 3 127 2 708 12 809 27 872

Mar 101 865 832 1 776 2 770 3 139 2 356 3 717 13 321 28 877

Apr 81 854 843 1 709 2 656 3 306 2 277 2 425 15 150 29 301

May 48 887 862 1 628 2 819 3 192 2 637 2 257 15 458 29 788

Jun 49 905 876 1 608 2 900 2 532 2 213 4 225 15 830 31 138

Jul 54 904 901 1 568 2 852 2 677 2 139 3 843 16 636 31 574

Aug 53 904 894 1 570 2 936 2 479 2 323 3 795 16 692 31 646

Sep 48 932 930 1 614 2 761 2 512 2 242 3 687 16 992 31 718

Oct 55 972 931 1 576 2 774 2 515 2 298 3 586 17 232 31 939

Nov 54 977 946 1 601 2 795 2 417 2 128 2 296 18 677 31 891

Dec 76 995 944 1 647 2 796 2 431 2 208 2 111 16 723 29 931

2004 Jan 66 961 868 1 660 2 830 2 359 2 364 2 203 16 810 30 121

Feb 64 931 974 1 632 2 921 2 408 2 263 2 196 15 027 28 416

Mar 79 932 964 1 830 2 938 2 400 2 383 2 015 14 526 28 067

Apr 76 956 984 1 853 2 907 2 236 2 828 2 066 14 485 28 391

May 80 979 1 004 1 950 2 861 2 213 2 943 1 984 14 694 28 708

Jun 102 1 000 1 007 1 961 2 921 2 070 3 029 2 022 14 702 28 814

Jul 104 997 1 024 2 026 2 861 2 145 2 932 2 093 14 761 28 943

Aug 98 1 018 1 045 1 993 2 964 2 057 2 790 2 088 15 117 29 170

Sep* 88 945 1 089 2 086 2 979 2 046 2 816 1 978 15 212 29 239

Oct* 96 875 1 102 2 084 3 000 2 037 2 931 2 099 15 779 30 003

Nov* 97 894 1 071 2 102 3 048 2 120 2 884 2 098 15 787 30 101

Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits.

Provisions cannot be lower than the amounts obtained when applying the following percentuals:

I - 0.5% on the value of operations classified as risk level A;

II - 1% on the value of operations classified as risk level B;

III - 3% on the value of operations classified as risk level C;

IV - 10% on the value of operations classified as risk level D;

V - 30% on the value of operations classified as risk level E;

VI - 50% on the value of operations classified as risk level F;

VII - 70% on the value of operations classified as risk level G;

VIII - 100% on the value of operations classified as risk level H.


86

II.25 - Credit operations in the private financial system Provisions

R$ million


2002 Dec 183 585 541 949 1 226 1 447 1 370 1 239 7 329 14 869

2003 Jan 98 670 520 1 005 1 178 1 472 1 602 1 383 7 271 15 199

Feb 106 674 525 1 032 1 216 1 392 1 417 1 759 7 084 15 205

Mar 101 650 518 1 273 1 329 1 312 1 523 1 512 7 624 15 842

Apr 81 637 527 1 215 1 375 1 330 1 460 1 514 7 853 15 992

May 48 665 538 1 141 1 556 1 363 1 441 1 356 8 091 16 199

Jun 49 683 541 1 085 1 636 1 385 1 341 1 355 8 170 16 245

Jul 54 683 560 1 060 1 536 1 521 1 276 1 431 8 305 16 426

Aug 53 682 542 1 065 1 564 1 384 1 511 1 319 8 594 16 714

Sep 48 701 565 1 104 1 455 1 444 1 443 1 365 8 553 16 678

Oct 55 734 570 1 061 1 496 1 448 1 459 1 265 8 797 16 885

Nov 54 727 566 1 099 1 499 1 369 1 320 1 402 8 242 16 278

Dec 76 737 651 1 145 1 399 1 364 1 402 1 250 8 083 16 107

2004 Jan 66 705 576 1 143 1 492 1 306 1 461 1 275 8 148 16 172

Feb 64 719 601 1 097 1 490 1 314 1 431 1 286 8 286 16 288

Mar 79 736 595 1 154 1 509 1 333 1 523 1 111 7 941 15 981

Apr 76 757 603 1 170 1 552 1 384 1 458 1 169 7 887 16 056

May 80 779 624 1 246 1 418 1 366 1 526 1 106 7 906 16 051

Jun 102 799 629 1 232 1 428 1 196 1 644 1 176 7 797 16 003

Jul 104 800 650 1 277 1 416 1 257 1 563 1 222 7 714 16 003

Aug 98 819 662 1 244 1 463 1 228 1 477 1 274 7 696 15 961

Sep* 88 748 687 1 306 1 489 1 230 1 479 1 156 7 650 15 833

Oct* 96 674 700 1 310 1 449 1 206 1 496 1 224 7 919 16 074

Nov* 97 688 656 1 337 1 494 1 268 1 479 1 244 7 967 16 230












87

II.26 - Credit operations in the public financial system Provisions

R$ million


2002 Dec 0 210 290 509 1 335 2 408 839 957 5 864 12 412

2003 Jan 0 213 305 502 1 336 2 458 811 842 5 859 12 326

Feb 0 217 297 533 1 324 1 912 1 710 949 5 725 12 667

Mar 0 215 314 503 1 441 1 827 833 2 205 5 697 13 035

Apr 0 217 316 494 1 281 1 976 817 911 7 297 13 309

May 0 222 324 487 1 263 1 829 1 196 901 7 367 13 589

Jun 0 222 335 523 1 264 1 147 872 2 870 7 660 14 893

Jul 0 221 341 508 1 316 1 156 863 2 412 8 331 15 148

Aug 0 222 352 505 1 372 1 095 812 2 476 8 098 14 932

Sep 0 231 365 510 1 306 1 068 799 2 322 8 439 15 040

Oct 0 238 361 515 1 278 1 067 839 2 321 8 435 15 054

Nov 0 250 380 502 1 296 1 048 808 894 10 435 15 613

Dec 0 258 293 502 1 397 1 067 806 861 8 640 13 824

2004 Jan 0 256 292 517 1 338 1 053 903 928 8 662 13 949

Feb 0 212 373 535 1 431 1 094 832 910 6 741 12 128

Mar 0 196 369 676 1 429 1 067 860 904 6 585 12 086

Apr 0 199 381 683 1 355 852 1 370 897 6 598 12 335

May 0 200 380 704 1 443 847 1 417 878 6 788 12 657

Jun 0 201 378 729 1 493 874 1 385 846 6 905 12 811

Jul 0 197 374 749 1 445 888 1 369 871 7 047 12 940

Aug 0 199 383 749 1 501 829 1 313 814 7 421 13 209

Sep* 0 197 402 780 1 490 816 1 337 822 7 562 13 406

Oct* 0 201 402 774 1 551 831 1 435 875 7 860 13 929

Nov* 0 206 415 765 1 554 852 1 405 854 7 820 13 871











III - Capital and financial markets


90

III.1 - Interest rates

###

Period Federal funds rate Money market interest Reference rate1/ Financial basic rate1/ Long-term interest rate2/

% p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y.

2000 Dec 1.20 16.19 1.19 16.13 0.10 1.26 1.16 15.64 0.78 9.75

2001 Dec 1.39 19.05 1.39 19.05 0.20 2.53 1.27 17.28 0.80 10.00

2002 Dec 1.74 23.03 1.73 22.91 0.36 4.42 1.66 21.78 0.80 10.00

2003 Jan 1.97 25.06 1.97 24.98 0.49 5.73 1.90 24.13 0.87 11.00

Feb 1.83 25.68 1.83 25.63 0.41 5.31 1.76 24.54 0.87 11.00

Mar 1.78 26.32 1.77 26.25 0.38 5.13 1.69 24.94 0.87 11.00

Apr 1.87 26.32 1.87 26.23 0.42 5.40 1.77 24.80 0.95 12.00

May 1.97 26.31 1.96 26.22 0.47 5.72 1.86 24.77 0.95 12.00

Jun 1.86 26.09 1.85 25.99 0.42 5.38 1.78 24.93 0.95 12.00

Jul 2.08 25.36 2.08 25.24 0.55 6.15 2.03 24.69 0.95 12.00

Aug 1.77 23.50 1.76 23.36 0.40 4.95 1.75 23.13 0.95 12.00

Sep 1.68 21.02 1.67 20.88 0.34 3.92 1.62 20.22 0.95 12.00

Oct 1.64 19.54 1.63 19.42 0.32 3.58 1.59 18.81 0.87 11.00

Nov 1.34 18.31 1.34 18.23 0.18 2.26 1.31 17.81 0.87 11.00

Dec 1.37 16.91 1.37 16.81 0.19 2.20 1.33 16.37 0.87 11.00

2004 Jan 1.27 16.32 1.26 16.22 0.13 1.55 1.21 15.52 0.80 10.00

Feb 1.08 16.30 1.08 16.22 0.05 0.64 1.05 15.69 0.80 10.00

Mar 1.38 16.19 1.37 16.13 0.18 1.97 1.31 15.32 0.80 10.00

Apr 1.18 15.96 1.17 15.85 0.09 1.11 1.13 15.19 0.78 9.75

May 1.23 15.77 1.22 15.73 0.15 1.87 1.18 15.06 0.78 9.75

Jun 1.23 15.80 1.22 15.71 0.18 2.13 1.22 15.63 0.78 9.75

Jul 1.29 15.77 1.28 15.71 0.20 2.26 1.25 15.26 0.78 9.75

Aug 1.29 15.86 1.29 15.76 0.20 2.32 1.26 15.46 0.78 9.75

Sep 1.25 16.09 1.24 15.99 0.17 2.09 1.20 15.45 0.78 9.75

Oct 1.21 16.41 1.21 16.34 0.11 1.41 1.17 15.81 0.78 9.75

Nov 1.25 16.96 1.25 16.93 0.11 1.45 1.19 16.01 0.78 9.75

1/ Refers to the first day of the month. Rate annualized according to base 252 (252 working days).

2/ Fixed for the quarter.


91

III.2 - Velocity of circulation of main financial assets

###

Period Velocity of circulation1/ Memorandum (R$ million)2/

Demand Savings Time Demand deposits Savings deposits Time deposits

deposits deposits deposits

Redemptions Average Redemptions Average Redemptions Average

in month3/ daily in month daily in month daily

balances balances balances

2000 Dec 3.5 0.3 0.4 152 545 43 697 37 497 110 531 32 927 93 259

2001 Dec 3.4 0.4 0.4 162 044 48 255 43 823 118 365 40 680 109 035

2002 Dec 1.8 0.4 0.3 110 334 61 894 54 173 140 311 37 718 140 269

2003 Jan 1.7 0.3 0.2 102 842 59 328 46 600 140 100 32 828 141 365

Feb 1.7 0.3 0.2 92 049 55 321 43 827 139 444 27 998 144 985

Mar 1.6 0.3 0.2 89 785 54 526 43 066 138 864 31 358 146 516

Apr 1.7 0.3 0.2 89 650 53 359 44 502 138 057 35 588 147 597

May 1.7 0.3 0.3 89 742 51 767 46 047 137 117 41 868 147 352

Jun 1.7 0.3 0.3 87 219 51 921 45 297 136 925 52 032 149 498

Jul 1.7 0.3 0.3 90 782 52 248 47 977 137 380 38 274 147 302

Aug 1.6 0.3 0.2 82 714 51 791 44 458 137 739 35 704 149 955

Sep 1.7 0.3 0.3 89 412 51 873 47 220 138 074 41 023 149 466

Oct 1.7 0.3 0.3 91 410 53 002 48 020 138 066 37 817 148 671

Nov 1.5 0.3 0.2 82 996 55 220 44 961 138 407 31 874 148 913

Dec 1.6 0.4 0.3 103 783 63 247 58 658 142 497 40 135 147 439

2004 Jan 1.4 0.3 0.2 87 263 62 412 49 491 143 617 33 041 145 207

Feb 1.2 0.3 0.2 76 469 61 221 45 693 143 445 30 299 146 529

Mar 1.6 0.4 0.2 94 787 60 938 53 274 143 311 33 553 149 379

Apr 1.4 0.3 0.2 87 143 61 993 49 107 143 727 29 671 151 980

May 1.4 0.4 0.2 88 957 63 855 51 783 144 867 30 288 157 587

Jun 1.4 0.3 0.2 88 881 64 131 51 510 147 523 34 536 165 564

Jul 1.4 0.4 0.2 90 903 65 606 53 372 149 731 35 007 168 286

Aug 1.4 0.4 0.2 93 296 65 164 54 232 150 840 42 798 172 850

Sep 1.3 0.3 0.3 90 540 67 763 50 508 151 534 59 890 176 082

Oct 1.3 0.3 0.2 90 840 70 456 52 525 152 050 37 171 179 270

Nov 1.4 0.4 0.2 101 570 70 168 56 187 152 818 38 184 184 369

1/ Relation redemptions/balances.

2/ Average daily balances of working days of the month indicated.

3/ Flow of the check clearing.


92

III.3 - Investment funds - portfolio destination1/

####R$ million

Period Destination Financial Investment fund Stocks Mutual Total

investment of state funds privatization

funds2/companies funds

2003 Dec Federal securities 308 987 2 469 744 32 312 232

State and municipal securities 93 - - - 93

Private securities 34 805 - 72 - 34 878

Debenture 15 900 - 179 - 16 079

Commercial papers 15 - - - 15

Fund quotas - - 780 - 780

Repurchase agreements 90 319 10 162 98 - 100 579

Stocks 4 704 - 33 424 5 149 43 278

Deposits with the Bacen - - - - -

Other 11 969 - 607 583 13 159

Portfolio total 466 793 12 631 35 904 5 765 521 093

2004 Jan Federal securities 319 307 2 601 717 32 322 656



Debenture 16 260 - 190 - 16 450




Stocks 4 859 - 33 633 4 989 43 480


Other 12 288 - 906 559 13 753

Portfolio total 486 492 12 127 36 367 5 579 540 565

Feb Federal securities 324 277 2 562 615 43 327 497



Debenture 16 948 - 183 - 17 131




Stocks 4 476 - 32 320 5 286 42 082


Other 11 901 - 1 450 480 13 831

Portfolio total 491 426 12 536 35 533 5 809 545 304

1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.


93

III.4 - Investment funds - portfolio destination1/

Relative participation %

Period Destination Financial Investment fund Stocks Mutual Total

investment of state funds privatization

funds2/companies funds

2003 Dec Federal securities 66.2 19.5 2.1 0.6 59.9

State and municipal securities 0.0 - - - 0.0

Private securities 7.5 - 0.2 - 6.7

Debenture 3.4 - 0.5 - 3.1

Commercial papers 0.0 - - - 0.0

Fund quotas - - 2.2 - 0.1

Repurchase agreements 19.3 80.5 0.3 - 19.3

Stocks 1.0 - 93.1 89.3 8.3


Other 2.6 - 1.7 10.1 2.5

Portfolio total 100.0 100.0 100.0 100.0 100.0

2004 Jan Federal securities 65.6 21.4 2.0 0.6 59.7



Debenture 3.3 - 0.5 - 3.0




Stocks 1.0 - 92.5 89.4 8.0


Other 2.5 - 2.5 10.0 2.5

Portfolio total 100.0 100.0 100.0 100.0 100.0

Feb Federal securities 66.0 20.4 1.7 0.7 60.1



Debenture 3.4 - 0.5 - 3.1




Stocks 0.9 - 91.0 91.0 7.7


Other 2.4 - 4.1 8.3 2.5

Portfolio total 100.0 100.0 100.0 100.0 100.0

1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.


94

III.5 - Mutual investment funds

###R$ million

Period Financial investment funds Investment fund of state companies Stock funds

Net worth Net inflow Net worth Net inflow Net worth Net inflow

(balance) (flow) (balance) (flow) (balance) (flow)

2000 Dec 271 538 - 938 10 407 -2 169 24 466 - 439

2001 Dec 320 604 -1 828 12 345 - 616 24 925 - 368

2002 Dec 321 605 - 806 11 590 -1 897 32 221 124

2003 Jan 336 650 7 253 11 185 - 638 31 317 - 335

Feb 347 367 3 624 11 178 - 210 30 579 - 193

Mar 359 720 6 634 11 256 408 31 261 - 105

Apr 368 974 5 319 10 776 - 632 32 051 119

May 378 686 2 976 10 374 - 353 32 827 11

Jun 387 196 3 136 10 935 382 31 855 - 306

Jul 401 851 6 424 11 462 289 32 861 - 105

Aug 414 269 6 146 12 107 443 34 266 - 217

Sep 426 970 5 621 12 642 343 34 792 - 15

Oct 439 316 5 507 12 342 - 494 35 840 - 421

Nov 450 226 3 267 12 021 - 495 37 399 58

Dec 466 793 10 249 13 318 1 124 41 669 - 81

2004 Jan 486 492 12 948 12 867 - 620 41 946 570

Feb 491 426 560 13 263 259 41 342 - 664

Mar 500 605 2 482 14 430 603 41 980 - 155

Apr 506 827 1 027 14 114 - 505 37 845 - 484

May 510 178 -3 153 15 200 882 36 943 - 705

Jun 513 855 -2 931 14 183 -1 197 37 634 - 274

Jul 518 615 - 655 14 809 452 39 928 659

Aug 520 912 -2 720 15 150 165 41 302 79

Sep 531 940 4 722 15 744 414 43 134 277

Oct 534 796 -2 611 17 504 1 559 43 307 199

Nov 538 054 1 892 16 062 - 822 44 137 - 225


95

III.6 - Savings deposits and time deposits

###R$ million

Period Time deposits Savings deposits

Brazilian System of Rural Total

Savings and Loans

Balance1/ Net inflow2/ Balance Net inflow Balance Net inflow Balance Net inflow

2000 Dec 89 936 -2 047 91 433 2 291 20 311 34 111 744 2 325

2001 Dec 107 609 689 97 148 1 444 21 553 114 118 701 1 558

2002 Dec 137 559 -4 521 112 423 - 333 27 219 - 336 139 642 - 670

2003 Jan 143 601 6 043 112 317 -1 006 27 433 - 594 139 751 -1 600

Feb 147 301 3 700 112 167 - 701 27 252 - 376 139 419 -1 077

Mar 146 355 - 946 111 141 -1 923 27 075 - 403 138 216 -2 326

Apr 146 377 22 110 352 -1 807 26 944 - 390 137 296 -2 197

May 150 294 3 917 110 032 -1 229 26 778 - 397 136 810 -1 626

Jun 145 982 -4 312 110 032 -1 015 26 692 - 347 136 724 -1 362

Jul 148 696 2 713 110 514 - 503 26 744 - 194 137 258 - 696

Aug 149 635 940 111 065 - 464 26 834 - 165 137 900 - 629

Sep 149 985 350 110 945 -1 042 26 875 - 198 137 820 -1 239

Oct 147 718 -2 267 110 897 - 891 26 885 - 196 137 782 -1 088

Nov 150 428 2 709 112 630 927 27 145 56 139 774 983

Dec 144 242 -6 185 115 257 1 909 27 799 469 143 057 2 378

2004 Jan 146 374 2 132 115 306 - 643 28 021 53 143 326 - 590

Feb 147 471 1 097 115 632 - 346 27 997 - 195 143 629 - 541

Mar 151 637 2 250 115 016 -1 232 27 978 - 179 142 993 -1 411

Apr 152 319 - 982 115 227 - 485 28 226 76 143 453 - 409

May 162 630 8 467 117 209 1 323 28 783 387 145 992 1 710

Jun 167 505 2 930 118 593 960 29 337 348 147 930 1 308

Jul 170 509 967 120 211 694 29 857 315 150 068 1 009

Aug 176 749 4 111 120 729 - 248 30 074 16 150 803 - 233

Sep 177 760 -1 170 121 178 - 332 30 246 - 29 151 423 - 361

Oct 183 381 3 542 121 853 - 44 30 398 - 40 152 251 - 84

Nov 184 025 41 123 184 635 30 587 - 9 153 771 626

1/ Data refer to Art. 1st of Circular 2,132, dated 2.6.1992.

2/ Data refer to Art. 2nd of Circular 2,132, dated 2.6.1992. Since September/1999, this value change to balance variation.


96

III.7 - Nominal income of major financial investments

#% p.m.

Period Savings1/ Banking certificates Investment funds3/ Gold4/ Commercial Ibovespa4/

of deposits2/ exchange

Individuals No financial Average Investment Stocks rate4/

corporate funds of state

entities companies

2000 Dec 0.60 1.15 1.11 1.13 1.15 5.96 1.15 -0.21 14.84

2001 Dec 0.70 1.25 1.35 1.36 1.31 3.56 -2.27 -8.24 4.47

2002 Dec 0.86 1.61 1.72 1.72 1.70 4.20 5.42 -2.84 7.23

2003 Jan 0.99 1.72 1.87 1.88 1.92 -1.84 4.63 -0.21 -2.90

Feb 0.91 1.63 1.76 1.76 1.79 -1.72 -2.83 1.06 -6.04

Mar 0.88 1.53 1.69 1.68 1.74 2.56 -8.85 -5.90 9.66

Apr 0.92 1.59 1.76 1.76 1.83 2.16 -12.34 -13.82 11.38

May 0.97 1.60 1.83 1.83 1.93 3.21 10.76 2.62 6.89

Jun 0.92 1.50 1.73 1.72 1.83 -1.85 -7.43 -3.16 -3.35

Jul 1.05 1.66 1.89 1.89 2.05 3.53 3.55 3.26 4.62

Aug 0.91 1.45 1.63 1.62 1.75 5.03 6.41 0.03 11.81

Sep 0.84 1.37 1.54 1.53 1.65 2.04 0.42 -1.45 5.51

Oct 0.82 1.35 1.52 1.51 1.61 4.59 -0.73 -2.30 11.98

Nov 0.68 1.17 1.26 1.26 1.32 4.50 5.37 3.26 12.58

Dec 0.69 1.18 1.29 1.28 1.34 11.77 2.93 -2.04 10.17

2004 Jan 0.63 1.06 1.19 1.18 1.24 -0.04 -1.81 1.79 -1.73

Feb 0.55 0.92 1.02 1.02 1.06 0.57 -2.37 -0.92 -0.44

Mar 0.68 1.16 1.31 1.29 1.36 1.69 6.22 -0.18 1.78

Apr 0.59 0.96 1.11 1.10 1.16 -6.90 -7.38 1.24 -11.45

May 0.66 1.07 1.18 1.18 1.20 -0.43 8.93 6.26 -0.32

Jun 0.68 1.06 1.18 1.18 1.22 2.66 -2.90 -0.69 8.21

Jul 0.70 1.06 1.23 1.22 1.27 4.36 -1.30 -2.60 5.62

Aug 0.70 1.10 1.24 1.25 1.27 3.25 1.05 -3.07 2.09

Sep 0.67 1.19 1.24 1.25 1.22 3.76 0.26 -2.56 1.94

Oct 0.61 1.06 1.17 1.17 1.20 -0.01 1.56 -0.07 -0.83

Nov 0.62 1.12 1.21 1.20 1.23 2.47 0.05 -4.40 9.01

1/ Reference rate (TR) +0,5% per month; earning credited at first working day following the month indicated.

2/ Since December 2003, data refer to Art. 2nd of Circular 2,132, dated 2.6.1992. The average rate encompasses all certificates of banking deposits issued, including those traded with financial institutions and institutional investors. Before December 2003, estimates for the month were based on data collected by dealers of the Open-market Operations Department at the major financial institutions. 3/ Average yield estimate based on financial institution figures.

4/ Change at the end of the period.


97

III.8 - One day ID futures contracts Adjustment rates, traded volumes and outstanding contracts#####

Period Interest rates1/ Traded volumes2/ Outstanding contracts3/

% p.y. (R$ million) (thousand)

1st 2nd 3rd 4th 5th 6th 7th 1st to 4th 5th e 6th 7th 1st to 4th 5th e 6th 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month month months month month months month month

2002 Dec 24.79 25.56 26.37 26.76 27.50 28.30 29.10 10 282 388 175 569 68 98

2003 Jan 25.33 25.69 26.25 26.75 27.15 27.96 28.90 8 735 7 763 462 418 133 110

Feb 26.25 26.77 27.19 27.51 27.76 28.35 28.77 4 126 10 594 640 394 220 139

Mar 26.26 26.44 26.70 26.80 26.85 26.97 27.15 16 805 2 556 344 727 182 105

Apr 26.26 26.08 25.77 25.36 24.61 23.97 23.95 6 562 11 403 782 412 316 160

May 26.19 26.15 25.90 25.67 25.29 24.15 23.69 2 847 14 319 1 033 416 394 179

Jun 25.67 25.39 24.77 24.22 22.93 22.26 21.98 5 045 12 611 701 523 442 166

Jul 24.21 23.81 23.22 22.74 22.11 21.50 21.33 4 636 15 560 1 393 395 533 246

Aug 21.70 21.10 20.50 20.12 19.87 19.35 19.02 4 118 17 435 2 111 416 664 300

Sep 19.72 19.41 19.01 18.68 18.16 18.05 18.06 8 550 14 110 1 281 680 453 253

Oct 18.72 18.46 18.13 17.92 17.75 17.62 17.58 7 227 12 160 2 571 679 552 354

Nov 17.25 16.91 16.55 16.32 16.14 15.94 15.97 8 274 14 267 3 394 655 699 467

Dec 16.24 16.12 15.97 15.88 15.77 15.80 15.88 11 818 12 315 2 969 900 724 426

2004 Jan 16.23 16.22 16.19 16.16 16.09 15.95 15.74 12 960 17 931 9 845 788 632 493

Feb 16.24 16.20 16.16 16.12 16.06 15.88 15.78 6 390 9 937 20 622 726 578 594

Mar 16.02 15.84 15.71 15.57 15.32 15.17 15.24 12 364 22 880 2 879 927 609 332

Apr 15.74 15.64 15.54 15.46 15.45 15.60 15.78 15 447 26 801 4 907 818 775 465

May 15.84 15.90 16.06 16.41 16.88 17.80 18.45 9 312 26 836 3 763 822 774 497

Jun 15.70 15.77 15.87 16.02 16.54 16.79 17.04 10 593 20 399 1 428 1 226 721 285

Jul 15.74 15.84 15.99 16.18 16.69 17.19 17.54 8 246 26 071 2 147 999 886 319

Aug 15.82 15.98 16.14 16.41 16.73 17.36 17.80 8 327 26 289 2 393 1 132 1 081 385

Sep 16.17 16.29 16.49 16.67 17.08 17.30 17.41 23 225 8 813 1 852 1 464 621 289

Oct 16.66 16.92 17.21 17.41 17.69 17.85 17.91 9 151 17 951 2 603 1 188 791 367

Nov 17.20 17.42 17.59 17.76 17.89 18.01 17.96 6 912 24 485 6 307 1 013 947 486

Source: BM&F

1/ Adjustment rates of contracts in the last working day of the month. Rates of contracts falling due in the first four months subsequent to the reference month (1st to 4th maturity)

and those falling due in the first months of the following quarters (5th to 7th maturity, months of January, April, July and October) are shown.

2/ Daily average.

3/ Outstanding contracts at the end of session.


98

III.9 - Dollar futures contracts Adjustment prices, traded volumes and outstanding contracts#####

Period Adjustment prices1/ Traded volumes2/ Outstanding contracts3/

(R$/US$) (R$ million) (thousand)

1st 2nd 3rd 1st 2nd 3rd to 7th 3rd 2nd 3rd to 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month month month month

2002 Dec 3.5333 3.5145 3.5268 7 593 1 141 53 71 60 17

2003 Jan 3.5258 3.5423 3.5796 9 155 1 463 76 76 73 19

Feb 3.5632 3.6159 3.6665 9 993 1 377 89 78 72 10

Mar 3.3531 3.4082 3.4578 9 158 1 512 61 92 73 8

Apr 2.8898 2.9704 3.0156 10 692 1 858 129 133 132 12

May 2.9656 3.0199 3.0769 10 398 1 528 80 111 99 11

Jun 2.8720 2.8981 2.9456 8 886 1 453 69 105 95 14

Jul 2.9655 3.0189 3.0672 7 794 1 310 102 92 93 12

Aug 2.9665 3.0271 3.0743 8 893 1 290 102 83 95 13

Sep 2.9234 2.9439 2.9821 7 987 1 259 138 102 93 16

Oct 2.8562 2.9054 2.9445 7 199 1 004 113 86 71 17

Nov 2.9494 2.9807 3.0143 8 660 1 483 121 117 91 12

Dec 2.8892 2.9419 2.9704 7 928 1 597 106 111 104 16

2004 Jan 2.9409 2.9600 2.9954 9 992 1 919 159 107 124 22

Feb 2.9138 2.9439 2.9752 11 782 2 008 156 134 117 23

Mar 2.9086 2.9268 2.9600 10 704 1 461 176 111 106 24

Apr 2.9447 2.9723 3.0064 11 884 1 982 145 102 127 26

May 3.1291 3.2333 3.2756 16 105 2 049 196 111 122 27

Jun 3.1075 3.1307 3.1702 11 460 2 022 97 105 117 28

Jul 3.0268 3.0758 3.1130 11 416 2 041 115 88 116 27

Aug 2.9338 2.9624 2.9949 11 575 1 719 96 104 111 17

Sep 2.8586 2.8894 2.9223 10 989 1 938 186 126 132 19

Oct 2.8565 2.8916 2.9313 14 031 2 024 327 97 113 32

Nov 2.7307 2.7555 2.7892 12 604 2 395 77 138 144 16

Source: BM&F

1/ Adjustment prices of contracts corresponding to the last working day of the first three maturities.

2/ Daily average.



99

III.10 - Forward rate agreement on the ID x U.S. Dollar spread Adjustment rates, traded volumes and outstanding contracts#####

Period Interest rates1/ Traded volumes2/ Outstanding contracts3/

% p.y. (R$ million) (thousand)

2nd 3rd 4th 5th 6th 7th 1st to 3rd 4th and 5th 6th and 7th 1st to 4th 4th and 5th 6th and 7th

maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity maturity

month month month month month month months month month months month month

2002 Dec 19.00 18.99 19.40 18.60 18.90 19.90 5 534 511 647 268 67 293

2003 Jan 9.99 10.59 13.10 14.80 15.60 16.00 6 117 1 536 1 488 250 91 308

Feb 6.35 8.21 9.80 11.80 12.80 13.47 4 326 4 645 1 284 219 127 319

Mar 6.35 7.15 7.99 8.80 9.55 10.10 9 119 1 481 1 392 314 111 277

Apr 3.56 4.30 5.33 6.60 7.20 7.70 5 743 3 924 2 415 331 141 306

May 2.51 3.40 4.16 5.28 5.85 6.36 4 727 6 437 2 102 318 148 340

Jun 2.00 2.50 3.37 4.00 4.61 5.30 4 093 5 494 1 898 307 172 292

Jul 2.35 2.90 3.76 4.46 5.21 6.00 4 303 6 408 2 657 297 175 301

Aug 1.17 1.65 2.22 3.08 3.79 4.39 5 039 9 259 3 413 306 209 325

Sep 0.80 1.42 2.19 2.75 3.35 3.85 6 933 5 292 2 218 361 159 273

Oct 1.09 1.38 1.82 2.26 2.79 3.33 7 085 6 635 3 396 363 162 287

Nov 1.49 1.72 1.95 2.41 2.76 3.11 7 285 6 358 4 125 339 177 319

Dec 1.05 1.34 1.79 2.26 2.73 3.13 6 590 2 648 4 740 378 147 309

2004 Jan 2.08 2.14 2.36 2.76 3.00 3.29 7 419 2 430 7 301 394 161 338

Feb 1.44 1.65 1.95 2.50 2.92 3.19 7 604 3 120 10 208 372 176 350

Mar 0.99 1.18 1.64 2.01 2.32 2.64 9 021 8 433 2 725 379 174 256

Apr 0.68 0.89 1.39 1.98 2.50 2.97 11 695 8 798 3 294 325 166 289

May 0.13 0.70 1.46 2.98 3.64 4.17 9 064 12 903 3 411 302 162 298

Jun 0.46 0.94 1.88 2.59 3.25 3.85 7 826 13 321 2 037 361 179 268

Jul 0.55 0.81 1.25 1.73 2.24 2.82 8 230 7 536 3 143 273 145 274

Aug 1.23 1.36 1.50 1.91 2.40 2.89 9 129 4 362 3 795 290 161 300

Sep 1.16 1.33 1.69 2.01 2.39 2.65 14 360 1 068 3 447 376 88 264

Oct 1.15 1.34 1.60 1.85 2.21 2.48 9 648 1 770 4 370 332 101 288

Nov 1.85 2.10 2.28 2.43 2.71 2.82 12 625 2 682 3 727 356 118 298

Source: BM&F

1/ Adjustment rates of contracts in the last working day of the month. Rates of contracts falling due between the 2nd and the 4th month subsequent to the reference month

(2nd to 4th maturity) and those falling due in the first months fo the following three quarters (5th to 7th maturity, months of January, April, July and October) are shown.

2/ Daily average.



100

III.11 - Capital market indicators

#

Period Stock exchanges Primary issue2/

R$ million

Index Accumulated in the month (%) Total Stocks Corporate Commercial

amount bonds papers

Ibovespa Dow Jones Nasdaq Ibovespa Dow Jones Nasdaq Bovespa1/

R$ million

2000 Dec 15 259 10 787 2 471 14.84 3.58 -4.90 655.97 278 1 729 1 083

2001 Dec 13 509 10 137 1 987 4.47 2.90 2.94 725.25 129 5 256 77

2002 Dec 11 268 8 342 1 336 7.23 -6.23 -9.69 604.09 - 6 646 7

2003 Jan 10 941 8 054 1 321 -2.90 -3.45 -1.09 577.30 - - 2

Feb 10 280 7 702 1 309 -6.04 -4.37 -0.89 471.10 80 150 700

Mar 11 273 7 992 1 341 9.66 3.77 2.44 566.12 - 69 200

Apr 12 556 8 480 1 464 11.38 6.11 9.18 817.45 - 1 800 150

May 13 421 8 850 1 596 6.89 4.37 8.99 813.80 - 60 -

Jun 12 972 8 985 1 623 -3.35 1.53 1.68 781.99 - 350 23

Jul 13 572 9 234 1 735 4.62 2.76 6.92 572.65 - 250 3

Aug 15 174 9 416 1 810 11.81 1.97 4.35 828.25 - 830 -

Sep 16 010 9 275 1 787 5.51 -1.49 -1.30 1037.86 - 260 180

Oct 17 928 9 801 1 932 11.98 5.67 8.13 1139.14 - 205 475

Nov 20 183 9 782 1 960 12.58 -0.19 1.45 976.78 150 340 95

Dec 22 236 10 454 2 003 10.17 6.86 2.20 1174.95 - 969 300

2004 Jan 21 851 10 488 2 066 -1.73 0.33 3.13 950.54 - 1 580 1

Feb 21 755 10 584 2 030 -0.44 0.91 -1.76 1309.20 - - 40

Mar 22 142 10 357 1 995 1.78 -2.14 -1.73 1033.79 - 180 -

Apr 19 607 10 229 1 920 -11.45 -1.24 -3.73 1176.93 375 50 -

May 19 544 10 188 1 987 -0.32 -0.40 3.47 1003.38 - 150 -

Jun 21 148 10 435 2 048 8.21 2.42 3.07 1053.47 808 180 -

Jul 22 336 10 140 1 887 5.62 -2.83 -7.83 1124.43 - 1 629 200

Aug 22 803 10 174 1 838 2.09 0.34 -2.61 1205.31 - 1 380 -

Sep 23 245 10 080 1 897 1.94 -0.92 3.20 1161.24 1 889 1 857 -

Oct 23 052 10 027 1 975 -0.83 -0.52 4.12 1362.93 - 1 839 -

Nov 25 128 10 428 2 097 9.01 3.99 6.17 1224.93 321 314 2 000

Source: Bacen and Securities and Exchange Commission (CVM)

1/ Daily average.

2/ Flows in the month.


101

III.12 - Market value Open capital companies - Bovespa

##

Period Value of companies listed in the Bovespa index Total value of companies listed in Bovespa

R$ billion Variation % US$ billion1/ Variation % R$ billion Variation % US$ billion1/ Variation % Number of

companies

2000 Dec 299.7 11.63 153.3 11.87 441.0 7.94 225.5 8.17 459

2001 Dec 294.5 3.73 126.9 12.99 430.3 2.70 185.4 11.86 428

2002 Dec 294.0 5.32 83.2 8.40 438.3 4.36 124.0 7.41 399

2003 Jan 278.6 -5.23 79.0 -5.03 425.3 -2.97 120.6 -2.76 395

Feb 272.3 -2.28 76.4 -3.31 414.4 -2.56 116.3 -3.58 392

Mar 285.4 4.83 85.1 11.40 426.0 2.81 127.1 9.25 391

Apr 302.2 5.87 104.6 22.85 449.4 5.50 155.5 22.41 391

May 316.4 4.72 106.7 2.04 465.4 3.56 156.9 0.91 388

Jun 307.9 -2.71 107.2 0.46 456.6 -1.89 159.0 1.31 388

Jul 326.6 6.07 110.1 2.73 476.5 4.36 160.7 1.07 382

Aug 360.1 10.26 121.4 10.22 512.3 7.51 172.7 7.47 380

Sep 367.9 2.17 125.8 3.68 524.1 2.31 179.3 3.82 377

Oct 399.8 8.68 140.0 11.24 559.1 6.67 195.7 9.18 372

Nov 432.0 8.04 146.5 4.63 598.5 7.04 202.9 3.66 370

Dec 493.6 14.27 170.9 16.65 676.7 13.07 234.2 15.43 369

2004 Jan 479.8 -2.81 163.1 -4.52 668.0 -1.29 227.1 -3.03 368

Feb 490.0 2.14 168.2 3.09 679.0 1.65 233.0 2.60 366

Mar 497.5 1.52 171.0 1.70 688.0 1.33 236.5 1.51 364

Apr 435.0 -12.55 147.7 -13.62 619.6 -9.95 210.4 -11.05 364

May 444.5 2.18 142.1 -3.84 625.5 0.96 199.9 -4.99 361

Jun 469.6 5.64 151.1 6.38 667.5 6.71 214.8 7.46 361

Jul 496.7 5.78 164.1 8.60 704.0 5.46 232.6 8.27 360

Aug 526.6 6.00 179.5 9.36 745.3 5.86 254.0 9.22 355

Sep 563.6 7.03 197.1 9.85 791.4 6.20 276.9 8.99 358

Oct 569.0 0.96 199.2 1.03 800.1 1.09 280.1 1.16 357

Nov 604.5 6.25 221.4 11.14 848.3 6.03 310.7 10.92 359

Source: São Paulo Stock Exchange (Bovespa)

1/ Exchange rate (selling price) end of period free market.

IV - Public finance


104

Explanatory note to the tables in Chapter IV of theBoletim do Banco Central do Brasil

Since March 2001, the Boletim do Banco Central do Brasil no longer divulged the tables referring to thePublic sector borrowing requirements without exchange devaluation.

However, two tables concerning harmonized fiscal data for Mercosul1 were added. The first onepresents data on the Harmonized public net debt, which contrasts from the traditional methodologyfor not considering the monetary base. The other table presents the Variation of the harmonized netfiscal debt or, in other words, the consolidated public sector borrowing requirements, with a conceptsimilar to the methodology without exchange devaluation.

1/ Further information may be found at https://gmm.mecon.gov.ar.


105

IV.1 - Central government primary result Above the line concept

Flows in R$ million

End- Revenues Expenditures

of-

period National Treasury Social Security Total National Treasury Social Security Total

(a) (b) c = (a+b) (d) (e) f = (d+e)

1997 115 990 44 260 160 250 110 746 47 051 157 797

1998 138 251 46 283 184 534 123 626 53 375 177 001

1999 161 838 49 068 210 906 131 365 58 541 189 906

2000 180 801 55 717 236 518 149 118 65 786 214 904

2001 209 437 62 491 271 928 174 171 75 329 249 500

2002 250 815 71 027 321 842 201 354 88 027 289 381

2003 277 159 80 732 357 891 211 272 107 135 318 407

Jan 26 978 5 461 32 439 18 026 7 204 25 230

Feb 21 610 6 112 27 722 16 717 7 195 23 912

Mar 20 540 5 712 26 252 14 861 7 249 22 110

Apr 26 257 5 850 32 107 15 009 7 405 22 414

May 23 532 6 047 29 579 17 972 7 857 25 829

Jun 18 950 6 172 25 122 16 300 8 063 24 363

Jul 23 188 6 407 29 595 17 882 8 877 26 759

Aug 21 714 6 535 28 249 16 465 9 070 25 535

Sep 21 561 6 603 28 164 15 435 8 906 24 341

Oct 24 795 6 966 31 761 18 454 8 966 27 420

Nov 23 314 6 569 29 883 17 704 9 790 27 494

Dec 24 720 12 298 37 018 26 447 16 553 43 000

2004 293 867 80 534 374 401 216 143 105 057 321 200

Jan 28 842 5 850 34 692 18 720 8 857 27 577

Feb 24 412 7 113 31 525 18 098 9 090 27 188

Mar 25 889 7 138 33 028 18 184 8 628 26 812

Apr 27 766 7 198 34 964 18 294 9 145 27 438

May 25 757 7 276 33 033 20 195 9 086 29 282

Jun 25 624 7 900 33 524 18 023 9 789 27 812

Jul 27 526 7 509 35 035 21 654 9 774 31 427

Aug 26 135 7 583 33 718 19 986 10 154 30 140

Sep 27 246 7 527 34 773 19 895 10 078 29 973

Oct 28 411 7 759 36 170 21 081 10 314 31 395

Nov 26 259 7 681 33 940 22 014 10 142 32 156

(continues)


106

IV.1 - Central government primary result Above the line concept

(concluded) Flows in R$ million

End- Federal government result Banco Central result Central government result1/

of-

period National Treasury Social Security Total

g = (a-d) h = (b-e) i = (g+h) (j) k = (i+j)

1997 5 244 - 2 791 2 453 - 695 1 758

1998 14 625 - 7 092 7 533 - 152 7 381

1999 30 473 - 9 473 21 000 - 742 20 258

2000 31 683 - 10 069 21 614 - 477 21 137

2001 35 266 - 12 838 22 428 - 690 21 738

2002 49 461 - 17 000 32 461 - 780 31 681

2003 65 887 - 26 403 39 484 - 196 39 288

Jan 8 952 - 1 743 7 209 - 38 7 171

Feb 4 893 - 1 083 3 810 24 3 834

Mar 5 679 - 1 537 4 142 - 14 4 128

Apr 11 248 - 1 555 9 693 - 21 9 672

May 5 560 - 1 810 3 750 - 26 3 724

Jun 2 650 - 1 891 759 2 761

Jul 5 306 - 2 470 2 836 - 30 2 806

Aug 5 249 - 2 535 2 714 - 19 2 695

Sep 6 126 - 2 303 3 823 - 58 3 765

Oct 6 341 - 2 000 4 341 - 13 4 328

Nov 5 610 - 3 221 2 389 - 27 2 362

Dec - 1 727 - 4 255 - 5 982 24 - 5 958

2004 77 724 - 24 523 53 201 - 198 53 002

Jan 10 123 - 3 007 7 116 - 4 7 112

Feb 6 314 - 1 977 4 337 - 36 4 301

Mar 7 706 - 1 490 6 215 4 6 219

Apr 9 472 - 1 946 7 526 - 5 7 520

May 5 562 - 1 810 3 751 - 26 3 725

Jun 7 601 - 1 889 5 712 - 27 5 685

Jul 5 873 - 2 265 3 608 - 18 3 590

Aug 6 149 - 2 571 3 578 - 30 3 548

Sep 7 351 - 2 551 4 800 - 10 4 790

Oct 7 330 - 2 555 4 775 - 20 4 755

Nov 4 245 - 2 461 1 784 - 26 1 758

Source: STN

1/ (+) = surplus; (-) = deficit.


107

IV.2 - National Treasury performance summary Cash basis

Flows in R$ million

End- Revenues1/Expenditures Cash Federal Remuneration of Result of Federal security Renegotiation of Domestic and Resources

of- balance security available funds the Banco charges - Banco foreign debt and external available

period operations in the Banco Central Central portfolio acquirement contracted

Central of warranties debt

amortization

1996 97 132 106 257 - 9 125 20 846 3 386 - - 1 671 - 6 504 - 5 321 1 611

1997 116 034 121 680 - 5 646 29 209 3 843 - - 3 146 - 161 - 9 947 14 152

1998 139 086 148 333 - 9 247 31 240 9 821 - - 4 269 - 578 - 8 260 18 707

1999 158 781 163 709 - 4 928 39 794 17 388 - - 9 326 - 798 - 12 665 29 465

2000 239 403 252 634 - 13 231 32 796 12 303 - - 4 313 0 - 15 472 12 083

2001 272 109 283 755 - 11 646 57 353 15 966 - - 6 225 0 - 18 325 38 261

2002 328 257 338 008 - 9 751 59 876 16 263 - - 6 944 0 - 16 853 38 261

2003 370 911 367 665 3 246 66 265 19 848 0 - 15 696 0 - 38 632 35 031

Jan 26 460 24 823 1 637 8 080 920 0 - 1 267 0 - 878 8 492

Feb 30 579 29 763 816 481 3 172 0 - 194 0 - 2 516 1 759

Mar 28 028 25 310 2 718 7 627 84 0 - 1 308 0 - 668 8 453

Apr 28 921 28 884 37 38 505 - 1 680 0 - 239 0 - 3 334 33 289

May 34 035 27 883 6 152 9 799 1 543 0 - 793 0 - 1 739 14 962

Jun 28 052 38 144 - 10 092 6 151 900 0 - 1 100 0 - 2 866 - 7 007

Jul 28 133 20 373 7 760 11 417 2 117 0 - 2 388 0 - 4 455 14 451

Aug 29 750 29 531 219 496 3 728 0 - 971 0 - 3 427 45

Sep 29 614 33 259 - 3 645 - 6 514 1 236 0 - 1 924 0 - 1 019 - 11 866

Oct 30 493 30 660 - 167 29 338 1 975 0 - 545 0 - 3 566 27 035

Nov 33 123 29 289 3 834 - 15 766 3 683 0 - 1 700 0 - 5 777 - 15 726

Dec 43 723 49 746 - 6 023 - 23 349 2 170 0 - 3 267 0 - 8 387 - 38 856

2004 381 262 374 163 7 099 5 630 17 276 7 998 - 21 340 0 - 19 304 - 2 640

Jan 28 236 33 043 - 4 807 - 3 180 645 0 - 2 039 0 - 1 164 - 10 545

Feb 33 289 27 472 5 817 6 220 2 541 5 502 - 874 0 668 19 874

Mar 34 340 33 884 456 - 21 025 1 228 0 - 3 392 0 - 486 - 23 219

Apr 35 427 28 658 6 769 31 551 1 812 0 - 460 0 - 1 035 38 637

May 36 042 35 211 831 - 22 634 4 413 0 - 2 250 0 - 551 - 20 191

Jun 33 525 29 881 3 644 13 566 885 0 - 814 0 - 3 620 13 660

Jul 34 411 34 109 302 2 644 995 0 - 3 685 0 - 2 249 - 1 993

Aug 36 786 35 003 1 783 1 416 1 377 0 - 1 450 0 - 1 041 2 085

Sep 35 683 35 617 66 15 914 851 2 496 - 1 414 0 - 2 122 15 791

Oct 35 172 36 987 - 1 815 - 26 236 1 535 0 - 2 800 0 - 4 786 - 34 102

Nov 38 351 44 298 - 5 947 7 394 995 0 - 2 162 0 - 2 917 - 2 637

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


108

IV.3 - National Treasury revenues1/

Cash basis

Flows in R$ million

End- Fiscal revenue Revenues of government Social Security Total revenues

of- credit operations and earnings net inflow

period on available resources in the BB

1996 91 878 5 254 ...'''' 97 132

1997 108 731 7 303 ...'''' 116 034

1998 130 681 8 405 ...'''' 139 086

1999 147 366 11 415 ...'''' 158 781

2000 172 658 11 297 55 448 239 403

2001 192 796 13 319 65 994 272 109

2002 238 121 13 511 76 625 328 257

2003 269 313 14 736 86 862 370 911

Jan 19 479 976 6 005 26 460

Feb 22 877 1 119 6 583 30 579

Mar 20 771 1 127 6 130 28 028

Apr 21 115 1 578 6 228 28 921

May 26 273 1 254 6 508 34 035

Jun 20 419 1 056 6 577 28 052

Jul 20 083 1 112 6 938 28 133

Aug 21 448 1 268 7 034 29 750

Sep 20 900 1 617 7 097 29 614

Oct 21 609 1 298 7 586 30 493

Nov 24 863 1 139 7 121 33 123

Dec 29 476 1 192 13 055 43 723

2004 279 180 14 427 87 655 381 262

Jan 20 659 1 061 6 516 28 236

Feb 24 388 1 236 7 665 33 289

Mar 25 126 1 555 7 659 34 340

Apr 25 555 2 154 7 718 35 427

May 27 620 530 7 892 36 042

Jun 23 439 1 294 8 792 33 525

Jul 24 858 1 416 8 137 34 411

Aug 27 451 1 138 8 197 36 786

Sep 26 266 1 225 8 192 35 683

Oct 24 981 1 633 8 558 35 172

Nov 28 837 1 185 8 329 38 351

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


109

IV.4 - National Treasury expenditures1/

Cash basis

Flows in R$ million

End- Payroll and Transfers to Other Federal Government Charges on Current expen- Social Total

of- social levies states and earmarkings security credit contracted debt ditures, invest- Security expenditures

period municipalities charges2/ operations - domestic and ment amount benefits

external to be paid

1996 40 505 20 830 6 357 10 809 2 288 5 183 20 285 ...'''' 106 257

1997 42 848 25 042 7 151 10 169 2 522 7 806 26 142 ...'''' 121 680

1998 47 296 29 166 9 302 18 475 2 394 9 231 32 469 ...'''' 148 333

1999 50 169 33 432 6 630 24 618 2 414 11 321 35 125 ...'''' 163 709

2000 57 177 39 357 8 233 25 042 2 965 13 542 39 502 66 816 252 634

2001 63 347 45 495 9 253 21 518 4 453 16 893 47 372 75 424 283 755

2002 72 874 55 657 9 948 27 006 3 793 19 656 58 378 90 696 338 008

2003 78 198 59 253 13 359 23 740 4 675 29 177 51 316 107 947 367 665

Jan 6 803 5 561 1 296 934 231 2 114 3 042 4 842 24 823

Feb 6 048 5 922 1 050 1 885 192 2 875 3 836 7 955 29 763

Mar 5 714 4 672 1 030 786 97 2 671 3 692 6 648 25 310

Apr 5 711 4 518 1 043 2 566 134 3 491 3 916 7 505 28 884

May 6 276 6 690 1 102 564 233 669 4 447 7 902 27 883

Jun 7 607 4 313 1 182 2 082 321 3 090 3 857 15 692 38 144

Jul 6 204 3 728 1 072 2 560 411 433 5 314 651 20 373

Aug 5 651 5 142 1 168 2 693 291 1 709 4 050 8 827 29 531

Sep 5 983 4 181 1 004 3 435 265 4 169 4 372 9 850 33 259

Oct 6 048 4 421 1 136 2 629 888 2 570 4 319 8 649 30 660

Nov 8 648 5 273 1 270 53 453 186 3 713 9 693 29 289

Dec 7 505 4 832 1 006 3 553 1 159 5 200 6 758 19 733 49 746

2004 79 118 60 762 13 565 30 360 3 922 13 266 64 349 108 822 374 163

Jan 7 578 5 462 1 686 2 662 228 2 133 3 829 9 465 33 043

Feb 6 719 6 313 1 235 1 203 302 212 4 978 6 510 27 472

Mar 6 317 4 789 1 094 3 434 207 269 5 606 12 168 33 884

Apr 6 192 5 621 1 142 617 149 146 6 607 8 184 28 658

May 6 649 6 570 172 6 077 193 381 5 569 9 600 35 211

Jun 7 938 4 156 1 323 240 227 410 5 914 9 674 29 881

Jul 6 470 5 130 1 497 2 328 430 2 279 6 472 9 503 34 109

Aug 6 938 6 115 1 441 3 209 423 1 168 5 877 9 832 35 003

Sep 7 124 4 878 1 275 2 514 299 911 8 553 10 063 35 617

Oct 6 924 5 717 1 356 3 769 355 3 498 5 338 10 030 36 987

Nov 10 269 6 011 1 344 4 308 1 109 1 859 5 606 13 792 44 298

Source: STN

1/ As of January 2000, Social Security benefits were also included.

2/ Excludes charges on Banco Central's portfolio.


110

IV.5 - Social SecurityCash basis

R$ million

End- Revenues Expenditures Operating Social

of- balance Security

period Inflow1/ Other National Federal Total Benefits Other Transfer Total balance5/

reve- Treasury govern- expen- to third

nues2/ revenue ment Social Other ditures3/ parties4/

antici- transfer Security

pation

(a) (b) (c) (d) e=(a+b+c+d) (f) (g) (h) (i) j=(f+g+h+i) k=(e-j)

1996 43 698 3 964 ... 3 043 50 705 41 389 ... 7 280 3 309 51 978 - 1 273 - 1 000

1997 47 970 6 392 ... 4 225 58 587 47 249 ... 3 654 3 821 54 724 3 862 - 3 101

1998 50 141 2 207 ... 10 041 62 389 53 742 1 908 5 442 3 501 64 593 - 2 204 - 7 102

1999 52 423 323 123 15 545 68 414 58 541 2 294 4 093 3 298 68 226 188 - 9 412

2000 59 606 533 1 760 15 283 77 182 65 786 2 721 4 072 3 889 76 468 714 - 10 069

2001 66 997 635 - 3 20 543 88 172 75 329 3 368 4 830 4 506 88 033 139 - 12 838

2002 76 080 361 2 939 25 652 105 032 88 029 4 083 4 980 5 053 102 145 2 887 - 17 002

2003 86 588 602 - 3 238 38 275 122 227 107 135 5 062 5 304 5 857 123 359 - 1 131 - 26 405

Jan 6 224 38 - 2 215 2 307 6 354 7 204 336 578 762 8 880 - 2 526 - 1 742

Feb 6 472 85 - 432 2 524 8 649 7 195 366 347 360 8 268 381 - 1 083

Mar 6 138 18 - 710 2 349 7 795 7 249 378 394 426 8 447 - 652 - 1 537

Apr 6 284 15 428 2 422 9 149 7 405 387 383 434 8 609 540 - 1 555

May 6 494 78 139 2 752 9 463 7 857 442 395 447 9 141 322 - 1 810

Jun 6 628 51 6 682 3 911 17 272 8 063 446 440 457 9 406 7 866 - 1 892

Jul 6 870 102 - 6 367 954 1 559 8 877 440 546 463 10 326 - 8 767 - 2 470

Aug 6 996 79 950 2 390 10 415 9 070 444 361 461 10 336 79 - 2 535

Sep 7 092 18 166 3 974 11 250 8 906 447 409 488 10 250 1 000 - 2 302

Oct 7 466 29 - 1 732 4 216 9 979 8 966 450 432 500 10 349 - 369 - 2 001

Nov 7 100 63 2 722 1 326 11 211 9 790 454 394 532 11 170 41 - 3 222

Dec 12 824 26 - 2 869 9 150 19 131 16 553 472 625 527 18 177 954 - 4 256

2004 70 384 738 - 3 858 36 512 103 776 84 793 6 545 8 946 5 289 105 573 - 1 797 - 19 698

Jan 6 799 29 - 910 5 474 11 392 8 857 537 515 949 10 857 535 - 3 007

Feb 7 558 96 - 3 167 3 931 8 418 9 090 644 681 445 10 861 - 2 442 - 1 977

Mar 7 690 95 2 070 4 596 14 452 8 628 586 558 551 10 323 4 128 - 1 490

Apr 7 728 151 - 1 887 3 725 9 717 9 145 777 399 530 10 851 - 1 133 - 1 946

May 7 793 274 - 480 3 989 11 576 9 086 785 492 518 10 881 695 - 1 810

Jun 8 456 59 1 737 1 534 11 786 9 789 846 415 556 11 606 180 - 1 889

Jul 8 061 96 - 1 106 4 326 11 376 9 774 928 531 551 11 785 - 409 - 2 265

Aug 8 161 - 130 - 155 3 647 11 522 10 154 709 904 578 12 345 - 822 - 2 571

Sep 8 138 69 41 5 247 13 494 10 078 733 4 662 610 16 083 - 2 589 - 2 550

Source: Ministério da Previdência e Assistência Social

1/ Includes: banking inflow, Simples, judicial deposits and inflow reimbursements.

2/ Includes financial earnings and other own payments.

3/ Includes personnel and current expenditures.

4/ Includes transfers to Sesi, Senac, Senai, etc.

5/ Includes banking inflow + Simples + judicial deposits - transfers to third parties reimbursements - social security benefits.


111

IV.6 - Circulation of Goods and Services Tax (ICMS)

Flows in R$ thousand

End- North region

of-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

1996 44 641 1 186 807 745 992 234 192 43 640 52 130 138 757 2 446 159

1997 51 288 1 234 842 770 221 357 767 53 342 54 867 156 182 2 678 509

1998 77 233 1 034 703 875 349 302 805 69 067 65 091 181 855 2 606 103

1999 78 306 1 102 680 902 985 359 089 68 342 68 837 213 911 2 794 150

2000 110 475 1 404 444 1 183 937 516 689 101 909 107 821 277 917 3 703 191

2001 132 836 1 655 936 1 480 002 557 721 118 784 118 400 343 415 4 407 094

2002 163 804 1 923 328 1 718 357 622 222 123 889 138 511 416 081 5 106 192

2003 208 455 2 193 498 2 131 688 865 534 134 412 147 463 548 664 6 229 714

Jan 16 628 190 246 166 510 67 774 11 525 12 660 43 331 508 674

Feb 17 915 173 663 183 822 55 410 11 249 10 290 39 344 491 693

Mar 16 199 185 387 151 921 55 661 10 784 10 505 44 661 475 118

Apr 15 550 190 191 147 878 60 666 11 780 11 755 38 801 476 621

May 19 637 172 559 171 728 58 835 11 012 11 851 41 773 487 395

Jun 14 777 180 859 167 294 74 133 12 146 11 264 45 615 506 088

Jul 16 321 164 880 180 103 90 126 11 407 12 055 44 301 519 193

Aug 17 483 183 124 184 431 83 821 9 514 12 359 52 525 543 257

Sep 17 617 184 285 194 357 82 127 12 577 13 437 47 413 551 813

Oct 17 555 184 813 189 247 81 803 9 597 12 991 48 957 544 963

Nov 18 134 198 311 200 818 78 812 11 091 13 184 52 495 572 845

Dec 20 639 185 180 193 579 76 366 11 730 15 112 49 448 552 054

2004 206 845 2 049 161 1 961 441 832 617 121 979 153 806 486 496 5 812 345

Jan 18 244 192 980 210 472 76 224 11 606 17 197 48 383 575 106

Fev 19 667 182 516 197 888 70 307 11 071 12 706 42 377 536 532

Mar 19 031 170 999 161 724 77 150 11 071 14 420 39 658 494 053

Apr 22 229 198 553 178 255 77 150 11 071 13 200 43 773 544 231

May 25 200 199 160 199 714 78 040 14 919 10 838 47 179 575 050

Jun 20 191 211 551 194 106 82 808 12 454 19 156 50 228 590 494

Jul 18 728 219 131 196 042 87 413 12 454 13 286 52 579 599 633

Aug* 18 728 219 131 199 520 87 413 12 454 22 759 52 579 612 584

Sep* 22 747 219 131 210 452 90 180 12 731 14 739 53 045 623 025

Oct* 22 080 236 009 213 268 105 932 12 148 15 505 56 695 661 637

(continues)


112


(continued) Flows in R$ thousand

End- Northeast region

of-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

1996 437 471 281 319 1 183 795 378 849 448 563 1 465 778 352 226 307 435 2 529 957 7 385 393

1997 396 985 305 527 1 254 253 458 903 491 206 1 616 235 368 070 366 729 2 572 078 7 829 986

1998 430 756 320 621 1 361 763 510 153 548 126 1 719 572 422 651 358 570 2 701 392 8 373 604

1999 458 868 340 412 1 541 324 614 280 605 357 1 793 663 416 803 396 497 3 023 236 9 190 440

2000 631 455 429 989 1 867 770 791 539 735 897 2 143 971 539 445 489 795 3 763 961 11 393 822

2001 805 428 467 930 2 121 415 911 350 910 423 2 394 617 592 673 578 004 4 242 537 13 024 377

2002 921 537 544 160 2 423 682 1 016 366 925 133 2 865 015 649 029 689 971 5 153 876 15 188 769

2003 979 435 612 351 2 633 551 1 186 566 1 040 965 3 150 689 799 452 764 511 5 871 356 17 038 876

Jan 76 458 54 449 237 257 113 178 103 698 269 255 68 337 63 817 496 151 1 482 600

Feb 94 337 47 703 222 300 96 653 93 950 258 574 66 975 60 159 497 568 1 438 219

Mar 76 468 49 571 190 894 91 945 81 132 257 319 67 570 59 961 445 134 1 319 994

Apr 69 836 45 993 209 624 92 023 76 426 245 868 64 911 62 487 489 390 1 356 558

May 77 637 46 360 202 149 90 398 73 622 264 771 63 219 59 040 455 590 1 332 786

Jun 73 173 50 537 221 381 100 302 90 200 267 173 62 284 58 851 465 120 1 389 021

Jul 93 750 50 476 212 652 88 886 91 887 266 434 58 745 58 897 469 413 1 391 140

Aug 94 615 51 417 255 673 98 516 79 674 247 634 59 298 60 681 471 597 1 419 105

Sep 85 950 52 832 242 223 104 831 81 442 247 314 73 644 66 154 499 765 1 454 155

Oct 88 945 53 418 204 713 96 056 93 704 258 348 58 590 73 390 510 071 1 437 235

Nov 71 119 55 725 209 900 105 112 81 182 281 890 68 490 73 273 518 459 1 465 150

Dec 77 147 53 870 224 785 108 666 94 048 286 109 87 389 67 801 553 098 1 552 913

2004 954 859 601 206 2 318 023 1 117 343 922 009 2 992 701 737 455 714 556 5 844 097 16 202 249

Jan 91 132 63 231 221 846 117 325 91 239 292 629 72 616 68 349 534 582 1 552 949

Feb 95 623 59 122 235 760 99 718 95 364 296 022 69 756 62 292 487 096 1 500 753

Mar 87 714 54 834 215 375 100 286 84 503 276 368 68 181 71 564 512 860 1 471 685

Apr 86 092 56 614 217 372 100 286 88 479 292 295 69 628 69 886 679 648 1 660 300

May 93 987 58 195 232 366 107 044 93 547 281 104 67 295 68 581 566 127 1 568 246

Jun 96 077 59 238 215 294 111 351 84 602 302 976 72 035 72 087 564 730 1 578 390

Jul 104 597 54 501 232 253 112 896 85 433 306 112 65 233 71 668 591 949 1 624 642

Aug* 88 115 67 006 246 793 121 061 87 625 306 112 81 625 70 938 610 585 1 679 860

Sep* 89 516 63 522 242 551 124 415 116 682 320 597 79 866 81 372 600 131 1 718 652

Oct* 122 006 64 943 258 413 122 961 94 535 318 486 91 220 77 819 696 389 1 846 772

(continues)


113



End- Southeast region South region

of-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

1996 5 429 860 1 381 742 5 215 680 21 430 364 33 457 646 2 811 606 1 915 829 4 015 924 8 743 359

1997 5 641 644 1 635 427 5 239 173 23 519 063 36 035 307 2 839 026 2 033 430 4 006 564 8 879 020

1998 5 578 565 1 496 776 6 360 804 23 319 364 36 755 509 2 929 402 2 016 151 4 232 062 9 177 615

1999 6 471 129 1 605 703 7 229 981 25 244 406 40 551 219 3 454 255 2 275 124 4 659 503 10 388 882

2000 7 562 363 2 004 531 8 169 916 30 618 863 48 355 673 4 355 485 2 756 601 5 643 999 12 756 086

2001 9 223 821 2 490 518 9 368 880 33 693 292 54 776 511 5 002 579 3 290 356 6 706 354 14 999 289

2002 9 543 622 2 381 617 10 409 117 37 254 155 59 588 511 5 786 722 3 858 352 7 441 494 17 086 568

2003 11 026 332 2 934 516 11 180 563 40 289 405 65 430 816 6 709 703 4 511 875 8 988 843 20 210 421

Jan 856 171 222 164 998 778 3 385 535 5 462 648 509 985 387 385 794 242 1 691 612

Feb 892 038 243 554 948 944 3 222 084 5 306 620 585 046 367 593 702 851 1 655 490

Mar 861 884 224 287 994 135 3 190 684 5 270 990 570 015 375 722 637 995 1 583 732

Apr 879 147 227 645 934 185 3 247 464 5 288 441 562 735 391 902 601 807 1 556 444

May 887 235 241 965 1 004 094 3 134 552 5 267 846 506 821 382 014 669 075 1 557 910

Jun 937 923 254 718 836 157 3 147 564 5 176 362 524 858 381 607 921 916 1 828 381

Jul 912 709 221 940 921 079 3 236 911 5 292 639 539 620 354 848 604 492 1 498 960

Aug 901 368 231 651 906 302 3 190 349 5 229 670 555 691 380 011 680 056 1 615 758

Sep 942 861 239 250 889 678 3 379 856 5 451 645 608 370 409 825 706 278 1 724 473

Oct 946 596 285 209 891 410 3 459 851 5 583 066 518 767 399 894 768 727 1 687 388

Nov 981 263 280 180 925 191 3 511 342 5 697 976 616 467 340 537 919 748 1 876 752

Dec 1 027 137 261 953 930 610 4 183 213 6 402 913 611 328 340 537 981 656 1 933 521

2004 10 701 331 2 949 766 10 802 018 37 573 359 62 026 474 6 483 045 3 948 029 7 706 162 18 137 236

Jan 1 026 574 304 256 1 668 433 3 606 948 6 606 211 671 826 340 537 776 549 1 788 912

Feb 942 810 267 499 966 558 3 291 269 5 468 136 617 549 340 537 741 213 1 699 299

Mar 942 703 249 811 895 695 3 510 949 5 599 158 670 720 340 537 702 883 1 714 140

Apr 1 028 669 249 811 963 803 3 697 706 5 939 989 630 956 340 537 684 896 1 656 389

May 1 013 192 279 336 958 768 3 708 325 5 959 621 607 208 437 866 763 895 1 808 969

Jun 1 054 091 293 702 1 052 941 3 875 064 6 275 798 644 373 427 795 732 145 1 804 313

Jul 1 097 473 314 863 1 094 094 3 784 852 6 291 282 575 465 427 795 805 141 1 808 401

Aug* 1 244 834 336 993 1 112 656 3 960 949 6 655 432 677 544 417 047 826 937 1 921 528

Sep* 1 164 069 307 270 1 068 963 4 083 619 6 623 921 767 414 443 985 796 644 2 008 043

Oct* 1 186 916 346 225 1 020 107 4 053 678 6 606 926 619 990 431 393 875 859 1 927 242

(continues)


114


(concluded) Flows in R$ thousand

End- Central-west region Total - Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

1996 801 024 1 437 525 798 875 610 832 3 648 256 55 680 843

1997 905 504 1 587 604 957 700 673 718 4 124 526 59 573 866

1998 979 625 1 558 743 816 110 652 895 4 007 373 60 930 304

1999 1 121 094 1 830 593 1 113 259 883 951 4 948 897 67 874 156

2000 1 414 069 2 178 832 1 415 797 1 037 156 6 045 853 82 269 693

2001 1 598 339 2 615 094 1 543 252 1 243 930 7 000 615 94 156 996

2002 1 797 393 3 020 440 1 864 312 1 332 005 8 014 150 104 984 190

2003 2 206 574 3 698 715 2 474 555 1 859 637 10 239 481 119 149 308

Jan 181 831 260 750 175 829 140 229 758 639 9 904 173

Feb 187 560 296 605 161 013 146 059 791 237 9 683 259

Mar 159 632 281 112 176 585 151 030 768 359 9 418 193

Apr 173 541 335 924 180 083 156 204 845 752 9 523 816

May 169 874 258 112 180 184 152 121 760 291 9 406 228

Jun 175 926 319 725 204 141 153 112 852 904 9 752 756

Jul 181 204 298 174 210 669 154 471 844 518 9 546 450

Aug 179 771 302 881 212 386 156 066 851 104 9 658 894

Sep 178 992 322 307 254 564 158 167 914 030 10 096 116

Oct 187 465 342 295 242 973 161 025 933 758 10 186 410

Nov 222 155 299 203 247 617 164 287 933 262 10 545 985

Dec 208 623 381 627 228 511 166 866 985 627 11 427 028

2004 2 099 281 3 248 978 2 705 818 1 906 600 9 960 677 112 138 981

Jan 218 042 320 986 242 207 172 843 954 078 11 477 256

Feb 203 813 269 300 216 195 171 701 861 009 10 065 729

Mar 174 765 302 296 216 195 175 047 868 303 10 147 339

Apr 195 085 315 849 276 481 184 079 971 494 10 772 403

May 204 351 315 646 263 232 185 925 969 154 10 881 040

Jun 213 510 336 789 269 062 192 945 1 012 306 11 261 301

Jul 225 274 339 999 297 104 193 437 1 055 814 11 379 772

Aug* 224 028 392 486 323 463 202 969 1 142 946 12 012 350

Sep* 224 625 339 394 306 460 213 827 1 084 306 12 057 947

Oct* 215 788 316 233 295 419 213 827 1 041 267 12 083 844

Source: MF/Cotepe


115

IV.7 - Transfers of funds from the National Treasury to states and

municipalities1/

Flows in R$ thousand

End- North region

of-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

1996 347 466 369 602 933 852 324 112 242 367 335 748 521 042 3 074 188

1997 390 846 416 302 1 231 042 365 131 272 185 375 065 585 542 3 636 114

1998 443 232 505 892 1 489 393 412 923 305 913 435 209 664 376 4 256 938

1999 486 336 574 451 1 632 821 458 523 336 627 475 421 737 545 4 701 724

2000 576 642 661 023 1 776 434 548 665 428 569 559 640 855 107 5 406 080

2001 677 789 787 902 2 005 565 647 403 496 306 657 762 1 005 421 6 278 148

2002 838 436 981 440 2 407 136 798 482 624 046 812 443 1 244 221 7 706 204

2003 806 909 1 022 779 2 455 353 828 934 645 112 841 386 1 293 359 7 893 832

Jan 13 944 93 454 224 308 74 682 55 950 75 827 116 086 654 251

Feb 82 247 97 491 231 906 78 084 59 262 79 343 121 984 750 317

Mar 71 295 83 409 198 329 67 852 53 103 68 890 105 832 648 710

Apr 67 876 80 344 190 518 64 591 51 196 65 605 100 688 620 818

May 95 128 108 060 256 399 90 204 70 856 91 536 141 146 853 329

Jun 66 893 78 516 187 102 63 624 49 801 64 602 99 284 609 822

Jul 56 125 66 784 168 378 53 423 41 768 54 324 83 262 524 064

Aug 73 536 85 695 203 502 69 834 54 757 70 928 109 099 667 351

Sep 63 846 74 847 178 921 60 730 47 531 61 686 94 754 582 315

Oct 66 017 78 108 182 219 63 086 49 163 63 763 98 652 601 008

Nov 73 449 86 192 208 582 69 853 54 694 70 853 109 069 672 692

Dec 76 553 89 879 225 189 72 971 57 031 74 029 113 503 709 155

2004 810 562 1 056 773 2 589 901 848 987 657 172 854 436 1 313 432 8 131 263

Jan 14 996 96 746 233 210 80 282 62 629 81 446 124 911 694 220

Feb 91 756 105 355 251 921 87 035 68 343 88 379 136 111 828 900

Mar 74 307 86 423 208 267 70 696 55 353 71 830 110 244 677 120

Apr 84 821 101 137 239 636 82 700 63 931 81 217 128 166 781 608

May 95 256 109 681 261 210 90 313 70 943 91 654 141 327 860 384

Jun 61 935 74 091 178 392 58 960 46 097 59 900 91 873 571 248

Jul 65 839 94 089 270 748 67 185 49 270 67 484 99 398 714 013

Aug 83 906 100 410 244 193 80 725 62 553 81 740 124 712 778 239

Sep 72 723 88 244 215 809 69 939 54 194 70 836 108 119 679 864

Oct 81 117 100 187 242 322 80 427 61 306 78 210 123 859 767 428

Nov 83 906 100 410 244 193 80 725 62 553 81 740 124 712 778 239

(continues)


116


municipalities1/


End- Northeast region

of-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

1996 1 029 739 609 623 1 133 808 592 832 721 836 1 094 971 584 821 491 138 1 736 703 7 995 471

1997 1 174 412 688 072 1 276 230 667 028 812 823 1 231 036 650 938 556 001 2 121 471 9 178 011

1998 1 492 721 806 399 1 544 743 761 014 929 876 1 442 019 758 726 626 429 2 484 230 10 846 157

1999 1 710 024 904 819 1 739 014 844 797 1 039 256 1 587 200 842 149 694 292 2 854 336 12 215 887

2000 1 907 818 1 035 443 1 915 161 984 945 1 190 380 1 820 528 989 902 821 320 3 138 735 13 804 232

2001 2 191 690 1 202 356 2 233 307 1 160 231 1 392 471 2 122 741 1 153 315 966 278 3 638 125 16 060 514

2002 2 628 286 1 486 891 2 728 306 1 433 804 1 721 706 2 615 138 1 422 104 1 194 339 4 379 973 19 610 547

2003 2 719 188 1 533 372 2 857 616 1 488 531 1 789 569 2 694 589 1 474 817 1 258 616 4 461 652 20 277 950

Jan 246 988 137 468 256 517 133 534 160 530 241 817 132 444 112 911 414 656 1 836 865

Feb 258 625 144 477 269 095 140 350 168 797 253 716 138 891 118 670 432 756 1 925 377

Mar 217 654 124 937 233 928 121 836 146 467 220 535 120 702 103 035 359 225 1 648 319

Apr 208 050 119 039 223 147 116 104 139 552 210 331 115 056 98 104 343 988 1 573 371

May 285 687 166 151 310 033 162 132 195 093 292 709 160 260 137 328 470 733 2 180 126

Jun 205 013 117 293 219 677 114 332 137 428 207 112 113 351 96 656 338 146 1 549 008

Jul 191 156 100 853 185 079 96 078 115 412 174 497 95 438 81 161 298 751 1 338 425

Aug 224 057 128 822 241 037 125 621 151 045 227 352 124 444 106 256 369 629 1 698 263

Sep 196 219 112 059 209 795 109 149 131 190 197 813 108 291 92 283 323 171 1 479 970

Oct 194 709 115 143 217 214 113 025 135 811 204 787 112 103 95 480 331 008 1 519 280

Nov 232 586 129 819 241 005 125 543 150 939 227 257 124 339 106 136 376 408 1 714 032

Dec 258 444 137 311 251 089 130 827 157 305 236 663 129 498 110 596 403 181 1 814 914

2004 2 771 900 1 556 890 2 899 301 1 535 018 1 817 510 2 720 669 1 528 318 1 257 395 4 460 533 20 547 534

Jan 257 958 147 395 274 393 144 266 172 337 258 421 142 254 119 698 417 861 1 934 583

Feb 279 974 160 659 299 145 157 415 188 091 283 048 155 478 130 625 454 609 2 109 044

Mar 229 993 130 515 243 204 127 645 152 436 228 918 125 978 105 854 371 616 1 716 159

Apr 263 925 151 505 282 015 149 523 175 770 266 690 145 010 121 965 435 176 1 991 579

May 290 129 166 909 310 878 163 630 195 465 292 430 160 970 135 707 472 725 2 188 843

Jun 194 893 109 411 205 560 108 931 128 784 191 675 107 059 89 698 315 019 1 451 030

Jul 249 351 121 261 222 361 120 984 139 819 202 830 133 174 93 289 354 871 1 637 940

Aug 260 571 147 476 275 289 146 479 172 863 258 097 144 958 120 788 422 398 1 948 919

Sep 228 538 128 134 239 440 126 159 149 968 224 267 126 369 103 545 369 388 1 695 808

Oct 255 997 146 149 271 727 143 507 169 114 256 196 142 110 115 438 424 472 1 924 710

Nov 260 571 147 476 275 289 146 479 172 863 258 097 144 958 120 788 422 398 1 948 919

(continues)


117


municipalities1/


End- Southeast region South region

of-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

1996 1 810 340 373 227 525 809 1 616 890 4 326 266 1 006 392 617 899 1 103 569 2 727 860

1997 2 137 118 445 075 1 109 193 1 956 750 5 648 136 1 388 689 737 625 1 257 139 3 383 453

1998 2 664 368 535 180 810 342 2 080 576 6 090 466 1 695 508 885 661 1 824 104 4 405 273

1999 3 145 610 692 888 814 016 3 751 486 8 404 000 1 893 100 977 706 1 852 057 4 722 863

2000 3 392 035 723 779 1 000 353 3 720 564 8 836 731 2 008 980 1 080 368 2 058 542 5 147 890

2001 3 813 190 819 692 1 101 646 4 018 070 9 752 598 2 232 813 1 225 131 2 281 181 5 739 125

2002 4 542 974 956 081 1 321 077 4 735 071 11 555 203 2 696 225 1 449 844 2 690 351 6 836 420

2003 4 622 189 984 810 1 333 502 4 941 423 11 881 924 2 740 121 1 506 505 2 783 353 7 029 979

Jan 437 449 108 223 120 080 575 772 1 241 524 261 583 150 805 294 168 706 556

Feb 449 235 110 965 122 719 583 545 1 266 464 265 996 155 417 298 329 719 742

Mar 373 016 76 627 109 184 377 241 936 068 220 620 120 129 218 636 559 385

Apr 359 573 74 436 106 623 367 907 908 539 214 094 117 258 213 378 544 730

May 478 986 95 856 135 165 461 878 1 171 885 277 862 150 005 271 640 699 507

Jun 352 438 72 738 103 675 359 810 888 661 209 129 113 632 207 484 530 245

Jul 306 159 63 412 90 635 318 066 778 272 181 400 98 378 180 787 460 565

Aug 384 088 78 370 111 494 384 709 958 661 225 876 122 694 223 345 571 915

Sep 337 398 69 725 99 193 346 290 852 606 200 331 108 333 198 452 507 116

Oct 358 141 73 326 104 622 373 560 909 649 217 576 115 556 214 627 547 759

Nov 386 094 79 085 112 850 390 835 968 864 229 105 124 533 227 387 581 025

Dec 399 612 82 047 117 262 401 810 1 000 731 236 549 129 765 235 120 601 434

2004 4 734 344 1 050 443 1 456 338 4 811 087 12 052 212 2 838 356 1 537 454 2 767 715 7 143 525

Jan 436 302 89 497 128 811 435 076 1 089 686 255 586 134 891 248 919 639 396

Feb 471 721 96 564 138 940 463 647 1 170 872 274 060 146 200 267 048 687 308

Mar 390 947 81 345 117 622 395 902 985 816 229 363 121 878 224 255 575 496

Apr 472 406 97 877 152 190 501 650 1 224 123 281 086 150 709 273 200 704 995

May 489 880 100 400 144 966 480 638 1 215 884 284 853 152 505 278 098 715 456

Jun 337 539 72 154 106 013 354 819 870 525 201 564 107 598 199 095 508 257

Jul 383 407 123 521 122 341 385 153 1 014 422 254 580 151 426 245 770 651 776

Aug 443 997 98 452 135 277 440 452 1 118 178 264 547 144 189 259 036 667 772

Sep 392 241 88 673 121 444 400 241 1 002 599 236 176 128 657 232 108 596 941

Oct 471 907 103 508 153 457 513 057 1 241 929 291 994 155 212 281 150 728 356

Nov 443 997 98 452 135 277 440 452 1 118 178 264 547 144 189 259 036 667 772

(continues)


118


municipalities1/

(concluded) Flows in R$ thousand

End- Central-west region Total - Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

1996 87 351 601 368 392 264 268 778 1 349 761 19 473 546

1997 98 308 677 465 536 569 379 642 1 691 983 23 537 697

1998 111 376 785 969 572 871 420 649 1 890 865 27 489 699

1999 123 608 868 055 638 262 419 497 2 049 422 32 093 896

2000 157 673 1 034 112 720 916 484 639 2 397 340 35 592 273

2001 186 573 1 202 920 821 896 553 456 2 764 845 40 595 230

2002 229 297 1 485 757 997 376 675 662 3 388 092 49 096 466

2003 225 098 1 520 652 1 024 471 699 119 3 469 340 50 553 024

Jan 20 284 137 148 95 056 64 186 316 674 4 755 870

Feb 20 959 142 290 95 023 64 614 322 886 4 984 786

Mar 18 419 123 902 83 271 56 491 282 083 4 074 565

Apr 17 628 118 321 79 563 54 152 269 664 3 917 122

May 23 872 163 502 108 641 73 760 369 775 5 274 622

Jun 17 421 116 612 78 300 53 250 265 583 3 843 319

Jul 14 955 98 752 66 606 45 330 225 643 3 326 969

Aug 18 993 127 516 85 286 58 083 289 878 4 186 068

Sep 16 730 111 298 75 207 50 927 254 162 3 676 169

Oct 17 283 119 984 82 368 58 191 277 826 3 855 522

Nov 18 934 128 620 86 344 59 747 293 645 4 230 258

Dec 19 620 132 707 88 806 60 388 301 521 4 427 755

2004 234 168 1 579 274 1 121 945 725 290 3 660 677 51 535 211

Jan 21 261 146 650 98 997 67 773 334 681 4 692 566

Feb 22 971 158 041 105 423 70 791 357 226 5 153 350

Mar 19 032 128 842 86 708 58 063 292 645 4 247 236

Apr 26 512 160 623 106 129 74 712 367 976 5 070 281

May 23 806 163 954 109 263 73 380 370 403 5 350 970

Jun 16 237 108 580 73 559 49 266 247 642 3 648 702

Jul 17 075 127 047 125 650 60 065 329 837 4 347 988

Aug 21 187 146 940 104 385 66 415 338 927 4 852 035

Sep 18 667 128 275 92 190 58 326 297 458 4 272 670

Oct 26 233 163 382 115 256 80 084 384 955 5 047 378

Nov 21 187 146 940 104 385 66 415 338 927 4 852 035

Source: STN

1/ Refers to State and Municipalities Equity Funds, Export Funds, Tax on Financial Transactions - Gold, Tax on Rural Properties. The values of refunds of ICMS according to

LC 87 are included as of January 1997.


119

IV.8 - Federal domestic securities issued National Treasury liabilities

Balances in R$ million

End- LFT LTN BTN NTN CTN/ Partial Securitized Total Percentage change

of- CFT credits

period TDA/CDP/ Nominal Real1/

Agrarian

debt In In In 12 In In In 12

month year months month year months

1996 Dec ... 49 101 54 65 620 ... 114 775 ... 114 775 3.0 35.7 35.7 1.7 24.2 24.2

1997 Dec 72 181 87 056 60 66 436 ... 225 732 ... 225 732 59.7 96.7 96.7 58.5 83.6 83.6

1998 Dec 264 933 20 748 64 53 838 4 237 343 820 ... 343 820 8.1 52.3 52.3 6.9 49.5 49.5

1999 Dec 291 895 49 253 67 111 999 11 292 464 507 ... 464 507 0.5 20.0 20.0 - 0.6 0.1 0.1

2000 Dec 349 498 108 852 64 48 049 14 280 520 743 27 982 548 724 1.2 34.7 34.7 0.6 23.0 23.0

2001 Dec 435 992 81 209 67 134 079 19 366 670 713 21 564 692 277 1.7 23.6 23.6 1.5 12.2 12.2

2002 Dec 462 950 34 634 100 217 098 19 214 733 997 24 850 758 846 0.5 22.0 22.0 - 1.9 - 4.4 - 4.4

2003 Jan 484 624 31 570 100 217 275 19 616 753 185 24 899 778 083 3.9 3.9 24.6 2.0 2.0 - 4.0

Fev 510 304 22 080 102 221 756 19 915 774 157 25 170 799 327 1.9 5.9 25.6 0.2 2.3 - 4.7

Mar 504 619 51 352 89 213 483 19 767 789 311 25 204 814 515 1.1 7.0 26.7 0.0 2.3 - 4.4

Apr 551 698 45 015 77 189 767 19 435 805 992 25 485 831 477 - 0.2 6.8 23.3 - 0.4 1.9 - 6.4

May 561 522 59 401 80 192 069 19 395 832 467 25 809 858 276 2.6 9.6 24.1 4.0 6.0 - 3.1

Jun 567 360 70 602 78 187 875 19 118 845 033 25 819 870 851 1.3 11.0 22.8 3.7 9.9 0.0

Jul 572 067 92 571 81 188 756 19 250 872 725 25 942 898 667 2.7 14.0 17.3 3.5 13.7 - 1.6

Aug 536 093 124 847 81 189 917 19 163 870 101 25 421 895 522 1.0 15.1 21.0 1.6 15.5 4.7

Sep 521 999 158 916 74 190 103 18 900 889 992 25 242 915 234 2.2 17.7 17.4 2.2 18.0 4.9

Oct 523 393 171 845 73 192 019 18 802 906 132 24 516 930 648 0.9 18.7 21.0 0.4 18.5 13.1

Nov 515 580 180 057 76 196 954 18 809 911 476 24 804 936 281 0.6 19.4 20.0 1.0 19.7 17.4

Dec 499 621 169 774 74 200 748 18 236 888 453 23 789 912 242 - 2.4 16.6 16.6 - 3.0 16.0 16.0

2004 Jan 494 833 164 236 76 197 722 18 097 874 965 23 717 898 682 0.7 0.7 13.0 - 6.9 - 6.9 5.9

Feb 496 011 179 683 76 196 037 17 964 889 772 23 874 913 646 1.2 1.9 12.2 0.1 - 6.7 5.8

Mar 503 934 207 273 70 191 236 17 982 920 495 22 999 943 494 2.4 4.3 13.7 1.3 - 5.5 7.2

Apr 508 314 209 748 71 196 015 18 099 932 248 23 130 955 378 0.6 4.9 14.6 0.5 - 5.0 8.2

May 457 871 213 827 76 204 641 18 377 894 792 23 248 918 040 - 1.1 3.7 10.4 - 0.8 - 5.8 3.2

Jun 476 712 218 201 76 207 040 18 445 920 473 23 440 943 913 2.0 5.8 11.1 1.8 - 4.1 1.2

Jul 528 014 169 912 74 204 844 18 235 921 079 23 441 944 520 0.1 5.9 8.3 0.3 - 3.9 - 1.9

Aug 521 051 184 591 73 204 368 18 216 928 299 23 805 952 103 0.7 6.7 8.0 0.1 - 3.8 - 3.4

Sep* 517 987 209 056 65 200 125 18 166 945 398 23 647 969 045 1.1 7.8 6.9 1.1 - 2.8 - 4.4

Oct* 538 345 197 969 66 198 050 17 968 952 398 23 590 975 988 0.7 8.5 6.6 0.9 - 1.9 - 3.9

Nov* 536 890 218 178 63 194 108 17 851 967 091 23 369 990 460 0.8 9.4 6.8 0.0 - 1.9 - 4.9

Source: Bacen and STN

1/ Deflator: IGP-DI centered at end of referencemonth (geometric average of month indicated and subsequent month indices).


120

IV.9 - Federal domestic securitiesBanco Central do Brasil portfolio


End- LTN LFT NTN Partial Securitized Total Entreasured Percentage change

of- credit securities

period MP 1,789 Nominal Real1/

In In In 12 In In In 12


1996 Dec 1 024 - 20 645 21 669 - 21 669 - 2.9 - 14.9 - 14.9 1.6 - 22.1 - 22.1

1997 Dec 22 302 8 588 4 571 35 461 - 35 461 - 71.6 63.6 63.6 70.3 52.8 52.8

1998 Dec 15 311 107 763 1 596 124 670 - 124 670 - 21.5 251.6 251.6 20.2 245.2 245.2

1999 Dec 11 135 35 919 13 818 60 871 - 60 871 51 754 - 22.2 - 9.7 - 9.7 - 22.9 - 39.0 - 39.0

2000 Dec 33 453 87 197 1 817 122 466 1 246 123 713 - 10.9 9.8 9.8 10.2 24.4 24.4

2001 Dec 32 418 113 839 46 591 192 847 1 543 194 390 - 0.4 57.1 57.1 0.2 42.5 42.5

2002 Dec 21 037 90 366 89 700 201 103 1 678 202 781 - - 0.3 4.3 4.3 - 2.7 - 18.3 - 18.3

2003 Jan 19 458 93 717 89 165 202 340 1 694 204 034 - 0.6 0.6 8.4 - 1.2 - 1.2 - 16.5

Fev 9 342 113 128 90 323 212 793 1 709 214 502 - 5.1 5.8 13.5 3.4 2.2 - 13.8

Mar 35 735 96 155 84 404 216 294 1 723 218 017 - 1.6 7.5 18.2 0.6 2.8 - 10.9

Apr 32 757 122 548 72 545 227 849 1 738 229 588 - 5.3 13.2 24.2 5.1 8.0 - 5.7

May 37 872 124 624 73 868 236 364 1 755 238 118 - 3.7 17.4 24.7 5.1 13.5 - 2.6

Jun 40 678 124 683 71 299 236 660 1 770 238 430 - 0.1 17.6 26.8 2.5 16.4 3.3

Jul 49 114 120 771 73 051 242 935 1 788 244 723 - 2.6 20.7 19.8 3.4 20.4 0.5

Aug 73 285 85 489 73 130 231 904 1 804 233 707 - - 4.5 15.3 4.8 - 4.0 15.6 - 9.4

Sep 94 962 72 174 72 199 239 335 1 818 241 153 - 3.2 18.9 14.2 2.7 18.7 1.6

Oct 100 898 69 201 73 456 243 555 1 833 245 388 - 1.8 21.0 19.0 1.8 20.8 11.2

Nov 98 001 65 411 75 559 238 971 1 844 240 815 - - 1.9 18.8 18.4 - 1.5 19.0 15.8

Dec 78 719 56 441 74 026 209 186 1 857 211 043 - - 12.4 4.1 4.1 - 13.0 3.6 3.6

2004 Jan 72 424 48 938 69 542 190 904 1 868 192 772 - - 8.7 - 8.7 - 5.5 - 15.5 - 15.5 - 11.4

Feb 79 900 51 114 68 792 199 806 1 877 201 683 - 4.6 - 4.4 - 6.0 3.6 - 12.5 - 11.3

Mar 91 408 54 282 64 288 209 978 1 889 211 868 - 5.0 0.4 - 2.8 4.0 - 9.0 - 8.3

Apr 89 802 56 382 65 601 211 785 1 900 213 685 - 1.7 2.1 - 6.2 1.6 - 7.6 - 11.4

May 92 622 30 907 70 334 193 864 1 912 195 775 - - 9.1 - 7.2 - 17.8 - 8.9 - 15.8 - 23.2

Jun 91 987 46 679 69 496 208 162 1 924 210 086 - 7.3 - 0.5 - 11.9 7.1 - 9.8 - 19.7

Jul 56 292 81 953 67 906 206 152 1 937 208 089 - - 1.0 - 1.4 - 15.0 - 0.8 - 10.5 - 23.0

Aug 59 016 81 772 66 111 206 899 1 950 208 849 - 0.4 - 1.0 - 10.6 - 0.3 - 10.8 - 20.1

Sep* 75 694 74 785 61 334 211 813 1 962 213 776 - 2.4 1.3 - 11.4 2.3 - 8.7 - 20.3

Oct* 64 430 86 199 61 678 212 308 1 974 214 281 - 0.2 1.5 - 12.7 0.5 - 8.2 - 21.3

Nov* 73 301 84 913 59 168 217 383 1 985 219 368 - 2.4 3.9 - 8.9 1.6 - 6.8 - 18.9


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).


121

IV.10 - Federal domestic securitiesOutside 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

1996 Dec 48 077 - - 54 44 975 93 106 - 93 106

1997 Dec 64 755 63 592 - 60 61 865 190 271 - 190 271

1998 Dec 5 438 157 171 4 237 64 52 241 219 151 - 219 151

1999 Dec 38 118 204 223 11 292 67 98 182 351 881 - 351 881

2000 Dec 75 399 262 301 14 280 64 46 233 398 276 26 735 425 011

2001 Dec 48 791 322 153 19 366 67 87 488 477 866 20 021 497 887

2002 Dec 13 596 372 584 19 214 100 127 399 532 893 23 172 556 066

2003 Jan 12 112 390 906 19 616 100 128 110 550 845 23 205 574 050

Feb 12 738 397 176 19 915 102 131 433 561 364 23 462 584 825

Mar 15 617 408 464 19 767 89 129 079 573 017 23 481 596 498

Apr 12 258 429 151 19 435 77 117 222 578 143 23 746 601 889

May 21 529 436 898 19 395 80 118 201 596 103 24 054 620 157

Jun 29 924 442 677 19 118 78 116 575 608 373 24 049 632 421

Jul 43 458 451 297 19 250 81 115 705 629 790 24 154 653 944

Aug 51 563 450 603 19 163 81 116 788 638 198 23 617 661 815

Sep 63 954 449 824 18 900 74 117 904 650 657 23 424 674 081

Oct 70 947 454 192 18 802 73 118 562 662 576 22 684 685 260

Nov 82 056 450 169 18 809 76 121 395 672 505 22 960 695 465

Dec 91 055 443 180 18 236 74 126 721 679 267 21 932 701 199

2004 Jan 91 812 445 895 18 097 76 128 180 684 060 21 850 705 910

Feb 99 784 444 897 17 964 76 127 245 689 966 21 997 711 963

Mar 115 865 449 652 17 982 70 126 948 710 516 21 110 731 626

Apr 119 946 451 931 18 099 71 130 414 720 463 21 230 741 693

May 121 205 426 964 18 377 76 134 306 700 929 21 336 722 265

Jun 126 213 430 033 18 445 76 137 544 712 312 21 516 733 827

Jul 113 619 446 060 18 235 74 136 938 714 927 21 504 736 431

Aug 125 575 439 279 18 216 73 138 257 721 400 21 855 743 254

Sep* 133 362 443 201 18 166 65 138 791 733 585 21 684 755 269

Oct* 133 539 452 145 17 968 66 136 372 740 090 21 616 761 706

Nov* 144 877 451 977 17 851 63 134 939 749 708 21 384 771 092

(continues)


122

IV.10 - Federal domestic securitiesOutside the Banco Central do Brasil

(concluded) Balances in R$ million

End- LBC BBC NBCA Partial Total Percentage change

of- BBCA NBCE total

period NBCF (Banco Nominal Real1/

Central)

In In In 12 In In In 12


1996 Dec 32 789 50 316 - 83 105 176 211 0.6 62.4 62.4 - 0.6 48.7 48.7

1997 Dec 25 282 28 327 11 629 65 238 255 509 22.6 45.0 45.0 21.7 35.4 35.4

1998 Dec 22 537 48 372 33 800 104 709 323 860 1.2 26.8 26.8 0.2 24.4 24.4

1999 Dec 1 122 - 61 897 63 020 414 901 0.6 28.1 28.1 - 0.6 6.8 6.8

2000 Dec - - 85 686 85 686 510 698 - 0.8 24.4 24.4 - 1.4 13.6 13.6

2001 Dec - - 126 198 126 198 624 084 - 0.5 22.2 22.2 - 0.6 10.9 8.1

2002 Dec - - 67 125 67 125 623 191 - 1.3 - 0.1 - 0.1 - 3.7 - 21.8 - 10.5

2003 Jan - - 62 813 62 813 636 863 2.2 2.2 0.3 0.3 0.3 - 11.4

Feb - - 59 937 59 937 644 762 1.2 3.5 2.1 - 0.4 - 0.1 - 12.5

Mar - - 53 206 53 206 649 704 0.8 4.3 3.7 - 0.3 - 0.3 - 13.4

Apr - - 42 518 42 518 644 407 - 0.8 3.4 1.8 - 1.0 - 1.3 - 17.1

May - - 40 601 40 601 660 759 2.5 6.0 3.3 2.9 1.5 - 14.2

Jun - - 37 002 37 002 669 423 1.3 7.4 2.4 1.8 3.3 - 13.2

Jul - - 36 046 36 046 689 990 3.1 10.7 2.3 2.9 6.3 - 11.7

Aug - - 34 136 34 136 695 951 0.9 11.7 11.7 0.0 6.3 - 2.6

Sep - - 33 660 33 660 707 741 1.7 13.6 7.4 0.9 7.3 - 4.0

Oct - - 32 599 32 599 717 859 1.4 15.2 13.6 1.0 8.3 4.4

Nov - - 32 841 32 841 728 306 1.5 16.9 15.3 0.9 9.3 9.9

Dec - - 30 659 30 659 731 858 0.5 17.4 17.4 6.9 16.9 5.4

2004 Jan - - 31 427 31 427 737 337 0.7 0.7 15.8 - 6.8 - 6.8 5.7

Feb - - 31 184 31 184 743 147 0.8 1.5 15.3 - 0.2 - 7.0 6.2

Mar - - 28 215 28 215 759 841 2.2 3.8 17.0 1.2 - 5.9 7.7

Apr - - 25 981 25 981 767 674 1.0 4.9 19.1 1.0 - 5.0 10.4

May - - 26 117 26 117 748 382 - 2.5 2.3 13.3 - 2.2 - 7.1 8.0

Jun - - 24 360 24 360 758 187 1.3 3.6 13.3 1.1 - 6.1 4.8

Jul - - 22 764 22 764 759 195 0.1 3.7 10.0 0.3 - 5.8 1.7

Aug - - 18 514 18 514 761 769 0.3 4.1 9.5 - 0.3 - 6.1 - 1.0

Sep* - - 16 034 16 034 771 303 1.3 5.4 9.0 1.2 - 5.0 - 1.7

Oct* - - 14 797 14 797 776 503 0.7 6.1 8.2 0.9 - 4.1 - 1.6

Nov* - - 13 844 13 844 784 936 1.1 7.3 7.8 0.3 - 3.9 - 3.1


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).


123

IV.11 - Federal domestic securities Percentage share of index numbers

End- Balances Index numbers Total

of- (R$ million)1/

period Foreign Reference IGP-M Over/Selic IGP-DI Preset2/Long-term Other

exchange rate interest rate

1996 Dec 176 211 9.4 7.9 1.8 18.6 - 61.0 1.4 - 100

1997 Dec 255 509 15.4 8.0 0.3 34.8 - 40.9 0.6 - 100

1998 Dec 323 860 21.0 5.4 0.3 69.1 0.1 3.5 0.2 0.5 100

1999 Dec 414 901 24.2 3.0 0.3 61.1 2.1 9.2 0.1 - 100

2000 Dec 510 698 22.3 4.7 1.6 52.2 4.4 14.8 0.0 0.0 100

2001 Dec 624 084 28.6 3.8 4.0 52.8 3.0 7.8 0.0 0.0 100

2002 Dec 623 191 22.4 2.1 7.9 60.8 3.1 2.2 0.0 1.6 100

2003 Jan 636 863 21.2 2.0 7.9 62.4 3.0 1.9 0.0 1.6 100

Feb 644 762 20.6 2.0 8.1 62.6 3.0 2.0 0.0 1.6 100

Mar 649 704 18.7 2.0 8.4 63.9 3.0 2.4 0.0 1.6 100

Apr 644 407 15.1 2.0 8.6 67.7 3.0 1.9 0.0 1.6 100

May 660 759 14.4 2.0 8.6 67.2 2.9 3.3 0.0 1.6 100

Jun 669 423 13.5 2.0 8.4 67.2 2.8 4.5 0.0 1.6 100

Jul 689 990 12.9 2.0 8.1 66.5 2.8 6.3 0.0 1.5 100

Aug 695 951 12.5 1.9 8.2 65.8 2.7 7.4 0.0 1.5 100

Sep 707 741 11.8 1.8 8.3 64.6 2.6 9.0 0.0 1.9 100

Oct 717 859 11.1 1.8 8.3 64.3 2.5 9.9 0.0 2.1 100

Nov 728 306 11.2 1.8 8.4 62.8 2.5 11.3 0.0 2.1 100

Dec 731 858 10.8 1.9 8.7 61.4 2.4 12.4 0.0 2.4 100

2004 Jan 737 337 10.8 1.9 8.6 61.3 2.3 12.5 0.0 2.6 100

Feb 743 147 10.2 1.9 8.7 60.7 2.3 13.4 0.0 2.8 100

Mar 759 841 9.2 1.9 8.7 60.0 2.1 15.3 0.0 2.8 100

Apr 767 674 8.9 1.9 8.9 59.7 2.1 15.6 0.0 2.9 100

May 748 382 9.3 2.0 9.6 57.9 2.2 16.2 0.0 2.9 100

Jun 758 187 8.9 2.0 9.8 57.5 2.1 16.7 0.0 3.0 100

Jul 759 195 8.3 2.0 9.8 59.6 2.1 15.0 0.0 3.2 100

Aug 761 769 7.6 2.1 10.0 58.5 2.1 16.5 0.0 3.2 100

Sep* 771 303 7.0 2.1 10.1 58.3 2.0 17.3 0.0 3.2 100

Oct* 776 503 6.4 2.1 10.0 59.0 2.0 17.2 0.0 3.3 100

Nov* 784 936 5.8 2.1 10.1 58.4 2.0 18.5 0.0 3.2 100

Source: STN and Bacen

1/ Portfolio position as of January 2000.

2/ Including National Treasury Notes Series J for having their yield linked to the National Treasury Bills.


124

IV.12 - Monetary impact from federal securities operations National Treasury and Banco Central do Brasil

R$ million

End- Primary market Secondary market Total

of-

period Placements Redemp- Balance Sales + net Buyings + Balance Placements Redemptions Balance

tions borrowings net loans + sales + net + buyings

borrowings + net loans

1999 314 261 389 407 75 146 1 610 939 1 571 082 - 39 856 1 925 207 1 960 496 35 289

National Treasury 269 415 231 094 - 38 321 373 774 381 259 7 485 643 189 612 353 - 30 836

Banco Central 44 846 158 313 113 467 1 237 164 1 189 823 - 47 341 1 282 010 1 348 136 66 126

2000 244 036 297 217 53 181 302 419 271 094 - 31 326 546 455 568 310 21 855

National Treasury 243 234 257 496 14 262 74 166 29 356 - 44 810 317 400 286 853 - 30 547

Banco Central 802 39 720 38 918 228 253 241 737 13 484 229 055 281 458 52 402

2001 183 029 266 391 83 362 1 135 279 1 093 899 - 41 380 1 318 308 1 360 290 41 982

National Treasury 183 029 203 369 20 340 760 699 790 262 29 563 943 728 993 631 49 903

Banco Central - 63 022 63 022 374 580 303 637 - 70 943 374 580 366 659 - 7 921

2002 200 504 290 288 89 784 5 793 078 5 794 966 1 887 5 993 582 6 085 254 91 672

National Treasury 200 504 214 693 14 189 5 424 266 5 396 679 - 27 587 5 624 770 5 611 372 - 13 398

Banco Central - 75 595 75 595 368 812 398 287 29 474 368 812 473 882 105 069

2003 332 352 245 087 - 87 265 3 291 590 3 391 060 99 471 3 623 943 3 636 147 12 206

National Treasury 332 352 214 216 - 118 136 3 284 137 3 383 908 99 771 3 616 490 3 598 124 - 18 365

Banco Central - 30 871 30 871 7 453 7 152 - 300 7 453 38 023 30 571

2004 Jan 22 128 23 879 1 751 208 934 192 184 - 16 750 231 062 216 063 - 14 999

Feb 10 310 9 421 - 889 215 419 222 149 6 730 225 729 231 570 5 840

Mar 19 055 8 022 - 11 033 209 487 220 288 10 800 228 543 228 310 - 233

Apr 21 228 23 340 2 112 159 622 169 717 10 095 180 850 193 058 12 208

May 8 685 36 344 27 658 202 450 181 667 - 20 783 211 135 218 011 6 875

Jun 22 098 19 756 - 2 343 265 246 273 918 8 672 287 345 293 674 6 329

Jul 27 427 32 947 5 519 213 914 216 058 2 143 241 342 249 004 7 663

Aug 18 871 23 395 4 524 211 918 214 764 2 845 230 789 238 158 7 369

Sep 19 248 14 764 - 4 484 202 136 211 070 8 935 221 383 225 834 4 451

Oct 35 660 38 006 2 346 352 525 354 817 2 292 388 185 392 823 4 638

Nov 34 291 18 020 - 16 271 177 279 199 847 22 568 211 570 217 867 6 297

BTN - - - - - - - - -

LFT 20 604 15 247 - 5 357 155 584 176 343 20 759 176 188 191 590 15 402

LTN 12 662 0 - 12 662 20 944 21 657 713 33 606 21 657 - 11 949

NTN 1 026 2 326 1 300 165 940 775 1 191 3 266 2 075

BBCA - - - - - - - - -

LBC - - - - - - - - -

LBCE - - - - - - - - -

NBCE - 446 446 585 907 - 585 585 446 - 139

NBCF - - - - - - - - -

Accumulated in year 239 002 247 893 8 891 2 418 931 2 456 479 37 548 2 657 933 2 704 372 46 439

National Treasury 239 003 229 043 - 9 960 2 417 697 2 454 924 37 227 2 656 700 2 683 967 27 267

Banco Central - 18 850 18 851 1 234 1 555 321 1 234 20 405 19 171


125

IV.13 - State and municipal domestic debt Securities issued


End- State debt

of-

period São Paulo Minas Gerais Rio de Janeiro Rio Grande do Sul Other states Total

1996 Dec 18 723 8 773 5 935 6 543 5 175 45 149

1997 Dec - 10 912 7 383 8 143 6 442 32 880

1998 Dec - - 9 474 - 3 055 12 529

1999 Dec - - - - 2 059 2 059

2000 Dec - - - 49 1 720 1 769

2001 Dec - - - - 2 018 2 018

2002 Dec - - - - 1 254 1 254

2003 Jan - - - - 1 279 1 279

Feb - - - - 1 302 1 302

Mar - - - - 1 325 1 325

Apr - - - - 1 350 1 350

May - - - - 1 376 1 376

Jun - - - - 1 402 1 402

Jul - - - - 1 431 1 431

Aug - - - - 1 457 1 457

Sep - - - - 1 481 1 481

Oct - - - - 1 505 1 505

Nov - - - - 1 520 1 520

Dec - - - - 1 541 1 541

2004 Jan - - - - 1 561 1 561

Feb - - - - 1 578 1 578

Mar - - - - 1 599 1 599

Apr - - - - 1 618 1 618

May - - - - 1 638 1 638

Jun - - - - 1 658 1 658

Jul - - - - 1 680 1 680

Aug - - - - 1 701 1 701

Sep* - - - - 1 723 1 723

Oct* - - - - 1 744 1 744

Nov* - - - - 1 765 1 765

(continues)


126

IV.13 - State and municipal domestic debt Securities issued

(concluded) Balances in R$ million

End- Municipal debt Total Securities Total Banco In the Total

of- in in Central Banco outside

period São Paulo Rio de Others1/ Total Balance Real percentage changes2/ treasury circulation portfolio Central the

Janeiro custodian Banco

In In In 12 account Central

month year months

1996 Dec 5 021 1 338 212 6 571 51 720 0.5 19.8 19.8 1 814 49 906 - 34 847 15 059

1997 Dec 6 242 1 658 256 8 156 41 036 - 34.9 - 25.9 - 25.9 1 625 39 411 - 26 648 12 763

1998 Dec 8 041 2 124 326 10 491 23 020 1.3 - 44.9 - 44.9 677 22 343 - 9 682 12 661

1999 Dec 10 102 - 409 10 511 12 569 - 49.5 - 54.5 - 54.5 434 12 135 - 700 11 435

2000 Dec - - 481 481 2 250 0.6 - 83.7 - 83.7 49 2 201 - - 2 201

2001 Dec - - 564 564 2 582 1.2 4.1 4.1 0 2 582 - - 2 582

2002 Dec - - 672 672 1 926 - 2.6 - 41.6 - 41.6 0 1 926 - - 1 926

2003 Jan - - 684 684 1 962 0.0 0.0 - 42.3 0 1 962 - - 1 962

Feb - - 698 698 2 000 0.3 0.3 - 42.8 0 2 000 - - 2 000

Mar - - 711 711 2 036 0.7 1.0 - 42.9 0 2 036 - - 2 036

Apr - - 724 724 2 074 1.7 2.7 - 42.3 0 2 074 - - 2 074

May - - 738 738 2 114 3.3 6.1 - 40.4 0 2 114 - - 2 114

Jun - - 752 752 2 154 4.3 10.7 - 37.5 0 2 154 - - 2 154

Jul - - 768 768 2 199 2.9 13.9 - 35.3 0 2 199 - - 2 199

Aug - - 781 781 2 238 2.4 16.6 - 33.0 0 2 238 - - 2 238

Sep - - 794 794 2 276 1.2 17.9 - 5.4 0 2 276 - - 2 276

Oct - - 807 807 2 313 1.7 19.9 13.5 0 2 313 - - 2 313

Nov - - 819 819 2 339 0.7 20.7 17.5 0 2 339 - - 2 339

Dec - - 830 830 2 371 0.7 21.5 21.5 0 2 371 - - 2 371

2004 Jan - - 841 841 2 401 - 5.6 - 5.6 14.7 0 2 401 - - 2 401

Feb - - 850 850 2 428 0.1 - 5.5 14.5 0 2 428 - - 2 428

Mar - - 862 862 2 461 0.3 - 5.2 14.0 0 2 461 - - 2 461

Apr - - 872 872 2 490 1.1 - 4.2 13.4 0 2 490 - - 2 490

May - - 882 882 2 521 1.5 - 2.7 11.4 0 2 521 - - 2 521

Jun - - 893 893 2 552 1.0 - 1.7 7.9 0 2 552 - - 2 552

Jul - - 905 905 2 585 1.5 - 0.3 6.4 0 2 585 - - 2 585

Aug - - 916 916 2 618 0.6 0.4 4.6 0 2 618 - - 2 618

Sep* - - 928 928 2 651 1.2 1.6 4.7 0 2 651 - - 2 651

Oct* - - 939 939 2 683 0.6 2.2 3.7 0 2 683 - - 2 683

Nov* - - 951 951 2 716 0.4 2.7 3.4 0 2 716 - - 2 716

1/ Other: Campinas, Guarulhos and Osasco.

2/ Deflator: IGP-DI centered at end of month (geometric average month indicated and subsequent month).


127

IV.14 - Net public sector debt

R$ million

Itemization 2002 2003 2004*

December December September October November

Balances % Balances % Balances % Balances % Balances %

GDP GDP GDP GDP GDP

Fiscal net debt (G=E-F) 573 531 36.1 652 563 40.9 678 076 37.5 680 961 37.4 684 421 37.2

Internal debt adjustment (F) 152 076 9.6 129 361 8.1 129 428 7.2 129 382 7.1 127 238 6.9

Fiscal net debt with exchange devaluation (E=A-B-C-D) 725 607 45.7 781 924 49.0 807 504 44.7 810 343 44.5 811 660 44.1

External debt adjustment (D) 126 590 8.0 101 706 6.4 103 120 5.7 105 474 5.8 100 484 5.5

Inventory adjustment (C) 92 639 5.8 93 244 5.8 93 723 5.2 93 392 5.1 93 392 5.1

Privatization asjustment (B) - 63 729 - 4.0 - 63 729 - 4.0 - 63 807 - 3.5 - 63 807 - 3.5 - 64 482 - 3.5

Total net debt (A) 881 108 55.5 913 145 57.2 940 540 52.0 945 403 51.9 941 054 51.1

Federal government and the Bacen 566 734 35.7 584 544 36.6 596 913 33.0 602 684 33.1 598 274 32.5

Banco Central - 5 906 - 0.4 - 5 796 - 0.4 - 8 896 - 0.5 - 9 759 - 0.5 - 7 482 - 0.4

State governments 257 986 16.3 278 016 17.4 301 725 16.7 302 576 16.6 302 710 16.4

Local governments 34 992 2.2 38 703 2.4 43 587 2.4 44 094 2.4 44 292 2.4

State enterprises 27 302 1.7 17 678 1.1 7 211 0.4 5 808 0.3 3 260 0.2

Federal - 14 002 - 0.9 - 20 154 - 1.3 - 28 919 - 1.6 - 31 222 - 1.7 - 33 376 - 1.8

State 38 313 2.4 34 820 2.2 33 024 1.8 33 910 1.9 33 503 1.8


Internal net debt 654 312 41.2 726 688 45.5 781 210 43.2 783 624 43.0 787 268 42.8

Federal government and the Bacen 310 003 19.5 365 776 22.9 386 736 21.4 391 473 21.5 394 839 21.4

Federal securities1/ 532 893 33.6 679 267 42.5 733 585 40.6 740 090 40.6 749 708 40.7

Privatization currencies 23 180 1.5 21 941 1.4 21 694 1.2 21 625 1.2 21 393 1.2

Bank debt 1 034 0.1 2 129 0.1 2 833 0.2 2 693 0.1 2 697 0.1

Tax collected (not transferred) - 776 0.0 - 1 215 - 0.1 - 5 566 - 0.3 - 8 292 - 0.5 - 6 088 - 0.3

Demand deposits - 299 0.0 - 185 0.0 - 427 0.0 - 577 0.0 - 731 0.0

Investment in funds2/ - 53 822 - 3.4 - 74 487 - 4.7 - 64 582 - 3.6 - 64 217 - 3.5 - 67 579 - 3.7

Laborer assistance fund (FAT) - 75 840 - 4.8 - 88 053 - 5.5 - 99 291 - 5.5 - 100 747 - 5.5 - 101 383 - 5.5

Social Security system - 866 - 0.1 640 0.0 1 409 0.1 1 409 0.1 1 844 0.1

Renegotiation (Law 9,496/1997 and Proes) - 217 439 - 13.7 - 242 510 - 15.2 - 271 948 - 15.0 - 273 213 - 15.0 - 275 333 - 15.0

Renegotiation (Law 8,727/1993) - 20 111 - 1.3 - 21 032 - 1.3 - 21 492 - 1.2 - 21 492 - 1.2 - 21 496 - 1.2

Restructured debt3/ - 36 724 - 2.3 - 28 523 - 1.8 - 25 370 - 1.4 - 24 839 - 1.4 - 23 767 - 1.3

Other federal government's credits4/ - 35 430 - 2.2 - 38 912 - 2.4 - 39 805 - 2.2 - 39 979 - 2.2 - 40 367 - 2.2

Relationship with Banco Central 194 203 12.2 156 716 9.8 155 696 8.6 159 011 8.7 155 941 8.5

Banco Central 53 235 3.4 52 694 3.3 60 815 3.4 58 201 3.2 57 981 3.1

Monetary base 73 302 4.6 73 219 4.6 70 955 3.9 71 672 3.9 75 098 4.1

Banco Central securities1/ 67 125 4.2 30 659 1.9 16 034 0.9 14 797 0.8 13 844 0.8

Repurchase agreement 77 089 4.9 65 810 4.1 85 374 4.7 85 368 4.7 78 947 4.3

Other deposits 55 286 3.5 56 962 3.6 62 272 3.4 63 258 3.5 63 752 3.5

Bacen credit to financial institutions - 19 895 - 1.3 - 16 985 - 1.1 - 17 744 - 1.0 - 17 656 - 1.0 - 17 676 - 1.0

Other accounts in Bacen - 5 468 - 0.3 - 256 0.0 - 380 0.0 - 226 0.0 - 43 0.0

Relationship with Federal Government - 194 203 - 12.2 - 156 716 - 9.8 - 155 696 - 8.6 - 159 011 - 8.7 - 155 941 - 8.5

State governments 239 578 15.1 261 587 16.4 285 044 15.8 286 016 15.7 286 573 15.6

Securities net debt5/ 1 254 0.1 1 541 0.1 1 723 0.1 1 744 0.1 1 765 0.1

Renegotiation (Law 9,496/1997 and Proes) 190 406 12.0 211 717 13.3 237 054 13.1 237 968 13.1 239 836 13.0

Renegotiation (Law 8,727/1993) 27 226 1.7 28 071 1.8 28 193 1.6 28 207 1.5 28 216 1.5

Restructured debt3/ 16 990 1.1 13 554 0.8 13 645 0.8 13 205 0.7 12 592 0.7

Bank debt 4 513 0.3 4 427 0.3 5 405 0.3 5 457 0.3 5 577 0.3

Other state debts6/ 22 737 1.4 24 931 1.6 25 419 1.4 25 438 1.4 25 551 1.4

Tax collected (not transferred) - 309 0.0 - 253 0.0 - 625 0.0 - 615 0.0 - 561 0.0

Demand deposits - 1 618 - 0.1 - 1 548 - 0.1 - 1 360 - 0.1 - 1 373 - 0.1 - 1 291 - 0.1

Other state credits7/ - 21 620 - 1.4 - 20 854 - 1.3 - 24 410 - 1.4 - 24 015 - 1.3 - 25 112 - 1.4

(continues)


128


(concluded) R$ million



Balances % Balances % Balances % Balances % Balances %

GDP GDP GDP GDP GDP


Securities net debt5/ 672 0.0 830 0.1 928 0.1 939 0.1 951 0.1

Renegotiation (MP 2,118/2000) 27 034 1.7 30 792 1.9 34 894 1.9 35 245 1.9 35 497 1.9 Renegotiation (Law 8,727/1993) 2 543 0.2 2 546 0.2 2 490 0.1 2 483 0.1 2 474 0.1


Bank debt 2 312 0.1 2 952 0.2 3 495 0.2 3 577 0.2 3 703 0.2 Tax collected (not transferred) - 59 0.0 - 118 0.0 - 121 0.0 - 113 0.0 - 133 0.0 Demand deposits - 2 344 - 0.1 - 2 330 - 0.1 - 2 136 - 0.1 - 2 081 - 0.1 - 2 151 - 0.1 State enterprises 19 404 1.2 10 532 0.7 7 750 0.4 6 578 0.4 6 287 0.3 Federal - 12 146 - 0.8 - 19 486 - 1.2 - 21 108 - 1.2 - 23 175 - 1.3 - 23 450 - 1.3


Bank debt 2 477 0.2 3 103 0.2 2 989 0.2 2 993 0.2 3 028 0.2 Other debts 28 638 1.8 28 732 1.8 27 703 1.5 27 571 1.5 27 449 1.5 Renegotiation (Law 8,727/1993) - 363 0.0 - 443 0.0 - 518 0.0 - 517 0.0 - 517 0.0 State enterprises portfolios - 16 475 - 1.0 - 24 974 - 1.6 - 20 683 - 1.1 - 22 558 - 1.2 - 22 738 - 1.2 Demand deposits - 980 - 0.1 - 1 246 - 0.1 - 1 608 - 0.1 - 885 0.0 - 1 050 - 0.1 Other credts - 31 098 - 2.0 - 29 122 - 1.8 - 33 303 - 1.8 - 32 973 - 1.8 - 32 698 - 1.8 States 28 560 1.8 27 007 1.7 25 751 1.4 26 634 1.5 26 604 1.4


Banking debt 6 038 0.4 6 766 0.4 8 967 0.5 9 065 0.5 9 228 0.5 Debentures 1 454 0.1 1 538 0.1 1 719 0.1 1 740 0.1 1 762 0.1 Renegotiation (Law 8,727/1993) 11 645 0.7 11 931 0.7 11 896 0.7 11 902 0.7 11 900 0.6 Fed.security portfolio of state enterprises - 489 0.0 - 489 0.0 - 1 152 - 0.1 - 1 012 - 0.1 - 1 051 - 0.1 Demand deposit - 284 0.0 - 323 0.0 - 416 0.0 - 415 0.0 - 373 0.0 Local government 2 990 0.2 3 012 0.2 3 106 0.2 3 119 0.2 3 133 0.2

Restructured debt3/ 203 0.0 158 0.0 149 0.0 143 0.0 137 0.0

Banking debt 183 0.0 81 0.0 88 0.0 91 0.0 97 0.0 Renegociation (Law 8,727/1993) 2 643 0.2 2 831 0.2 2 928 0.2 2 939 0.2 2 949 0.2 Demand deposit - 39 0.0 - 58 0.0 - 59 0.0 - 54 0.0 - 50 0.0 Foreign net debt 226 796 14.3 186 458 11.7 159 330 8.8 161 779 8.9 153 786 8.4 Federal government 256 732 16.2 218 767 13.7 210 177 11.6 211 210 11.6 203 435 11.0

Banco Central do Brasil8/- 59 141 - 3.7 - 58 490 - 3.7 - 69 710 - 3.9 - 67 960 - 3.7 - 65 463 - 3.6

State governments 18 408 1.2 16 429 1.0 16 681 0.9 16 560 0.9 16 136 0.9 Local governments 2 900 0.2 2 605 0.2 2 721 0.2 2 739 0.2 2 705 0.1 State enterprises 7 897 0.5 7 146 0.4 - 538 0.0 - 771 0.0 - 3 028 - 0.2 Federal - 1 856 - 0.1 - 667 0.0 - 7 812 - 0.4 - 8 047 - 0.4 - 9 926 - 0.5 State 9 753 0.6 7 813 0.5 7 273 0.4 7 276 0.4 6 898 0.4 Local government 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0

GDP9/1 587 584 1 596 846 1 807 718 1 821 318 1 841 200

IMF - Basic path Total net debt 703 492 946 004 1 026 101 - -

1/ Portfolio valuation.

2/ Includes constitutional funds and other funds and general programs.

3/ Includes MF30, BIB, and others.

4/ Includes royalties, agricultural debt and others.

5/ Securities debt issued minus securities in treasury.

6/ Includes royalties, Fundef and others.

7/ Includes securitized credit, CFTs, LFTs, and other financial accounts.

8/ Excludes international reserves.

9/ Last 12 month GDP at prices of month indicated. Deflator: centered IGP (geometric average of IGP-DI growth in the month and the subsequent month).


129


US$ million



Fiscal net debt (G=E-F) 162 358 225 925 237 272 238 457 250 713

Internal debt adjustment (F) 43 050 44 786 45 289 45 307 46 609

Fiscal net debt with exchange devaluation (E=A-B-C-D) 205 409 270 712 282 561 283 763 297 322

External debt adjustment (D) 35 836 35 212 36 084 36 935 36 809

Inventory adjustment (C) 26 225 32 282 32 796 32 704 34 211

Privatization adjustment (B) - 18 041 - 22 064 - 22 327 - 22 344 - 23 620

Total net debt (A) 249 429 316 142 329 113 331 058 344 721

Federal government and the Bacen 160 434 202 376 208 872 211 046 219 156

Banco Central - 1 672 - 2 007 - 3 113 - 3 417 - 2 741

State governments 73 032 96 253 105 579 105 955 110 887

Local governments 9 906 13 399 15 252 15 441 16 225

State enterprises 7 729 6 120 2 523 2 034 1 194

Federal - 3 964 - 6 977 - 10 119 - 10 933 - 12 226

State 10 846 12 055 11 556 11 875 12 273

Local governments 847 1 043 1 087 1 092 1 148

Internal net debt 185 226 251 588 273 361 274 407 288 387

Federal government and the Bacen 87 757 126 636 135 327 137 085 144 635

Federal securities1/ 150 854 235 171 256 696 259 163 274 628

Privatization currencies 6 562 7 596 7 591 7 573 7 837

Bank debt 293 737 991 943 988

Tax collected (not transferred) - 220 - 421 - 1 948 - 2 904 - 2 230

Demand deposits - 85 - 64 - 150 - 202 - 268

Investment in funds2/ - 15 236 - 25 788 - 22 599 - 22 487 - 24 755

Laborer assistance fund (FAT) - 21 469 - 30 485 - 34 744 - 35 279 - 37 138

Social Security system - 245 222 493 493 675

Renegotiation (Law 9,496/1997 and Proes) - 61 554 - 83 960 - 95 160 - 95 673 - 100 858

Renegotiation (Law 8,727/1993) - 5 693 - 7 281 - 7 521 - 7 526 - 7 874

Restructured debt3/ - 10 396 - 9 875 - 8 877 - 8 698 - 8 706

Other federal government's credits4/ - 10 030 - 13 472 - 13 928 - 14 000 - 14 787

Relationship with Banco Central 54 976 54 257 54 481 55 682 57 123

Banco Central 15 070 18 243 21 280 20 381 21 239

Monetary base 20 751 25 349 24 829 25 098 27 509

Banco Central securities1/ 19 002 10 615 5 610 5 182 5 071

Repurchase agreement 21 823 22 784 29 874 29 894 28 919

Other deposits 15 651 19 721 21 790 22 151 23 353

Bacen credit to financial institutions - 5 632 - 5 880 - 6 209 - 6 183 - 6 475

Other accounts in Bacen - 1 548 - 89 - 133 - 79 - 16

Relationship with Federal Government - 54 976 - 54 257 - 54 481 - 55 682 - 57 123

State governments 67 821 90 565 99 742 100 156 104 976

Securities net debt5/ 355 534 603 611 647

Renegotiation (Law 9,496/1997 and Proes) 53 901 73 299 82 950 83 331 87 855

Renegotiation (Law 8,727/1993) 7 707 9 719 9 865 9 877 10 336

Restructured debt3/ 4 810 4 692 4 775 4 624 4 613

Bank debt 1 278 1 533 1 891 1 911 2 043

Other state debts6/ 6 436 8 632 8 894 8 908 9 360

Tax collected (not transferred) - 87 - 88 - 219 - 215 - 206

Demand deposits - 458 - 536 - 476 - 481 - 473

Other state credits7/ - 6 120 - 7 220 - 8 541 - 8 410 - 9 199

(continues)


130


(concluded) US$ million



Local governments 9 085 12 497 14 300 14 482 15 234 Securities net debt5/

190 287 325 329 348

Renegotiation (MP 2,118/2000) 7 653 10 661 12 210 12 342 13 003

Renegotiation (Law 8,727/1993) 720 881 871 869 906 Restructured debt3/

547 494 461 457 456

Bank debt 655 1 022 1 223 1 253 1 356

Tax collected (not transferred) - 17 - 41 - 42 - 39 - 49

Demand deposits - 663 - 807 - 747 - 729 - 788

State enterprises 5 493 3 646 2 712 2 304 2 303 Federal - 3 438 - 6 746 - 7 386 - 8 115 - 8 590 Restructured debt3/

1 601 1 545 1 509 1 118 1 127

Bank debt 701 1 074 1 046 1 048 1 109

Other debts 8 107 9 947 9 694 9 655 10 055

Renegociation (Law 8,727/1993) - 103 - 153 - 181 - 181 - 189

State enterprises portfolios - 4 664 - 8 646 - 7 237 - 7 899 - 8 329

Demand deposits - 278 - 431 - 563 - 310 - 384

Other credits - 8 803 - 10 082 - 11 653 - 11 546 - 11 978

States 8 085 9 350 9 011 9 327 9 746 Restructured debt3/

2 886 2 626 1 658 1 874 1 882

Banking debt 1 709 2 342 3 138 3 174 3 380

Debentures 412 532 602 609 645

Renegotiation (Law 8,727/1993) 3 297 4 131 4 163 4 168 4 359

Fed.security portfolio of state enterprises - 139 - 169 - 403 - 354 - 385

Demand deposit - 80 - 112 - 146 - 145 - 137

Local government 847 1 043 1 087 1 092 1 148 Restructured debt3/

57 55 52 50 50

Banking debt 52 28 31 32 36

Renegotiation (Law 8,727/1993) 748 980 1 025 1 029 1 080

Demand deposit - 11 - 20 - 21 - 19 - 18

Foreign net debt 64 203 64 554 55 753 56 651 56 334

Federal government 72 677 75 740 73 545 73 961 74 521 Banco Central do Brasil8/

- 16 742 - 20 250 - 24 393 - 23 798 - 23 980 State governments 5 211 5 688 5 837 5 799 5 911 Local governments 821 902 952 959 991 State enterprises 2 236 2 474 - 188 - 270 - 1 109 Federal - 525 - 231 - 2 733 - 2 818 - 3 636 State 2 761 2 705 2 545 2 548 2 527 Local government 0 0 0 0 0GDP9/

449 422 552 848 632 556 637 783 674 457IMF - Indicative targetTotal net debt 199 148 327 518 359 053 - -

Exchange rate (purchase) R$/US$ 3.5325 2.8884 2.8578 2.8557 2.7299

1/ Portfolio valuation.

2/ Includes constitutional funds and other funds and general programs.

3/ Includes MF30, BIB, and others.

4/ Includes royalties, agricultural debt and others.

5/ Securities debt issued minus securities in treasury.

6/ Includes royalties, Fundef and others.

7/ Includes securitized credit, CFTs, LFTs, and other financial accounts.

8/ Excludes international reserves.

9/ Last 12 month GDP at prices of month indicated. Deflator: centered IGP (geometric average of IGP-DI growth in the month and the subsequent month).


131

IV.16 - Public sector borrowing requirements

Accumulated in the year % of GDP

Itemization Current prices

2002 2003 2004*

Jan-Nov Year Jan-Nov Year Jan-Nov

Nominal 3.24 4.58 4.66 5.08 1.99

Central government 0.30 0.75 3.45 3.99 1.07

Federal government1/ 1.31 1.26 3.60 4.76 1.33

Bacen -1.01 -0.51 -0.15 -0.77 -0.26

Regional government 2.84 3.83 1.64 1.74 1.84

State government 2.45 3.25 1.38 1.47 1.49

Local government 0.39 0.57 0.26 0.26 0.35

State enterprises 0.09 0.01 -0.44 -0.65 -0.92

Federal owner -0.27 -0.30 -0.30 -0.50 -0.96

States owner 0.34 0.29 -0.15 -0.15 0.03

Local governments owner 0.02 0.02 0.00 0.00 0.01

Nominal interest 7.91 8.47 9.61 9.33 7.28

Central government 3.27 3.12 6.72 6.48 4.54

Federal government1/ 4.34 3.68 6.88 7.26 4.80

Bacen -1.06 -0.57 -0.16 -0.78 -0.27

Regional government 3.84 4.62 2.66 2.62 2.95

State government 3.28 3.89 2.27 2.24 2.51

Local government 0.55 0.73 0.39 0.38 0.44

State enterprises 0.79 0.74 0.24 0.22 -0.20

Federal owner 0.18 0.17 0.12 0.11 -0.39

States owner 0.60 0.55 0.10 0.10 0.18

Local governments owner 0.02 0.02 0.02 0.02 0.01

Primary -4.67 -3.89 -4.96 -4.25 -5.29

Central government -2.97 -2.37 -3.26 -2.49 -3.46

Federal government -4.17 -3.69 -4.84 -4.20 -5.02

Bacen 0.05 0.06 0.02 0.01 0.01

INSS 1.15 1.26 1.56 1.70 1.54

Regional government -1.00 -0.79 -1.02 -0.89 -1.11

State government -0.84 -0.64 -0.88 -0.77 -1.03

Local government -0.16 -0.15 -0.13 -0.12 -0.09

State enterprises -0.70 -0.73 -0.68 -0.87 -0.72

Federal owner -0.45 -0.47 -0.42 -0.62 -0.57

States owner -0.25 -0.26 -0.25 -0.24 -0.14

Local governments owner 0.00 0.00 -0.01 -0.01 0.00

1/ Includes INSS.

(+) deficit (-) surplus


132


Flows in 12 months in R$ million



Total nominal 61 614 79 030 47 745 47 737 44 898

Federal government and Banco Central do Brasil 10 029 62 150 28 177 30 612 30 362

State and local governments 51 493 27 003 35 476 33 677 33 145

State enterprises 92 - 10 124 - 15 909 - 16 551 - 18 609

Total operational1/- 34 733 44 253 - 22 111 - 23 999 - 30 525

Federal government and Banco Central do Brasil - 31 210 45 663 - 8 541 - 7 167 - 9 464

State and local governments - 3 556 9 027 2 515 - 127 - 2 329


Total primary - 52 390 - 66 173 - 78 867 - 80 109 - 80 707

Federal government and Banco Central do Brasil - 31 919 - 38 744 - 46 885 - 47 690 - 47 984

State and local governments - 10 633 - 13 821 - 17 533 - 17 628 - 17 264

State enterprises - 9 838 - 13 608 - 14 449 - 14 791 - 15 459

Total real interest 17 657 110 426 56 756 56 110 50 182

Federal government and Banco Central do Brasil 709 84 407 38 344 40 523 38 520


State enterprises 9 871 3 171 - 1 636 - 1 913 - 3 273

GDP (accumulated in the year)2/1 346 028 1 514 913 1 704 354 1 722 175 1 740 636

In percentage of GDP3/

Total nominal 4.58 5.22 2.80 2.77 2.58

Federal government and Banco Central do Brasil 0.75 4.10 1.65 1.78 1.74

State and local governments 3.83 1.78 2.08 1.96 1.90

State enterprises 0.01 -0.67 -0.93 -0.96 -1.07

Total operational -2.58 2.92 -1.30 -1.39 -1.75

Federal government and Banco Central do Brasil -2.32 3.01 -0.50 -0.42 -0.54

State and local governments -0.26 0.60 0.15 -0.01 -0.13


Total primary -3.89 -4.37 -4.63 -4.65 -4.64

Federal government and Banco Central do Brasil -2.37 -2.56 -2.75 -2.77 -2.76

State and local governments -0.79 -0.91 -1.03 -1.02 -0.99


Total real interest 1.31 7.29 3.33 3.26 2.88




1/ Deflator = IGP-DI (centered).

2/ GDP at current prices.

3/ Reflects ratio of flows to the GDP at current prices.


133


Flows in 12 months at prices of last month indicated in R$ million



Total nominal 68 026 80 932 51 194 51 115 47 925



State enterprises 770 -10 210 -16 554 -17 181 -19 276

Total operational1/-39 300 45 191 -22 411 -24 447 -31 561

Federal government and Banco Central do Brasil -35 063 46 617 -8 365 -6 965 -9 745

State and local governments -4 951 9 107 2 698 - 135 -2 408


Total primary -62 971 -67 899 -82 878 -83 735 -84 256

Federal government and Banco Central do Brasil -39 009 -39 920 -49 249 -49 757 -50 192

State and local governments -12 918 -14 195 -18 459 -18 512 -18 081

State enterprises -11 043 -13 784 -15 170 -15 466 -15 983




State enterprises 11 757 3 252 -1 574 -1 880 -3 426



Total nominal 4.33 5.23 2.84 2.82 2.62





Federal government and Banco Central do Brasil -2.23 3.01 -0.46 -0.38 -0.53



Total primary -4.01 -4.39 -4.60 -4.62 -4.60









2/ At prices of the last month of the period indicated (deflator: IGP-DI).

3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).


134


With exchange devaluation on domestic securities debt stock

Accumulated in the year % of GDP

Itemization Current prices Last month prices1/

2003 2004* 2003 2004*

Jan-Nov Year Jan-Nov Jan-Nov Year Jan-Nov

Nominal 3.17 3.72 1.86 3.20 3.74 1.88

Central government 1.97 2.60 0.94 1.99 2.61 0.93

Federal government2/ 2.77 4.05 1.22 2.79 4.04 1.21

Bacen -0.80 -1.44 -0.28 -0.80 -1.42 -0.27

Regional government 1.64 1.78 1.84 1.64 1.78 1.84

State government 1.38 1.51 1.49 1.38 1.51 1.49

Local government 0.26 0.27 0.35 0.26 0.27 0.35

State enterprises -0.44 -0.67 -0.92 -0.44 -0.66 -0.89

Federal owner -0.30 -0.52 -0.96 -0.29 -0.51 -0.93

States owner -0.15 -0.15 0.03 -0.14 -0.15 0.03

Local governments owner 0.00 0.00 0.01 0.00 0.00 0.01

Nominal interest 8.13 8.09 7.15 8.16 8.12 7.18

Central government 5.23 5.16 4.40 5.26 5.19 4.43

Federal government2/ 6.05 6.62 4.70 6.07 6.63 4.71

Bacen -0.82 -1.46 -0.29 -0.81 -1.44 -0.29

Regional government 2.66 2.69 2.95 2.66 2.70 2.96

State government 2.27 2.30 2.51 2.27 2.30 2.52

Local government 0.39 0.39 0.44 0.39 0.40 0.44

State enterprises 0.24 0.23 -0.20 0.24 0.23 -0.20

Federal owner 0.12 0.12 -0.39 0.12 0.12 -0.39

States owner 0.10 0.10 0.18 0.10 0.10 0.18

Local governments owner 0.02 0.02 0.01 0.02 0.02 0.01

Primary -4.96 -4.37 -5.29 -4.96 -4.39 -5.30

Central government -3.26 -2.56 -3.46 -3.27 -2.58 -3.50

Federal government -4.84 -4.31 -5.02 -4.84 -4.33 -5.05

Bacen 0.02 0.01 0.01 0.02 0.01 0.01

INSS 1.56 1.74 1.54 1.56 1.74 1.54

Regional government -1.02 -0.91 -1.11 -1.02 -0.92 -1.12

State government -0.88 -0.79 -1.03 -0.89 -0.79 -1.03

Local government -0.13 -0.13 -0.09 -0.13 -0.13 -0.09

State enterprises -0.68 -0.90 -0.72 -0.67 -0.89 -0.69

Federal owner -0.42 -0.63 -0.57 -0.41 -0.63 -0.54

States owner -0.25 -0.25 -0.14 -0.25 -0.25 -0.15

Local governments owner -0.01 -0.01 0.00 -0.01 -0.01 0.00

1/ Flows at prices of the last month of the period, based on the IGP-DI.

2/ Includes INSS.



135

IV.20 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock




Total nominal 138 276 56 315 46 839 48 696 41 120




Total operational1/- 108 13 763 - 30 941 - 30 934 - 42 259

Federal government and Banco Central do Brasil 3 414 15 172 - 17 371 - 14 102 - 21 198

State and local governments - 3 556 9 027 2 515 - 127 - 2 329


Total primary - 52 390 - 66 173 - 78 867 - 80 109 - 80 707

Federal government and Banco Central do Brasil - 31 919 - 38 744 - 46 885 - 47 690 - 47 984

State and local governments - 10 633 - 13 821 - 17 533 - 17 628 - 17 264





State enterprises 9 871 3 171 - 1 636 - 1 913 - 3 273



Total nominal 10.27 3.72 2.75 2.83 2.36





Federal government and Banco Central do Brasil 0.25 1.00 -1.02 -0.82 -1.22



Total primary -3.89 -4.37 -4.63 -4.65 -4.64












136

IV.21 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock




Total nominal 160 786 57 866 50 420 52 428 44 195




Total operational1/6 212 14 093 -31 570 -31 489 -43 724

Federal government and Banco Central do Brasil 10 449 15 518 -17 523 -14 007 -21 908

State and local governments -4 951 9 107 2 698 - 135 -2 408


Total primary -62 971 -67 899 -82 878 -83 735 -84 256

Federal government and Banco Central do Brasil -39 009 -39 920 -49 249 -49 757 -50 192

State and local governments -12 918 -14 195 -18 459 -18 512 -18 081





State enterprises 11 757 3 252 -1 574 -1 880 -3 426



Total nominal 10.24 3.74 2.80 2.89 2.41




Total operational 0.40 0.91 -1.75 -1.74 -2.39

Federal government and Banco Central do Brasil 0.67 1.00 -0.97 -0.77 -1.20



Total primary -4.01 -4.39 -4.60 -4.62 -4.60












137

IV.22 - Public sector borrowing requirements State enterprises




Total nominal 92 -10 124 -15 909 -16 551 -18 609

Federal enterprises -4 024 -7 832 -15 411 -17 371 -19 016

State enterprises 3 857 -2 313 - 641 691 283

Local governments enterprises 258 21 144 128 125

Total operational1/ 34 -10 436 -16 085 -16 705 -18 732

Federal enterprises 593 -6 679 -12 983 -14 857 -16 344

State enterprises - 146 -3 591 -2 918 -1 640 -2 163

Local governments enterprises - 413 - 167 - 184 - 207 - 225

Total primary -9 838 -13 608 -14 449 -14 791 -15 459

Federal enterprises -6 319 -9 597 -11 107 -11 940 -12 785



Total real interest 9 871 3 171 -1 636 -1 913 -3 273

Federal enterprises 6 912 2 918 -1 876 -2 917 -3 558

State enterprises 3 358 203 360 1 130 442

Local governments enterprises - 399 50 - 120 - 126 - 156

GDP (accumulated in the year)2/ 1 346 028 1 514 913 1 704 354 1 722 175 1 740 636


Total nominal 0.01 -0.67 -0.93 -0.96 -1.07

Federal enterprises -0.30 -0.52 -0.90 -1.01 -1.09

State enterprises 0.29 -0.15 -0.04 0.04 0.02

Local governments enterprises 0.02 0.00 0.01 0.01 0.01

Total operational 0.00 -0.69 -0.94 -0.97 -1.08

Federal enterprises 0.04 -0.44 -0.76 -0.86 -0.94


Local governments enterprises -0.03 -0.01 -0.01 -0.01 -0.01

Total primary -0.73 -0.90 -0.85 -0.86 -0.89



Local governments enterprises 0.00 -0.01 0.00 0.00 0.00

Total real interest 0.73 0.21 -0.10 -0.11 -0.19

Federal enterprises 0.51 0.19 -0.11 -0.17 -0.20

State enterprises 0.25 0.01 0.02 0.07 0.03

Local governments enterprises -0.03 0.00 -0.01 -0.01 -0.01





138

IV.23 - Public sector borrowing requirements State enterprises




Total nominal 770 - 10 210 - 16 554 - 17 181 - 19 276

Federal enterprises - 4 189 - 7 885 - 16 003 - 17 994 - 19 655

State enterprises 4 660 - 2 344 - 705 678 248

Local governments enterprises 300 19 154 135 131

Total operational1/ 714 - 10 532 - 16 744 - 17 347 - 19 409

Federal enterprises 987 - 6 699 - 13 449 - 15 350 - 16 841



Total primary - 11 043 - 13 784 - 15 170 - 15 466 - 15 983

Federal enterprises - 6 875 - 9 687 - 11 579 - 12 410 - 13 123



Total real interest 11 757 3 252 - 1 574 - 1 880 - 3 426

Federal enterprises 7 863 2 989 - 1 870 - 2 939 - 3 718

State enterprises 4 326 213 420 1 191 456

Local governments enterprises - 432 51 - 124 - 132 - 164

GDP (accumulated in the year)2/ 1 570 720 1 548 427 1 802 946 1 813 896 1 830 251


Total nominal 0.05 -0.66 -0.92 -0.95 -1.05


State enterprises 0.30 -0.15 -0.04 0.04 0.01

Local governments enterprises 0.02 0.00 0.01 0.01 0.01

Total operational 0.05 -0.68 -0.93 -0.96 -1.06

Federal enterprises 0.06 -0.43 -0.75 -0.85 -0.92


Local governments enterprises -0.03 -0.01 -0.01 -0.01 -0.01

Total primary -0.70 -0.89 -0.84 -0.85 -0.87



Local governments enterprises 0.00 -0.01 0.00 0.00 0.00

Total real interest 0.75 0.21 -0.09 -0.10 -0.19

Federal enterprises 0.50 0.19 -0.10 -0.16 -0.20

State enterprises 0.28 0.01 0.02 0.07 0.02

Local governments enterprises -0.03 0.00 -0.01 -0.01 -0.01





139

IV.24 - Public accounts - uses and sources




Uses (1+2+3) 61 614 79 030 47 745 47 737 44 898

1 - Primary result - 52 390 - 66 173 - 78 867 - 80 109 - 80 707

2 - Internal debt interest 96 975 126 043 108 507 109 955 107 875

Real interest 628 91 267 38 651 38 219 32 452

Monetary atualization 96 347 34 776 69 856 71 736 75 423

3 - External debt interest 17 029 19 160 18 105 17 891 17 731

Sources (4+5) 61 614 79 030 47 745 47 737 44 898

4 - Internal borrowing 36 980 94 486 80 386 76 930 77 012

Securities debt 3 364 122 438 80 031 79 569 75 591

Banking debt 14 692 - 31 361 - 9 676 - 11 899 - 6 066

Renegotiations - - - - -

States - - - - -

Local governments - - - - -

State Enterprises - - - - -

Others 18 923 3 409 10 030 9 260 7 487

TN/Bacen relationship - - - - -

5 - External borrowing 24 634 - 15 456 - 32 641 - 29 193 - 32 114



Uses (1+2+3) 4.58 5.22 2.80 2.77 2.58

1 - Primary result -3.89 -4.37 -4.63 -4.65 -4.64

2 - Internal debt interest 7.20 8.32 6.37 6.38 6.20

Real interest 0.05 6.02 2.27 2.22 1.86

Monetary atualization 7.16 2.30 4.10 4.17 4.33

3 - External debt interest 1.27 1.26 1.06 1.04 1.02

Sources (4+5) 4.58 5.22 2.80 2.77 2.58

4 - Internal borrowing 2.75 6.24 4.72 4.47 4.42

Securities debt 0.25 8.08 4.70 4.62 4.34

Banking debt 1.09 -2.07 -0.57 -0.69 -0.35


States - - - - -



Others 1.41 0.23 0.59 0.54 0.43


5 - External borrowing 1.83 -1.02 -1.92 -1.70 -1.84




140

IV.25 - Public accounts - uses and sources




Uses (1+2+3) 68 026 80 932 51 194 51 115 47 925

1 - Primary result - 62 971 - 67 899 - 82 878 - 83 735 - 84 256

2 - Internal debt interest 111 074 129 235 114 847 115 930 113 473

Real interest 3 748 93 495 41 242 40 368 33 987

Monetary atualization 107 326 35 740 73 605 75 562 79 486

3 - External debt interest 19 922 19 596 19 225 18 920 18 707

Sources (4+5) 68 026 80 932 51 194 51 115 47 925

4 - Internal borrowing 39 872 96 773 86 001 82 261 82 239

Securities debt 6 692 125 953 85 900 85 174 80 896

Banking debt 13 909 - 32 092 - 11 026 - 13 144 - 6 545


States - - - - -



Others 19 272 2 912 11 126 10 231 7 887


5 - External borrowing 28 154 - 15 841 - 34 807 - 31 146 - 34 313

GDP (flows in 12 months)1/1 570 720 1 548 427 1 802 946 1 813 896 1 830 251


Uses (1+2+3) 4.33 5.23 2.84 2.82 2.62

1 - Primary result -4.01 -4.39 -4.60 -4.62 -4.60

2 - Internal debt interest 7.07 8.35 6.37 6.39 6.20

Real interest 0.24 6.04 2.29 2.23 1.86

Monetary atualization 6.83 2.31 4.08 4.17 4.34

3 - External debt interest 1.27 1.27 1.07 1.04 1.02

Sources (4+5) 4.33 5.23 2.84 2.82 2.62

4 - Internal borrowing 2.54 6.25 4.77 4.54 4.49

Securities debt 0.43 8.13 4.76 4.70 4.42

Banking debt 0.89 -2.07 -0.61 -0.72 -0.36


States - - - - -



Others 1.23 0.19 0.62 0.56 0.43


5 - External borrowing 1.79 -1.02 -1.93 -1.72 -1.87




141

IV.26 - Public net debt harmonized

End- Public sector National government1/

of-

period R$ million % of GDP R$ million % of GDP

2003 Jan 824 525 51.3 487 045 30.3

Feb 836 870 51.6 493 571 30.4

Mar 822 108 50.6 477 501 29.4

Apr 771 527 48.0 428 942 26.7

May 793 255 50.1 449 971 28.4

Jun 792 517 50.8 451 133 28.9

Jul 809 316 52.1 466 429 30.1

Aug 832 905 53.5 488 576 31.4

Sep 834 983 53.3 488 974 31.2

Oct 832 326 52.9 484 293 30.8

Nov 842 876 53.3 491 455 31.1

Dec 839 926 52.6 485 375 30.4

2004 Jan 852 954 52.8 496 695 30.7

Feb 857 812 52.4 500 428 30.6

Mar 861 321 51.8 500 826 30.1

Apr 860 785 51.0 497 254 29.4

May 879 847 51.2 510 474 29.7

Jun 880 251 50.3 506 205 28.9

Jul 872 549 49.2 495 630 27.9

Aug 869 112 48.4 489 711 27.3

Sep* 869 585 48.1 488 143 27.0

Oct* 873 731 48.0 490 031 26.9

Nov* 865 956 47.0 482 318 26.2

1/ The Federal governments, the Banco Central and state owned enterprises are included.



142

IV.27 - Variation of the harmonized net fiscal debtFlows in 12 months

End- Public sector National government1/

of-

period R$ million % of GDP R$ million % of GDP

2003 Jan 68 178 5.00 10 866 0.80

Feb 69 895 5.05 7 127 0.51

Mar 71 751 5.11 6 656 0.47

Apr 70 247 4.94 4 268 0.30

May 74 184 5.14 9 895 0.69

Jun 78 501 5.38 20 090 1.38

Jul 87 929 5.97 37 295 2.53

Aug 91 414 6.14 40 017 2.69

Sep 93 587 6.19 51 906 3.43

Oct 88 194 5.77 46 329 3.03

Nov 88 070 5.71 50 365 3.27

Dec 79 032 5.08 54 319 3.49

2004 Jan 73 879 4.71 51 352 3.27

Feb 73 860 4.68 54 986 3.48

Mar 67 803 4.26 48 519 3.05

Apr 69 303 4.32 48 356 3.01

May 64 374 3.97 40 442 2.49

Jun 60 418 3.67 31 517 1.92

Jul 53 508 3.22 21 569 1.30

Aug 45 963 2.73 11 925 0.71

Sep* 47 744 2.80 12 765 0.75

Oct* 47 736 2.77 13 240 0.77

Nov* 44 897 2.58 11 345 0.65

1/ The Federal governments, the Banco Central and state owned enterprises are included.


V - Balance of payments


144

V.1 - Balance of payments

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Trade balance (FOB) - 1 199 - 698 2 650 13 121 24 794

Exports 48 011 55 086 58 223 60 362 73 084

Imports 49 210 55 783 55 572 47 240 48 290

Services - 6 977 - 7 162 - 7 759 - 4 957 - 5 100

Credit 7 194 9 498 9 322 9 551 10 468

Debit 14 171 16 660 17 081 14 509 15 568

Income - 18 848 - 17 886 - 19 743 - 18 191 - 18 552

Credit 3 935 3 621 3 280 3 295 3 339

Debit 22 783 21 507 23 023 21 486 21 891

Unrequited current transfers 1 689 1 521 1 638 2 390 2 867

Credit 1 969 1 828 1 934 2 627 3 132

Debit 280 307 296 237 265

Current account - 25 335 - 24 225 - 23 215 - 7 637 4 008

Capital and financial account 17 319 19 326 27 052 8 004 5 111

Capital account1/ 338 273 - 36 433 498

Financial account 16 981 19 053 27 088 7 571 4 613

Direct investment 26 888 30 498 24 715 14 108 9 894

Abroad - 1 690 - 2 282 2 258 - 2 482 - 249

Equity capital - 1 110 - 1 755 1 752 - 2 402 - 62

Intercompany loans - 580 - 527 505 - 81 - 187

In Brazil 28 578 32 779 22 457 16 590 10 144

Equity capital 29 983 30 016 18 765 17 118 9 320

Intercompany loans - 1 405 2 763 3 692 - 528 823

Portfolio investment 3 802 6 955 77 - 5 119 5 308

Assets 259 - 1 696 - 795 - 321 179

Equity securities - 864 - 1 953 - 1 121 - 389 - 258

Debt securities 1 123 258 326 67 437

Liabilities 3 542 8 651 872 - 4 797 5 129

Equity securities 2 572 3 076 2 481 1 981 2 973

Debt securities 971 5 575 - 1 609 - 6 778 2 156

Derivatives - 88 - 197 - 471 - 356 - 151

Assets 642 386 567 933 683

Liabilities - 730 - 583 - 1 038 - 1 289 - 834

Other investment2/ - 13 620 - 18 202 2 767 - 1 062 - 10 438

Assets - 4 397 - 2 989 - 6 586 - 3 211 - 9 483

Liabilities - 9 223 - 15 213 9 353 2 150 - 955

Errors and omissions 194 2 637 - 531 - 66 - 624

Overall balance - 7 822 - 2 262 3 307 302 8 496

Memo:

Current account/GDP (%) - 4.72 - 4.02 - 4.55 - 1.66 0.79

Medium- and long-term amortizations3/ 42 440 31 977 35 151 31 084 27 115

(continues)


145

V.1 - Balance of payments


Itemization 2003* 2004*

Nov Jan-Nov Year Nov Jan-Nov

Trade balance (FOB) 1 717 22 043 24 794 2 078 30 199

Exports 5 980 66 336 73 084 8 159 87 281

Imports 4 263 44 293 48 290 6 082 57 081

Services - 216 - 4 560 - 5 100 - 522 - 4 241

Credit 929 9 303 10 468 1 080 11 067

Debit 1 145 13 863 15 568 1 601 15 308

Income - 1 898 - 16 387 - 18 552 - 2 086 - 18 541

Credit 152 3 121 3 339 297 2 725

Debit 2 051 19 509 21 891 2 382 21 266

Unrequited current transfers 239 2 583 2 867 288 2 950

Credit 257 2 820 3 132 322 3 223

Debit 18 237 265 34 273

Current account - 157 3 679 4 008 - 242 10 367

Capital and financial account - 115 11 401 5 111 615 - 8 460

Capital account1/ 49 440 498 51 647

Financial account - 164 10 961 4 613 564 - 9 107

Direct investment 1 983 8 524 9 894 1 172 5 920

Abroad 29 - 210 - 249 - 147 - 9 096

Equity capital 29 - 43 - 62 - 185 - 6 356

Intercompany loans - - 167 - 187 37 - 2 739

In Brazil 1 954 8 735 10 144 1 319 15 016

Equity capital 1 424 7 666 9 320 990 15 400

Intercompany loans 529 1 068 823 329 - 384

Portfolio investment 132 4 895 5 308 - 458 - 4 990

Assets 58 189 179 - 159 - 793

Equity securities - 15 - 252 - 258 - 34 - 111

Debt securities 73 441 437 - 125 - 682

Liabilities 74 4 706 5 129 - 299 - 4 197

Equity securities 394 2 208 2 973 728 1 326

Debt securities - 320 2 499 2 156 - 1 027 - 5 523

Derivatives 35 - 152 - 151 15 - 533

Assets 99 576 683 63 372

Liabilities - 64 - 728 - 834 - 48 - 905

Other investment2/ - 2 314 - 2 306 - 10 438 - 165 - 9 505

Assets - 2 903 - 6 211 - 9 483 395 - 1 055

Liabilities 589 3 904 - 955 - 560 - 8 450

Errors and omissions 58 - 467 - 624 - 314 - 2 014

Overall balance - 214 14 613 8 496 59 - 108

Memo:

Current account/GDP (%) - 0.79 0.79 - 1.90

Medium- and long-term amortizations3/ 2 200 23 642 27 115 2 425 29 545

1/ Includes migrants transfers.2/ Includes trade credits, loans, currency and deposits, other assets and liabilities and IMF credit facilities.3/ Includes long-term trade credit repayments, long-term loan repayments, long-term issued abroad debt instrument redemptions (net of bond swaps and discounts). Excludes Monetary Authority loan repayments and intercompany loan repayments.


146

V.2 - Trade balance - FOB

US$ million

Period Exports Imports Balance

Monthly Accumulated 12 months Monthly Accumulated 12 months Monthly Accumulated 12 months

1987 - 26 224 26 224 - 15 051 15 051 - 11 173 11 173

1988 - 33 789 33 789 - 14 605 14 605 - 19 184 19 184

1989 - 34 383 34 383 - 18 263 18 263 - 16 119 16 119

1990 - 31 414 31 414 - 20 661 20 661 - 10 752 10 752

1991 - 31 620 31 620 - 21 040 21 040 - 10 580 10 580

1992 - 35 793 35 793 - 20 554 20 554 - 15 239 15 239

1993 - 38 555 38 555 - 25 256 25 256 - 13 299 13 299

1994 - 43 545 43 545 - 33 079 33 079 - 10 466 10 466

1995 - 46 506 46 506 - 49 972 49 972 - - 3 466 - 3 466

1996 - 47 747 47 747 - 53 346 53 346 - - 5 599 - 5 599

1997* - 52 994 52 994 - 59 747 59 747 - - 6 753 - 6 753

1998* - 51 140 51 140 - 57 763 57 763 - - 6 624 - 6 624

1999* - 48 011 48 011 - 49 295 49 295 - - 1 283 - 1 283

2000* - 55 086 55 086 - 55 839 55 839 - - 753 - 753

2001* - 58 223 58 223 - 55 572 55 572 - 2 650 2 650

2002* - 60 362 60 362 - 47 237 47 237 - 13 125 13 125

2003* Jan 4 805 4 805 61 195 3 650 3 650 47 084 1 155 1 155 14 111

Feb 5 001 9 806 62 538 3 888 7 538 47 575 1 113 2 268 14 963

Mar 5 239 15 045 63 516 3 702 11 240 47 614 1 536 3 805 15 902

Apr 5 710 20 756 64 585 3 989 15 229 47 463 1 722 5 526 17 122

May 6 372 27 128 66 516 3 854 19 084 47 254 2 518 8 044 19 262

Jun 5 875 33 002 68 312 3 521 22 604 47 375 2 354 10 398 20 937

Jul 6 104 39 107 68 193 4 049 26 653 46 401 2 055 12 453 21 793

Aug 6 403 45 510 68 846 3 731 30 384 45 957 2 673 15 126 22 889

Sep 7 280 52 790 69 634 4 616 35 000 46 572 2 664 17 790 23 062

Oct 7 566 60 356 70 725 5 030 40 030 47 320 2 536 20 326 23 405

Nov 5 980 66 336 71 578 4 263 44 293 47 735 1 717 22 043 23 843

Dec 6 748 73 084 73 084 3 997 48 290 48 290 2 751 24 794 24 794

2004* Jan 5 800 5 800 74 079 4 219 4 219 48 859 1 581 1 581 25 220

Feb 5 722 11 521 74 799 3 752 7 971 48 723 1 970 3 551 26 076

Mar 7 927 19 448 77 487 5 335 13 306 50 356 2 592 6 142 27 132

Apr 6 589 26 038 78 366 4 631 17 937 50 998 1 959 8 101 27 369

May 7 941 33 979 79 935 4 825 22 762 51 968 3 116 11 217 27 967

Jun 9 328 43 306 83 388 5 519 28 280 53 966 3 809 15 026 29 422

Jul 8 992 52 299 86 276 5 509 33 789 55 426 3 483 18 510 30 850

Aug 9 056 61 355 88 929 5 623 39 413 57 319 3 433 21 943 31 611

Sep 8 923 70 278 90 572 5 751 45 164 58 454 3 171 25 114 32 118

Oct 8 843 79 121 91 850 5 836 51 000 59 260 3 008 28 122 32 590

Nov 8 159 87 281 94 029 6 082 57 081 61 079 2 078 30 200 32 950

Source: MDIC/Secex


147

V.3 - Exports - FOB By aggregate factor and selected products

US$ million

Itemization 1998 1999* 2000* 2001* 2002*

Total 51 140 48 011 55 086 58 223 60 362

Primary products 12 977 11 828 12 562 15 342 16 952 Iron ore and concentrates 3 253 2 746 3 048 2 932 3 049 Oil-cake and other residues from soybeans 1 750 1 504 1 651 2 065 2 199 Coffee, not roasted 2 332 2 230 1 559 1 208 1 195 Meat and edible offal of chicken, fresh, chilled or frozen 739 875 806 1 292 1 335 Soybeans, including grinded 2 178 1 593 2 188 2 726 3 032 Tobacco, unmanufactured; tobacco refuse 940 884 813 921 978 Meat of bovine animals, fresh, chilled or frozen 277 444 503 739 776 Meat of swine, fresh, chilled or frozen 148 115 163 346 469 Cashew nuts 143 142 165 112 106 Aluminum ore and concentrates 122 116 113 99 91 Others 1 095 1 179 1 553 2 903 3 722

Semimanufactured products 8 120 7 982 8 499 8 243 8 965 Chemical wood pulp 1 049 1 243 1 601 1 246 1 160 Cane sugar, raw 1 096 1 162 761 1 401 1 111 Iron or nonalloy steel semifinished products 1 255 1 096 1 360 1 081 1 410 Hides and skins 657 595 756 872 956 Aluminum, unwrought 871 863 946 676 813 Wood, sawn or chipped lengthwise, over 6mm thick 410 497 520 532 577 Ferroalloys 430 408 456 390 433 Pig iron and spigeleisen 458 322 446 428 473 Gold, nonmonetary in semimanufactured forms 387 348 375 336 349 Soybean oil, crude 724 564 300 415 675 Others 783 883 977 867 1 009

Manufactured products 29 387 27 330 32 528 32 901 33 000 Airplanes 1 159 1 772 3 054 2 839 2 335 Footwear, parts and components 1 387 1 342 1 617 1 684 1 516 Passenger motor vehicles 1 619 1 139 1 768 1 951 2 005 Transmission and reception apparatus, and components 609 760 1 635 1 762 1 782 Parts and accessories for motor cars and tractors 1 429 1 229 1 206 1 172 1 159 Passenger motor vehicles engines and parts thereof 1 119 1 043 1 064 1 112 1 341 Orange juice 1 262 1 235 1 019 813 869 Iron or nonalloy steel flat-rolled products 999 796 859 602 813 Pumps, compressors, fans and others 728 679 725 648 694 Paper and paperboard used for writing, printing etc. 592 537 518 521 445 Cane sugar, refined 847 748 438 878 982 Pneumatic rubber tires 503 511 525 468 489 Motor vehicles for the transport of goods 1 018 626 696 484 428 Polymers of ethylene, propylene and styrene 301 302 447 343 328 Chassis fitted with engines and bodies for motor vehicles 359 216 365 411 367 Furniture and parts thereof, except for medical-surgical use 337 384 488 483 535 Electric motors, generators, transformers; parts thereof 334 311 377 458 440 Plywood and similar laminated wood 199 345 374 360 439 Civil engineering and contractors' plant and equipment 402 312 301 344 359 Cigarette containing tobacco 608 49 6 3 9 Others 13 576 12 994 15 048 15 566 15 664

Special operations1/ 656 872 1 497 1 736 1 446

(continues)


148

V.3 - Exports - FOB By aggregate factor and selected products




Total 5 980 66 336 73 084 8 159 87 281

Primary products 1 620 19 526 21 179 2 101 26 464 Iron ore and concentrates 282 3 258 3 456 447 4 342 Oil-cake and other residues from soybeans 195 2 311 2 602 200 3 107 Coffee, not roasted 126 1 183 1 302 192 1 557 Meat and edible offal of chicken, fresh, chilled or frozen 178 1 566 1 710 196 2 261 Soybeans, including grinded 131 4 204 4 290 116 5 298 Tobacco, unmanufactured; tobacco refuse 44 988 1 052 114 1 255 Meat of bovine animals, fresh, chilled or frozen 127 1 037 1 155 185 1 807 Meat of swine, fresh, chilled or frozen 63 494 527 74 666 Cashew nuts 14 131 144 15 167 Aluminum ore and concentrates 9 110 121 23 175 Others 452 4 244 4 819 540 5 828

Semimanufactured products 816 9 870 10 944 1 267 12 186 Chemical wood pulp 127 1 588 1 744 161 1 610 Cane sugar, raw 82 1 163 1 350 168 1 316 Iron or nonalloy steel semifinished products 80 1 462 1 619 212 1 930 Hides and skins 83 950 1 057 104 1 177 Aluminum, unwrought 82 848 903 86 861 Wood, sawn or chipped lengthwise, over 6mm thick 57 582 648 81 756 Ferroalloys 39 441 486 54 547 Pig iron and spigeleisen 68 518 573 175 1 039 Gold, nonmonetary in semimanufactured forms 26 301 327 15 360 Soybean oil, crude 81 936 1 042 60 1 098 Others 92 1 082 1 195 151 1 492

Manufactured products 3 456 35 749 39 653 4 667 47 242 Airplanes 170 1 622 1 939 222 2 880 Footwear, parts and components 132 1 469 1 622 144 1 715 Passenger motor vehicles 250 2 440 2 656 283 3 071 Transmission and reception apparatus, and components 163 1 569 1 676 156 1 237 Parts and accessories for motor cars and tractors 124 1 352 1 488 177 1 766 Passenger motor vehicles engines and parts thereof 129 1 534 1 674 208 1 787 Orange juice 41 767 910 67 711 Iron or nonalloy steel flat-rolled products 162 1 297 1 410 179 1 802 Pumps, compressors, fans and others 59 718 792 98 924 Paper and paperboard used for writing, printing etc. 46 491 539 48 528 Cane sugar, refined 86 722 790 104 1 055 Pneumatic rubber tires 45 560 615 59 621

69 584 671 122 1 006 Polymers of ethylene, propylene and styrene 43 470 522 73 581 Chassis fitted with engines and bodies for motor vehicles 64 405 457 65 523 Furniture and parts thereof, except for medical-surgical use 67 601 667 81 856 Electric motors, generators, transformers; parts thereof 39 459 500 46 541 Plywood and similar laminated wood 58 521 590 57 816 Civil engineering and contractors' plant and equipment 38 402 457 69 823 Cigarette containing tobacco 0 14 15 1 15 Others 1 669 17 750 19 665 2 408 23 984

Special operations1/ 88 1 191 1 308 124 1 390

Source: MDIC/Secex

1/ Including special transactions, on-board consumption and reexports.


149

V.4 - Imports - FOB By end-use category and selected products

US$ million

Itemization 1998* 1999* 2000* 2001* 2002*

Total 57 763 49 295 55 839 55 572 47 237

Capital goods 16 102 13 577 13 605 14 808 11 643

Industrial machinery 5 584 4 831 3 926 4 862 4 367

Other fixed equipments 2 668 2 515 2 882 3 147 1 912

Machines and apparatuses for offices, scientific services 2 810 2 283 2 629 2 806 2 258

Parts for industrial capital goods 1 490 1 373 1 535 1 675 1 199

Moving equipment for transportation 1 910 1 322 1 260 837 607

Accessories for industrial machinery 1 004 843 947 1 017 974

Tools 282 189 212 231 167

Fixed equipment for transportation 135 72 131 146 78

Machines and tools 153 90 39 38 19

Capital goods - sundry 66 60 45 48 62

Consumer goods 10 777 7 401 7 442 7 148 5 908

Non-durable consumer goods 5 508 4 218 3 993 3 631 3 400

Foodstuffs 2 514 1 655 1 507 1 169 1 085

Pharmaceutical products 997 1 190 1 126 1 185 1 211

Beauty products 260 228 239 226 184

Apparel and other textil clothing 381 230 217 204 136

Beverage and tobacco 289 173 161 180 163

Non-durables - sundry 1 068 743 743 667 620

Durable consumer goods 5 269 3 183 3 450 3 516 2 508

Passenger vehicles 2 677 1 214 1 211 1 405 730

Articles of adornment - personal use and others 783 655 697 713 684

Machines and apparatuses for domestic use 681 424 551 465 411

Durable consumer goods parts and spares 588 506 505 425 330

Furniture and other house equipments 252 162 182 243 154

Household appliances 96 71 79 86 66

Durables - sundry 193 152 224 179 134

Fuels and lubricants 4 100 4 258 6 358 6 276 6 240

Intermediate products and raw materials 26 783 24 059 28 432 27 340 23 446

Chemical and pharmaceutical products 7 700 7 250 7 856 7 951 7 297

Intermediate products - parts and spares 3 563 3 410 4 885 4 654 3 785

Mineral products 3 926 3 735 4 931 4 435 3 062

Accessories for transportation equipment 3 885 3 676 4 057 4 229 3 565

Inedible farm products 2 754 2 123 2 402 1 894 1 602

Foodstuffs 2 286 1 735 1 639 1 599 1 680

Other raw materials for farming 1 323 1 231 1 618 1 606 1 616

Building materials 757 436 395 428 442

Transportation equipment - parts and spares 252 263 310 324 171

Animal feed 288 155 283 167 178

Intermediate products and raw material - sundry 49 44 55 54 49

(continues)


150

V.4 - Imports - FOB By end-use category and selected products




Total 4 263 44 293 48 290 6 082 57 081

Capital goods 939 9 450 10 350 1 203 10 927

Industrial machinery 320 3 145 3 426 308 2 903

Other fixed equipments 194 1 771 1 920 267 2 308

Machines and apparatuses for offices, scientific services 184 1 890 2 110 268 2 413

Parts for industrial capital goods 96 1 106 1 206 156 1 377

Moving equipment for transportation 34 398 445 60 578

Accessories for industrial machinery 80 836 909 106 943

Tools 18 163 178 22 199

Fixed equipment for transportation 4 56 61 5 82

Machines and tools 2 19 22 3 54

Capital goods - sundry 8 66 73 8 69

Consumer goods 474 5 075 5 539 677 6 229

Non-durable consumer goods 272 2 845 3 121 366 3 317

Foodstuffs 89 834 924 110 947

Pharmaceutical products 95 1 142 1 248 130 1 318

Beauty products 15 181 197 24 216

Apparel and other textil clothing 13 108 116 21 163

Beverage and tobacco 20 140 159 23 163

Non-durables - sundry 40 439 478 58 509

Durable consumer goods 202 2 231 2 417 312 2 912

Passenger vehicles 38 544 578 60 530

Articles of adornment - personal use and others 61 648 714 90 831

Machines and apparatuses for domestic use 36 379 410 70 581

Durable consumer goods parts and spares 39 363 392 47 579

Furniture and other house equipments 12 124 137 19 175

Household appliances 6 56 61 9 77

Durables - sundry 10 117 125 17 139

Fuels and lubricants 537 6 207 6 578 987 9 362

Intermediate products and raw materials 2 313 23 561 25 824 3 215 30 564

Chemical and pharmaceutical products 614 6 891 7 535 919 8 816

Intermediate products - parts and spares 391 3 825 4 154 552 5 136

Mineral products 352 3 299 3 599 504 4 515

Accessories for transportation equipment 291 3 425 3 705 455 4 502

Inedible farm products 142 1 555 1 693 191 2 027

Foodstuffs 134 1 855 2 017 119 1 406

307 1 951 2 275 370 3 168

Building materials 34 403 440 49 454

Transportation equipment - parts and spares 17 133 153 35 311

Animal feed 27 186 209 13 156

Intermediate products and raw material - sundry 5 40 45 7 72

Source: MDIC/Secex


151

V.5 - Trade by area - FOB

US$ million

Itemization 1998* 1999* 2000* 2001*

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 51 140 57 763 - 6 624 48 011 49 295 - 1 283 55 086 55 839 - 753 58 223 55 572 2 650

Efta1/ 360 1 149 - 789 389 967 - 578 756 1 040 - 284 629 1 227 - 598

Africa2/ 1 651 1 819 - 168 1 336 2 224 - 887 1 347 2 907 - 1 560 1 988 3 331 - 1 343

Laia 13 387 12 354 1 032 10 560 9 458 1 103 12 902 11 653 1 249 12 225 10 001 2 223

Mercosur 8 878 9 416 - 538 6 778 6 719 58 7 733 7 795 - 62 6 364 7 009 - 646

Argentina 6 748 8 023 - 1 275 5 364 5 812 - 448 6 233 6 842 - 610 5 002 6 206 - 1 204

Paraguay 1 249 351 899 744 260 484 832 351 480 720 300 420

Uruguay 881 1 042 - 162 670 647 23 669 602 67 641 503 138

Chile 1 024 817 208 896 719 177 1 246 969 278 1 352 845 506

Mexico 1 002 983 19 1 068 618 450 1 711 754 957 1 868 695 1 173

Others3/ 2 483 1 139 1 344 1 818 1 401 417 2 211 2 134 77 2 641 1 451 1 190

Asia2/ 5 616 7 882 - 2 266 5 732 6 475 - 743 6 324 8 600 - 2 276 6 949 8 926 - 1 976

China 905 1 034 - 129 676 865 - 189 1 085 1 222 - 137 1 902 1 328 574

Korea, Republic of 467 988 - 521 628 1 019 - 392 581 1 438 - 857 736 1 574 - 838

Japan 2 205 3 274 - 1 069 2 193 2 576 - 383 2 472 2 961 - 489 1 986 3 064 - 1 077

Others 2 039 2 585 - 546 2 236 2 015 221 2 186 2 979 - 793 2 325 2 959 - 635

Canada 544 1 338 - 794 513 974 - 461 566 1 087 - 521 555 927 - 371

USA4/ 9 872 13 697 - 3 826 10 849 11 882 - 1 034 13 366 13 033 333 14 378 13 043 1 335

Eastern Europe5/ 1 163 808 354 1 175 704 471 972 1 161 - 189 1 699 1 113 587

Middle East 1 600 1 242 358 1 485 1 074 411 1 333 1 561 - 228 2 030 1 471 559

European Union 14 748 16 890 - 2 142 13 736 15 046 - 1 310 14 784 14 070 715 14 865 14 822 43

Germany 3 006 5 252 - 2 245 2 544 4 767 - 2 222 2 526 4 426 - 1 901 2 502 4 812 - 2 310

Belgium-Luxembourg 2 195 718 1 477 1 817 495 1 322 1 867 575 1 292 1 812 585 1 228

Spain6/ 1 056 1 195 - 139 1 169 1 180 - 10 1 008 1 119 - 111 1 042 1 225 - 183

France7/ 1 231 1 978 - 747 1 200 1 990 - 790 1 732 1 885 - 153 1 648 2 084 - 436

Italy8/ 1 931 3 257 - 1 326 1 845 2 598 - 753 2 146 2 172 - 26 1 809 2 184 - 375

Netherlands 2 745 697 2 048 2 594 596 1 999 2 796 698 2 099 2 863 533 2 330

United Kingdom 1 339 1 489 - 150 1 437 1 224 214 1 498 1 238 261 1 705 1 235 470

Others9/ 1 245 2 304 - 1 059 1 129 2 197 - 1 068 1 211 1 958 - 747 1 484 2 165 - 680

Others 2 200 584 1 616 2 235 491 1 744 2 736 727 2 010 2 904 710 2 193

Memo:

Opec10/ 2 549 3 118 - 569 2 269 3 744 - 1 475 2 324 4 983 - 2 659 3 354 4 464 - 1 110

(continues)


152

V.5 - Trade by area - FOB


Itemization 2002* 2003* 2003* 2004*

Jan-Nov Jan-Nov

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 60 362 47 237 13 125 73 084 48 290 24 794 66 336 44 293 22 043 87 281 57 081 30 200

Efta1/ 618 1 118 - 499 617 1 209 - 592 542 1 120 - 578 636 1 237 - 601

Africa2/ 2 362 2 676 - 313 2 860 3 255 - 395 2 587 3 083 - 497 3 816 5 526 - 1 710

Laia 9 866 8 224 1 642 12 920 8 209 4 711 11 583 7 500 4 083 17 753 9 096 8 657

Mercosur 3 311 5 611 - 2 300 5 672 5 685 - 13 5 075 5 183 - 108 8 072 5 800 2 272

Argentina 2 342 4 743 - 2 401 4 561 4 672 - 111 4 083 4 245 - 162 6 679 5 065 1 614

Paraguay 558 383 175 707 475 232 637 446 191 797 264 533

Uruguay 410 485 - 74 404 538 - 134 355 492 - 138 596 470 126

Chile 1 461 649 812 1 880 821 1 059 1 688 749 938 2 318 1 252 1 066

Mexico 2 342 580 1 762 2 741 533 2 208 2 522 488 2 034 3 572 649 2 923

Others3/ 2 752 1 384 1 368 2 627 1 170 1 457 2 298 1 080 1 218 3 791 1 396 2 395

Asia2/ 8 791 7 996 795 11 676 8 923 2 753 10 772 8 251 2 521 13 375 11 239 2 136

China 2 520 1 554 966 4 533 2 148 2 385 4 253 1 950 2 303 5 057 3 378 1 679

Korea, Republic of 852 1 067 - 214 1 223 1 079 144 1 105 986 118 1 267 1 579 - 312

Japan 2 098 2 348 - 250 2 311 2 520 - 210 2 135 2 357 - 222 2 523 2 644 - 122

Others 3 320 3 028 292 3 610 3 176 434 3 279 2 957 322 4 529 3 638 891

Canada 782 740 41 978 750 227 893 654 240 1 107 789 318

USA4/ 15 535 10 436 5 099 16 900 9 726 7 174 15 399 8 827 6 572 18 453 10 506 7 947

Eastern Europe5/ 1 755 919 836 2 271 1 165 1 106 2 061 1 014 1 047 2 446 1 318 1 128

Middle East 2 331 1 430 901 2 806 1 619 1 187 2 521 1 523 998 3 402 2 105 1 297

European Union 15 113 13 134 1 979 18 102 12 690 5 412 16 464 11 635 4 829 21 414 14 380 7 035

Germany 2 537 4 419 - 1 883 3 136 4 206 - 1 070 2 872 3 881 - 1 009 3 680 4 634 - 954

Belgium-Luxembourg 1 892 546 1 346 1 795 515 1 281 1 625 476 1 150 1 731 585 1 147

Spain6/ 1 120 975 145 1 552 974 577 1 436 879 557 1 839 1 044 795

France7/ 1 525 1 777 - 252 1 715 1 768 - 52 1 549 1 616 - 67 2 009 2 110 - 100

Italy8/ 1 817 1 762 55 2 208 1 758 450 2 010 1 623 387 2 704 1 859 845

Netherlands 3 182 535 2 647 4 246 509 3 737 3 859 469 3 390 5 055 579 4 476

United Kingdom 1 769 1 343 426 1 899 1 205 694 1 715 1 071 645 1 894 1 224 671

Others9/ 1 272 1 776 - 504 1 552 1 757 - 205 1 398 1 621 - 224 2 502 2 345 157

Others 3 208 563 2 645 3 955 744 3 211 3 514 684 2 830 4 878 884 3 994

Memo:

Opec10/ 3 536 4 132 - 596 3 844 4 510 - 666 3 479 4 284 - 804 5 176 7 042 - 1 866

Source: MDIC/Secex

1/ Includes Iceland, Norway and Switzerland (includes Liechtenstein).

2/ Excludes Middle East countries.

3/ Includes Bolivia, Colombia, Ecuador, Peru and Venezuela.

4/ Includes Puerto Rico.

5/ Albania, Bulgaria, Hungary, Poland, Slovak Republic, Czech Republic, Romania and countries from the former USSR. As of May 2004, Albania, Bulgaria, Romania and

countries from the former USSR, except Estonia, Latvia and Lithuania

6/ Includes Canary Islands.

7/ Includes Monaco (Principality of).

8/ Includes San Marino (Republic of).

9/ Austria, Denmark, Finland, Greece, Ireland, Portugal and Sweden. As of May 2004, also includes Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovack Republic,

Slovenia and Czech Republic

10/ Saudi Arabia, Algeria, Qatar, Kuwait, United Arab Emirates, Iran (Islamic Rep.), Iraq, Indonesia, Libya, Niger and Venezuela.

Note: Imports according to the country of origin, and not from the country of acquisition of the product.


153

V.6 - Services

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Total - 6 977 - 7 162 - 7 759 - 4 957 - 5 100

Credit 7 194 9 498 9 322 9 551 10 468

Debit 14 171 16 660 17 081 14 509 15 568

Transportation - 3 071 - 2 896 - 2 966 - 1 959 - 1 759

Credit 1 141 1 409 1 422 1 536 1 843

Debit 4 212 4 305 4 388 3 494 3 602

Travel - 1 457 - 2 084 - 1 468 - 398 218

Credit 1 628 1 810 1 731 1 998 2 479

Debit 3 085 3 894 3 199 2 396 2 261

Communication 14 4 29 14 84

Credit 30 36 242 135 449

Debit 16 32 213 122 366 Construction 16 227 17 12 10

Credit 16 228 18 12 10

Debit - 0 - - 0

Insurance - 128 - 4 - 275 - 420 - 436

Credit 165 312 180 206 124

Debit 293 317 455 626 560

Financial - 269 - 294 - 307 - 232 - 383

Credit 305 376 317 390 363

Debit 574 670 624 623 745

Computer and information - 1 010 - 1 111 - 1 106 - 1 118 - 1 034 Credit 15 34 27 36 29

Debit 1 026 1 145 1 133 1 155 1 063

Royalties and license fees - 1 150 - 1 289 - 1 132 - 1 129 - 1 120

Credit 133 125 112 100 108

Debit 1 283 1 415 1 244 1 229 1 228

Merchanting and trade-related 251 194 - 23 - 12 - 92

Credit 626 589 413 421 389

Debit 375 395 436 433 480

Operational leasing - 599 - 1 311 - 1 867 - 1 672 - 2 312

Credit 6 91 278 49 25

Debit 605 1 401 2 146 1 721 2 337

Misc. business, professional and technical 1 259 2 251 2 300 2 460 2 158

Credit 2 771 3 888 3 921 3 848 3 719

Debit 1 512 1 637 1 622 1 388 1 562

Personal, cultural and recreational - 335 - 300 - 307 - 251 - 283

Credit 39 63 58 58 54

Debit 374 363 365 309 337

Government services - 498 - 549 - 652 - 252 - 151

Credit 318 537 604 761 877

Debit 816 1 087 1 256 1 013 1 028

(continues)


154

V.6 - Services




Total - 216 -4 560 -5 100 - 522 -4 241

Credit 929 9 303 10 468 1 080 11 067

Debit 1 145 13 863 15 568 1 601 15 308

Transportation - 127 -1 635 -1 759 - 229 -2 048

Credit 174 1 647 1 843 201 2 048

Debit 300 3 282 3 602 430 4 097

Travel 57 145 218 2 329

Credit 236 2 200 2 479 294 2 887

Debit 178 2 055 2 261 292 2 558

Communication 2 84 84 26 174

Credit 4 447 449 49 237 Debit 2 362 366 23 63

Construction 2 10 10 0 2

Credit 2 10 10 0 2

Debit 0 0 0 1 1

Insurance - 27 - 376 - 436 - 32 - 455

Credit 5 107 124 4 96

Debit 32 483 560 35 551

Financial - 28 - 325 - 383 0 - 73

Credit 31 318 363 31 371

Debit 59 644 745 31 444 Computer and information - 81 - 882 -1 034 - 99 -1 098

Credit 5 27 29 1 43

Debit 86 908 1 063 100 1 141

Royalties and license fees - 79 - 994 -1 120 - 98 -1 000

Credit 9 96 108 9 105

Debit 89 1 090 1 228 107 1 105

Merchanting and trade-related - 5 - 74 - 92 - 30 - 200

Credit 37 357 389 25 344

Debit 41 431 480 56 545

Operational leasing - 125 -2 022 -2 312 - 241 -1 797

Credit 2 22 25 16 53

Debit 127 2 044 2 337 257 1 849

Misc. business, professional and technical 216 1 880 2 158 209 2 365

Credit 332 3 242 3 719 371 3 980

Debit 116 1 362 1 562 162 1 615

Personal, cultural and recreational - 21 - 252 - 283 - 25 - 327

Credit 3 51 54 6 42

Debit 23 303 337 31 370

Government services - 1 - 120 - 151 - 5 - 113

Credit 90 779 877 73 857

Debit 91 898 1 028 78 970


155

V.7 - Income

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Balance on income - 18 848 - 17 886 - 19 743 - 18 191 - 18 552

Credit 3 935 3 621 3 280 3 295 3 339

Debit 22 783 21 507 23 023 21 486 21 891

Compensation of employees 142 79 95 102 109

Credit 310 237 270 293 269

Debit 168 158 175 191 160

Investment income - 18 990 - 17 965 - 19 838 - 18 292 - 18 661

Credit 3 625 3 383 3 009 3 002 3 070

Debit 22 615 21 348 22 847 21 295 21 731

Direct investment income - 3 664 - 3 239 - 4 638 - 4 983 - 5 098

Credit 1 487 999 367 967 886

Debit 5 151 4 238 5 005 5 950 5 984

Income on equity (profits and dividends) - 2 832 - 2 173 - 3 438 - 4 034 - 4 076

Credit 1 389 932 264 857 760

Debit 4 221 3 105 3 702 4 891 4 836

Income on intercompany loans (interest) - 832 - 1 066 - 1 201 - 949 - 1 022

Credit 97 67 103 109 126

Debit 929 1 133 1 303 1 058 1 148

Paid in cash 821 1 092 1 092 802 802

Converted to FDI 108 42 211 256 346

Portfolio investment income - 7 710 - 8 545 - 9 621 - 8 384 - 8 743

Credit 773 859 1 463 1 383 1 323

Debit 8 483 9 404 11 084 9 767 10 066

Income on equity (profits and dividends) - 1 283 - 1 143 - 1 523 - 1 128 - 1 564

Credit 11 5 1 1 3

Debit 1 294 1 148 1 524 1 129 1 568

Income on debt securities (interest) - 6 427 - 7 402 - 8 097 - 7 256 - 7 179

Credit 762 854 1 462 1 382 1 320

Debit 7 189 8 256 9 560 8 638 8 499

Other investment income1/ - 7 617 - 6 181 - 5 579 - 4 925 - 4 820

Credit 1 365 1 525 1 179 653 861

Debit 8 982 7 707 6 758 5 578 5 681

Memo:

Interests - 14 876 - 14 649 - 14 877 - 13 130 - 13 020

Credit 2 224 2 447 2 744 2 144 2 307

Debit 17 100 17 096 17 621 15 275 15 328

Profits and dividends - 4 115 - 3 316 - 4 961 - 5 162 - 5 640

Credit 1 400 937 265 858 763

Debit 5 515 4 253 5 226 6 020 6 403

(continues)


156

V.7 - Income




Balance on income - 1 898 - 16 387 - 18 552 - 2 086 - 18 541

Credit 152 3 121 3 339 297 2 725

Debit 2 051 19 509 21 891 2 382 21 266

Compensation of employees 12 109 109 17 167

Credit 25 240 269 30 322

Debit 13 131 160 13 155

Investment income - 1 910 - 16 496 - 18 661 - 2 103 - 18 708

Credit 127 2 882 3 070 267 2 403

Debit 2 037 19 377 21 731 2 370 21 111

Direct investment income - 736 - 3 944 - 5 098 - 467 - 4 814

Credit 9 852 886 157 855

Debit 745 4 796 5 984 624 5 669

Income on equity (profits and dividends) - 485 - 3 122 - 4 076 - 392 - 4 105

Credit 4 731 760 155 717

Debit 489 3 853 4 836 546 4 823

Income on intercompany loans (interest) - 251 - 821 - 1 022 - 75 - 709

Credit 5 121 126 2 138

Debit 256 942 1 148 78 847

Paid in cash 53 642 802 63 692

Converted to FDI 203 300 346 15 155

Portfolio investment income - 622 - 8 107 - 8 743 - 1 060 - 9 880

Credit 25 1 289 1 323 58 560

Debit 647 9 395 10 066 1 118 10 440

Income on equity (profits and dividends) - 140 - 1 539 - 1 564 - 570 - 2 326

Credit - 3 3 1 4

Debit 140 1 543 1 568 571 2 330

Income on debt securities (interest) - 482 - 6 567 - 7 179 - 490 - 7 553

Credit 25 1 285 1 320 57 557

Debit 507 7 853 8 499 546 8 110

Other investment income1/ - 553 - 4 445 - 4 820 - 576 - 4 014

Credit 93 741 861 52 987

Debit 646 5 186 5 681 628 5 001

Memo:

Interests - 1 285 - 11 834 - 13 020 - 1 141 - 12 277

Credit 123 2 147 2 307 111 1 682

Debit 1 409 13 981 15 328 1 252 13 958

Profits and dividends - 625 - 4 662 - 5 640 - 962 - 6 432

Credit 4 734 763 156 721

Debit 629 5 396 6 403 1 118 7 153

1/ Includes interests on trade credits, loans, deposits and other assets and liabilities.


157

V.8 - Unrequited current transfers

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Total 1 689 1 521 1 638 2 390 2 867

Credit 1 969 1 828 1 934 2 627 3 132

Debit 280 307 296 237 265

General government transfers - 39 - 31 9 - 1 - 21

Credit 42 42 73 57 48

Debit 81 74 64 58 68

Other sectors transfers 1 728 1 552 1 629 2 391 2 887

Credit 1 927 1 785 1 860 2 570 3 084

Debit 199 233 232 179 197

Workers' remittances 1 052 932 1 009 1 573 1 882

Credit 1 191 1 112 1 178 1 711 2 018

United States 538 664 555 897 1 059

Japan 476 294 444 532 526

Remaining countries 178 154 180 282 433

Debit 139 180 169 138 136

Other transfers 676 620 620 818 1 005

Credit 736 673 682 859 1 066

Debit 60 53 62 41 61

(continues)


158

V.8 - Unrequited current transfers




Total 239 2 583 2 867 288 2 950

Credit 257 2 820 3 132 322 3 223

Debit 18 237 265 34 273

General government transfers - 2 - 17 - 21 - 10 - 32

Credit 3 41 48 4 45

Debit 5 58 68 15 77

Other sectors transfers 241 2 600 2 887 298 2 982

Credit 254 2 779 3 084 318 3 178

Debit 13 179 197 20 196

Workers' remittances 171 1 685 1 882 200 2 092

Credit 181 1 809 2 018 217 2 237

United States 94 950 1 059 120 1 411

Japan 49 469 526 58 364

Remaining countries 37 390 433 39 463

Debit 10 123 136 16 146

Other transfers 70 915 1 005 98 891

Credit 73 971 1 066 101 941

Debit 3 56 61 3 50


159

V.9 - Direct investment

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Total direct investment 26 888 30 498 24 715 14 108 9 894

Credit 36 968 41 243 35 123 27 045 20 975

Debit 10 080 10 745 10 408 12 937 11 081

Abroad - 1 690 - 2 282 2 258 - 2 482 - 249

Credit 713 953 5 106 585 1 737

Debit 2 404 3 234 2 849 3 067 1 986

Equity capital - 1 110 - 1 755 1 752 - 2 402 - 62

Credit 388 840 4 236 417 1 645

Debit 1 498 2 595 2 483 2 818 1 707

Intercompany loans - 580 - 527 505 - 81 - 187

Credit 325 112 871 168 93

Debit 905 639 365 249 280

Loans from headquarters in Brazil to affiliates abroad - 385 - 547 - 268 - 79 - 187

Credit 254 64 93 165 92

Debit 638 611 360 243 279

Loans from affiliates abroad to headquarters in Brazil - 195 20 773 - 2 -

Credit 71 48 778 4 1

Debit 267 28 5 6 1

Foreign direct investment in Brazil 28 578 32 779 22 457 16 590 10 144

Credit 36 254 40 290 30 017 26 460 19 238

Debit 7 676 7 511 7 559 9 870 9 094

Equity capital 29 983 30 016 18 765 17 118 9 320

Credit 31 372 33 403 21 093 18 960 13 087

Currency 26 947 31 610 16 817 10 400 7 846

Autonomous 18 162 24 934 15 738 10 120 7 846

Privatization related 8 786 6 677 1 079 280 -

Conversions 4 298 1 710 4 215 8 484 5 213

Autonomous 4 298 1 336 4 215 8 484 5 213

Privatization related - 374 - - -

Merchandise 127 83 61 76 29

Reinvested earnings ... - ... - ...

Debit 1 389 3 387 2 328 1 842 3 767

Intercompany loans - 1 405 2 763 3 692 - 528 823

Credit 4 882 6 888 8 924 7 500 6 150

Debit 6 287 4 125 5 232 8 028 5 327

Loans from headquarters abroad to affiliates in Brazil - 1 402 2 959 3 688 - 529 803

Credit 4 846 6 777 8 911 7 495 6 120

Debit 6 248 3 819 5 223 8 024 5 317

Paid in cash 2 059 2 272 4 134 5 796 3 903

Converted to FDI equity capital 4 189 1 547 1 089 2 229 1 414

Loans from affiliates in Brazil to headquarters abroad - 3 - 196 4 2 21

Credit 36 110 13 5 30

Debit 39 306 9 4 10

(continues)


160

V.9 - Direct investment



Oct Jan-Oct Year Oct Jan-Oct

Total direct investment 1 983 8 524 9 894 1 172 5 920

Credit 2 618 17 947 20 975 1 898 22 370

Debit 635 9 422 11 081 727 16 450

Abroad 29 - 210 - 249 - 147 - 9 096

Credit 64 1 494 1 737 101 1 018

Debit 35 1 705 1 986 249 10 114

Equity capital 29 - 43 - 62 - 185 - 6 356

Credit 64 1 433 1 645 39 898

Debit 35 1 476 1 707 224 7 254

Intercompany loans - - 167 - 187 37 - 2 739

Credit 0 62 93 62 120

Debit - 229 280 25 2 860

Loans from headquarters in Brazil to affiliates abroad - - 168 - 187 26 - 2 741

Credit - 61 92 51 107

Debit - 229 279 25 2 847

Loans from affiliates abroad to headquarters in Brazil 0 0 - 12 1

Credit 0 1 1 12 14

Debit - 1 1 - 12

Foreign direct investment in Brazil 1 954 8 735 10 144 1 319 15 016

Credit 2 554 16 452 19 238 1 797 21 352

Debit 600 7 718 9 094 478 6 336

Equity capital 1 424 7 666 9 320 990 15 400

Credit 1 761 11 078 13 087 1 027 16 923

Currency 424 6 517 7 846 784 13 213

Autonomous 424 6 517 7 846 784 13 213

Privatization related - - - - -

Conversions 1 337 4 532 5 213 242 3 697

Autonomous 1 337 4 532 5 213 242 3 697

Privatization related - - - - -

Merchandise - 29 29 - 12

Reinvested earnings ... ... ... ... -

Debit 337 3 411 3 767 36 1 523

Intercompany loans 529 1 068 823 329 - 384

Credit 792 5 375 6 150 770 4 430

Debit 263 4 306 5 327 441 4 814

Loans from headquarters abroad to affiliates in Brazil 534 1 048 803 330 - 374

Credit 792 5 345 6 120 770 4 425

Debit 258 4 297 5 317 440 4 799

Paid in cash 224 3 252 3 903 399 4 048

Converted to FDI equity capital 34 1 045 1 414 41 751

Loans from affiliates in Brazil to headquarters abroad - 4 21 21 - 1 - 10

Credit - 30 30 - 5

Debit 4 9 10 1 15


161

V.10 - Portfolio investment - assets

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Total 259 - 1 696 - 795 - 321 179

Credit 4 220 2 888 1 626 1 016 1 805

Debit 3 961 4 583 2 421 1 337 1 626

Equity securities - 864 - 1 953 - 1 121 - 389 - 258

Credit 371 1 970 170 320 66

Debit 1 235 3 923 1 291 709 324

Brazilian Depositary Receipts (BDR) 6 - 945 150 106 - 10

Credit 7 1 669 153 113 2

Debit 1 2 614 3 7 12

Other equities - 871 - 1 008 - 1 271 - 495 - 248

Credit 364 301 17 207 64

Debit 1 234 1 309 1 288 702 312

Debt securities 1 123 258 326 67 437

Credit 3 849 918 1 456 696 1 738

Debit 2 725 660 1 130 629 1 302

Bonds and notes 1 123 258 326 67 437

Credit 3 849 918 1 456 696 1 738

Colateral release 423 245 326 - 359

Other 3 425 673 1 130 696 1 379

Debit 2 725 660 1 130 629 1 302

(continues)


162

V.10 - Portfolio investment - assets



Oct Jan-Oct Year Oct Jan-Oct

Total 58 189 179 - 159 - 793

Credit 171 1 737 1 805 227 2 367

Debit 114 1 548 1 626 386 3 159

Equity securities - 15 - 252 - 258 - 34 - 111

Credit 7 64 66 2 34

Debit 22 316 324 36 145

Brazilian Depositary Receipts (BDR) 1 - 10 - 10 - -

Credit 1 2 2 - 1

Debit - 12 12 - 1

Other equities - 16 - 242 - 248 - 34 - 110

Credit 6 62 64 2 34

Debit 22 304 312 36 144

Debt securities 73 441 437 - 125 - 682

Credit 164 1 673 1 738 225 2 332

Debit 91 1 233 1 302 350 3 014

Bonds and notes 73 441 437 - 125 - 682

Credit 164 1 673 1 738 225 2 332

Colateral release - 359 359 - -

Other 164 1 314 1 379 225 2 332

Debit 91 1 233 1 302 350 3 014


163

V.11 - Portfolio investment - liabilities

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Total 3 542 8 651 872 - 4 797 5 129

Credit 38 875 38 816 29 497 18 352 27 347

Debit 35 332 30 165 28 625 23 150 22 218

Equity securities 2 572 3 076 2 481 1 981 2 973

Credit 15 533 18 346 10 494 10 055 10 552

Debit 12 962 15 270 8 013 8 074 7 579

Issued in the country 1 490 - 3 262 - 545 - 723 2 094

Credit 12 580 10 425 7 015 7 103 9 475

Debit 11 090 13 687 7 560 7 826 7 381

Issued abroad (Annex V - ADR) 1 081 6 338 3 026 2 704 878

Credit 2 953 7 921 3 478 2 952 1 076

Debit 1 872 1 583 452 248 198

Debt securities 971 5 575 - 1 609 - 6 778 2 156

Credit 23 342 20 470 19 003 8 297 16 795

Debit 22 371 14 895 20 612 15 076 14 639

Issued in the country - 1 378 - 199 - 274 - 223 272

Medium and long-term - 1 223 - 258 - 246 - 218 163

Credit 2 760 980 532 538 717

Debit 3 983 1 238 778 756 555

Short-term - 155 59 - 28 - 5 109

Credit 104 469 356 383 479

Debit 259 410 384 388 370

Issued abroad 2 349 5 774 - 1 335 - 6 556 1 884

Bonds 3 300 3 707 1 160 1 597 2 319

Disbursements 7 708 12 222 9 699 4 101 7 087

New issues 4 708 6 086 7 549 4 070 5 889

Bond swaps 3 000 6 136 2 150 30 1 198

Amortizations 4 408 8 515 8 539 2 504 4 768

Paid in cash 1 410 2 370 6 389 2 473 3 570

Bond swaps 2 997 6 145 2 150 30 1 198

Face value 4 197 6 521 2 150 30 1 289

Discounts 1 200 376 - - 1 90

Notes and commercial papers - 1 388 1 886 - 3 118 - 7 338 - 761

Disbursements 11 976 6 496 7 350 2 093 4 729

Amortizations 13 364 4 610 10 468 9 432 5 490

Money market instruments 437 181 623 - 815 326

Disbursements 794 304 1 066 1 182 3 783

Amortizations 357 123 442 1 996 3 457

(continues)


164

V.11 - Portfolio investment - liabilities




Total 74 4 706 5 129 - 299 - 4 197

Credit 1 961 23 801 27 347 2 272 26 314

Debit 1 887 19 095 22 218 2 571 30 511

Equity securities 394 2 208 2 973 728 1 326

Credit 1 032 8 993 10 552 1 870 13 948

Debit 639 6 785 7 579 1 141 12 622

Issued in the country 350 1 560 2 094 531 701

Credit 957 8 157 9 475 1 638 12 644

Debit 607 6 597 7 381 1 107 11 943

Issued abroad (Annex V - ADR) 43 648 878 198 625

Credit 75 836 1 076 232 1 304

Debit 32 188 198 34 679

Debt securities - 320 2 499 2 156 - 1 027 - 5 523

Credit 929 14 808 16 795 402 12 366

Debit 1 249 12 309 14 639 1 429 17 889

Issued in the country 45 204 272 67 33

Medium and long-term 27 122 163 40 - 3

Credit 73 617 717 124 958

Debit 46 495 555 84 961

Short-term 18 82 109 27 36

Credit 49 412 479 83 639

Debit 31 330 370 56 603

Issued abroad - 364 2 295 1 884 - 1 095 - 5 556

Bonds - 2 219 2 319 - 175 - 640

Disbursements - 6 987 7 087 - 5 428

New issues - 5 789 5 889 - 5 428

Bond swaps - 1 198 1 198 - -

Amortizations - 4 768 4 768 175 6 068

Paid in cash - 3 570 3 570 175 6 068

Bond swaps - 1 198 1 198 - -

Face value - 1 289 1 289 - -

Discounts - 90 90 - -

Notes and commercial papers - 233 - 722 - 761 - 854 - 5 375

Disbursements 757 3 729 4 729 193 4 033

Amortizations 990 4 451 5 490 1 047 9 408

Money market instruments - 131 798 326 - 65 458

Disbursements 50 3 063 3 783 3 1 308

Amortizations 182 2 265 3 457 68 850


165

V.12 - Portfolio of foreign investors1/

US$ million

Period Stock of Portfolio composition (%) Effective flows2/

assets

(end of Stocks Derivatives Debentures Fixed Privatization Others Inflow Outflow Net

period) income currencies

1997 32 047 96.5 1.4 2.1 - - 0.0 32 191 30 576 1 615

1998 17 365 94.8 4.2 1.0 - - 0.0 21 887 24 349 - 2 462

1999 23 110 99.0 0.0 0.8 - - 0.1 12 396 11 296 1 100

2000 18 528 91.9 0.1 0.9 7.0 - 0.1 10 831 12 666 - 1 835

2001 15 532 88.5 0.3 0.7 9.3 - 1.2 9 348 10 076 - 728

2002 10 373 74.7 2.3 1.2 21.5 - 0.2 7 565 7 901 - 336

2003 Jan 10 043 73.8 1.9 1.2 22.7 - 0.3 659 544 115

Feb 9 851 72.1 3.3 1.3 23.0 - 0.3 489 428 61

Mar 10 677 76.4 2.9 1.5 18.9 - 0.3 507 670 - 163

Apr 12 479 78.1 2.7 1.4 17.4 - 0.4 963 661 301

May 12 640 80.0 1.7 1.4 16.5 - 0.4 778 799 - 21

Jun 12 838 80.3 1.2 1.4 9.9 - 7.2 741 566 175

Jul 13 312 80.9 1.4 1.5 15.6 - 0.5 631 557 74

Aug 14 599 82.8 1.2 1.4 14.1 - 0.5 807 624 183

Sep 15 053 83.9 1.1 1.2 13.3 - 0.5 1 088 879 209

Oct 18 677 76.8 4.6 1.0 17.2 - 0.4 1 382 955 427

Nov 17 635 86.1 0.8 0.9 11.6 - 0.5 1 071 666 405

Dec 20 120 86.8 0.6 0.7 11.6 - 0.3 1 904 1 250 654

Year 20 120 86.8 0.6 0.7 11.6 - 0.3 11 020 8 599 2 421

2004 Jan 20 018 86.8 0.6 0.6 11.7 - 0.0 1 577 1 156 421

Feb 20 720 86.3 0.5 0.6 12.3 - 0.2 1 559 1 100 458

Mar 20 961 86.0 0.6 0.6 12.5 - 0.4 1 055 1 370 - 315

Apr 20 402 85.2 2.3 0.6 11.7 - 0.3 2 737 2 644 93

May 18 410 87.4 1.1 0.7 10.6 - 0.2 2 891 2 974 - 83

Jun 18 502 87.7 1.3 0.8 9.9 - 0.3 2 601 2 973 - 373

Jul 20 175 87.9 2.0 0.5 9.3 - 0.3 936 993 - 58

Aug 21 640 87.5 2.4 0.4 9.5 - 0.2 966 1 243 - 276

Sep 23 236 88.8 1.4 0.4 9.2 - 0.2 973 998 - 25

Oct 23 352 89.5 0.6 0.3 9.2 - 0.3 1 310 1 358 - 48

Nov 26 075 89.4 0.9 0.3 9.1 - 0.3 1 538 1 188 350

Source: CVM

1/ Until March, 2000, refers to funds invested in accordance with Resolution 1,289 dated March 3, 1987. As of April, 2000, refers to funds

invested in accordance with Resolution 2,689 dated January 26, 2000.

2/ Figures compiled by CVM based on data reported by portfolio managers. They do not show necessarily the exchange flow of each period.


166

V.13 - Other investment - assets

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Total - 4 397 - 2 989 - 6 586 - 3 211 - 9 483

Loans - 1 278 - 282 - 1 050 - 1 740 - 541

Long-term - 724 - 375 - 1 358 - 1 724 - 665

Credit 814 594 1 417 1 739 1 962

Debit 1 537 969 2 775 3 462 2 627

Short-term (net) - 554 93 309 - 16 124

Currency and deposits - 2 301 - 1 774 - 8 001 - 1 300 - 8 579

Banks 345 1 321 - 3 857 4 341 - 7 009

Remaining domestic sectors - 2 647 - 3 095 - 4 144 - 5 641 - 1 570

Colateral release - 166 - - -

Other - 2 647 - 3 261 - 4 144 - 5 641 - 1 570

Other assets - 817 - 933 2 465 - 172 - 363

Long-term - 53 - 105 2 424 - 122 - 77

Credit 1 822 3 2 564 3 1

Debit 1 876 108 140 126 78

Short-term (net) - 764 - 828 41 - 50 - 286

(continues)


167

V.13 - Other investment - assets




Total - 2 903 - 6 211 - 9 483 395 - 1 055

Loans - 410 - 833 - 541 - 156 - 1 588

Long-term - 48 - 591 - 665 - 151 - 1 573

Credit 165 1 771 1 962 189 1 740

Debit 213 2 362 2 627 340 3 313

Short-term (net) - 362 - 242 124 - 5 - 15

Currency and deposits - 2 506 - 5 054 - 8 579 579 515

Banks - 2 380 - 3 865 - 7 009 854 2 416

Remaining domestic sectors - 126 - 1 189 - 1 570 - 274 - 1 901

Colateral release - - - - -

Other - 126 - 1 189 - 1 570 - 274 - 1 901

Other assets 13 - 323 - 363 - 28 17

Long-term - 3 - 77 - 77 - - 37

Credit - 1 1 - 31

Debit 4 78 78 - 69

Short-term (net) 16 - 247 - 286 - 28 55


168

V.14 - Other investment - liabilities

US$ million

Itemization 1999 2000* 2001* 2002* 2003*

Total - 9 223 - 15 213 9 353 2 150 - 955

Trade credit (suppliers credit) - 7 284 - 6 409 4 233 1 741 - 34

Long-term - 4 783 - 2 987 480 - 1 370 - 959

Credit 3 374 2 675 3 293 1 284 1 007

Debit 8 157 5 663 2 813 2 654 1 967

Short-term (net) - 2 501 - 3 422 3 753 3 111 926

Loans 1 342 - 8 774 5 714 1 031 - 1 549

Monetary Authority 2 803 - 10 434 6 639 11 363 4 645

Exceptional financing 2 966 - 10 323 6 757 11 480 4 769

IMF credit facitlities 4 059 - 6 876 6 757 11 480 4 769

Credit 6 031 - 6 757 16 045 17 596

Debit 1 972 6 876 - 4 564 12 826

Other1/ - 1 094 - 3 446 - - -

Credit 4 924 - - - -

Debit 6 017 3 446 - - -

Other long-term loans - 163 - 111 - 118 - 118 - 125

Credit - - - - -

Debit 163 111 118 118 125

Multilateral 11 - - - -

Other 152 111 118 118 125

Short-term loans - - - - -

Remaining sectors - 1 461 1 660 - 925 - 10 332 - 6 194

Long-term loans - 2 009 2 736 951 - 5 321 - 4 751

Credit 17 499 15 926 14 281 11 115 10 081

Multilateral 4 584 4 674 3 083 3 872 2 766

Agencies 1 119 1 034 1 739 1 519 1 731

Buyers credit 7 593 3 252 4 443 3 438 2 696

Direct loans 4 203 6 967 5 017 2 286 2 888

Debit 19 508 13 190 13 331 16 436 14 831

Multilateral 1 599 1 477 1 643 2 511 3 979

Agencies 1 692 988 1 879 2 030 2 585

Buyers credit 9 092 6 321 6 164 8 239 4 803

Direct loans 7 126 4 403 3 645 3 655 3 464

Short-term loans 548 - 1 077 - 1 875 - 5 011 - 1 443

Currency and deposits - 3 249 - 33 - 596 - 621 625

Other liabilities - 32 4 2 - 3

Long-term 6 4 3 - 3

Short-term - 38 - - 1 - -

(continues)


169

V.14 - Other investment - liabilities




Total 589 3 904 - 955 - 560 - 8 450

Trade credit (suppliers credit) 730 - 387 - 34 - 521 909

Long-term - 84 - 803 - 959 - 95 - 1 307

Credit 39 941 1 007 80 727

Debit 122 1 745 1 967 175 2 035

Short-term (net) 814 416 926 - 425 2 216

Loans - 405 3 710 - 1 549 - 39 - 9 552

Monetary Authority - 10 971 4 645 - - 3 536

Exceptional financing - 11 096 4 769 - - 3 405

IMF credit facitlities - 11 096 4 769 - - 3 405

Credit - 17 596 17 596 - -

Debit - 6 500 12 826 - 3 405

Other1/ - - - - -

Credit - - - - -

Debit - - - - -

Other long-term loans - - 125 - 125 - - 132

Credit - - - - -

Debit - 125 125 - 132

Multilateral - - - - -

Other - 125 125 - 132

Short-term loans - - - - -

Remaining sectors - 405 - 7 262 - 6 194 - 39 - 6 016

Long-term loans - 101 - 3 648 - 4 751 93 - 4 487

Credit 987 8 972 10 081 1 120 7 548

Multilateral 351 2 619 2 766 661 2 155

Agencies 83 1 656 1 731 14 759

Buyers credit 404 2 544 2 696 116 1 593

Direct loans 149 2 152 2 888 328 3 041

Debit 1 088 12 619 14 831 1 028 12 035

Multilateral 189 3 084 3 979 638 3 723

Agencies 288 1 930 2 585 59 1 813

Buyers credit 401 4 487 4 803 143 3 590

Direct loans 209 3 118 3 464 188 2 909

Short-term loans - 304 - 3 614 - 1 443 - 132 - 1 528

Currency and deposits 263 580 625 - 192

Other liabilities 1 2 3 - 1

Long-term 1 2 3 - 1

Short-term - - - - -

1/ Includes loans provided by BIS and Bank of Japan.


170

V.15 - International reserves in the Banco Central do Brasil

US$ million

End-of-period International liquidity

Position Change in position Months of imports

of goods

1997 52 173 - 7 937 10

1998 44 556 - 7 616 9

1999 36 342 - 8 214 9

2000 33 011 - 3 331 7

2001 35 866 2 855 8

2002 37 823 1 957 10

2003 Jan 38 772 948 10

Feb 38 530 - 242 10

Mar 42 335 3 805 11

Apr 41 500 - 836 10

May 43 373 1 873 11

Jun 47 956 4 583 12

Jul 47 645 - 311 12

Aug 47 793 148 12

Sep 52 675 4 882 14

Oct 54 093 1 418 14

Nov 54 427 334 14

Dec 49 296 - 5 131 12

Year 49 296 11 473 12

2004 Jan 53 261 3 965 13

Feb 52 960 - 302 13

Mar 51 612 - 1 347 12

Apr 50 498 - 1 115 12

May 50 540 42 12

Jun 49 805 - 735 11

Jul 49 666 - 139 11

Aug 49 594 - 71 10

Sep 49 496 - 98 10

Oct 49 416 - 80 10

Nov 50 133 717 10


171

V.16 - Statement of international reserves changes International liquidity concept

US$ million



I - Stock - end of previous period 54 093 37 823 37 823 49 416 49 296

II - Overall balance of payments (a + b) - 214 14 613 8 496 59 - 108

a. Sales to/purchases from resident banks - 1 591 1 591 - 2 627

b. Banco Central external operations - 214 13 022 6 904 59 - 2 735

Colateral release (capital and interests accrued) - 542 542 - -

Income earned on international reserves 100 1 416 1 531 87 1 028

Exceptional financing (capital and interests accrued) - 329 10 008 3 681 - 316 - 4 610

Other 15 1 056 1 151 288 847

III - Balance on export-related loans (Finex) changes - - - - -

IV - Change in market prices of international reserves 548 1 990 2 977 658 945

V - Change in international reserves (II + III + IV) 334 16 604 11 473 717 837

VI - Stock-end-of-period (I + V) 54 427 54 427 49 296 50 133 50 133


172

V.17 - Composition of adjusted net international reserves

US$ million

Period Adjusted net international reserves

Assets1/ Liabilities6/ Adjustments7/Net balance

Gold2/ Cash3/ Securities4/Deposits Other5/

Balance

1997 2 666 48 12 833 35 935 247 51 729 - 74 451 52 106

1998 2 691 98 14 112 26 854 216 43 971 - 9 371 - 238 34 362

1999 1 063 45 12 472 22 055 90 35 725 - 12 245 382 23 861

2000 578 16 14 394 17 962 62 33 011 - 1 764 293 31 541

2001 303 22 19 986 15 526 29 35 866 - 8 313 244 27 797

2002 375 629 24 323 12 476 21 37 823 - 20 793 - 692 16 339

2003 Jan 392 292 25 649 12 249 - 21 38 561 - 21 130 102 17 743

Feb 379 351 25 788 11 789 4 38 312 - 21 043 - 197 17 291

Mar 362 1 435 25 756 14 530 23 42 105 - 25 042 - 223 17 071

Apr 364 573 25 112 15 212 9 41 271 - 25 226 - 359 15 914

May 391 778 25 451 16 570 - 30 43 160 - 25 883 - 414 17 076

Jun 376 1 088 25 525 20 770 - 25 47 734 - 29 836 - 425 17 694

Jul 383 914 24 348 21 804 - 21 47 427 - 29 647 - 193 17 806

Aug 406 832 24 985 21 309 56 47 589 - 29 334 - 222 18 238

Sep 416 728 25 926 25 528 77 52 675 - 33 465 - 233 18 978

Oct 413 1 731 26 599 25 278 71 54 093 - 33 511 69 20 651

Nov 426 1 410 25 654 26 922 14 54 427 - 33 694 - 296 20 437

Dec 445 634 27 381 20 782 54 49 296 - 28 374 - 397 20 525

2004 Jan 428 2 018 26 350 24 436 29 53 261 - 28 285 147 25 124

Feb 423 1 855 26 160 24 555 - 34 52 959 - 28 261 120 24 818

Mar 453 1 987 26 480 22 616 77 51 613 - 26 909 205 24 909

Apr 416 2 075 25 546 22 475 - 13 50 497 - 26 388 632 24 742

May 421 1 813 21 964 26 333 9 50 539 - 26 696 623 24 466

Jun 423 1 293 23 004 25 025 61 49 806 - 25 301 475 24 979

Jul 419 1 662 29 486 18 083 15 49 665 - 25 156 631 25 141

Aug 435 1 259 30 549 17 292 60 49 595 - 25 207 235 24 623

Sep 444 998 29 930 18 112 12 49 496 - 24 641 72 24 927

Oct 455 1 347 29 978 17 565 71 49 416 - 25 141 - 105 24 170

Nov 483 1 046 30 763 17 789 70 50 150 - 25 763 - 141 24 229

1/ Does not include export-related loans (Finex).

2/ Includes metalic gold and deposit gold. Up to September 1999, market prices valued through 40-day London PMFixing medium price; as of October 1999,

prices valued by the closing date prices.

3/ Includes SDR, demand deposits and foreign currency.

4/ Prices marked to market beginning November 2000.

5/ Includes, until February 2001, CCR creditor balance and export-related loans to other countries; beginning March 2001, includes only CCR creditor balance.

6/ Includes CCR debtor balance, credits from the IMF and, beginning in December 1998, the IMF-lead Financial Assistance Program outstanding debt.7/ Includes adjustments referring to changes in the parity of currencies in which reserve assets and liabilities are denominated, fluctuations in gold prices and,

as of November 2000, growth in securities prices and reclassifications whenever they may occur.


173

V.18 - Foreign exchange operations

US$ millionPeriod Operations with clients in Brazil Operations with Balance

banks abroad

Commercial Financial Balance (net)1/

Exports Imports Balance Purchases Sales Balance

(A) (B) C=A+B (D) E=C+D

1996 50 209 41 478 8 731 77 146 62 050 15 096 23 827 - 13 038 10 789

1997 55 887 58 545 - 2 658 107 750 90 739 17 011 14 353 - 21 203 - 6 850

1998 47 735 43 903 3 833 126 563 120 094 6 469 10 302 - 24 817 - 14 515

1999 41 641 32 905 8 736 92 401 107 118 - 14 717 - 5 981 - 10 201 - 16 182

2000 51 699 46 069 5 629 99 290 92 971 6 319 11 948 - 7 269 4 680

2001 58 036 47 248 10 789 85 710 93 350 - 7 640 3 149 - 6 110 - 2 962

2002 60 083 39 756 20 327 69 781 93 989 - 24 208 - 3 881 - 9 106 - 12 987

2003 Jan 5 031 3 786 1 245 5 753 5 850 - 97 1 148 - 175 973

Feb 4 420 3 340 1 080 4 430 5 402 - 972 108 - 392 - 284

Mar 4 592 3 650 942 5 067 6 856 - 1 789 - 847 - 389 - 1 234

Apr 6 908 3 991 2 917 5 545 6 365 - 820 2 097 - 272 1 825

May 6 692 3 524 3 168 5 129 7 757 - 2 628 540 74 614

Jun 5 635 3 661 1 974 6 572 9 495 - 2 923 - 949 - 5 - 955

Jul 7 241 3 802 3 439 5 939 7 988 - 2 049 1 390 - 110 1 281

Aug 5 904 3 742 2 162 5 831 6 522 - 691 1 471 - 91 1 380

Sep 6 076 3 904 2 172 5 606 8 684 - 3 078 - 906 47 - 859

Oct 6 815 3 898 2 917 5 382 9 002 - 3 620 - 703 - 74 - 777

Nov 6 240 3 388 2 852 7 233 9 361 - 2 128 724 - 58 666

Dec 7 649 4 162 3 487 9 631 14 814 - 5 183 - 1 696 - 215 - 1 910

Year 73 203 44 848 28 355 72 118 98 094 - 25 976 2 379 - 1 661 718

2004 Jan 6 576 4 051 2 525 7 828 6 853 975 3 500 - 132 3 368

Feb 5 963 4 244 1 719 5 736 6 229 - 494 1 226 87 1 313

Mar 8 026 4 411 3 615 5 610 9 615 -4 004 - 389 - 222 - 611

Apr 8 884 3 902 4 982 5 796 8 003 -2 207 2 775 - 140 2 635

May 9 207 4 026 5 181 5 357 8 803 -3 446 1 735 - 158 1 577

Jun 6 802 4 666 2 136 5 507 9 500 -3 993 -1 857 - 459 -2 316

Jul 8 059 4 531 3 528 5 295 9 125 -3 830 - 302 - 515 - 816

Aug 7 179 5 084 2 095 13 021 13 584 - 563 1 532 -2 110 - 579

Sep 8 057 5 084 2 973 5 019 7 307 -2 287 685 - 813 - 128

Oct 8 259 5 409 2 850 6 303 8 228 -1 925 925 - 253 672

Nov 7 098 5 642 1 456 7 026 9 133 -2 108 - 652 - 404 -1 056

Memo:

2003 Jan-Nov 65 554 40 686 24 868 62 487 83 282 -20 795 4 073 -1 445 2 630

2004 Jan-Nov 84 111 51 051 33 060 72 498 96 380 -23 882 9 178 -5 118 4 059

1/ Transactions related to international flows in reais, including non-residents' deposits held in Brazil.


174

V.19 - Total external debt

US$ million

Itemization 2001 2002 2003 2004

Mar Jun Sep Dec Mar Jun Sep

Registered debt 192 720 195 587 199 067 204 366 207 193 200 107 198 545 190 050 187 061

Nonfinancial public sector 92 818 110 355 114 297 120 644 123 709 119 785 119 565 113 182 114 053

Banks 5 398 5 388 5 301 5 702 5 418 5 700 5 663 5 653 5 380

Brazilian 1 052 1 161 1 176 1 252 1 309 1 274 1 277 1 279 1 273

Foreign 4 346 4 228 4 125 4 450 4 109 4 425 4 385 4 374 4 107

Multilateral 25 261 39 244 43 163 48 018 51 763 45 978 44 431 42 970 42 046

Bilateral (Paris Club included) 8 188 8 240 8 432 7 840 7 075 6 795 6 786 5 971 7 055

Debt bond from banks 19 330 18 226 18 226 17 828 17 057 16 118 16 118 15 261 15 104

Others 34 641 39 257 39 175 41 257 42 397 45 194 46 566 43 327 44 468

Private sector1/99 903 85 232 84 770 83 722 83 484 80 322 78 981 76 868 73 008

Banks 82 695 67 891 65 401 64 127 63 272 56 173 55 070 53 497 55 097

Brazilian 10 670 8 503 8 911 9 214 9 126 6 495 6 404 6 922 10 230

Foreign 72 025 59 388 56 490 54 912 54 146 49 678 48 666 46 574 44 867

Multilateral 5 526 5 925 6 057 5 967 5 930 5 737 5 772 5 786 5 537

Bilateral 4 230 4 491 5 139 5 171 5 747 6 061 6 053 5 782 4 352

Others 7 452 6 924 8 173 8 457 8 534 12 351 12 086 11 803 8 022

Nonregistered debt 17 214 15 124 16 227 14 488 12 531 14 822 14 917 15 507 15 126

Nonfinancial public sector 364 65 50 31 - - - - -

Credit lines 364 65 50 31 - - - - -

Banco Central do Brasil - - - - - - - - -

Private sector1/16 850 15 059 16 177 14 457 12 531 14 822 14 917 15 507 15 126

Commercial banks (liabilities) 16 850 15 059 16 177 14 457 12 531 14 822 14 917 15 507 15 126

Total external debt2/209 934 210 711 215 294 218 853 219 724 214 930 213 463 205 558 202 187

Nonfinancial public sector 93 182 110 420 114 347 120 675 123 709 119 785 119 565 113 182 114 053

Private sector1/116 753 100 291 100 947 98 178 96 014 95 144 93 898 92 375 88 134

International reserves 35 866 37 823 42 335 47 956 52 675 49 296 51 612 49 805 49 496

Brazilian credit abroad 3 050 2 958 2 756 2 737 2 694 2 915 2 890 2 836 2 885

Commercial banks assets 8 313 5 090 4 978 5 076 5 976 11 726 11 434 7 498 8 721

Net total external debt 162 704 164 839 165 225 163 084 158 378 150 992 147 527 145 419 141 085

Intercompany loans 16 133 16 978 18 398 18 379 18 768 20 484 20 167 18 652 18 130

Total external debt, includes intercompany loans 226 067 227 689 233 692 237 233 238 492 235 414 233 629 224 209 220 317

Memo:

Foreign banks 91 842 77 208 75 197 72 383 69 516 67 424 66 458 64 885 62 568

Registered 76 371 63 616 60 615 59 363 58 255 54 103 53 052 50 949 48 974

Nonregistered 15 470 13 592 14 583 13 020 11 261 13 321 13 406 13 937 13 594

Brazilian banks 13 466 11 196 11 731 11 933 11 705 9 271 9 192 9 773 13 035

Registered 11 722 9 664 10 087 10 466 10 435 7 770 7 681 8 202 11 503

Nonregistered 1 744 1 532 1 644 1 468 1 269 1 501 1 511 1 571 1 532

1/ Includes financial public sector.

2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.


175

V.20 - Registered external debt Distribution by interest rate category1/



US$ % US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share million share

Floating rates 87 124 43.8 90 147 44.1 92 452 44.6 83 570 41.8 81 065 40.8 79 250 41.7 76 489 40.9

Libor 38 765 19.5 37 160 18.2 35 588 17.2 32 697 16.3 31 808 16.0 31 700 16.7 29 524 15.8

Prime 2 393 1.2 2 227 1.1 2 400 1.2 2 343 1.2 2 394 1.2 2 184 1.1 2 133 1.1

New York 26 0.0 26 0.0 28 0.0 25 0.0 24 0.0 24 0.0 23 0.0

Others 2 366 1.2 2 202 1.1 2 372 1.1 2 318 1.2 2 370 1.2 2 159 1.1 2 110 1.1

IMF 25 042 12.6 29 837 14.6 33 459 16.1 28 255 14.1 26 898 13.5 25 301 13.3 24 641 13.2

IBRD 7 720 3.9 8 172 4.0 8 041 3.9 8 131 4.1 7 532 3.8 8 103 4.3 8 259 4.4

IDB 12 710 6.4 12 259 6.0 12 493 6.0 11 678 5.8 12 144 6.1 11 677 6.1 11 412 6.1

Others 496 0.2 492 0.2 472 0.2 466 0.2 290 0.1 285 0.1 520 0.3

Fixed rates 111 943 56.2 114 219 55.9 114 741 55.4 116 537 58.2 117 480 59.2 110 801 58.3 110 572 59.1

IBRD 511 0.3 487 0.2 484 0.2 461 0.2 457 0.2 455 0.2 37 0.0

IDB 1 061 0.5 1 028 0.5 1 012 0.5 1 077 0.5 962 0.5 958 0.5 1 137 0.6

Others 110 371 55.4 112 703 55.1 113 245 54.7 114 999 57.5 116 060 58.5 109 388 57.6 109 398 58.5

Total 199 067 100.0 204 366 100.0 207 193 100.0 200 107 100.0 198 545 100.0 190 051 100.0 187 061 100.0

Note: Excludes debt related to intercompany loans and includes revision of debt position.


176

V.21 - Registered external debt Distribution by currency1/



US$ % US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share million share

US dollar2/140 421 70.5 141 699 69.3 141 352 68.2 139 053 69.5 139 026 70.0 133 769 70.4 131 323 70.2

Yen 16 021 8.0 14 659 7.2 14 166 6.8 13 921 7.0 14 292 7.2 13 400 7.1 12 189 6.5

Deutsche mark 3 441 1.7 3 444 1.7 3 449 1.7 3 488 1.7 3 403 1.7 3 165 1.7 3 204 1.7

Special Drawing Right 25 055 12.6 29 851 14.6 33 472 16.2 28 269 14.1 26 911 13.6 25 315 13.3 24 653 13.2

French franc 1 405 0.7 1 287 0.6 1 302 0.6 1 217 0.6 1 188 0.6 972 0.5 986 0.5

Sterling pound 751 0.4 733 0.4 739 0.4 729 0.4 756 0.4 682 0.4 679 0.4

Italian lira 464 0.2 489 0.2 508 0.2 528 0.3 383 0.2 371 0.2 385 0.2

Euro 10 455 5.3 11 143 5.5 11 204 5.4 11 902 5.9 11 627 5.9 11 493 6.0 12 720 6.8

Swiss franc 423 0.2 402 0.2 418 0.2 398 0.2 374 0.2 342 0.2 355 0.2

Austrian schilling 194 0.1 203 0.1 120 0.1 127 0.1 125 0.1 122 0.1 124 0.1

Portuguese escudo 150 0.1 158 0.1 160 0.1 173 0.1 169 0.1 137 0.1 140 0.1

Canadian dollar 134 0.1 136 0.1 138 0.1 132 0.1 132 0.1 120 0.1 128 0.1

Dutch guilder 10 0.0 9 0.0 8 0.0 7 0.0 7 0.0 6 0.0 9 0.0

Belgian franc 97 0.0 100 0.0 101 0.0 107 0.1 105 0.1 102 0.1 104 0.1

Others 46 0.0 53 0.0 57 0.0 54 0.0 48 0.0 54 0.0 62 0.0

Total 199 067 100.0 204 366 100.0 207 193 100.0 200 107 100.0 198 545 100.0 190 050 100.0 187 061 100.0

Memo:

IDB 13 771 6.9 13 287 6.5 13 505 6.5 12 755 6.4 13 106 6.6 12 635 6.6 12 549 6.7

IBRD 8 231 4.1 8 659 4.2 8 525 4.1 8 592 4.3 7 989 4.0 8 558 4.5 8 247 4.4

1/ Excludes debt related to intercompany loans and includes revision of debt position.

2/ Includes World Bank and IDB.


177

V.22 - Medium and long-term registered external debt Principal amortization schedule

US$ million

Itemization Outstanding 2004 2004 2005 2006 2007 2008 2009 2010 2011

9.30.2004 Jan-Sep (Oct-Dec)

Paid

IMF loans1/24 641 1 354 960 7 028 8 658 7 995 - - - -

Import financing 43 856 2 859 3 175 8 004 6 325 4 025 3 093 3 050 2 626 2 401

International entities 22 934 919 1 023 2 343 1 987 1 845 1 743 1 868 1 682 1 649

World Bank 8 247 1 248 228 1 009 751 719 648 739 615 741

IDB 12 549 1 342 673 870 875 882 912 886 851 813

IFC 1 226 274 91 285 271 190 119 89 66 47

Others 912 -1 945 31 179 90 54 64 154 150 48

Government agencies 11 407 409 1 040 2 806 2 866 1 030 753 642 613 392

USAID - project loans 145 29 10 32 25 20 16 12 11 7

Eximbank - USA 343 81 4 49 54 52 37 30 25 21

Eximbank - Japan 3 644 272 89 419 419 406 430 389 272 225

KFW 1 939 150 127 354 314 368 182 140 251 95

Paris Club 4 161 151 741 1 615 1 804 - - - - -

Others 1 175 - 273 69 337 250 184 88 71 54 44

Other financing sources 9 515 1 530 1 112 2 855 1 472 1 150 597 540 331 360

Foreign commercial banks 2 633 534 329 908 420 308 223 176 82 61

Brazilian banks 2 407 488 175 739 303 287 122 141 115 115

Nonfinancial institutions 4 475 508 608 1 208 749 555 252 223 134 184

Currency loans 53 931 2 481 5 512 13 365 9 754 7 962 6 203 3 486 1 893 684

Foreign commercial banks 45 283 2 092 4 555 10 964 7 620 6 978 5 850 2 639 1 697 484

Brazilian banks 7 118 319 921 2 162 1 114 863 286 837 191 198

Nonbanks 1 530 70 36 239 1 020 121 67 10 5 2

Program loans (IDA) - - - - - - - - - -

Bonds 61 137 165 1 305 5 015 4 644 6 566 4 373 4 619 4 529 4 090

Other loans - - - - - - - - - -

Total medium and long-term debts2/183 565 6 860 10 917 33 164 28 998 27 212 13 669 11 155 9 048 7 175

Intercompany loans - m.l.t 14 077 513 1 729 4 040 2 205 1 514 874 704 448 293

Total medium and long-term debts,

includes intercompany loans 197 642 7 373 12 646 37 204 31 203 28 726 14 543 11 859 9 496 7 468

(continues)


178

V.22 - Medium and long-term registered external debt Principal amortization schedule


Itemization 2012 2013 2014 2015 2016 2017 2018 2019 2020 Due and

postponed

IMF loans1/- - - - - - - - - -

Import financing 3 080 1 732 1 142 1 040 852 705 513 386 276 1 438

International entities 2 533 1 332 816 790 698 606 444 348 241 986

World Bank 1 681 529 127 102 86 68 2 - - 202

IDB 774 757 670 670 600 526 442 348 241 759

IFC 36 8 - - - - - - - 24

Others 42 38 19 18 12 12 - - - 1

Government agencies 324 223 168 157 125 71 50 36 33 85

USAID - project loans 8 6 2 - - - - - - -

Eximbank - USA 21 19 18 12 2 1 1 - - -

Eximbank - Japan 203 179 135 132 115 68 46 34 31 52

KFW 69 6 3 3 3 - - - - 24

Paris Club - - - - - - - - - 1

Others 23 13 10 10 5 2 3 2 2 8

Other financing sources 223 177 158 93 29 28 19 2 2 367

Foreign commercial banks 45 23 12 4 1 - - - - 41

Brazilian banks 115 115 115 58 - - - - - 7

Nonfinancial institutions 63 39 31 31 28 28 19 2 2 319

Currency loans 745 1 423 1 044 95 31 285 24 40 11 1 374

Foreign commercial banks 566 1 251 874 80 31 285 24 40 11 1 334

Brazilian banks 176 171 170 - - - - - - 29

Nonbanks 3 1 - 15 - - - - - 11

Program loans (IDA) - - - - - - - - - -

Bonds 3 369 2 404 1 061 - - 482 - - 1 000 17 679

Other loans - - - - - - - - - -

Total medium and long-term debts2/7 194 5 559 3 247 1 135 883 1 472 537 426 1 287 20 491

Intercompany loans 452 117 941 67 49 8 24 1 28 583

Total medium and long-term debts,

includes intercompany loans 7 646 5 676 4 188 1 202 932 1 480 561 427 1 315 21 074

1/ Repurchases of reais by Brazil in IMF are included as reduction of liabilities in balance of payments.



179

V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 9.30.2004

US$ million

Itemization Total Public sector

Total Federal sector

Total Government Enterprises

Nonfinancial Financial

(1)=(2)+(11) (2)=(3)+(7) (3)=(4)+(5)+(6) (4) (5) (6)

IMF loans1/24 641 24 641 24 641 - 24 641 -

Import financing 43 856 30 045 22 089 15 855 2 862 3 372

International entities 22 934 20 203 13 360 9 040 1 521 2 799

World Bank 8 247 8 223 6 158 5 889 207 62

IDB 12 549 11 466 6 800 3 136 1 027 2 637

IFC 1 226 - - - - -

Others 912 514 402 15 287 100

Government agencies 11 407 7 494 6 597 5 100 1 061 436

USAID - project loans 145 145 145 129 2 14

Eximbank - USA 343 43 43 14 29 -

Eximbank - Japan 3 644 2 551 1 697 628 816 253

KFW 1 939 434 394 32 193 169

Opic 258 - - - - -

PL-480 (USA Government) - - - - - -

Paris Club 4 161 4 161 4 161 4 161 - -

Others 917 160 157 136 21 -

Other financing sources 9 515 2 348 2 132 1 715 280 137

Foreign commercial banks 2 633 541 326 160 151 15

Brazilian banks 2 407 1 283 1 283 1 165 - 118

Nonfinancial institutions 4 475 524 523 390 129 4

Currency loans 53 931 8 851 7 415 131 2 226 5 058

Foreign commercial banks 45 283 7 358 6 030 129 2 223 3 678

Brazilian banks 7 118 673 565 2 0 563

Nonbanks 1 530 820 820 - 3 817

Program loans (IDA) - - - - - -

Bonds 61 137 59 359 59 209 58 875 23 311

Other loans - - - - - -

Total medium and long-term debts 183 565 122 896 113 354 74 861 29 752 8 741

Total short term debts 3 496 1 476 1 466 - - 1 466

Foreign commercial banks 1 141 - - - - -

Brazilian banks 1 978 1 475 1 466 - - 1 466

Nonfinancial institutions 377 1 - - 0 -

Total2/187 061 124 372 114 820 74 861 29 752 10 207

Intercompany loans 18 130 82 82 - 82 -

Total external debt,

includes intercompany loans 205 191 124 454 114 902 74 861 29 834 10 207

(continues)


180

V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 9.30.2004(concluded) US$ million

Itemization Public sector Private sector

State and local sector Total Nonfinancial Financial

Total Government Enterprises

Nonfinancial Financial

(7)=(8)+(9)+(10) (8) (9) (10) (11)=(12)+(13) (12) (13)

IMF loans1/- - - - - - -

Import financing 7 956 6 871 1 085 - 13 811 11 588 2 223

International entities 6 843 6 275 568 - 2 731 2 338 393

World Bank 2 065 2 065 - - 24 24 -

IDB 4 666 4 098 568 - 1 083 1 083 -

IFC - - - - 1 226 1 076 150

Others 112 112 - - 398 155 243

Government agencies 897 504 393 - 3 913 3 715 198

USAID - project loans - - - - - - -

Eximbank - USA - - - - 300 300 -

Eximbank - Japan 854 478 376 - 1 093 1 042 51

KFW 40 24 16 - 1 505 1 505 -

Opic - - - - 258 222 36

PL-480 (USA Government) - - - - - - -

Paris Club - - - - - - -

Others 3 2 1 - 757 646 111

Other financing sources 216 92 124 - 7 167 5 535 1 632

Foreign commercial banks 215 91 124 - 2 092 1 351 741

Brazilian banks 0 - - - 1 124 245 879

Nonfinancial institutions 1 1 - - 3 951 3 939 12

Currency loans 1 436 - 1 326 110 45 080 35 922 9 158

Foreign commercial banks 1 328 - 1 228 100 37 925 32 261 5 664

Brazilian banks 108 - 98 10 6 445 3 473 2 972

Nonbanks - - - - 710 188 522

Program loans (IDA) - - - - - - -

Bonds 150 - 150 - 1 778 1 253 525

Other loans - - - - - - -

Total medium and long-term debts 9 542 6 871 2 561 110 60 669 48 763 11 906

Total short term debts 10 - 9 1 2 020 998 1 022

Foreign commercial banks - - - - 1 141 527 614

Brazilian banks 9 - 8 1 503 135 368

Nonfinancial institutions 1 - 1 - 376 336 40

Total2/9 552 6 871 2 570 111 62 689 49 761 12 928

Intercompany loans - - - - 18 048 18 023 25


includes intercompany loans 9 552 6 871 2 570 111 80 737 67 784 12 953

1/ "Reais" repurchases by Brazil in IMF are included as reduction of liabilities in the balance of payments.



181

V.24 - Total external debt by debtor

US$ million

Itemization 2001 2002 20031/ 20041/

Sep Dec Mar Jun Sep

Medium and long-term debt2/182 276 187 316 200 823 194 736 193 300 185 735 183 565

Nonfinancial public sector 92 755 110 310 123 709 119 785 119 565 113 933 114 044

Private sector and financial public sector 89 521 77 005 77 114 74 950 73 735 71 802 69 521

Short-term debt 27 658 23 395 18 901 20 195 20 163 20 608 18 622

Nonfinancial public sector 427 110 11 11 11 8 9

Banco Central (liabilities) - - - - - - -

Credit lines 364 65 - - - - -

Short-term registered debt2/ 63 45 11 11 11 8 9

Private sector and financial public sector 27 231 23 285 18 890 20 184 20 152 20 600 18 613

Commercial banks (liabilities) 16 850 15 059 12 531 14 822 14 917 15 507 15 126

Short-term registered debt2/10 381 8 226 6 359 5 361 5 235 5 092 3 487

Resolution 2,483 - Rural financing - - - - - - -

Import financing 6 058 4 715 1 579 1 262 1 621 1 615 970

Others3/4 323 3 512 4 780 4 100 3 614 3 477 2 517

Total external debt4/209 934 210 711 219 724 214 930 213 463 206 343 202 187

Intercompany loans 16 133 16 978 18 768 20 484 20 167 18 652 18 130


includes intercompany loans 226 067 227 689 238 493 235 415 233 629 224 995 220 317

1/ Estimated data.

2/ Registered debt at Banco Central do Brasil.

3/ Includes financing to exporting companies, bridge loans and other short-term registered debt.

4/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.


182

V.25 - Foreign exchange rate1/

R$/US$

Period Commercial

End-of-period Average exchange rate

Buying Selling Buying Selling

Rate % Rate % Rate % Rate Percentage changes

change change change

In In In 12

month year months

1997 1.1156 7.41 1.1164 7.41 1.0779 7.32 1.0787 - 7.31 -

1998 1.2079 8.27 1.2087 8.27 1.1603 7.64 1.1611 - 7.64 -

1999 1.7882 48.04 1.7890 48.01 1.8150 56.43 1.8158 - 56.39 -

2000 1.9546 9.31 1.9554 9.30 1.8287 0.75 1.8295 - - 0.72 -

2001 2.3196 18.67 2.3204 18.67 2.3514 28.58 2.3522 - 28.57 -

2002 3.5325 52.29 3.5333 52.27 2.9301 24.61 2.9309 - 24.60 -

2003 Jan 3.5250 - 0.21 3.5258 - 0.21 3.4376 - 5.17 3.4384 - 5.17 - 5.17 44.60

Feb 3.5624 1.06 3.5632 1.06 3.5900 4.43 3.5908 4.43 - 0.97 48.40

Mar 3.3523 - 5.90 3.3531 - 5.90 3.4461 - 4.01 3.4469 - 4.01 - 4.94 46.89

Apr 2.8890 - 13.82 2.8898 - 13.82 3.1179 - 9.52 3.1187 - 9.52 - 13.99 34.40

May 2.9648 2.62 2.9656 2.62 2.9549 - 5.23 2.9557 - 5.22 - 18.48 19.17

Jun 2.8712 - 3.16 2.8720 - 3.16 2.8824 - 2.45 2.8832 - 2.45 - 20.48 6.23

Jul 2.9647 3.26 2.9655 3.26 2.8790 - 0.12 2.8798 - 0.12 - 20.58 - 1.87

Aug 2.9657 0.03 2.9665 0.03 3.0017 4.26 3.0025 4.26 - 17.19 - 3.46

Sep 2.9226 - 1.45 2.9234 - 1.45 2.9220 - 2.66 2.9228 - 2.65 - 19.39 - 12.54

Oct 2.8554 - 2.30 2.8562 - 2.30 2.8607 - 2.10 2.8615 - 2.10 - 21.08 - 24.81

Nov 2.9486 3.26 2.9494 3.26 2.9130 1.83 2.9138 1.83 - 19.64 - 18.53

Dec 2.8884 - 2.04 2.8892 - 2.04 2.9245 0.39 2.9253 0.39 - 19.32 - 19.32

Year 2.8884 - 18.23 2.8892 - 18.23 3.0707 4.80 3.0715 - 4.80 -

2004 Jan 2.9401 1.79 2.9409 1.79 2.8510 - 2.51 2.8518 - 2.51 - 2.51 - 17.06

Feb 2.9130 - 0.92 2.9138 - 0.92 2.9295 2.75 2.9303 2.75 0.17 - 18.39

Mar 2.9078 - 0.18 2.9086 - 0.18 2.9047 - 0.85 2.9055 - 0.85 - 0.68 - 15.71

Apr 2.9439 1.24 2.9447 1.24 2.9052 0.02 2.9060 0.02 - 0.66 - 6.82

May 3.1283 6.26 3.1291 6.26 3.0996 6.69 3.1004 6.69 5.99 4.89

Jun 3.1067 - 0.69 3.1075 - 0.69 3.1283 0.93 3.1291 0.93 6.97 8.53

Jul 3.0260 - 2.60 3.0268 - 2.60 3.0360 - 2.95 3.0368 - 2.95 3.81 5.45

Aug 2.9330 - 3.07 2.9338 - 3.07 3.0021 - 1.12 3.0029 - 1.12 2.65 0.01

Sep 2.8578 - 2.56 2.8586 - 2.56 2.8903 - 3.72 2.8911 - 3.72 - 1.17 - 1.08

Oct 2.8557 - 0.07 2.8565 - 0.07 2.8521 - 1.32 2.8529 - 1.32 - 2.47 - 0.30

Nov 2.7299 - 4.41 2.7307 - 4.40 2.7852 - 2.34 2.7860 - 2.34 - 4.76 - 4.38

1/ Rates for accounting purpose.

VI - The international economy


185

VI.1 - Interest rates Prime rate and 6 month Libor in various currencies1/

In percent per year

Period average Prime rate Libor

American Yen EUR Sterling

dollar pound

2003 Jan 4.25 1.37 0.08 2.76 3.79

Feb 4.25 1.34 0.07 2.57 3.70

Mar 4.25 1.26 0.07 2.45 3.59

Apr 4.25 1.28 0.07 2.46 3.58

May 4.25 1.23 0.07 2.32 3.58

Jun 4.23 1.08 0.07 2.08 3.57

Jan-Jun 4.25 1.26 0.07 2.44 3.64

Jul 4.00 1.12 0.07 2.09 3.47

Aug 4.00 1.20 0.07 2.17 3.61

Sep 4.00 1.19 0.07 2.17 3.79

Oct 4.00 1.20 0.07 2.17 3.96

Nov 4.00 1.24 0.07 2.37 4.16

Dec 4.00 1.24 0.07 2.20 4.17

Jul-Dec 4.00 1.20 0.07 2.20 3.86

Year 4.12 1.23 0.07 2.32 3.75

2004 Jan 4.00 1.19 0.07 2.11 4.20

Feb 4.00 1.19 0.06 2.08 4.29

Mar 4.00 1.16 0.06 2.02 4.43

Apr 4.00 1.28 0.08 2.18 4.56

May 4.00 1.52 0.06 2.14 4.73

Jun 4.00 1.81 0.06 2.19 5.01

Jan-Jun 4.00 1.36 0.07 2.12 4.54

Jul 4.23 1.89 0.06 2.18 5.03

Aug 4.42 1.94 0.06 2.17 5.09

Sep 4.56 2.09 0.07 2.20 5.05

Oct 4.75 2.23 0.07 2.10 4.96

Nov 4.89 2.50 0.07 2.22 4.94

1/ Rates in accordance with daily interest bulletin of Banco Central do Brasil.


186

VI.2 - Selected country indicators1/

In percent

Period Consumer prices Industrial output Unemployment rate

United Japan Germany United United Japan Germany United United Japan Germany United

States Kingdom States Kingdom States Kingdom

2003 Jan 2.6 -0.4 1.1 2.9 0.9 7.7 0.5 -0.7 5.7 5.5 11.1 5.0

Feb 3.0 -0.2 1.3 3.2 1.2 4.7 1.6 0.3 5.8 5.2 11.3 5.1

Mar 3.0 -0.1 1.2 3.1 1.2 3.9 -0.1 -0.6 5.8 5.4 11.1 5.1

Apr 2.2 -0.1 1.0 3.1 -1.0 3.9 -1.1 -1.1 6.0 5.4 10.8 5.1

May 2.1 -0.2 0.7 3.0 -1.2 0.7 -0.7 -2.9 6.1 5.4 10.4 5.0

Jun 2.1 -0.4 1.0 2.9 -0.8 1.2 -0.1 2.5 6.4 5.3 10.2 5.0

Jul 2.1 -0.2 0.9 3.1 -1.0 1.1 0.2 0.4 6.2 5.3 10.4 5.1

Aug 2.2 -0.3 1.1 2.9 -1.0 -0.3 -1.6 -0.4 6.1 5.1 10.4 5.0

Sep 2.3 -0.2 1.1 2.8 -0.2 2.6 -1.6 -0.3 6.1 5.1 10.1 5.0

Oct 2.0 0.0 1.2 2.6 0.4 3.6 0.9 1.7 6.0 5.2 10.0 5.0

Nov 1.8 -0.5 1.3 2.5 1.3 5.4 1.0 0.3 5.9 5.2 10.0 4.9

Dec 1.9 -0.4 1.1 2.8 2.0 4.9 1.5 -0.2 5.7 4.9 10.4 4.9

2004 Jan 1.9 -0.3 1.2 2.6 2.1 6.5 1.1 0.7 5.6 5.0 11.0 4.8

Feb 1.7 0.0 0.9 2.5 3.1 3.8 0.2 -0.6 5.6 5.0 11.1 4.8

Mar 1.7 -0.1 1.1 2.6 3.2 4.5 3.2 0.3 5.7 4.7 10.9 4.7

Apr 2.3 -0.4 1.6 2.5 4.7 8.7 3.3 1.4 5.6 4.7 10.7 4.8

May 3.1 -0.5 2.0 2.8 5.4 8.4 4.1 1.8 5.6 4.6 10.3 4.8

Jun 3.3 0.0 1.7 3.0 4.7 7.7 4.0 1.1 5.6 4.6 10.2 4.8

Jul 3.0 -0.1 1.8 3.0 4.8 7.1 2.4 0.4 5.5 4.9 10.5 4.7

Aug 2.7 -0.2 2.0 3.2 5.0 8.4 5.0 -0.4 5.4 4.8 10.5 4.7

Sep 2.5 0.0 1.8 3.1 3.9 4.1 4.1 -0.9 5.4 4.6 10.3 4.6

Oct 3.2 0.5 2.0 3.3 4.9 1.6 1.8 -2.0 5.5 4.7 10.1 4.7

Nov 3.5 0.8 1.8 3.4 4.2 1.8 -0.3 -0.9 5.4 4.5 10.3 4.7

Source: United States: Bureau of Labour Statistics (BLS) e Federal Reserve System (FED)

Japan: Statistics Bureau of Ministry of Internal Affairs and Communications and Ministry of Economy, Trade and Industry (METI)

Official National Statistics (United Kingdom).Germany: Statistisches Bundesamt Deutschland

United Kingdom: Official National Statistics (ONS)

1/ Percentage change in 12 months.


187

VI.3 - International reserves1/

End of Germany Argentina Brazil Canada United France Italy Japan Mexico United

period States Kingdom

2003 Jan 56 9 39 37 80 32 36 471 52 37

Feb 57 10 38 36 80 33 36 478 52 38

Mar 58 11 42 36 82 32 36 489 54 39

Apr 57 11 41 36 82 32 37 493 55 38

May 58 11 43 37 84 33 36 535 56 39

Jun 57 12 48 37 83 34 37 538 55 39

Jul 56 13 48 36 82 33 38 549 54 38

Aug 56 14 48 35 82 34 38 547 54 39

Sep 58 13 53 37 86 35 39 597 55 41

Oct 58 13 54 36 86 36 38 618 56 41

Nov 57 14 54 36 88 35 38 636 57 42

Dec 56 14 49 36 88 35 34 665 59 42

0 0 0 0 0 0

2004 Jan 57 15 53 36 88 40 35 733 63 43

Feb 57 15 53 36 87 35 35 768 63 42

Mar 56 15 52 36 88 34 34 817 62 43

Apr 56 15 50 35 84 35 33 807 60 42

May 55 16 51 36 85 34 35 808 60 42

Jun 56 17 50 35 85 36 35 809 60 42

Jul 54 18 50 35 84 38 34 811 60 41

Aug 54 17 50 36 85 37 31 819 61 42

Sep 54 18 49 36 85 38 31 823 62 42

Oct 53 18 49 36 87 39 32 829 61 43

Nov ... ... 50 ... ... ... ... ... ... ...

Source: International Financial Statistics (IMF), except for Brazil.

Brazil: Banco Central do Brasil


188

VI.4 - Currencies per US dollar1/

End of ¥ Sw.Fr. US$/£ Can$ US$/SDR US$/EUR

period

2003 Jan 120.05 1.3668 1.6479 1.5235 1.37929 1.07714

Feb 118.31 1.3550 1.5759 1.4867 1.37359 1.08154

Mar 118.20 1.3536 1.5844 1.4705 1.37654 1.09345

Apr 119.16 1.3575 1.5998 1.4341 1.38668 1.11926

May 119.55 1.3002 1.6376 1.3689 1.42279 1.17979

Jun 119.94 1.3529 1.6571 1.3489 1.40366 1.15288

Jul 120.74 1.3719 1.6127 1.4061 1.39473 1.12546

Aug 117.05 1.4012 1.5790 1.3879 1.38002 1.09925

Sep 111.65 1.3196 1.6655 1.3521 1.43265 1.16758

Oct 110.19 1.3432 1.6960 1.3203 1.43464 1.15848

Nov 109.74 1.2931 1.7206 1.3005 1.44246 1.20000

Dec 107.17 1.2358 1.7937 1.2898 1.48894 1.26353

2004 Jan 105.93 1.2601 1.8239 1.3250 1.48427 1.24732

Feb 109.18 1.2632 1.8685 1.3372 1.48303 1.25093

Mar 104.48 1.2677 1.8459 1.3123 1.48347 1.23182

Apr 110.63 1.2971 1.7799 1.3736 1.45473 1.19920

May 109.62 1.2548 1.8340 1.3646 1.47176 1.22101

Jun 108.89 1.2500 1.8214 1.3351 1.46915 1.22131

Jul 111.48 1.2838 1.8209 1.3320 1.46068 1.20260

Sep 109.33 1.2680 1.8036 1.3137 1.46365 1.21951

Sep 110.18 1.2472 1.8135 1.2632 1.47193 1.24442

Oct 105.94 1.1967 1.8404 1.2191 1.50178 1.28044

Nov 103.12 1.1415 1.9140 1.1886 1.53897 1.33087

Source: International Financial Statistics (IMF) and Bacen

1/ Refer to rates utilized by the Banco Central do Brasil in its accounts.


189

Members of the National Monetary Council

Banco Central do Brasil Management

Central units (departments) of the Banco Central do Brasil

Regional offices of the Banco Central do Brasil

APPENDIX


191

Members of the National Monetary Council (November 30, 2004)

Antonio Palocci FilhoMinister of Finance – President

Nelson MachadoMinister of Planning and Budget (acting)

Henrique de Campos MeirellesPresident of the Banco Central do Brasil


192

Banco Central do Brasil Management (November 30, 2004)

Board of Directors

Henrique de Campos MeirellesPresident

Afonso Sant’Anna BevilaquaDirector

Alexandre SchwartsmanDirector

Antonio Gustavo Matos do ValeDirector

Eduardo Henrique de Mello Motta LoyoDirector

João Antônio Fleury TeixeiraDirector

Paulo Sérgio CavalheiroDirector

Rodrigo Telles da Rocha AzevedoDirector

Sérgio Darcy da Silva AlvesDirector

Board of Directors Executive Secretariat

Hélio José FerreiraExecutive Secretary

Gerson BonaniSecretary for Institutional Relations

Sérgio Albuquerque de Abreu e LimaSecretary for the Board of Directors and forthe National Monetary Council


193

Banco Central do Brasil Management (November 30, 2004)

Board of Director Consultants

Alexandre Pundek RochaSenior Advisor

Alvir Alberto HoffmannSenior Advisor

Anthero de Moraes MeirellesSenior Advisor

Carolina de Assis BarrosSenior Advisor

Clarence Joseph Hillerman JúniorSenior Advisor

Cláudio JalorettoSenior Advisor

Dalmir Sérgio LouzadaSenior Advisor

Flávio Pinheiro de MeloSenior Advisor

Gustavo Alberto BussingerSenior Advisor

Katherine HenningsSenior Advisor

Luiz do Couto NetoSenior Advisor

Marco Antonio Belém da SilvaSenior Advisor


194

Central units of the Banco Central do Brasil (November 30, 2004)

Financial Administration Department (Deafi) Edifício-Sede – 2º subsoloHead: Jefferson Moreira SBS Quadra 3 Zona Central

70.074-900 Brasília (DF)

Internal Auditing Department (Deaud) Edifício-Sede – 15º andarHead: Eduardo de Lima Rocha SBS Quadra 3 Zona Central


Foreign Capital and Exchange Department (Decec) Edifício-Sede – 7º andarHead: Sidinei Corrêa Marques SBS Quadra 3 Zona Central


Enforcement Against Illegal Foreign Exchange and Edifício-Sede – 19º andarFinancial Activities Department (Decif) SBS Quadra 3 Zona CentralHead: Ricardo Liao 70.074-900 Brasília (DF)

Department of External Debt and International Relations (Derin) Edifício-Sede – 4º andarHead: Márcio Barreira de Ayrosa Moreira SBS Quadra 3 Zona Central


Department of Economics (Depec) Edifício-Sede – 10º andarHead: Altamir Lopes SBS Quadra 3 Zona Central


Research Department (Depep) Edifício-Sede – 9º andarHead: Marcelo Kfoury Muinhos SBS Quadra 3 Zona Central


Department of Records and Information (Defin) Edifício-Sede – 14º andarHead: Sérgio Almeida de Souza Lima SBS Quadra 3 Zona Central


Department of Human Resources Administration and Organization (Depes) Edifício-Sede – 17º andarHead: Miriam de Oliveira SBS Quadra 3 Zona Central


Department of Bank Liquidation (Deliq) Edifício-Sede – 13º andarHead: José Irenaldo Leite de Ataíde SBS Quadra 3 Zona Central


Currency Management Department (Mecir) Av. Rio Branco, 30Head: José dos Santos Barbosa 20.090-001 Rio de Janeiro (RJ)

Department of Financial System Regulation (Denor) Edifício-Sede – 15º andarHead: Amaro Luiz de Oliveira Gomes SBS Quadra 3 Zona Central


Department of Banking Operations and Payments System (Deban) Edifício-Sede – 18º andarHead: José Antônio Marciano SBS Quadra 3 Zona Central


Department of Open Market Operations (Demab) Av. Pres. Vargas, 730 – 6º andarHead: Sérgio Goldenstein 20.071-001 Rio de Janeiro (RJ)

Department of International Reserves Operations (Depin) Edifício-Sede – 5º andarHead: Daso Maranhão Coimbra SBS Quadra 3 Zona Central



195

Department of Financial System Organization (Deorf) Edifício-Sede – 16º andarHead: Luiz Edson Feltrim SBS Quadra 3 Zona Central


Department of Planning and Organization (Depla) Edifício-Sede – 9º andarHead: José Clóvis Batista Dattoli SBS Quadra 3 Zona Central


Department of Material Resources Administration (Demap) Edifício-Sede – 1º subsoloHead: Dimas Luís Rodrigues da Costa SBS Quadra 3 Zona Central


On site Supervision Department (Desup) Av. Paulista, 1804 – 14º andarHead: Osvaldo Watanabe Cerqueira César

01.310-922 São Paulo (SP)

Off site Supervision Department (Desin) Edifício-Sede – 6º andarHead: Cornélio Farias Pimentel SBS Quadra 3 Zona Central


Department of Information Systems Management (Deinf) Edifício-Sede – 2º andarHead: Fernando de Abreu Faria SBS Quadra 3 Zona Central


Legal Department (Dejur) Edifício-Sede – 11º andarGeneral Attorney: Francisco José de Siqueira SBS Quadra 3 Zona Central


Executive Office of Bank Privatization (Gedes) Edifício-Sede – 12º andarHead: Geraldo Pereira Junior SBS Quadra 3 Zona Central


Exchange and Foreign Capital Regulation Executive Office (Gence) Edifício-Sede – 7º andarHead: José Maria Ferreira de Carvalho SBS Quadra 3 Zona Central


Executive Office for Projects (Gepro) Edifício-Sede – 17º andarHead: Nivaldo Peçanha de Oliveira SBS Quadra 3 Zona Central


Investor Relations Group (Gerin) Edifício-Sede – 13º andarHead: José Pedro Ramos Fachada Martins da Silva SBS Quadra 3 Zona Central


Executive Office of Proagro (GTPRO) Edifício-Sede – 16º andarHead: Deoclécio Pereira de Souza SBS Quadra 3 Zona Central



196

Regional offices of the Banco Central do Brasil (November 30, 2004)

1st Region - Regional Office in Belém (ADBEL) Boulevard Castilhos França, 708 – CentroRegional Delegate: Maria de Fátima Moraes de Lima Caixa Postal 651Jurisdiction: Acre, Amapá, Amazonas, Pará, 66.010-020 Belém (PA)

Rondônia and Roraima

2nd Region - Regional Office in Fortaleza (ADFOR) Av. Heráclito Graça, 273 – CentroRegional Delegate: Luiz Edivam Carvalho Caixa Postal 891Jurisdiction: Ceará, Maranhão and Piauí 60.140-061 Fortaleza (CE)

3rd Region - Regional Office in Recife (ADREC) Rua da Aurora, 1.259 – Santo AmaroRegional Delegate: Pedro Rafael Lapa Caixa Postal 1445Jurisdiction: Alagoas, Paraíba, 50.040-090 Recife (PE)

Pernambuco and Rio Grande do Norte

4th Region - Regional Office in Salvador (ADSAL) Av. Anita Garibaldi, 1211 – OndinaRegional Delegate: Godofredo Massarra dos Santos Caixa Postal 44Jurisdiction: Bahia and Sergipe 40.176-900 Salvador (BA)

5th Region - Regional Office in Belo Horizonte (ADBHO) Av. Álvares Cabral, 1605 – Santo AgostinhoRegional Delegate: José Roberto de Oliveira Caixa Postal 887Jurisdiction: Minas Gerais, Goiás and Tocantins 30.170-001 Belo Horizonte (MG)

6th Region - Regional Office in Rio de Janeiro (ADRJA) Av. Presidente Vargas, 730 – CentroRegional Delegate: Paulo dos Santos Caixa Postal 495Jurisdiction: Espírito Santo and Rio de Janeiro 20.071-001 Rio de Janeiro (RJ)

7th Region - Regional Office in São Paulo (ADSPA) Av. Paulista, 1804 – Cerqueira CésarRegional Delegate: Fernando Roberto Medeiros Caixa Postal 894Jurisdiction: São Paulo 01.310-922 São Paulo (SP)

8th Region - Regional Office in Curitiba (ADCUR) Rua Carlos Pioli, 133 – Bom RetiroRegional Delegate: Salim Cafruni Sobrinho Caixa Postal 1408Jurisdiction: Paraná, Mato Grosso and 80.520-170 Curitiba (PR)

Mato Grosso do Sul

9th Region - Regional Office in Porto Alegre (ADPAL) Rua 7 de Setembro, 586 – CentroRegional Delegate: José Afonso Nedel Caixa Postal 919Jurisdiction: Rio Grande do Sul and Santa Catarina 90.010-190 Porto Alegre (RS)

Documents

Boletim do Banco Central do Brasil · Boletim do Banco Central do Brasil January 2005 35 I.2 - Gross Domestic Product (GDP) Year GDP at current Implicit Real change rates (%) Real