Boletim do Banco Central do Brasil · Secre/Surel/Dimep SBS – Quadra 3 – Bloco B –...

ISSN 1517-7270

Boletim do Banco Central do Brasil

August 2005

Volume 41 – Number 8

ISSN 1517-7270CGC 00038 166/0001-05

Boletim do Banco Central do Brasil Brasília v. 41 no. 8 Aug 2005 P. 1 - 198

Boletim do Banco Central do Brasil August 2005

2

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

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

Economic scene in the month – Economic Studies Techinical Manegement Staff in São Paulo (GTSPA)

(E-mail: [email protected]);

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

Money and credit and Capital and financial markets – Monetary and Banking Division (Dimob) (E-mail: [email protected]);

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

Foreign sector of the Brazilian economy – Balance of Payments Division (Dibap) (E-mail: [email protected]);International economy – Consultative Group on Economic Research and Analysis (Copec) (E-mail: [email protected]).

Information on the Boletim: phone 55.61.3414-1009fax 55.61.3414-2036

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Reproduction permitted only if source is stated: Boletim do Banco Central do Brasil, Volume 41, no. 8.

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Statistical Conventions

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

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

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

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

Other publications of the Banco Central do Brasil

Records of DocumentsForeign Capital in Brazil – Legislation (in Portuguese and English)Consolidation of Exchange NormsConsolidation of Exchange Norms (exchange transactions)Consolidation of Exchange Norms (floating rates)Consolidation of Exchange Norms (exports)Accounting System of the National Financial System InstitutionsConsortium Operation PositionAgribusiness Credit ManualRural Credit ManualNorms and Instructions InformationInflation Report (in Portuguese and English)

Consumer Complaints and Public Enquiries Center

Address: Secre/Surel/DiateEdifício-Sede – 2º subsoloSBS – Quadra 3 – Zona Central70074-900 Brasília – DF – Brazil

Fax: (55.61) 3414-2553Internet: http://www.bcb.gov.br/?english

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Summary

The economic scene in June ........................................................................ 5

I. Economic activity ........................................................................................... 6

II. Money and credit ......................................................................................... 12

III. Public finance ................................................................................................ 16

IV. Foreign sector of the Brazilian economy ................................................ 20

V. International economy ................................................................................ 24

VI. Main economic policy measures .............................................................. 29

National Monetary Council Resolutions

Banco Central do Brasil Circulars

Statistical tables ........................................................................................... 31

Appendix ...................................................................................................... 191

5


THE ECONOMIC SCENE IN JUNE

The economic activity level increased in the second quarter of 2005, settingnew records for industrial output and retail sales. In the first six months ofthe year, industrial production rose 5%, compared to the same 2004 period.The highlight was growth of 16,7% in the production of consumer durables,driven by expanding credit and exports. In the same period, production ofsemi and nondurable consumer goods evolved at a more moderate pace,accompanying the gradual process of job market improvement, with growthin employment levels and overall wages. Investments recovered towardthe end of the half-year period, as evinced by sharp growth in internalcapital goods output, expanding imports of such goods and growingproduction of inputs for the construction industry.

The first half of 2005 was marked by record foreign trade flows, totalingUS$87.7 billion, with exports of US$53.7 billion and imports of US$34billion. The value of exports increased 23.9%, reflecting the evolution ofinternational trade, with positive growth in both volume shipped abroadand the prices of the major products exported by Brazil, at the same timein which the country diversified its foreign sales and gradually gainedfootholds in new markets. The positive trade balance result produced acurrent account surplus of US$5.3 billion. This result, coupled withadditional capital inflows, particularly in the form of investments, aided inreplenishing the nation’s international reserve position, which closed Juneat US$40.5 billion, according to the concept of net adjusted reserves.

First half fiscal results surpassed the targets for the period. The primarysurplus continued on an upward trajectory, closing at US$60 billion, 6.4%of GDP, while the nominal deficit of the nonfinancial public sector reached2.2% of GDP. The net public sector debt (DLSP) balance was equivalentto 50.9% of GDP at the end of June

Reflecting the cycle of rising interest rates begun in September 2004,inflation followed a downward trajectory during the entire first half of theyear. The Broad Consumer Price Index(IPCA) rose 3.16% in the period,a trajectory fully compatible with the target defined by the NationalMonetary Council (CMN) for the year as a whole.


6

I - ECONOMIC ACTIVITY

Compared to the previous month, industrial activity expanded at aseasonally adjusted rate of 1.6% in June, representing the fourthconsecutive positive monthly result according to the IBGE survey. Viewedagainst June 2004 results, industrial output expanded 6.3%, with 15.3%growth under mining and 5.8% under manufacturing. In the first half of2005, output expanded 5%, with 6.7% 12-month growth through June,down from 7.3% in the previous month.

Based on seasonally adjusted data, industrial output expanded 2.1% inthe second quarter, following a period of stability in the previous quarter.Continuing with the quarter-on-quarter analysis, all of the different usecategories registered positive growth, with the sole exception of semi andnondurable consumer goods. Industrial output expanded 5% in the firstquarter, compared to the same period of 2004, with positive growth in 23activity segments, led by automotive vehicles, with 12.2%; electronic andcommunications equipment, 21.4%; and mining, 10.4%. Among the foursegments that registered declines, basic metallurgy generated the greatestpressure on the overall rate, registering a 2.2% drop.

Industrial productionSeasonally adjusted indices

90

95

100

105

110

115

120

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

2003 2004 2005

Index: 2002 = 100

Source: IBGE

Industrial production Seasonally adjusted indices

90

110

130

150

170

Feb2003

Apr Jun Aug Oct Dec Feb2004


Apr Jun

Capital goods Intermediate goodsDurable consumer goods Semi and nondurable goods

Index: 2002 = 100

Source: IBGE

7


Analysis of use categories indicates that output of consumer durablesexpanded 16.7% in the first six months of 2005, driven by steady growthin both available credit and exports. In the same time period, productionof semi and nondurable consumer goods increased 6.7%, while productionof capital goods and intermediate goods expanded 3.8% and 2.4%,respectively.

All of the manufacturing sector indicators elaborated by the NationalConfederation of Industry (CNI) showed positive results in June. Seasonallyadjusted data released by Bacen’s Department of Economics (Depec)show that installed manufacturing industry output capacity increased 0.9p.p. In relation to May, hours worked increased 2.4% and real salesposted 1.2% growth. In the first six months of the year, average utilizationof installed output capacity reached 82.1%, against 81.6% in the sameperiod of the previous year, while hours worked in production rose 7.2%and real sales increased 4.5%.

Investment indicators expanded in June and in the first half of 2005.Compared to the previous month, seasonally adjusted data indicate thatproduction of building industry inputs increased 2.7%, while imports ofcapital goods expanded 2.5% and national production of machines andequipment rose 4.2%. Following the 5.2% May result, this was the secondconsecutive month of robust growth in domestic production of capitalgoods. In the half-year period, production of building industry inputsincreased 2%, while imports and domestic production of capital goodsexpanded 26.3% and 3.8%, in that order. Viewed against the previousmonth, financing granted by the National Bank of Economic and SocialDevelopment (BNDES) increased 11.1% in the first half of the year to atotal of US$20 billion, viewed against the same period of the precedingyear .

National production of cereals, legumes and oilseed crops should reach atotal of 113.7 million tons in 2005, according to IBGE’s June SystematicFarm Production Survey (LSPA). This figure reflects month-on-monthgrowth of 0.2%, with a 4.7% drop compared to the 2004 harvest

According to seasonally adjusted data drawn from the Monthly RetailTrade Survey (PMC) released by IBGE, retail sales expanded 1.2% inJune. The highlights were growth of 1.3% under fuels and lubricants; 2%under hypermarkets and supermarkets; and 4.3% under furniture and homeappliances. In the same time frame, the segment of fabrics, apparel andfootwear registered a fall of 5.2% The sector of automobiles, motorcycles


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and parts and spares, which is not included in the general index, closedwith 3.7% growth in sales in the month. Compared to June 2004, salesgrowth came to 5.3%, with 4.6% in the first half of the year. Figures thatdeserve special attention are 19.7% growth in sales of furniture and homeappliances and a 6.6% drop in sales of fuels and lubricants.

According to data released by the National Federation of AutomotiveVehicle Distribution (Fenabrave) and seasonally adjusted by Depec, totalvehicles sold by factory authorized outlets rose 1.5% in June, comparedto the preceding month. Viewed against the same month of the previousyear, sales increased 11.9%, while cumulative sales in the year expanded12.3%.

The Credit Protection Service (SCPC), a component of the São PauloTrade Association (ACSP), released data indicating that contacts involvinginstallment purchases increased 1.1% in June, while the number of contactswith the Usecheque system dropped 0.8%, compared to the previousmonth’s results. In the year, the number of installment purchase contactsexpanded 6.3%, while those referring to check-based purchases rose4.4%.

Sales Volume Index in the Retail Sector – Brazil Seasonally adjusted indices

80

100

120

140

160

Feb2003



Apr Jun

Supermarkets Textiles, clothing and footwearFurniture and home appliances Vehicles, motorcycles

Index: 2003 = 100

Source: IBGE

Sales Volume Index in the Retail Sector – BrazilSeasonally adjusted indices

95

99

103

107

111

115

119

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

2003 2004 2005

Index: 2003 = 100

Source: IBGE

9


The average delinquency rate in the São Paulo trade sector decreasedfrom 7.4% in May to 5.1% in June, compared to 4.3% in the same monthof 2004. A month-on-month comparison indicates that the number of newarrears diminished 4%, while arrears cancelled increased 2.8%. Incumulative terms for the year, these indicators registered increases of 11.1%and 9.5%, respectively. The average proportion of checks returns due toinsufficient backing, compared to total checks cleared in the country,dropped from 6.6% in May to 5.9% in June. In June 2004, the ratio was5.1%.

The Consumer Confidence Index (ICC), elaborated by the TradeFederation of the State of São Paulo (Fecomercio SP), dropped 0.8% inJune, compared to the previous month, with reductions of 1.8% in thecomponent that evaluates current economic conditions and 0.2% in underfuture expectations. Compared to June 2004, the increase was 13.1%.

Compared to May, the seasonally adjusted formal employment indexexpanded 0.4% in June and 6% against the same period of 2004, accordingto data released by the Ministry of Labor and Employment. As measuredby IBGE in the nation’s six major metropolitan regions, the jobless ratedropped from 10.2% in May to 9.4% in June, against 11.7% in June 2004.The number of persons employed increased 0.1% compared to May, whilethe number unemployed fell 8.6%, resulting in a reduction of 0.8% in theoverall labor force. Using the National Consumer Price Index (INPC) asdeflator, IBGE data also reveal that average real earnings effectivelyreceived by jobholders increased 0.4% in May compared to the previousmonth, but diminished 1.1% against May 2004.

The major price indices of the Brazilian economy showed negative resultsin June. In the consumer context, the decline was driven by reductions inthe prices of food and fuels. At the wholesale level, industrial prices dropped

Unemployment rate

9

10

11

12

13

14

Feb2003



Apr Jun

%

Monthly 12 month averageSource: IBGE


10

and were accompanied by downward movement in farm prices, albeit ata lesser rate than in the previous month.

IPCA inflation fell 0.02% in June, compared to 0.49% growth in May,with cumulative 12-month growth of 7.27% through June. In the samemonth, the General Price Index (IGP-DI) declined 0.45%, compared to -0.25% in May, closing the 12-month period with 6.5% growth, comparedto 8.36% in May. The Wholesale Price Index – Domestic Supply (IPA-DI), the element of greatest weight in the IGP-DI, registered -0.78% inJune, against -0.98% in May. Consequently, cumulative 12-month growthdecelerated in relation to May, closing June at 5.97%.

June IPCA growth was lower than in May, as a result of lesser growthunder both market and regulated prices. The increase in market pricesdropped from 0.59% to 0.04%. This result accounted for 0.03 p.p. ofgrowth in the general price index and reflected reductions under food prices,particularly perishable goods, together with deceleration in apparel prices.Market prices in the period indicated a falloff under tradables from 0.72%to -0.06%, while growth under nontradables fell from 0.43% to 0.16%.

In the case of regulated prices, growth dropped from 0.25% to -0.16%,a contribution of -0.05%, due primarily to reductions in fuel prices as aresult of a greater supply of sugar cane and the consequent drop in alcoholprices, together with stability in the prices of residential electricity andmedicines.

The June reduction in the IGP-DI was more intense than in the previousmonth and reflected an even greater drop in wholesale industrial prices,together with a decline in farm prices, albeit at a less intense pace than inthe previous month, resulting in negative consumer price growth.

Price indices

0

10

20

30

40

50

Feb2003



Apr Jun

IPCA(IBGE) IPA-DI(FGV)

% 12 months

Source: IBGE and FGV

11


IPCA

-1

0

1

2

3

4

Feb2003



Apr Jun

General index TradablesNontradables Monitored prices

% monthly

Source: IBGE

The drop in farm prices reflected steady reductions in the prices of perishablegoods or, more specifically, tomatoes, grapes and cabbage, as well as inthe prices of cereals, especially corn, wheat and rice in husk, tubers,including white potatoes and manioc, and such export products as coffeeand, finally, sugar cane.

In the framework of industrial prices, the sharpest monthly price reductionwas generated by intensification of the falloff in the prices of the metal-mechanics chain, involving pig iron for foundry purposes, aluminum andcopper. Similar performances were registered in the prices of fuels,industrialized foodstuffs and plastics.

Negative growth in consumer prices was caused mostly by reductions inthe prices of food products, particularly perishable goods, meats, dairyproducts, sugar and oils, lesser growth in the prices of apparel, declines inthe prices of personal hygiene and care products, together with lesserpressure on the part of regulated prices, including residential electricity,and exhaustion of the impact of the recent hike in medicine prices. Withregard to the National Cost of Construction Index (INCC), lesser growthreflected collective bargaining agreements that had little impact on buildingcosts, coupled with only marginal growth in the prices of building materials.


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II - MONEY AND CREDIT

In June, the average daily monetary base balance totaled R$80.2 billion,reflecting a drop of 0.2% in the month and growth of 13.4% in 12 months.The reduction in the month resulted from declines of 3.1% in the bankingreserve balance, which totaled R$25.3 billion, and growth of 1.2% in thebalance of currency issued, with R$55 billion. An annual comparison showsthat the balances of these monetary base components expanded 10.1%and 15%, respectively. At the end of June, the monetary base balancereached R$78.5 billion, a reduction of 1.6% in the month and growth of15.4% over 12 months.

With respect to the sources of monetary issues, National Treasuryoperating account transactions in June were the major source of monetarycontraction, with R$916 million. Operations with the financial system andoperations involving federal public securities generated contractionarypressures equivalent to R$20 million and R$298 million, respectively. Inthe latter case, net primary market placements of National Treasury paperstotaled R$4.4 billion, while net secondary market redemptions closed atR$4 billion and extramarket operations expanded $22 million.

In the more restricted concept (M1), the money supply totaled R$118.2billion in June, calculated according to average daily balances. This resultcorresponded to growth of 1.6% in the month and 13.7% over 12 months.The month’s result reflected 1.5% growth in currency held by the public,with a total of R$45.6 billion, and 1.6% in the stock of demand deposits,with R$72.6 billion. These components registered growth of 14.4% and13.2% over 12 months, respectively. The M1 balance came to R$117.4billion at the end of June, posting growth of 1.4% in the month and 14.6%in relation to the June 2004 balance.

In the broader concept (M2), the balance came to R$512.7 billion inJune, with monthly growth of 1.7% and expansion of 2.4% in the stock ofprivate securities. M3 totaled R$1 trillion, 1.3% higher than in the previousmonth. M4 totaled R$1.2 trillion, 1.2% above the May 2005 stock,corresponding to 62.2% of GDP.

The overall volume of financial system credit operations reached $525.6billion in June, 27.6% of GDP, with growth of 1.4% in the month. Thisperformance resulted from increases of 1.6% in operations withnonearmarked resources, which totaled R$306.9 billion, and 0.8% in

13


operations based on earmarked resources, totaling R$181.5 billion. Thevarious modalities of loans based on earmarked resources registeredacross-the-board growth, with particularly strong expansion underhomeowner loans and BNDES onlendings, up 1.3% and 1%, respectively.

Credits based on nonearmarked resources and granted to individualborrowers expanded 2.1% in the month, closing June at R$137 billion.Here, one should highlight 4.8% growth in financing of goods, excludingvehicles, 2.4% in auto loans and 2.3% in personal loans. Operations withcorporate entities totaled R$169.9 billion, for monthly growth of 1.2%.Of this total, R$122.2 billion corresponded to operations based ondomestic resources, growth of 1.9%, and R$47.8 billion to loans basedon external resources, which dropped 0.6% in the month. For the mostpart, the performance of loans based on internal resources was generatedby 2.3% growth in working capital operations and 2.5% expansion inproduct financing.

As regards the profile of the financial system credit portfolio in June,R$472.1 billion or 89.8% of the portfolio balance were registered as normalrisk (AA to C), R$37.7 billion, 7.2% of the total, under risk level 1 (D toG) and R$15.7 billion, 3% of the balance, were registered under risk level2 (H). Provisions appropriated came to R$32 billion, 6.1% of the financialsystem loan portfolio.

The default rate in loan operations based on nonearmarked resourcesdropped from 7.7% in May to 7.3% in June, as a result of reductionsequivalent to 0.7 p.p. in operations with individual borrowers and 0.1p.p. in loans granted to corporate borrowers.

Monetary aggregates1/

40

60

80

100

120

140

Feb2003



Apr Jun

Base and M1

700

800

900

1 000

1 100

1 200

Monetary base M1 M4

M4

1/ End-of- period R$ billion.


14

Financial and capital markets

The BCB Monetary Policy Committee (Copom) met in June and decidedto hold the Selic interest rate target at 19.75% per year, thus interruptinga series of consecutive increases. Interfinancial Deposit (DI) futurescontracts on the Brazilian Mercantile and Futures Exchange (BM&F)registered a sharp downturn in negotiated rates for longer term operations.Consequently, in the May-June period, rates on 30-day contracts droppedfrom 19.77% per year to 19.74% per year, while rates on 180-daycontracts dropped from 19.53% per year to 19.18% per year and 360-day contracts fell from 18.65% per year to 18.15% per year. In the sameperiod, the differences between swap benchmark rates (DI x Pre) and theSelic rate target for 30, 180 and 360-day contracts shifted from 0.02 p.p.to -0.01 p.p., from -0.22 p.p. to -0.57 p.p. and from -1.10 p.p. to -1.60p.p.

The rate of exchange dropped 2.22%, closing the month of June atR$2,3504/US$1.00. Brazilian securities on the international financialmarket showed increased volatility, as the spread measured by theEmerging Markets Bond Index Plus (Embi+) fluctuated between 408and 443 base points, closing the month at 411 b.p.

With respect to internal public debt management, among net NationalTreasury issuances one should highlight such preset papers as NationalTreasury Bills– Series F (LTN) and National Treasury Notes – Series F(NTN-F). The latter of these is scheduled to mature in 2012, the longestterm preset paper that Brazil has ever placed on the domestic market.BCB continued its simultaneous purchase and sale operations in the month,involving National Treasury Notes– Series B, with the objective of offeringprice parameters to the market.

Interest rates: Selic target and swap DI x pre

14

18

22

26

30

Feb2003



Apr Jun

% p.y.

Selic target 90 days 180 days 360 days

15


With respect to June financial investments, the balance of time depositsincreased 2.4%, closing at R$219.1 billion, while total savings depositsdropped 0.18% to a final figure of R$157.9 billion. The São Paulo StockExchange (Bovespa) registered average daily trading of R$1.5 billion inJune, up 29.7% in the month. The Bovespa index ended the period at25,051 points, down 0.6% in the month, with a cumulative drop of 4.4%in the half-year period. With respect to primary issues of private securitieson the capital market, one should underscore R$24 billion in debentureissues in the first six months of 2005, mostly by leasing companies. Theseoperations corresponded to more than ten times the total in the same periodof 2004 and more than three times the total for the previous half-yearperiod.


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III - PUBLIC FINANCE

On June 16, 2005, the government sanctioned Law 11,124, dealing withthe National System of Housing of Social Interest (SNHIS). This legislationcreated the National Fund for Housing of Social Interest (FNHIS) togetherwith its Management Council. At the same time, the government issuedDecree 5,463, dated June 13, 2005, defining a new schedule for budgetand financial disbursements to the executive branch in 2005, in light of taxinflow performance in the first four months of the year.

National Treasury (TN) revenues totaled R$31.7 billion in June,corresponding to growth of 10.4% over the May result and 23.5%compared to June of the preceding year. Performance in the month can beexplained by the larger number of weeks in the period generating theseresults and by half-yearly deposit of taxes on investment fund applications.

National Treasury inflow in the first half of 2005 totaled R$185.4 billion,up 17.4% over the same 2004 period. This growth was caused byincreases in deposits of tax payments: Corporate Income Tax (IRPJ) andSocial Contribution on Corporate Net Profits (CSLL), resulting frompayments effected by nonfinancial companies subject to deposit on thebasis of monthly estimates and presumed profits; Income Withholding Tax(IRRF), on capital gains on stock market operations and property transfers;special participation in financial compensation quotas for the working ofoil and natural gas reserves, resulting from increases in international pricesfor these inputs; inspection fees charged by Anatel (NationalTelecommunications Agency) and reception of dividends from companiesin which the government holds stock participation.

Transfers to states and municipalities totaled R$6.6 billion in June,corresponding to a drop of 16.9% compared to May and growth of 57.9%when viewed against June 2004. The reduction in the month was causedby transfers of quotas of participation in royalties generated by oil andnatural gas production in the first quarter of the year and by cutbacks inthe calculation base of constitutional transfers. In the first six months of2005, transfers totaled R$41.5 billion, up 26.3% over the first half of theprevious year. This increase resulted from growth in inflows of such sharedtaxes as the Income Tax and Industrialized Products Tax; increases intransfers of royalties and special participation in the working of oil andnatural gas reserves, resulting from growth in the prices of these inputs;transfers of two installments of the Contribution on Intervention in the

17


Economic Domain– Fuel (Cide) in the year, compared to just one in 2004;and transfers based on the terms of the Kandir Law.

National Treasury outlays reached R$16.1 billion in June, up 5.3% overMay and 16.8% compared to June 2004. Growth in the month wasgenerated by anticipated payment of the annual Christmas bonus toemployees of the legislative and judiciary branches, together with releaseof the thirteenth installment of the 28.86% wage increase granted toexecutive branch employees. Current and capital spending remained stablesince the increases granted under assistance benefits, subsidies and grantswere offset by reductions under other outlays.

Cumulative January-June 2005 National Treasury spending totaled R$88.9billion, for growth of 11.9% compared to the same six-month period in2004. This increase resulted from disbursements which had nocorresponding heading in 2004 and consisted of capitalization of the AssetManagement Company; outlays on wheat acquisitions through exercise ofthe sale option held by farmers in the context of the Federal GovernmentAcquisition Program (AGF); expenditures related to the Organic SocialAssistance Law (Loas) and Lifetime Monthly Income (RMV) generatedby the minimum wage increase and inclusion of new beneficiaries;incorporation of the difference between the value granted and the valuereimbursed in National Development Fund (FND) loans, as of June, in theframework of government credit operations; and issue of Agrarian DebtSecurities (TDA) for purposes of acquiring land to be included in theagrarian reform program and to cover current expenditures of the PilotInvestment Project. Aside from the increase in disbursements, spendingon personnel also expanded, due to payroll growth generated by therestructuring of several strategic careers and the wage increase granted tofederal civil servants. In the latter case, impact on the budget will be feltonly as of August 2004.

Inflow of the General Social Security System (RGPS) reached R$8.6 billionin June, 4.9% above the previous month and 8.7% greater than in June2004. This expansion can be explained basically by the impact of theminimum wage increase on contributions. Benefits added up to R$11.7billion, with growth of 11.4% in the month and 18.1% compared to Juneof the previous year. This rise resulted from an increase in benefits abovethe specified floor value and a subsequent rise in the floor value itself as aresult of the minimum wage increase. Consequently, the primary RGPSdeficit moved from R$2.3 billion in May to R$3.1 billion in June, raising


18

the cumulative negative balance R$16.1 billion in the first half of the year.This result was 26.2% greater than in the same period of 2004.

Calculated according to the concept of public sector borrowingrequirements (PSBR), the primary surplus of the nonfinancial public sectorreached R$9.6 billion in June. The factors underlying this result weresurpluses of R$6 billion for the Central Government, R$1.7 billion forregional governments and R$1.9 billion for state-owned companies at thethree levels of government. Nominal interest totaled R$15.2 billion, ofwhich the Central Government accounted for R$14 billion, regionalgovernments for $1.1 billion and state-owned companies for R$0.2 billion.Consequently, the nominal deficit closed at R$5.6 billion, based on a CentralGovernment deficit of R$7.9 billion and surpluses of R$0.6 billion on thepart of regional governments and $1.7 billion for state-owned companies.The cumulative primary surplus closed the first half of the year at R$60billion, while nominal interest ended the period at R$80.1 billion and thenominal deficit registered R$20.2 billion, corresponding to 6.4%, 8.6%and 2.2% of GDP in that order.

The cumulative 12-month consolidated nonfinancial public sector primarysurplus through June 2005 totaled R$94.9 billion, 5.1% of GDP. Abreakdown of that total shows that the Central Government accountedfor R$57.2 billion, state and municipal governments for R$21 billion andstate-owned companies for R$16.7 billion. Nominal interest added up toR$146.6 billion, 7.9% of GDP. In this case, the Central Government wasresponsible for R$104.6 billion, regional governments for R$40.7 billionand state-owned companies for R$1.3 billion. Consequently, the nominaldeficit totaled R$51.7 billion, 2.8% of GDP, with the Central Governmentaccounting for R$47.4 billion, state and municipal governments for R$19.7billion, while state-owned companies registered a surplus of R$15.4 billion.

Public sector borrowing requirements (NFSP)Flows in 12 months (current values)

0

3

6

9

12

Feb2003



Apr Jun

Nominal deficit Nominal interest Primary surplus

% GDP

19


DLSP totaled R$966 billion, equivalent to 50.9% of GDP, correspondingto 0.9% more than the previous month’s balance. This amount wasdistributed into R$875.6 billion, 46.1% of GDP, in net internal public debtand R$90.4 billion, 4.8% of GDP, in net external debt.

The balance of the federal securities debt outside BCB totaled R$905.5billion in June, corresponding to 47.7% of GDP, 1.3% more than theprevious month’s stock. The increase resulted from incorporation of interestand net issuance of National Treasury securities, mostly involving suchpreset papers as National Treasury Bills (LTN) and National TreasuryNotes– Series F (NTN-F). The participation of the various types ofearnings on securities in total debt was distributed as follows: 3.6% inexchange-indexed papers, 57.1% in Selic-indexed papers, 22.3% in presetpapers, 10.6% in price-indexed securities and the remainder in otherearnings modalities. Average maturities of federal public securitiesdecreased from 27.5 months in May to 27.2 months in June.

0

10

20

30

40

50

60

70

Jun2003

Dec2003

Jun2004

Dec2004

Mar2005

Jun2005

Foreign exchange Other 1/ Selic Preset1/ Including reference rate and price indices.

Federal domestic securities Percentage share of index numbers


20

IV - FOREIGN SECTOR OF THE BRAZILIAN ECONOMY

In June, the balance of payments registered a deficit of US$431 million,reducing the surplus for the year to US$9.6 billion. Current accounts posteda positive balance of US$1.3 billion, bringing the cumulative surplus forthe first six months of 2005 to US$5.3 billion. The financial and capitalaccount registered a negative balance of US$1.9 billion, reducing thecumulative surplus in the year to US$4.6 billion. Among external operations,the highlights were a record US$4 billion trade surplus, inflow of US$1.1billion in Republic bonds and payment of US$1.7 billion to the InternationalMonetary Fund (IMF). In the 12-month period through June, the currentaccount surplus came to 1.86% as a proportion of GDP.

Based on the criteria of value and business day average, exports in themonth of June totaled US$10.2 billion, up 4.4% over the same month in2004. This result reflected a reduction of 13.3% in sales of basicproduction and growth of 14.2% in sales of semimanufactured productsand 14.1% under manufactured goods. Cumulative exports in the yeartotaled US$53.7 billion, up 23.9% over the same period of the previousyear. A closer analysis shows expansion of 8.4% under basic products,

Direct investment and current account Accumulated in 12 months

-10

-5

0

5

10

15

20

25

Feb2003



Apr Jun

Direct investment Current account surplus

US$ billion

Trade balance - daily averagesUS$ million

0

100

200

300

400

500

Feb2003



Apr Jun

Exports Imports BalanceSource: MDIC/Secex

21


31.4% under semimanufactured goods and 30.4% for manufacturedproducts. According to the Foreign Trade Studies Center Foundation(Funcex), export growth in the first half of 2005 was driven by increasesof 12.3% in volume and 10.3% under prices. A breakdown by productcategories shows that the exported volume of manufactured productsexpanded 17.5%, while semimanufactured goods and basic productsregistered growth of 10.4% and 1.5%, respectively. In terms of prices,the increases were 10.7%, 18.7% and 6.2%, in the same order.

Among basic products, the highlights of the half-year period were growthin sales of iron ore, coffee beans and meats, while sales of soymeal andcorn grain declined. Among semimanufactured products, mention shouldbe made of exports of cast iron, raw sugar and semimanufactured goodsin iron or steel. Going on to manufactured goods, the components thatdrove export growth were transmission/reception devices and passengercars. Parallel to these factors, strong results were registered under exportsof a variety of manufactured products. This performance differedsignificantly from the other product categories, in which growth tended tobe heavily concentrated under fewer product headings.

Export quantum indicesSeasonally adjusted indices

80

120

160

200

240

280

320

360

Feb2003



Apr Jun

Total Basic Semiman. Manuf.Source: Funcex

Index: average 1996 = 100

Export price indices

60

70

80

90

100

110

120

Feb2003



Apr Jun

Total Basic Semiman. Manuf.Source: Funcex

Index: average 1996 = 100


22

A breakdown according to markets of destination shows that exports tomost of the country’s trading partners expanded. Among traditionalmarkets, exports grew sharply to the United States, Argentina, Russia,Venezuela and Germany. Among countries that have lesser participation inBrazilian exports, particular mention should be made of increased sales toIndia.

In the month of June, imports expanded 11.7% compared to the samemonth of 2004. Purchases of raw materials and intermediate goods, capitalgoods and consumer goods increased 14.8%, 31.9% and 27.2%,respectively, while purchases of fuels diminished 28.3% when comparedin annual terms. Cumulative imports in the year showed growth of 20.2%,against the same period of 2004. Analysis on the basis of use categoriesindicates growth of 18.6% under raw materials and intermediate goods,27.1% under capital goods, 16.8% under fuels and lubricants and 20.5%under consumer goods. According to Funcex, growth in total imports inthe year resulted from increases of 10.6% in the price index and 8.6% inthe volume index, compared to the first six months of 2004.

The service and income account registered deficits of US$3.1 billion inJune and US$16.1 billion in the first half of the year. Net service paymentsincreased 94% in the year, due mostly to equipment rentals and internationaltravel. Net income remittances expanded 20.8% using the same type ofcomparison, as net payments of profits and dividends increased 69.5%and interest payments dropped 4.6%.

Direct foreign investments posted net inflows of US$1.3 billion in Juneand US$8.6 billion in the year, compared to US$4 billion in the sameperiod of 2004. Investments in capital participation registered net inflowsof US$6.1 billion in the half-year period, while disbursements ofintercompany loans totaled US$2.5 billion. Direct Brazilian investmentsabroad added up to US$263 million in June, raising the total for the yearto US$1.8 billion, against US$820 million in the same period of 2004.

Direct foreign investments in Brazil turned in very similar results in thesectors of services and industry, accounting for respective shares of 48%and 47.5% of total investments in the year. In the service sector, resourceswere targeted mostly to the telecommunications sector, while investmentsin the industrial sector were concentrated mostly in the segments of foodand beverages. In terms of origin, the United States and the Netherlandsaccounted for 45.6% of total investments in the year.

23


Foreign portfolio investments posted net inflows of US$2.3 billion in June,raising cumulative net inflows to US$5.5 billion in the half-year period,compared to US$3.2 billion in net outflows in the same period of thepreceding year. Analysis of net inflows in the year shows US$2.5 billion instock investments and US$2.8 billion in fixed income securities negotiatedabroad, principally in the form of sovereign bonds. Brazilian portfolioinvestments registered net outflows of US$1 billion, 91.9% more than inthe first half of 2004.

Other foreign investments registered net outflows of US$3.2 billion in theyear, with growth of 8.1% compared to the same period of 2004. Of thistotal, US$2.8 billion referred to loan amortizations with the IMF. OtherBrazilian investments abroad showed net outflows of US$4.1 billion in theyear, including US$2.8 billion in June compared to net inflows of US$1.3billion in the first half of 2004. A breakdown of this total indicates US$3.4billion in the form of currency and deposits.

In the month under analysis, international reserves diminished US$824million, in terms of the international liquidity concept, closing at US$59.9billion. Monetary authority external operations included placements ofUS$1.1 billion in sovereign bonds and amortizations of US$1.7 billionwith the IMF and US$808 million with the Paris Club, together with netinterest outlays of US$106 million. Other external operations generatednet spending of US$225 million.


24

V - INTERNATIONAL ECONOMY

The Organization of the Petroleum Exporting Countries (Opec) oilproduction closed June at 30 million barrels/day (mbd), the same level asin April and May. When Iraqi production is excluded, overall output of themember countries was 0.7 mbd above the quota limit of 27.5 mbd, ineffect since mid-March. Opec met on June 15 and decided to raise thequota limit 500,000 barrels/day to 28 mbd, effective as of July 1, and toauthorize its president to raise the limit and additional 500,000 barrels/day before the September meeting, should prices remain at their currentlevel or rise further. Effective as of that meeting, the Organization alteredthe composition of the oil basket, raising the number of types of crude oilfrom 7 to 11, with the objective of better reflecting the major types exportedby all of the member countries.

Compared to the previous month, the average per barrel price of the Opecbasket increased US$5.08 in June, closing at US$52.04. Aside fromexpectations of strong and continued growth in world demand and a lowlevel of idle capacity in the industry, other factors including the proximityof the period of high fuel consumption in the United States and the possibilityof hurricanes in the Gulf of Mexico have also generated upward pressureson prices. At the same time, market volatility was also driven by geopoliticalrisks in Iraq and political instability in important producer countries,resulting in significantly higher June prices for West Texas Intermediate(WTI) and Brent type oils.

Preliminary estimates of second quarter GDP in the United States indicate3.4% real growth, against 3.8% in the first quarter. Industrial outputexpanded 0.9% in June, against 0.3% in May. Twelve-month growth cameto 3.9%, compared to 2.7% in the previous month. Utilization of installed

International oil price1/

20

30

40

50

60

Feb2003



Apr Jun

Brent WTI Opec basket

US$/barrel

Source: Bloomberg and Opec1/ Average prices.

25


output capacity increased to 80%, compared to 79.4% in May and the77.8% in June 2004. Manufacturing sector productivity growth reached4.7% in the second quarter, against 4.2% in the previous quarter, basedon a 3.4% rise in product and a 1.7% decline in hours worked.Unemployment dropped to 5%, compared to 5.1% in May and 5.6% inJune 2004.

The seasonally adjusted consumer price index remained stable in June,following a 0.1% drop in May. However, the core index, which excludesenergy and food, increased 0.1%. The 12-month headline index grew 2.5%and its core expanded 2%. Food product prices rose 22% and energyprices increased 7.3%. Industrial producer prices remained stable in themonth, posting an increase of 3.6% over 12 months.

The federal government fiscal budget showed a June surplus of US$22.4billion, against US$19.1 billion in June of the previous year. With this result,the cumulative deficit in the first nine months of the current fiscal year,which began in October 2004, reached US$249.8 billion, 23.7% belowthe same period of the previous year.

Exports totaled US$74.5 billion in May and imports closed with US$135.3billion, registering a trade deficit in the first five months of 2005 that was20.5% higher than in the same period of 2004. The service balance showeda surplus of US$5.4 billion in the month, raising the cumulative surplus forthe year to a level 21.8% above the same month of 2004.

The Federal Reserve’s Federal Open Market Committee (FOMC)increased the basic interest rate 25 base points to 3.25% per year at theend of June continuing the policy of 0.25 p.p. increases at each meetingsince June 2004.

-2

0

2

4

6

8

10

I2003

II III IV I2004

II III IV I2005

II95

100

105

110

115

Change Index

USA – Real GDP Seasonally adjusted

Source: BEA 1/ At annual rates.

Previous quarter % change1/Index: 2000 = 100


26

In the euro area, industrial output diminished 0.3% in May, following a0.7% high in April, closing with a 12-month rise of 0.1%. In annual terms,the sharpest rise occurred under nondurable consumer goods, 1.1%, andthe strongest decline under consumer durables, 3.5%. In 12-month terms,Germany and Belgium registered the strongest highs, 1.4% and 1.1%,respectively. The most significant declines occurred in Finland, 9.3%, andPortugal 4.7%. Unemployment reached 8.7% in May and June, comparedto 8.9% in June 2004.

The harmonized consumer price index for the 12-month period of throughJune rose 2.1%, against 2% in May. Energy registered the strongest growthwith 9.4%, while food prices rose 0.4%. The sharpest increases occurredin Greece, Spain and Luxembourg, 3.2%, and the smallest in Portugal,0.6%. German inflation came to 1.8%. A 12-month analysis also showsthat the industrial producer price index reached 4%, against 3.5% in May.Once again, energy prices were the source of the greatest pressures, 13.3%.

Early euro area foreign trade estimates indicated a surplus of US$2.8billion in May, against US$2.6 billion in April. With these results, the firstfive months of the year closed with a surplus 59% below the figure for thesame period of 2004. With respect to member countries, Germany hadthe largest cumulative surplus through April, US$71.9 billion, and Spainregistered the highest deficit, US$29.5 billion.

The Council of the European Central Bank (ECB) met on June 2 anddecided to hold the basic interest rate at 2% per year. The most recentreduction, 50 basic points, occurred in June 2003. The euro exchangerate reached US$1.2108/€ on the final day of June, corresponding todepreciation of 1.7% in the month and 0.9% in 12 months.

Exchange rates1/

1.00

1.10

1.20

1.30

1.40

Feb2003



Apr Jun

US$/€

90

100

110

120

130

US$/Euro Yen/US$

¥/US$

Source: Bloomberg1/ End-of- period rates.

27


In Japan, seasonally adjusted industrial output increased 1.5% in June,following a reduction of 2.8% in May, closing with a cumulative high of0.1% in 12 months. Stock levels increased 0.2% in the month and 2.4%in 12 months. Unemployment dropped to 4.2%, against 4.4% in April andMay and 4.6% in June 2004. The consumer price index dropped 0.5% inthe month and over 12 months. Average real household income rose 0.1%,while spending rose at the same pace, compared to May 2004.

In the month of June, the balance of trade registered a surplus of US$8billion, compared to US$2.8 billion in June 2004. With this result, thecumulative first half surplus was 25.2% below the results in the same periodof 2004. The yen exchange rate reached ¥110.91/US$ at the end of June,reflecting depreciation of 2% in the month and at 1.9% in 12 months.

In Argentina, seasonally adjusted industrial output diminished 0.5% in June,following a 1.1% high in May, for a cumulative increase of 6.4% comparedto June 2004. Growth in building industry activity moved from 2.2% inMay to 1.7% in June and 12.8% over 12 months.

At constant prices, seasonally adjusted sales rose 7.8% at supermarketsand 10.5% at shopping centers, compared to June 2004. The consumerprice index increased 0.9% in May, for a cumulative 9% high over 12months. Wholesale prices increased 0.1% in the month, with 12-monthcumulative growth of 7.6%.

The trade balance registered a surplus of US$692 million in June, againstUS$1.2 billion in May. In the first half of 2005, the surplus came to 16.9%below the result for the same period of 2004, consequent upon 14% growthunder exports and 33% under imports.

29


VI - MAIN ECONOMIC POLICY MEASURES

National Monetary Council Resolutions

3,286, 6.1.2005 – Deals with the utilization of reserve requirementresources (MCR 6-2) and resources obtained in savings deposits (MCR6-4).

3,287, 6.1.2005 – (canceled)

3,288, 6.1.2005 – Deals with the granting of additional time, up to10.31.2005, for operations contracted under the terms of the Bahia CocoaCrop Recovery Program, already matured or to mature by that date.

3,289, 6.3.2005 – Deals with the operation of the Public-PrivatePartnership Guarantee Fund (FGP) as treated in Law 11,079/2004.

3,290, 6.3.2005 – Alters Resolution 2,827/2001.

3,291, 6.23.2005 – Defines the inflation target and its tolerance intervalfor 2007.

3,292, 6.23.2005 – Defines the Long-Term Interest Rate (TJLP) for thethird quarter of 2005.

3,293, 6.28.2005 – Deals with the del credere of the National FinancingProgram for the Expansion and Modernization of the National FishingFleet – Profrota Pesqueira.

3,294, 6.29.2005 – Alters Resolution 2,827/2001, dealing with impositionof conditions on credits extended to the public sector, as a consequenceof the Urban Mobility Infrastructure Program.

Banco Central do Brasil Circulars

It was not published in June.

31


STATISTICAL TABLES

I. Economic activity1. National accounts2. Gross Domestic Product3. Economic indicators4. Economic indicators - seasonally adjusted5. Sales Volume Index in the Retail Sector - Brasil6. Industrial production indicators7. Automotive industry8. Crop production (major crops)9. Formal employment level index - Brazil10. Unemployment rate11. Real average earnings - by different types of employment and by sector12. Price indices

II. Money and credit1. Factors affecting the monetary base2. Monetary base and money supply (M1)3. Monetary behavior factors4. Extended monetary base - end-of-period balances5. Extended monetary base - average daily balances6. Money supply (M4) - balances7. Money supply (M4) - percentage share8. Monetary base and money supply (M4)9. Income velocity of money10. Net domestic assets of the Banco Central do Brasil11. Banco Central do Brasil - adjusted balance sheet12. Monetary authority13. Deposit money banks14. Monetary survey15. Other banking institutions16. Banking survey17. Nonbanking financial institutions18. Total credit operations in the financial system19. Total credit operations in the private financial system20. Total credit operations in the public financial system21. Credit operations in the financial system22. Credit operations in the private financial system23. Credit operations in the public financial system24. Credit operations in the financial system - provisions25. Credit operations in the private financial system - provisions26. Credit operations in the public financial system - provisions

III. Capital and financial markets1. Interest rates2. Velocity of circulation of main financial assets3. Investment funds - portfolio destination - R$ million4. Investment funds - portfolio destination - relative participation5. Mutual investment funds6. Savings deposits and time deposits7. Nominal income of major financial investments8. One day ID futures market9. Dollar futures contracts10. Forward rate agreement on the ID x U.S. Dollar spread11. Capital market indicators12. Market value - open capital companies - Bovespa

IV. Public finance1. Central government primary result2. National Treasury perfomance summary - cash basis3. National Treasury revenues - cash basis4. National Treasury expenditures - cash basis5. Social Security - cash basis6. Circulation of Goods and Services Tax (ICMS)7. Transfers of funds from the National Treasury to states and municipalities8. Federal domestic securities issued - National Treasury liabilities9. Federal domestic securities - Banco Central do Brasil portfolio10. Federal domestic securities - outside the Banco Central do Brasil


32

11. Federal domestic securities - percentage share of index numbers12. Monetary impact from federal securities operations - National Treasury and

Banco Central do Brasil13. State and municipal domestic debt - securities issued14. Net public sector debt - balances in R$ million15. Net public sector debt - balances in US$ million16. Public sector borrowing requirements - accumulated in the year % of GDP17. Public sector borrowing requirements - flows in 12 months in R$ million18. Public sector borrowing requirements - flows in 12 months at prices of last

month indicated in R$ million19. Public sector borrowing requirements

- with exchange devaluation on domestic securities debt stock- Accumulated in the year % of GDP

20. Public sector borrowing requirements- with exchange devaluation on domestic securities debt stock- flows in 12 months in R$ million

21. Public sector borrowing requirements- with exchange devaluation on domestic securities debt stock- flows in 12 months at prices of last month indicated in R$ million

22. Public sector borrowing requirements - state enterprises- flows in 12 months in R$ million

23. Public sector borrowing requirements - state enterprises- flows in 12 months at prices of last month indicated in R$ million

24. Public accounts - uses and sources - flows in 12 months in R$ million25. Public accounts - uses and sources

- flows in 12 months at prices of last month indicated in R$ million26. Public net debt harmonized27. Variation of the harmonized net fiscal debt - flows in 12 months

V. Balance of payments1. Balance of payments2. Trade balance - FOB3. Exports - FOB4. Imports - FOB5. Trade by area - FOB6. Services7. Income8. Unrequited current transfers9. Direct investment10. Portfolio investment - assets11. Portfolio investment - liabilities12. Portfolio of foreign investors13. Other investment - assets14. Other investment - liabilities15. International reserves in the Banco Central do Brasil16. Statement of international reserves changes17. Composition of adjusted net international reserves18. Foreign exchange operations19. Total external debt20. Registered external debt - distribution by interest rate category21. Registered external debt - distribution by currency22. Medium and long-term registered external debt23. Registered external debt - distribution by type of debtor and creditor24. Total external debt by debtor25. Foreign exchange rate

VI. The international economy1. Interest rates2. Selected country indicators3. International reserves4. Currencies per US dollar

I - Economic activity


34

I.1 - National accounts

Itemization 2000 2001 2002 2003 2004

GDP at market prices (R$ thousand) 1 101 255 078 1 198 736 188 1 346 027 553 1 556 182 114 1 766 621 034

Real GDP change rate (%) 4.4 1.3 1.9 0.5 4.9

Implicit GDP deflator (%) 8.4 7.4 10.2 15.0 8.2

Nominal GDP change rate (%) 13.1 8.9 12.3 15.6 13.5

Net income/payments abroad (R$ thousand)1/ 32 597 271 45 284 441 51 943 778 55 149 917 58 491 000

GNP at market prices (R$ thousand) 1 068 657 807 1 153 451 747 1 294 083 775 1 501 032 197 1 708 130 034

Other current transfers (R$ thousand) 2 790 640 3 866 547 7 267 024 8 752 133 9 564 000

Gross national disposable income (R$ thousand) 1 071 448 447 1 157 318 294 1 301 350 799 1 509 784 330 1 717 694 034

Final consumption (R$ thousand) 880 655 448 956 501 328 1 052 139 114 1 192 613 281 1 310 323 324

Gross savings (R$ thousand) 190 792 999 200 816 966 249 211 685 317 171 049 407 370 710

Gross capital formation (R$ thousand) 237 254 899 254 136 764 265 953 462 307 491 071 376 408 372

Capital transfers (R$ thousand) 498 510 - 89 359 1 307 996 1 511 961 2 062 000

Balance of payments deficit in current account (R$ thousand) - 45 963 390 - 53 409 157 - 15 433 781 11 191 939 33 024 338

GDP (US$ billion)2/ 602.2 509.8 459.4 506.8 604.9

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 2004=100 At constant Real change Real index

ture and 2004 prices rate (%) 2004=100

livestock (R$)

1986 1 274 149.2 - 8.0 11.7 8.1 7.5 69.1 134 653 9 081.85 5.4 93.3

1987 4 038 206.2 15.0 1.0 3.1 3.5 71.5 137 268 9 223.32 1.6 94.8

1988 29 376 628.0 0.8 - 2.6 2.3 - 0.1 71.5 139 819 9 049.61 - 1.9 93.0

1989 425 595 1 304.4 2.8 2.9 3.5 3.2 73.7 142 307 9 172.36 1.4 94.3

1990 11 548 795 2 737.0 - 3.7 - 8.2 - 0.8 - 4.3 70.5 146 593 8 516.88 - 7.1 87.5

1991 60 285 999 416.7 1.4 0.3 2.0 1.0 71.2 149 094 8 460.22 - 0.7 87.0

1992 640 958 768 969.0 4.9 - 4.2 1.5 - 0.5 70.8 151 547 8 278.06 - 2.2 85.1

1993 14 097 114 182 1 996.2 - 0.1 7.0 3.2 4.9 74.3 153 986 8 548.18 3.3 87.9

1994 349 204 679 000 2 240.2 5.5 6.7 4.7 5.9 78.7 156 431 8 907.04 4.2 91.6

1995 646 191 517 000 77.5 4.1 1.9 1.3 4.2 82.0 158 875 9 140.45 2.6 94.0

1996 778 886 727 000 17.4 3.1 3.3 2.3 2.7 84.2 161 323 9 241.06 1.1 95.0

1997 870 743 034 000 8.3 - 0.8 4.6 2.6 3.3 86.9 163 780 9 400.22 1.7 96.6

1998 914 187 877 000 4.9 1.3 - 1.0 0.9 0.1 87.1 166 252 9 272.65 - 1.4 95.3

1999 973 845 966 000 5.7 8.3 - 2.2 2.0 0.8 87.7 168 754 9 206.95 - 0.7 94.6

2000 1 101 255 078 000 8.4 2.1 4.8 3.8 4.4 91.6 171 280 9 466.72 2.8 97.3

2001 1 198 736 188 000 7.4 5.8 - 0.5 1.8 1.3 92.8 173 822 9 450.71 - 0.2 97.1

2002 1 346 027 553 000 10.2 5.5 2.6 1.6 1.9 94.6 176 391 9 492.51 0.4 97.6

2003 1 556 182 114 000 15.0 4.5 0.1 0.6 0.5 95.3 178 985 9 405.90 - 0.9 96.7

2004 1 766 621 034 000 8.2 5.3 6.2 3.3 4.9 100.0 181 586 9 728.84 3.4 100.0

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 industry2/ in manufacturing

industry extraction (INA) industry

(SP)1/ (SP) (CNI)3/ (SP) (CNI)3/ (SP) (CNI)3/

2002=100 2002=100 2002=100 2002=100

2000 129.23 125.38 173.00 ... ... 80.70 ... 161.76 ... 75.77

2001 131.27 127.08 178.92 101.80 80.76 80.30 100.00 181.01 101.10 77.21

2002 134.85 127.75 212.84 100.00 81.07 80.65 100.00 184.41 100.00 78.44

2003 134.92 127.50 222.89 96.57 78.04 79.79 102.48 184.13 99.97 78.71

2004 Jan 129.10 121.86 218.00 93.29 77.77 79.48 103.86 184.21 97.47 75.18

Feb 124.19 117.19 211.02 89.62 77.60 79.64 100.58 175.52 97.04 74.87

Mar 146.86 139.26 227.65 105.19 80.12 82.49 123.67 214.26 107.18 83.47

Apr 138.35 130.97 221.54 99.70 79.45 81.66 114.78 200.09 104.31 79.94

May 145.69 138.09 227.71 104.45 81.11 82.83 120.27 214.77 107.95 83.54

Jun 145.46 137.76 230.65 106.29 80.76 83.21 123.18 220.67 108.66 84.41

Jul 151.83 143.79 241.06 109.01 82.15 83.78 123.19 220.59 110.04 86.79

Aug 156.59 148.24 250.66 114.04 82.57 84.10 128.97 230.67 112.64 88.16

Sep 156.51 148.48 239.99 113.98 83.03 84.07 130.16 229.30 111.77 87.05

Oct 158.62 150.38 246.76 113.30 82.79 84.40 128.18 226.61 112.16 87.19

Nov 156.83 148.95 235.01 111.99 82.45 83.78 132.24 223.76 112.06 86.62

Dec 143.50 135.54 239.31 104.95 79.70 81.61 126.73 211.30 108.98 82.84

105.64

2005 Jan 136.79 129.01 234.03 97.02 79.37 81.18 115.74 192.43 105.64 81.08

Feb 129.32 122.20 214.13 96.83 79.33 81.29 115.92 191.09 106.61 80.27

Mar 149.44 141.38 242.29 106.49 82.35 82.98 134.78 223.79 113.77 86.81

Apr 147.16 138.80 252.02 106.00 79.72 81.81 130.27 211.91 114.99 87.02

May 153.78 144.92 267.19 109.05 81.09 82.27 135.00 217.65 118.16 89.74

Jun 154.62 145.80 265.94 110.92 83.01 82.91 142.64 227.15 119.57 91.19

(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 wages4/ in the

charge shipments for the check & credit wages4/ manufacturing

building department industry5/

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

2002=100 2002=100 2002=100 2002=100

2000 135.83 95.56 127.71 223.57 ... 74.79 ... ... 103.69 165.30

2001 121.71 96.12 124.75 230.26 102.32 75.65 94.74 96.94 107.00 164.50

2002 127.80 100.00 120.30 242.97 100.00 75.56 100.00 100.00 106.37 162.78

2003 128.13 87.96 113.02 239.48 98.85 76.05 100.26 99.39 101.90 161.95

2004 Jan 142.27 88.21 109.90 225.19 98.42 75.27 104.29 102.80 104.81 162.16

Feb 146.51 86.22 107.13 206.38 98.88 75.73 103.69 102.97 104.41 156.58

Mar 149.90 100.66 122.56 235.38 99.38 76.57 105.18 104.93 106.80 166.90

Apr 148.20 96.01 114.10 218.33 99.56 77.31 106.64 106.68 108.11 163.89

May 144.65 99.18 117.30 244.53 100.51 78.08 106.76 108.08 109.52 165.37

Jun 145.79 100.13 117.00 240.77 100.83 78.64 107.85 108.75 110.44 163.27

Jul 145.65 105.92 124.91 266.46 101.55 79.33 107.51 109.17 110.69 165.74

Aug 149.52 104.25 129.68 261.84 102.25 80.06 107.38 109.79 112.33 168.21

Sep 154.03 100.51 127.82 241.87 102.71 80.73 107.72 110.65 112.68 170.64

Oct 149.65 102.51 128.41 257.34 103.23 81.09 107.58 111.05 114.11 172.55

Nov 150.63 101.20 121.52 261.43 103.54 81.20 112.18 116.14 119.59 172.03

Dec 147.08 94.33 113.65 327.07 103.44 80.46 111.54 115.37 119.53 163.68

2005 Jan 148.92 90.34 112.69 239.80 103.77 80.80 109.22 113.34 114.95 159.18

Feb 150.44 86.66 107.24 216.93 104.19 81.02 108.60 113.14 113.03 152.30

Mar 154.18 101.23 121.68 244.15 104.66 81.40 110.86 116.02 116.82 162.93

Apr 156.33 101.07 118.87 232.98 105.99 82.25 111.82 118.52 117.52 159.56

May 147.01 102.89 120.08 255.28 106.16 82.67 114.58 121.64 119.48 161.56

Jun 146.75 104.84 121.35 254.42 106.18 82.79 115.38 122.51 120.03 159.96

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

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

2/ Percentage of maximum operating capacity utilized in the month. The complement to 100 stands for the average level of idleness.3/ Produced from the research of the industry federation of the following states: AM, CE, PE,BA, ES, MG, RJ, SP, PR, SC, RS and GO.

4/ Deflated by IPC-Fipe for São Paulo and by INPC for CNI.5/ Ratio between physical production in the manufacturing industry as announced by the IBGE and hours worked in the manufacturing industry, as announced by the CNI.


38

I.4 - Economic indicators - seasonally adjusted1/

1992 average=100

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

Activity in manufacturing in production

Total Manufacturing Mineral Indicator industry3/ in manufacturing

industry extraction (INA) industry

(SP)2/ (SP) (CNI)4/ (SP) (CNI)4/ (SP) (CNI)4/

2002=100 2002=100 2002=100 2002=100

2000 129.60 125.79 172.87 ... ... 80.69 ... 162.10 ... 75.92

2001 131.68 127.49 178.79 101.80 80.77 80.32 100.01 181.16 101.13 77.44

2002 135.26 128.16 212.74 100.00 81.06 80.66 100.00 183.40 100.00 78.64

2003 135.26 127.88 222.60 96.57 78.04 79.80 102.63 183.47 100.03 78.91

2004 Jan 140.09 133.24 224.06 101.84 79.40 80.74 112.64 205.55 101.25 79.48

Feb 140.33 133.31 234.94 100.05 78.99 80.19 111.45 198.75 99.85 78.49

Mar 143.20 135.22 225.85 105.80 79.86 81.79 116.83 200.58 103.88 81.19

Apr 143.50 135.96 228.83 103.13 80.34 81.81 119.02 208.86 104.77 81.21

May 146.29 138.82 226.44 104.04 80.72 82.50 121.77 213.14 106.45 82.50

Jun 146.20 138.19 231.21 107.34 81.09 83.20 121.60 217.45 106.35 83.12

Jul 147.53 139.59 231.83 106.24 81.64 83.52 121.28 215.80 108.49 84.40

Aug 149.00 140.75 240.23 107.44 81.50 83.49 122.82 217.70 110.09 85.10

Sep 148.83 140.83 234.83 108.07 81.69 83.25 120.70 216.28 110.11 85.14

Oct 148.69 140.32 235.36 103.81 80.95 83.32 123.57 217.76 110.61 85.14

Nov 149.14 141.55 236.49 107.18 81.56 83.07 126.10 217.84 111.12 85.67

Dec 150.83 142.89 237.00 110.87 81.61 83.26 132.72 215.18 113.38 87.95

2005 Jan 150.17 142.55 239.23 105.57 81.02 82.73 128.84 214.56 111.68 86.71

Feb 148.14 140.87 239.45 107.26 80.87 82.59 130.83 215.35 112.27 86.56

Mar 150.29 142.34 241.32 107.10 81.97 82.72 132.34 217.10 112.35 86.66

Apr 150.48 141.87 260.68 109.43 80.75 81.78 132.10 218.16 113.79 87.32

May 152.49 143.52 265.47 109.55 80.82 81.85 134.46 216.24 115.25 87.81

Jun 154.94 145.66 266.11 111.98 83.19 82.78 139.44 218.82 117.46 89.96

(continues)


39

I.4 - Economic indicators - seasonally adjusted1/

(concluded) 1992 average=100

Period Own Corrugated Inputs Consultations Industrial employment Real Real industrial Productivity

electric paper production with telephone industrial overall wages5/ in the

charge shipments for the check & credit wages5/ manufacturing

building department industry6/

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

2002=100 2002=100 2002=100 2002=100

2000 135.92 95.62 128.08 224.10 ... 74.79 ... ... 103.71 165.27

2001 121.80 96.33 125.46 231.45 102.32 75.65 94.74 96.94 107.00 164.45

2002 128.17 100.00 120.95 244.13 100.00 75.55 100.00 100.00 106.35 162.74

2003 128.49 88.15 113.60 240.10 98.85 76.04 100.26 99.38 101.87 161.91

2004 Jan 140.51 92.68 117.42 241.15 98.73 75.96 104.92 103.93 105.92 167.82

Feb 141.26 95.41 113.50 242.21 99.03 76.40 105.66 105.10 107.12 165.86

Mar 142.88 97.99 117.30 244.33 99.40 76.89 105.98 105.78 108.10 168.01

Apr 144.21 94.93 117.33 245.39 99.45 77.24 106.63 106.26 108.57 167.46

May 147.39 100.15 117.73 246.54 100.12 77.70 105.68 106.49 108.99 167.25

Jun 148.95 100.92 119.56 244.20 100.54 78.24 106.88 107.87 110.16 167.15

Jul 149.45 105.53 122.59 250.21 101.40 78.96 106.91 108.48 110.26 165.34

Aug 151.87 100.57 123.20 252.87 102.24 79.69 107.99 110.30 112.27 165.55

Sep 154.64 97.42 122.59 248.40 102.70 80.30 109.23 112.08 113.45 164.80

Oct 150.43 96.08 122.21 253.49 103.21 80.66 109.06 112.52 114.21 163.57

Nov 150.69 95.12 119.16 255.06 103.59 81.02 109.77 113.66 116.55 163.70

Dec 150.64 100.43 122.21 258.62 103.90 81.24 109.59 113.91 117.07 164.33

2005 Jan 148.33 98.27 121.67 261.92 104.09 81.55 109.89 114.51 116.16 164.53

Feb 149.10 97.48 119.29 257.64 104.36 81.77 110.61 115.32 115.86 161.87

Mar 149.65 98.44 120.91 262.02 104.91 81.87 111.60 116.81 118.11 163.90

Apr 150.28 100.23 119.11 253.57 105.63 82.15 111.88 118.17 118.14 163.20

May 149.58 102.95 120.15 259.91 105.74 82.29 113.56 120.09 119.09 163.60

Jun 149.82 106.08 123.37 258.93 105.89 82.37 114.27 121.49 119.74 163.87

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

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

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

and the real industrial sales on the reference and on the prior month.3/ Percentage of the maximum capacity utilized in the month. The complement of 100 represents the average level of non utilization.4/ Researched based on data gathered by the industrial associations in the following states: AM, CE, PE, BA, ES, MG, RJ, SP, PR, SC, RS and GO.5/ Deflated by IPC-Fipe for São Paulo and by INPC for CNI.6/ Ratio between the physical production in the manufacturing industry, as released by IBGE, and the number of hours worked in production in the manufacturing industry, as

published by CNI.


40

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

2003 average=100

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

lubricants and footwear home appliances motorcycles

Observed SeasonallyObserved SeasonallyObserved SeasonallyObserved Seasonally Observed Seasonally Observed Seasonally

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

2000 106.21 105.94 101.74 101.81 106.63 106.21 102.85 102.75 102.81 102.56 134.66 134.74

2001 104.54 104.66 98.90 98.84 107.03 107.19 104.49 104.50 101.49 101.49 129.83 129.50

2002 103.81 104.06 104.48 104.39 105.11 105.31 103.17 103.22 100.88 101.34 107.76 107.51

2003 Jan 93.38 99.15 95.64 98.45 96.38 100.35 78.34 102.33 89.25 95.22 98.61 100.48

Feb 90.20 99.69 88.71 96.27 92.68 101.52 80.60 102.91 82.53 93.37 101.07 99.85

Mar 93.13 98.72 95.64 97.94 98.67 99.52 81.72 102.96 81.48 91.38 92.10 97.02

Apr 94.59 98.40 95.38 97.67 99.88 98.88 87.72 102.43 81.52 92.93 95.78 97.46

May 98.68 97.53 100.80 100.95 99.11 99.51 97.45 89.89 95.85 92.71 94.15 97.17

Jun 92.65 98.67 96.85 97.88 92.17 99.35 95.10 93.51 86.95 95.15 90.69 95.13

Jul 97.91 99.24 107.02 101.97 97.26 99.28 96.70 96.72 95.04 97.84 96.98 93.96

Aug 99.58 99.84 104.23 100.79 100.50 99.35 96.38 99.15 97.27 99.50 92.33 94.98

Sep 94.96 100.88 101.06 99.74 94.80 99.76 85.68 101.11 96.77 106.20 105.33 101.13

Oct 102.71 100.99 106.22 101.66 101.09 100.44 97.62 103.44 107.58 106.80 109.61 102.92

Nov 103.16 103.26 103.01 103.42 101.00 101.01 104.17 102.40 109.11 107.68 107.42 108.20

Dec 139.05 102.71 105.43 101.91 126.46 101.31 198.52 103.48 176.63 111.71 115.91 109.82

2004 Jan 98.97 104.37 100.43 103.38 99.39 101.80 79.67 103.67 106.14 113.45 106.86 111.30

Feb 94.73 105.46 93.98 105.22 97.21 103.51 75.87 103.24 96.06 118.09 100.24 113.48

Mar 103.38 106.61 106.70 106.88 102.48 104.91 87.54 104.25 110.88 116.97 121.79 107.98

Apr 104.19 108.37 104.18 107.15 106.62 105.71 87.58 102.02 108.59 121.58 108.23 110.20

May 109.37 109.72 104.94 105.18 104.09 106.40 119.90 110.59 129.54 125.57 113.91 118.15

Jun 104.56 109.73 104.44 105.68 100.38 106.26 108.53 106.97 118.47 128.59 116.80 119.83

Jul 109.69 109.57 110.67 104.93 107.37 106.62 104.34 104.08 125.67 129.16 118.40 119.97

Aug 106.50 109.32 105.98 102.47 104.36 107.37 95.33 98.03 125.29 128.34 121.95 118.26

Sep 103.74 108.43 105.16 103.65 103.48 107.99 89.16 105.38 116.41 127.81 121.56 118.88

Oct 111.32 109.80 107.55 102.75 111.85 109.06 96.24 101.96 128.48 127.79 120.31 118.59

Nov 109.58 111.07 102.99 103.09 107.29 110.02 104.33 102.63 132.80 131.31 125.95 116.47

Dec 154.93 113.15 108.75 105.13 142.03 112.14 208.08 108.34 218.61 137.96 137.60 134.39

2005 Jan 105.15 112.52 99.36 102.32 105.68 110.23 82.98 107.74 126.93 135.94 119.03 124.35

Feb 97.10 111.00 88.15 99.00 98.06 107.51 75.94 103.64 112.26 138.03 99.38 114.32

Mar 111.36 112.52 97.46 97.74 112.39 108.03 88.08 105.19 130.56 143.05 122.56 115.77

Apr 107.75 112.71 93.88 96.77 105.32 108.26 100.56 116.91 134.64 145.49 113.56 115.09

May 112.29 114.08 97.54 97.92 105.38 109.07 112.60 103.93 153.35 148.84 115.74 116.05

Jun 110.11 115.43 97.99 99.19 103.74 111.27 110.00 98.56 143.84 155.22 117.35 120.39

Source: IBGE


41

I.6 - Industrial production indicators

Annual change (%)

Itemization 1998 1999 2000 2001 2002 2003 2004 20051/

Total2/ - 2.0 - 0.7 6.6 1.6 2.7 0.1 8.3 5.0

Extraction industries 12.2 8.5 11.8 3.4 19.0 4.7 4.3 10.4

Manufacturing industry - 3.3 - 1.6 6.1 1.4 0.5 - 0.2 8.5 4.7

By segment

Food products 1.3 3.1 - 2.1 4.9 3.0 - 1.4 4.1 3.2

Beverages - 2.2 0.0 4.0 0.3 - 12.2 - 4.1 5.8 10.0

Tobacco leaves - 22.7 - 7.1 - 7.8 - 4.7 - 40.0 - 6.4 18.9 - 3.7

Textiles - 6.8 2.1 6.1 - 5.4 0.2 - 4.5 10.1 1.4

Clothing and cloth goods 1.2 - 4.3 8.8 - 9.6 5.6 - 12.2 1.6 3.6

Leather and footwear goods - 12.5 - 1.4 0.5 - 4.0 - 1.5 - 9.6 2.3 2.5

Wood - 6.7 7.0 3.1 - 0.3 4.4 5.3 7.7 1.5

Pulp, paper and paper produtcts 0.3 6.3 4.1 0.1 3.3 6.3 7.9 3.9

Issue, priting and copy of recording ... ... ... ... ... 0.7 - 2.4 12.3

Petroleum and alcohol refining 5.6 - 0.5 - 1.8 4.0 - 2.6 - 2.2 2.3 0.0

Pharmaceuticals 4.0 - 0.4 - 2.0 - 1.0 16.3 - 7.6 1.0 11.8

Perfumes, soaps, detergents and cleaning products 3.3 7.3 2.7 - 1.2 1.9 0.9 11.9 10.4

Other chemical products 1.1 3.8 6.0 - 8.3 - 4.2 3.0 7.0 - 0.4

Rubber and plastics - 5.7 - 1.8 4.1 - 4.5 0.1 - 3.5 7.8 0.6

Nonmetallic minerals - 0.5 - 2.9 1.7 - 2.3 - 1.0 - 3.6 4.9 5.0

Metallurgy - 3.7 - 1.3 9.2 0.2 3.6 6.0 3.4 - 2.2

Metal products - excludes machinery and equipments - 4.1 - 1.1 2.2 2.3 2.7 - 5.5 10.0 4.5

Machinery and equipments - 3.8 - 5.9 18.9 4.2 2.8 5.3 16.1 3.9

Office and computer equipments ... ... ... ... ... 8.0 33.6 0.5

Eletrical appliances and equipments 0.8 - 6.7 10.5 20.3 - 0.9 1.8 7.1 3.3

Eletronical anda communications equipments - 29.7 - 19.4 32.7 - 2.8 - 11.1 0.5 17.8 21.4

Medical and hospital equipments ... ... ... ... ... - 3.1 8.3 7.1

Automotives vehicles - 19.3 - 9.3 18.5 0.0 - 2.1 4.3 29.9 12.2

Other transportation vehicles 27.9 11.0 21.4 24.2 21.8 9.2 10.3 5.5

Furniture - 10.2 0.1 8.1 0.0 - 1.9 - 9.2 6.9 2.4

Other ... ... ... ... ... - 1.7 10.8 9.3

By category of use

Capital goods - 1.6 - 9.1 13.1 13.5 - 5.8 2.2 19.7 3.8

Intermediate goods - 0.7 1.9 6.8 - 0.1 4.2 1.9 7.4 2.4

Consumer goods - 5.4 - 2.8 3.5 1.2 1.5 - 2.8 7.3 8.8

Durable - 19.6 - 9.3 20.8 - 0.6 4.7 3.0 21.8 16.7

Semidurable and nondurable - 1.1 - 1.2 - 0.4 1.6 1.1 - 4.0 4.0 6.7

Source: IBGE

1/ Production in January-June/2005 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

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

Monthly Monthly Monthly Monthly Monthly

2004 Jan 156 057 156 057 114 140 114 140 38 115 38 115 152 255 152 255 5 897 5 897

Feb 154 934 310 991 123 259 237 399 33 382 71 497 156 641 308 896 8 506 14 403

Mar 190 955 501 946 135 747 373 146 52 717 124 214 188 464 497 360 4 351 18 754

Apr 169 991 671 937 119 966 493 112 43 132 167 346 163 098 660 458 5 208 23 962

May 179 098 851 035 119 403 612 515 49 282 216 628 168 685 829 143 6 919 30 881

Jun 187 180 1 038 215 123 793 736 308 61 452 278 080 185 245 1 014 388 6 514 37 395

Jul 187 777 1 225 992 129 300 865 608 61 562 339 642 190 862 1 205 250 6 242 43 637

Aug 199 843 1 425 835 132 739 998 347 68 434 408 076 201 173 1 406 423 4 948 48 585

Sep 203 062 1 628 897 139 182 1 137 529 57 406 465 482 196 588 1 603 011 7 058 55 643

Oct 190 302 1 819 199 130 473 1 268 002 62 856 528 338 193 329 1 796 340 5 250 60 893

Nov 201 893 2 021 092 140 793 1 408 795 60 579 588 917 201 372 1 997 712 7 356 68 249

Dec 188 970 2 210 062 155 432 1 564 227 59 049 647 966 214 481 2 212 193 6 964 75 213

2005 Jan 160 830 160 830 100 909 100 909 45 582 45 083 146 491 145 992 4 849 4 849

Feb 188 514 349 344 115 436 216 345 62 015 107 098 177 451 323 443 5 575 10 424

Mar 218 611 567 955 149 026 365 371 67 502 174 600 216 528 539 971 9 901 20 325

Apr 203 474 771 429 137 759 503 130 70 234 244 834 207 993 747 964 7 814 28 139

May 214 931 986 360 138 078 641 208 76 055 320 889 214 133 962 097 7 869 36 008

Jun 216 025 1 202 385 140 036 781 244 74 521 395 410 214 557 1 176 654 7 774 43 782

Source: Anfavea and MDIC/Secex


43

I.8 - Crop production (major crops)

1000 t

Itemization 1996 1997 1998 1999 2000 2001 2002 2003 2004 20051/

Grain production 73 611 77 517 75 178 82 356 83 250 98 544 97 122 123 174 119 369 113 744

Cotton (seed) 708 585 824 990 1 307 1 718 1 407 1 429 2 466 2 454

Rice (in husk) 9 990 9 293 7 744 11 710 11 135 10 195 10 472 10 199 13 277 13 200

Beans 2 822 2 990 2 200 2 831 3 056 2 436 3 050 3 310 2 965 3 034

Corn 32 185 34 602 29 494 32 239 32 321 41 439 35 502 47 809 41 806 35 614

Soybeans 23 562 26 431 31 374 30 987 32 821 37 683 42 020 51 532 49 522 50 966

Wheat 3 359 2 441 2 232 2 462 1 726 3 261 2 935 5 900 5 726 5 164

Others 985 1 175 1 310 1 137 884 1 812 1 736 2 995 3 608 3 312

Other crops

Bananas (millions of bunches) 562 595 533 547 566 5 959 6 455 6 518 6 607 6 625

White potatoes 2 703 2 757 2 675 2 905 2 607 2 787 2 882 3 070 2 931 2 783

Cocoa (beans) 257 285 280 205 197 184 173 171 195 209

Coffee (beans) 2 686 2 343 3 450 3 263 3 807 1 918 2 444 1 970 2 467 2 160

Sugarcane 325 929 337 255 338 972 333 848 326 121 345 941 367 496 389 929 416 256 419 832

Onion ... ... ... ... ... ... ... 1 187.1 1 133 1 066

Tobacco (in leaf) 471 620 510 630 580 565 657 649 920 867

Oranges (millions of fruits) 109 325 114 891 103 659 114 398 106 651 16 844 18 932 16 936 18 271 17 732

Cassava 24 584 24 310 19 661 20 864 23 041 22 479 22 990 22 236 23 781 26 405

Tomatoes 2 675 2 602 2 755 3 305 3 005 3 043 3 596 3 641 3 489 3 268

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

Source: IBGE

1/ Refers to the June/2005 Systematic Survey of Agricultural Production.


44

I.9 - Formal employment level index - Brazil

December 2004 = 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 85.81 85.74 84.81 84.66 79.40 79.58 86.33 86.28 103.43 103.37

2001 Dec 88.12 88.07 86.54 86.43 83.18 83.29 89.46 89.42 100.68 100.62

2002 Dec 91.26 91.23 89.24 89.16 88.58 88.63 92.51 92.48 99.52 99.46

2003 Dec 93.89 93.87 91.46 91.42 92.76 92.77 95.18 95.16 95.50 95.46

2004 Jan 94.29 94.30 92.07 91.90 92.81 93.23 95.54 95.53 96.73 96.22

Feb 94.85 94.78 92.71 92.68 93.18 93.85 96.07 95.91 96.87 96.45

Mar 95.28 95.25 93.57 93.41 93.40 94.38 96.43 96.20 97.54 97.17

Apr 96.03 95.52 94.67 93.95 93.88 94.82 96.94 96.45 98.62 97.53

May 97.20 96.26 96.19 95.00 94.59 95.52 97.51 96.91 99.89 98.17

Jun 98.04 96.76 96.99 95.78 95.10 95.97 97.91 97.23 100.74 98.36

Jul 98.85 97.57 97.94 96.92 95.71 96.78 98.34 97.86 101.66 98.97

Aug 99.77 98.31 99.17 97.92 96.61 97.53 99.11 98.41 103.26 100.16

Sep 100.57 98.73 100.87 98.58 97.42 98.09 99.71 98.74 103.97 100.12

Oct 101.10 99.27 101.76 99.34 98.28 98.66 100.18 99.17 104.09 100.11

Nov 101.41 99.84 101.88 99.96 99.80 99.38 100.68 99.66 102.94 99.95

Dec 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

2005 Jan 100.47 100.48 100.56 100.43 100.20 100.63 100.56 100.54 100.78 100.28

Feb 100.77 100.71 100.57 100.58 100.35 101.07 101.08 100.91 100.87 100.53

Mar 101.18 101.17 100.87 100.74 100.60 101.65 101.64 101.41 101.48 101.16

Apr 102.25 101.72 102.21 101.45 101.19 102.22 102.53 102.02 102.87 101.79

May 103.10 102.12 102.99 101.72 101.80 102.81 103.12 102.48 104.03 102.28

Jun 103.88 102.54 103.28 102.00 102.37 103.31 103.59 102.86 105.68 103.15

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

2004 Jan 11.7 12.9 8.9 12.3 7.6 16.2 12.8

Feb 12.0 13.6 8.6 11.9 8.5 17.1 12.7

Mar 12.8 14.6 9.8 12.1 9.6 17.1 12.6

Apr 13.1 14.5 10.7 11.4 10.7 16.6 14.3

May 12.2 13.6 9.6 10.9 9.7 16.2 13.3

Jun 11.7 13.4 8.9 10.5 9.5 14.9 12.8

Jul 11.2 12.5 8.1 10.7 8.9 14.9 13.4

Aug 11.4 12.6 8.6 10.2 8.5 16.6 13.5

Sep 10.9 11.7 8.8 10.2 8.7 15.6 12.4

Oct 10.5 11.2 8.5 9.6 7.6 15.8 12.1

Nov 10.6 11.2 9.4 9.2 7.8 15.9 11.2

Dec 9.6 9.8 8.5 8.5 6.6 15.4 11.1

2005 Jan 10.2 11.1 7.4 9.8 7.0 15.8 12.2

Feb 10.6 11.5 8.4 9.9 7.1 15.6 13.2

Mar 10.8 11.5 8.4 10.7 7.9 15.7 14.1

Apr 10.8 11.4 8.6 9.5 8.0 17.0 13.0

May 10.2 10.5 8.5 8.9 7.7 15.9 12.8

Jun 9.4 10.5 6.9 8.5 7.1 14.7 9.6

Source: IBGE

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

active people of 10 years of age or more.


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

2004 Jan 947.84 999.56 592.95 742.52 890.79 1 379.98

Feb 960.20 997.85 596.25 767.29 891.65 1 401.73

Mar 951.20 990.19 601.43 762.67 882.33 1 374.28

Apr 943.69 980.31 627.22 750.35 881.80 1 382.65

May 961.49 995.90 646.01 741.50 897.73 1 394.82

Jun 970.84 1 005.59 622.75 754.35 899.11 1 388.86

Jul 955.15 983.33 627.13 748.30 883.56 1 392.38

Aug 968.36 983.11 621.09 751.32 882.59 1 418.66

Sep 956.62 966.29 607.28 770.49 866.50 1 405.95

Oct 959.68 968.71 648.82 744.38 880.60 1 404.96

Nov 1 000.58 1 060.30 634.78 749.18 939.09 1 511.75

Dec 1 158.63 1 288.17 714.66 779.58 1 126.69 1 832.53

2005 Jan 973.48 985.86 646.34 747.82 894.28 1 489.87

Feb 978.51 988.88 645.36 753.26 897.20 1 450.26

Mar 963.52 967.49 625.98 746.57 875.11 1 449.15

Apr 947.75 968.00 618.87 723.46 874.10 1 426.77

May 951.22 973.49 643.57 723.88 884.39 1 416.49

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

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 9.40 12.14 10.13 14.67 11.26 11.02 6.12 6.27

2005 9.71 6.50 11.15 5.97 10.81 10.86 6.51 6.25

Monthly Monthly Monthly Monthly

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

Dec 0.52 12.14 0.48 14.67 0.51 11.02 0.63 6.27

2005 Jan 0.33 11.61 0.08 13.90 0.75 11.50 0.85 6.03

Feb 0.40 10.86 0.39 12.74 0.44 10.89 0.43 6.18

Mar 0.99 10.92 1.14 12.80 0.67 10.36 0.70 6.44

Apr 0.51 10.22 0.33 11.43 0.72 10.51 0.88 7.05

May - 0.25 8.36 - 0.98 8.48 2.09 10.79 0.79 7.13

Jun - 0.45 6.50 - 0.78 5.97 0.76 10.86 - 0.05 6.25

(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

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 9.37 12.41 5.68 6.56 6.60 7.60 6.27 6.13

2005 10.19 7.12 7.11 6.51 7.62 7.27 6.28 6.28

Monthly Monthly Monthly Monthly

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

Dec 0.74 12.41 0.67 6.56 0.86 7.60 0.86 6.13

2005 Jan 0.39 11.87 0.56 6.47 0.58 7.41 0.57 5.86

Feb 0.30 11.43 0.36 6.65 0.59 7.39 0.44 5.91

Mar 0.85 11.12 0.79 7.36 0.61 7.54 0.73 6.08

Apr 0.86 10.74 0.83 7.94 0.87 8.07 0.91 6.61

May - 0.22 9.08 0.35 7.71 0.49 8.05 0.70 6.93

Jun - 0.44 7.12 - 0.20 6.51 - 0.02 7.27 - 0.11 6.28

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 for

classifying credit operations, with the aim of making them more objective and broader in scope, and instituted a new

technically more suitable foundation for setting aside provisions for possible losses. In this way, as of March 1, 2000,

the newly adopted system determined to be necessary an analysis of the potential risk of the borrower by the financial

institution in addition to the consideration of the length of default and the guaranties offered, following international

standard procedures. In the framework of the alterations introduced, one should highlight the classification of the

credit portfolio into nine different levels with increasingly more serious risk levels: AA, A, B, C, D, E, F, G and H, as

compared to the previous three classification levels.

Thus, as of the release of the August 2000 Boletim, statistics referring to financial system loans (tables II.11 to II.13) are

going to be replaced by tables II.18 to II.26, which contain more detailed information on the classification of credit

operations.

It is important to clarify that, with the new methodology of registering National Financial System credit operations, it

will not be possible to ensure compatibility with the previous series published by Banco Central. Therefore, as of March

2000 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 are

consequent 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 have

been 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 Banco

Central.

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).


51

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.

As of March, 2005

As a consequence of including financial investment funds, tables II.12 to II.17 now introduce series with revised data

starting in December 1998. Assets and liabilities of these funds were included in table II.15 (other banking institutions).

However, such an inclusion also impacted several series in the tables mentioned above as a result of consolidation and

inter financial relations.

Both historical series revised data and the new metadata can be found at the Banco Central website at www.bcb.gov.br;

Economy and Finance; Find in “Time Series”, Select by Subject “Monetary Indicators” – Select “Financial system's

analytical accounts”


53

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 - counts

4/ Currency Banking Total

institutions3/ funds Adjustments issued reserves

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 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

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

2005 Jan 2 988 - 14 841 6 876 22 388 - 388 - 717 22 - 6 288 1 027 - 5 261

Feb - 6 815 - 7 080 9 576 - 24 312 - 312 - 518 194 - 1 253 - 3 102 - 4 355

Mar - 7 317 - 4 458 10 569 - 0 324 - 324 164 - 121 - 1 099 259 - 839

Apr - 10 969 10 712 - 7 - 0 - 106 - - 106 - 187 74 - 120 - 364 - 484

May - 4 914 4 852 - 1 - 0 1 691 - 1 691 - 237 549 - 141 2 080 1 939

Jun - 916 - 298 - 3 - 0 - 10 - - 10 - 46 36 897 - 2 134 - 1 237

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.


54

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

R$ million

Period Monetary base Money supply

End of period Daily average1/ End of period Daily average

1/

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

issued reserves issued reserves outside deposits outside deposits

banks banks

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 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 40 466 69 391 109 856 41 697 67 778 109 474

Oct 50 771 20 902 71 672 51 571 24 295 75 866 41 580 68 247 109 826 42 784 70 428 113 212

Nov 52 152 22 945 75 098 52 076 24 902 76 978 42 199 71 211 113 410 43 049 70 107 113 156

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

2005 Jan 55 647 27 824 83 471 58 671 27 314 85 984 45 390 73 442 118 832 49 053 75 336 124 389

Feb 54 394 24 722 79 116 56 503 26 408 82 911 43 950 73 817 117 767 46 802 73 855 120 657

Mar 53 295 24 981 78 276 55 094 26 327 81 421 42 883 73 911 116 794 45 587 74 166 119 753

Apr 53 175 24 617 77 792 54 547 25 917 80 464 43 182 70 494 113 676 44 884 72 781 117 665

May 53 034 26 697 79 731 54 335 26 072 80 408 42 550 73 221 115 771 44 869 71 459 116 328

Jun 53 931 24 563 78 494 54 972 25 267 80 239 43 591 73 812 117 403 45 562 72 618 118 180

1/ Based on working days of the month indicated.

Note: Monetary programming for the second quarter 2005 (Base): R$69.6 billion - R$94.2 billion (average point of forecasts: 15.7% in 12 months).

Monetary programming for the second quarter 2005 (M1): R$102.3 billion - R$138.4 billion (average point of forecasts: 15.7% in 12 months).


55

II.3 - Monetary behavior factors1/

Working day average in month

Period Individual behavior Bank behavior Multiplier

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 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 0.36 1.47

Dec 0.40 0.60 0.13 0.34 1.46

2005 Jan 0.39 0.61 0.13 0.36 1.45

Feb 0.39 0.61 0.13 0.36 1.46

Mar 0.38 0.62 0.13 0.35 1.47

Apr 0.38 0.62 0.13 0.36 1.46

May 0.39 0.61 0.13 0.36 1.45

Jun 0.39 0.61 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=

++=


56

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/position

4/ position

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 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

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

2005 Jan 83 471 64 783 1 551 13 573 - 188 13 385 780 281 57 005 837 286 850 671 1 000 476 2.17

Feb 79 116 64 972 1 647 13 527 - 55 13 472 799 006 55 110 854 116 867 588 1 013 323 1.28

Mar 78 276 65 709 1 317 13 959 - 13 959 827 142 45 773 872 915 886 874 1 032 176 1.86

Apr 77 792 66 552 1 274 13 087 - 381 12 706 828 613 45 318 873 931 886 637 1 032 255 0.01

May 79 731 65 713 1 215 11 982 - 36 11 946 844 643 36 759 881 402 893 348 1 040 007 0.75

Jun 78 494 66 553 1 178 11 934 - 5 11 929 862 027 33 269 895 296 907 225 1 053 450 1.29

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 second quarter of 2005 (extended base): R$909.9 billion - R$1,231.1 billion (average point of forecasts: 14.3% in 12 months).


57

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 Financing

5/ Total Portfolio Financing5/ Total

earnings2/ position4/ position

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 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

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

2005 Jan 85 984 65 158 1 715 13 790 - 150 13 640 762 537 66 496 829 033 842 673 995 531 1.68

Feb 82 911 65 285 1 681 13 372 - 216 13 156 790 907 52 281 843 188 856 344 1 006 220 1.07

Mar 81 421 65 505 1 419 14 013 - 57 13 956 815 018 50 561 865 579 879 535 1 027 880 2.15

Apr 80 464 66 126 1 324 13 425 - 74 13 350 813 371 59 831 873 202 886 552 1 034 467 0.64

May 80 408 66 236 1 327 12 538 - 121 12 416 837 839 38 659 876 499 888 915 1 036 886 0.23

Jun 80 239 66 352 1 226 12 182 - 37 12 145 851 164 37 246 888 409 900 554 1 048 371 1.11

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.


58

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/

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

2004 Jan 98 075 - 144 684 162 297 405 056 425 437 16 690 847 183 125 438 721 973 342

Feb 99 539 - 144 902 163 655 408 096 430 628 18 294 857 017 128 805 732 986 554

Mar 97 725 - 144 292 167 741 409 758 438 609 18 689 867 056 127 181 742 994 979

Apr 97 920 - 144 735 168 323 410 978 442 522 18 796 872 295 126 630 752 999 677

May 101 270 - 147 288 179 204 427 762 439 941 19 239 886 942 127 028 762 1 014 731

Jun 102 481 - 149 287 184 700 436 469 443 690 19 480 899 639 125 451 772 1 025 862

Jul 103 211 - 151 503 187 190 441 904 449 865 18 644 910 414 126 212 780 1 037 406

Aug 105 790 - 152 155 192 303 450 248 454 418 19 987 924 653 122 103 786 1 047 542

Sep 109 856 - 152 921 194 487 457 264 463 211 18 508 938 982 122 324 796 1 062 103

Oct 109 826 299 153 508 199 378 463 012 467 119 18 736 948 867 121 573 806 1 071 246

Nov 113 410 306 155 244 201 818 470 778 473 784 21 888 966 450 121 440 815 1 088 705

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

2005 Jan 118 832 523 160 217 209 480 489 052 485 553 21 724 996 329 123 033 839 1 120 200

Feb 117 767 713 160 232 213 909 492 621 490 788 22 459 1 005 868 125 654 849 1 132 370

Mar 116 794 686 159 709 225 352 502 541 500 431 21 353 1 024 325 127 601 862 1 152 788

Apr 113 676 607 159 438 229 364 503 086 500 634 23 120 1 026 840 130 338 874 1 158 052

May 115 771 698 158 835 228 999 504 302 502 503 25 602 1 032 407 132 919 887 1 166 213

Jun* 117 403 665 160 076 234 574 512 718 508 457 25 111 1 046 286 132 585 900 1 179 771

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 second quarter 2005 (M4): R$1,014 billion - R$1,371.9 billion (average point of forecasts: 16.1% in 12 months).


59

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/

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 Dec 11.4 0.0 15.0 16.6 43.1 42.6 1.8 87.5 12.5 0.1 100.0

2004 Jan 10.1 0.0 14.9 16.7 41.6 43.7 1.7 87.0 12.9 0.1 100.0

Feb 10.1 0.0 14.7 16.6 41.4 43.6 1.9 86.9 13.1 0.1 100.0

Mar 9.8 0.0 14.5 16.9 41.2 44.1 1.9 87.1 12.8 0.1 100.0

Apr 9.8 0.0 14.5 16.8 41.1 44.3 1.9 87.3 12.7 0.1 100.0

May 10.0 0.0 14.5 17.7 42.2 43.4 1.9 87.4 12.5 0.1 100.0

Jun 10.0 0.0 14.6 18.0 42.5 43.3 1.9 87.7 12.2 0.1 100.0

Jul 9.9 0.0 14.6 18.0 42.6 43.4 1.8 87.8 12.2 0.1 100.0

Aug 10.1 0.0 14.5 18.4 43.0 43.4 1.9 88.3 11.7 0.1 100.0

Sep 10.3 0.0 14.4 18.3 43.1 43.6 1.7 88.4 11.5 0.1 100.0

Oct 10.3 0.0 14.3 18.6 43.2 43.6 1.7 88.6 11.3 0.1 100.0

Nov 10.4 0.0 14.3 18.5 43.2 43.5 2.0 88.8 11.2 0.1 100.0

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

2005 Jan 10.6 0.0 14.3 18.7 43.7 43.3 1.9 88.9 11.0 0.1 100.0

Feb 10.4 0.1 14.2 18.9 43.5 43.3 2.0 88.8 11.1 0.1 100.0

Mar 10.1 0.1 13.9 19.5 43.6 43.4 1.9 88.9 11.1 0.1 100.0

Apr 9.8 0.1 13.8 19.8 43.4 43.2 2.0 88.7 11.3 0.1 100.0

May 9.9 0.1 13.6 19.6 43.2 43.1 2.2 88.5 11.4 0.1 100.0

Jun* 10.0 0.1 13.6 19.9 43.5 43.1 2.1 88.7 11.2 0.1 100.0

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

2/ Excludes guaranties issued primarily by financial institutions.




60

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

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 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

Dec 3.3 1.4 4.8 2.8 4.1 6.9 0.0 8.6

2005 Jan 3.0 1.5 4.5 2.4 3.9 6.4 0.0 8.6

Feb 2.9 1.3 4.2 2.3 3.9 6.3 0.0 8.6

Mar 2.8 1.3 4.2 2.3 3.9 6.2 0.0 8.5

Apr 2.8 1.3 4.1 2.3 3.7 6.0 0.0 8.4

May 2.8 1.4 4.2 2.2 3.9 6.1 0.0 8.4

Jun* 2.8 1.3 4.1 2.3 3.9 6.2 0.0 8.4

(continues)


61

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/

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 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

Dec 11.1 26.6 25.6 1.1 53.4 6.5 0.0 59.9

2005 Jan 11.3 26.3 26.1 1.2 53.5 6.6 0.0 60.2

Feb 11.4 26.3 26.2 1.2 53.7 6.7 0.0 60.4

Mar 12.0 26.7 26.6 1.1 54.4 6.8 0.0 61.2

Apr 12.1 26.6 26.5 1.2 54.3 6.9 0.0 61.2

May 12.1 26.6 26.5 1.4 54.5 7.0 0.0 61.6

Jun 12.4 27.0 26.8 1.3 55.1 7.0 0.0 62.2

Source : Bacen and Ipea

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

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

3/ Excludes guaranties issued primarily by financial institutions.




62

II.9 - Income-velocity of money1/

End-of- M1 M2 M3 M4

period

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 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 17.2 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 1.9 1.7

Aug 17.0 4.0 1.9 1.7

Sep 16.5 4.0 1.9 1.7

Oct 16.6 3.9 1.9 1.7

Nov 16.2 3.9 1.9 1.7

Dec 14.5 3.8 1.9 1.7

2005 Jan 15.7 3.8 1.9 1.7

Feb 15.9 3.8 1.9 1.7

Mar 16.1 3.8 1.8 1.6

Apr 16.6 3.8 1.8 1.6

May 16.4 3.8 1.8 1.6

Jun* 16.2 3.7 1.8 1.6

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.


63

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

Accumulated flows in R$ million

Itemization 2003 2004 2005

September December March June September December March June

A - Currency outside banks1/ - 6 140 1 231 - 3 693 - 1 818 52 9 380 - 5 438 - 5 462

B - Net adjusted international reserves2/ 7 711 12 243 12 733 13 933 12 723 19 066 32 455 31 195

C - Net domestic assets (A-B) - 13 851 - 11 012 - 16 427 - 15 751 - 12 671 - 9 686 - 37 893 - 36 657

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.


64

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

R$ million

End-of- Credits to financial institutions1/ Memorandum

period

Liquidity loans2/ Special Others

3/ Total Banking Total

transactions

Government Private

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 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

Dec - - 17 825 17 825 6 17 819 17 825

2005 Jan 22 - 17 859 17 881 28 17 853 17 881

Feb - - 17 877 17 877 6 17 871 17 877

Mar - - 18 190 18 190 6 18 184 18 190

Apr - - 18 227 18 227 7 18 220 18 227

May - - 18 273 18 273 7 18 266 18 273

Jun - - 17 794 17 794 7 17 787 17 794

(continues)


65


(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/

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 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

Dec 230 372 63 187 - 7 353 5 135 306 047 4 158 - 63 050 - 58 892

2005 Jan 222 474 69 324 - 7 445 4 618 303 861 493 - 69 100 - 68 607

Feb 219 823 67 432 - 7 113 4 779 299 147 561 - 67 356 - 66 795

Mar 244 483 64 474 - 3 815 3 843 316 615 6 598 - 64 404 - 57 806

Apr 225 179 65 375 - 3 752 3 274 297 580 8 198 - 65 146 - 56 948

May 240 828 55 011 - 3 595 3 153 302 587 5 656 - 54 737 - 49 081

Jun 262 712 46 039 - 3 729 3 544 316 024 76 - 45 874 - 45 798

(continues)


66



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

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 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

Dec 57 576 123 93 721 151 420 12 574 536 14 164 544 5 492 3 483 438 499

2005 Jan 62 851 34 95 104 157 989 12 214 513 854 171 570 5 674 3 435 433 814

Feb 75 503 47 103 040 178 590 12 108 517 21 191 236 5 825 3 042 450 328

Mar 86 469 90 105 657 192 216 12 328 513 20 205 077 5 977 - 14 596 473 457

Apr 76 960 130 99 650 176 740 11 751 494 825 189 810 5 805 3 152 457 154

May 66 439 77 86 817 153 333 10 851 454 33 164 671 4 415 6 419 447 284

Jun 49 280 63 98 299 147 642 10 478 501 85 158 706 3 733 10 149 460 608

(continues)


67

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)

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 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

Dec 61 936 11 816 14 981 26 797 88 733 - - 13 569 - 13 569 102 302

2005 Jan 55 647 11 425 16 399 27 824 83 471 - - 13 442 - 13 442 96 913

Feb 54 394 10 470 14 252 24 722 79 116 - - 13 419 - 13 419 92 535

Mar 53 295 10 088 14 893 24 981 78 276 - - 13 926 - 13 926 92 202

Apr 53 175 10 449 14 168 24 617 77 792 - - 12 976 - 12 976 90 768

May 53 034 13 363 13 334 26 697 79 731 - - 12 046 - 12 046 91 777

Jun 53 931 9 485 15 078 24 563 78 494 - - 12 001 - 12 001 90 495

(continues)


68



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/

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 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

Dec 12 31 501 - - 218 35 530 67 261

2005 Jan 12 31 812 - - 198 34 675 66 697

Feb 12 31 751 - - 203 35 325 67 291

Mar 12 31 775 - - 162 35 807 67 756

Apr 12 31 938 - - 168 35 804 67 922

May 10 31 649 - - 175 35 276 67 110

Jun 10 31 825 - - 163 35 888 67 886

(continues)


69



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

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 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

Dec 158 183 634 158 817 - - - 158 817

2005 Jan 156 576 254 156 830 - - - 156 830

Feb 168 390 968 169 358 - - - 169 358

Mar 192 193 693 192 886 - - - 192 886

Apr 191 088 395 191 483 - - - 191 483

May 205 043 186 205 229 - - - 205 229

Jun 215 210 684 215 894 - - - 215 894

(continues)


70



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

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 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

Dec 5 492 1 094 6 - 66 717 67 817

2005 Jan 5 674 1 085 6 - 65 062 66 153

Feb 5 825 1 075 6 - 64 006 65 087

Mar 5 977 916 6 - 62 411 63 333

Apr 5 805 872 6 - 59 745 60 623

May 4 415 830 5 - 54 673 55 508

Jun 3 733 813 5 - 49 032 49 850

(continues)


71


(concluded) R$ million

End-of- Foreign liabilities Own resources Total liabilities

period

Liabilities based on International Others Total

agreements organizations

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 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

Dec 134 14 230 10 022 92 203 12 424 438 499

2005 Jan 87 13 881 16 999 97 120 10 580 433 814

Feb 92 13 762 25 054 103 995 11 324 450 328

Mar 100 14 029 26 510 103 972 10 664 473 457

Apr 99 13 379 21 841 95 942 5 234 457 154

May 78 12 369 11 152 79 107 - 354 447 284

Jun 102 11 853 12 064 73 869 8 731 460 608

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.


72

II.12 - Monetary authority

R$ million

Itemization 2004 2005

Nov Dec Jan Feb Mar Apr May

Assets 460 960 461 210 458 968 468 628 503 092 474 383 458 491

Foreign assets 148 554 145 848 149 778 164 182 174 707 164 009 145 806

Claims on central governmment (includes securities debt) 309 656 311 198 308 669 303 879 321 781 302 169 307 022

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

Claims on private sector - - - - - - -

Claims on deposit money banks 2 750 4 164 521 453 6 604 8 205 5 663

Claims on other banking institutions - - - 114 - - -

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

Liabilities 460 960 461 210 458 968 468 628 503 092 474 383 458 491

Reserve money (IMF) 213 666 211 341 211 422 206 027 202 464 202 976 193 417

of which: currency outside deposit money banks 42 200 52 020 45 389 43 949 42 882 43 181 42 545

Money market instruments 160 154 162 170 172 177 165

Liabilities for Banco Central securities 13 811 13 569 13 442 13 419 13 926 12 976 12 046

Foreign currency deposits 17 12 12 12 12 12 11

Foreign liabilities 70 292 66 530 64 585 64 152 61 938 59 034 54 517

Long-term foreign liabilities 25 811 11 913 19 175 26 721 28 350 23 860 12 559

Central government deposits 145 263 158 817 156 830 169 358 192 886 191 483 205 229

Capital accounts 13 414 13 648 11 758 12 489 11 844 6 345 650

Other items (net) - 21 474 - 14 774 - 18 418 - 23 720 - 8 500 - 22 480 - 20 102


73

II.13 - Deposit money banks1/

R$ million



Assets 1 061 021 1 054 121 1 079 401 1 088 590 1 097 723 1 105 559 1 101 753

Reserves 163 409 151 683 159 365 156 589 153 888 153 402 143 999

Other claims on monetary authority 8 143 9 223 9 082 9 000 9 419 8 997 8 381

Foreign assets 51 174 50 039 49 135 50 349 50 048 49 053 48 669


Claims on state and local governments (includes securities debt) 2 949 3 105 2 966 2 471 2 932 2 424 2 476

Claims on nonfinancial public enterprises 3 184 3 043 3 027 3 100 3 379 3 819 3 839

Claims on private sector 487 353 487 499 502 121 510 524 519 241 537 914 542 955

Claims on other banking institutions 14 968 15 090 17 164 13 192 13 201 12 176 11 698

Claims on nonbanking financial institutions 258 156 158 157 170 149 495

Liabilities 1 061 021 1 054 121 1 079 401 1 088 590 1 097 723 1 105 559 1 101 753

Demand deposits 70 900 75 207 73 284 73 431 73 695 70 172 72 871

Time, savings and other deposits 333 505 342 297 351 041 355 253 365 754 369 359 369 024

Money market instruments 33 377 33 104 34 541 34 869 33 578 34 349 34 381

Restricted deposits 59 352 58 491 61 161 64 032 63 381 61 528 62 135

Foreign liabilities 60 769 59 487 62 309 67 100 68 239 64 673 61 702



Credit from monetary authority 2 894 4 447 585 490 7 321 9 195 6 309

Liabilities to other banking institutions 170 081 156 406 164 416 161 417 152 981 154 110 147 343

Liabilities to nonbanking financial institutions 2 309 1 811 1 817 2 042 1 797 1 753 3 012

Capital accounts 251 718 250 025 253 115 256 611 260 181 263 190 266 280

Other items (net) 36 075 36 387 31 905 30 393 28 671 30 058 36 487

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


74

II.14 - Monetary survey1/

R$ million



Assets 1 051 055 1 049 087 1 059 921 1 066 990 1 085 647 1 066 379 1 056 736

Foreign assets (net) 68 666 69 870 72 019 83 279 94 578 89 355 78 257

Domestic credit 982 389 979 216 987 902 983 711 991 069 977 023 978 479

Claims on central government (net) - includes securities debt 473 677 470 324 462 467 454 153 452 146 420 540 417 017






Liabilities 1 051 055 1 049 087 1 059 921 1 066 990 1 085 647 1 066 379 1 056 736

Money 116 867 131 152 122 666 120 269 119 330 116 271 118 374

Quasi-money 333 505 342 297 351 041 355 253 365 754 369 359 369 024


Liabilities for Banco Central securities 5 668 4 346 4 360 4 419 4 507 3 979 3 665






Other items (net) 19 035 25 611 16 227 9 310 23 829 12 044 20 945

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


75

II.15 - Other banking institutions1/

R$ million



Assets 769 737 774 650 789 322 796 676 815 087 825 195 827 763

Reserves 4 218 4 461 4 518 3 448 3 307 3 531 3 552

Other claims on monetary authority 5 631 4 304 4 317 4 375 4 461 3 937 3 626

Foreign assets 404 537 533 668 1 231 691 553





Claims on deposit money banks 250 269 242 363 242 068 239 669 235 517 229 267 224 809


Liabilities 769 737 774 650 789 322 796 676 815 087 825 195 827 763

Demand deposits - - - - - - -

Time, savings and other deposits 7 220 7 191 7 226 7 657 7 741 8 057 7 563


Restricted deposits 618 509 503 684 459 438 464

Foreign liabilities 705 1 916 1 806 1 325 1 297 1 169 1 346



Credit from monetary authority 288 290 292 408 297 299 300

Credit from deposit money banks 4 120 3 504 5 007 2 637 3 360 2 586 3 263

Liabilities to nonbanking financial institutions 32 69 85 41 75 98 119


Other items (net) 39 371 42 154 44 155 46 200 47 555 47 449 47 699

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

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


76

II.16 - Banking survey1/

R$ million



Assets 1 489 010 1 499 693 1 524 031 1 546 229 1 586 599 1 585 445 1 582 056

Foreign assets (net) 68 365 68 491 70 746 82 622 94 513 88 878 77 463

Domestic credit 1 420 645 1 431 202 1 453 285 1 463 607 1 492 086 1 496 567 1 504 593






Liabilities 1 489 010 1 499 693 1 524 031 1 546 229 1 586 599 1 585 445 1 582 056

Liquidity liabilities 402 346 418 783 418 552 421 499 427 955 423 764 424 547


Liabilities for Central Bank securities 37 43 43 45 46 41 39





Other items (net) 29 809 39 733 40 913 35 946 50 761 51 160 58 287

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


77

II.17 - Nonbanking financial institutions1/

R$ million



Assets 28 375 25 700 26 432 27 388 28 094 28 502 30 725

Reserves 7 11 10 6 8 7 8

Other claims on monetary authority 37 43 43 45 46 41 39

Foreign assets 30 29 29 29 68 66 63


Claims on state and local governments (includes securities debt) 357 399 398 409 424 427 430

Claims on nonfinancial public enterprises 98 34 35 33 32 30 31


Claims on deposit money banks 5 540 3 213 3 371 3 879 3 630 3 376 4 982


Liabilities 28 375 25 700 26 432 27 388 28 094 28 502 30 725

Time, savings and other deposits 6 4 5 10 8 6 9


Restricted deposits - - - - - - -

Foreign liabilities 199 195 190 92 95 91 87

Long-term foreign liabilities 2 055 917 888 871 897 829 730

Central government deposits 35 34 37 36 37 35 39

Credit from monetary authority - - - - - - -

Credit from deposit money banks 283 177 164 164 188 163 546



Other items (net) - 15 159 - 16 013 - 19 727 - 19 179 - 19 434 - 30 597 - 29 572

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


78

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

2003 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 25 490 51 935 53 458 119 256 81 117 455 149 474 757

Nov 5 165 14 273 19 438 124 648 25 613 53 597 54 866 122 252 79 171 460 147 479 585

Dec 5 041 14 161 19 202 124 939 25 775 55 293 54 667 125 691 79 447 465 812 485 014

2005 Jan 5 000 14 131 19 131 125 354 25 939 55 342 55 173 129 651 81 301 472 760 491 891

Feb 4 981 14 160 19 141 126 492 26 038 55 238 56 686 133 007 81 614 479 075 498 216

Mar 5 021 14 537 19 558 126 727 26 183 55 798 57 117 137 813 83 513 487 151 506 709

Apr* 4 974 14 557 19 531 128 726 26 407 56 670 57 815 141 883 84 798 496 299 515 830

May* 5 046 14 403 19 449 128 540 26 539 56 681 57 816 147 320 82 055 498 951 518 400

Jun* 4 837 14 760 19 597 129 555 26 881 57 032 58 409 150 564 83 529 505 970 525 567

1/ Leasing operations included.

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


79

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


R$ million





2003 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 8 044 21 207 41 512 91 920 49 369 286 948 290 358

Nov 1 413 1 823 3 236 75 209 8 070 21 492 42 504 94 611 47 426 289 312 292 548

Dec 1 307 1 672 2 979 74 247 8 078 21 513 42 129 98 066 46 269 290 302 293 281

2005 Jan 1 295 1 678 2 973 74 120 8 157 21 330 42 144 100 764 46 554 293 069 296 042

Feb 1 271 1 698 2 969 74 326 8 186 21 136 43 424 103 339 46 815 297 226 300 195

Mar 1 311 1 934 3 245 74 539 8 174 21 376 43 771 107 190 47 616 302 666 305 911

Apr* 1 303 2 286 3 589 75 973 8 182 21 561 44 239 110 386 49 147 309 488 313 077

May* 1 278 2 214 3 492 75 867 8 209 21 190 44 151 115 019 46 907 311 343 314 835

Jun* 1 191 2 572 3 763 76 594 8 239 21 099 44 769 117 734 48 268 316 703 320 466




80

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


R$ million





2003 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

Dec 3 734 12 489 16 223 50 692 17 697 33 780 12 538 27 625 33 178 175 510 191 733

2005 Jan 3 705 12 453 16 158 51 234 17 782 34 012 13 029 28 887 34 747 179 691 195 849

Feb 3 710 12 462 16 172 52 166 17 852 34 102 13 262 29 668 34 799 181 849 198 021

Mar 3 710 12 603 16 313 52 188 18 009 34 422 13 346 30 623 35 897 184 485 200 798

Apr* 3 671 12 271 15 942 52 753 18 225 35 109 13 576 31 497 35 651 186 811 202 753

May* 3 768 12 189 15 957 52 673 18 330 35 491 13 665 32 301 35 148 187 608 203 565

Jun* 3 646 12 188 15 834 52 961 18 642 35 933 13 640 32 830 35 261 189 267 205 101




81

II.21 - Credit operations in the financial system1/

Balances in R$ million and % participation on total

Segment June 2005*

Total Risk level

AA A B C D E F G H

Public sector2/ 19 597 11 119 3 143 2 043 858 1 098 75 0 1 1 260

100.0 56.7 16.0 10.4 4.4 5.6 0.4 0.0 0.0 6.4

Federal government 4 837 4 629 54 154 0 0 0 0 0 0

100.0 95.7 1.1 3.2 0.0 0.0 0.0 0.0 0.0 0.0

State and municipal governments 14 760 6 490 3 089 1 889 858 1 098 75 0 1 1 260

100.0 44.0 20.9 12.8 5.8 7.4 0.5 0.0 0.0 8.5

Private sector 505 970 112 051 194 363 95 763 52 788 20 965 6 048 4 924 4 609 14 459

100.0 22.1 38.4 18.9 10.4 4.1 1.2 1.0 0.9 2.9

Industry 129 555 43 848 43 206 23 421 11 561 3 232 972 495 731 2 089

100.0 33.8 33.3 18.1 8.9 2.5 0.8 0.4 0.6 1.6

Housing 26 881 3 319 8 399 2 630 4 164 5 478 618 431 276 1 566

100.0 12.3 31.2 9.8 15.5 20.4 2.3 1.6 1.0 5.8

Rural 57 032 12 996 18 170 14 389 7 167 2 115 640 287 345 923

100.0 22.8 31.9 25.2 12.6 3.7 1.1 0.5 0.6 1.6

Commerce 58 409 14 869 17 420 15 701 6 154 1 432 683 422 244 1 484

100.0 25.5 29.8 26.9 10.5 2.5 1.2 0.7 0.4 2.5

Individuals 150 564 7 935 84 862 23 190 14 790 6 339 2 532 2 621 1 525 6 770

100.0 5.3 56.4 15.4 9.8 4.2 1.7 1.7 1.0 4.5

Other services 83 529 29 084 22 306 16 432 8 952 2 369 603 668 1 488 1 627

100.0 34.8 26.7 19.7 10.7 2.8 0.7 0.8 1.8 1.9

Total 525 567 123 170 197 506 97 806 53 646 22 063 6 123 4 924 4 610 15 719

100.0 23.4 37.6 18.6 10.2 4.2 1.2 0.9 0.9 3.0

(continues)


82

II.21 - Credit operations in the financial system1/

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

Segment May 2005*

Total Risk level

AA A B C D E F G H

Public sector2/ 19 449 11 032 3 043 2 125 853 1 048 83 0 1 1 264

100.0 56.7 15.6 10.9 4.4 5.4 0.4 0.0 0.0 6.5


100.0 94.0 1.3 4.7 0.0 0.0 0.0 0.0 0.0 0.1


100.0 43.7 20.7 13.1 5.9 7.3 0.6 0.0 0.0 8.8

Private sector 498 951 109 919 188 411 97 887 52 481 20 254 6 741 4 414 4 478 14 366

100.0 22.0 37.8 19.6 10.5 4.1 1.4 0.9 0.9 2.9

Industry 128 540 43 093 41 379 24 909 11 718 3 088 1 042 512 779 2 020

100.0 33.5 32.2 19.4 9.1 2.4 0.8 0.4 0.6 1.6

Housing 26 539 3 364 8 153 2 458 4 110 5 524 610 437 267 1 616

100.0 12.7 30.7 9.3 15.5 20.8 2.3 1.6 1.0 6.1

Rural 56 681 13 106 18 120 14 614 6 648 1 961 667 278 367 920

100.0 23.1 32.0 25.8 11.7 3.5 1.2 0.5 0.6 1.6

Commerce 57 816 14 644 17 255 15 655 6 056 1 357 676 408 231 1 534

100.0 25.3 29.8 27.1 10.5 2.3 1.2 0.7 0.4 2.7

Individuals 147 320 7 933 82 274 23 156 14 922 5 907 2 647 2 417 1 346 6 718

100.0 5.4 55.8 15.7 10.1 4.0 1.8 1.6 0.9 4.6

Other services 82 055 27 779 21 230 17 095 9 027 2 417 1 099 362 1 488 1 558

100.0 33.9 25.9 20.8 11.0 2.9 1.3 0.4 1.8 1.9

Total 518 400 120 951 191 454 100 012 53 334 21 302 6 824 4 414 4 479 15 630

100.0 23.3 36.9 19.3 10.3 4.1 1.3 0.9 0.9 3.0



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.


83

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


Segment June 2005*

Total Risk level

AA A B C D E F G H

Public sector2/ 3 763 2 145 1 254 317 28 5 3 0 0 11

100.0 57.0 33.3 8.4 0.7 0.1 0.1 0.0 0.0 0.3


100.0 99.7 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0

State and municipal governments 2 572 958 1 250 317 28 5 3 0 0 11

100.0 37.2 48.6 12.3 1.1 0.2 0.1 0.0 0.0 0.4

Private sector 316 703 76 000 136 306 51 408 29 179 7 476 3 563 2 882 2 095 7 794

100.0 24.0 43.0 16.2 9.2 2.4 1.1 0.9 0.7 2.5

Industry 76 594 30 913 21 569 13 456 7 082 1 437 400 311 432 994

100.0 40.4 28.2 17.6 9.2 1.9 0.5 0.4 0.6 1.3

Housing 8 239 2 656 3 505 596 510 221 98 102 83 468

100.0 32.2 42.5 7.2 6.2 2.7 1.2 1.2 1.0 5.7

Rural 21 099 5 544 6 612 3 891 3 498 660 389 130 204 171

100.0 26.3 31.3 18.4 16.6 3.1 1.8 0.6 1.0 0.8

Commerce 44 769 12 498 13 916 10 525 5 340 832 410 241 137 870

100.0 27.9 31.1 23.5 11.9 1.9 0.9 0.5 0.3 1.9

Individuals 117 734 6 601 78 601 13 596 5 919 3 357 1 944 1 888 1 120 4 708

100.0 5.6 66.8 11.5 5.0 2.9 1.7 1.6 1.0 4.0

Other services 48 268 17 788 12 103 9 344 6 830 969 322 210 119 583

100.0 36.9 25.1 19.4 14.2 2.0 0.7 0.4 0.2 1.2

Total 320 466 78 145 137 560 51 725 29 207 7 481 3 566 2 882 2 095 7 805

100.0 24.4 42.9 16.1 9.1 2.3 1.1 0.9 0.7 2.4

(continues)


84

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


Segment May 2005*

Total Risk level

AA A B C D E F G H

Public sector2/ 3 492 2 002 1 206 237 31 5 0 0 0 11

100.0 57.3 34.5 6.8 0.9 0.1 0.0 0.0 0.0 0.3


100.0 99.9 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0

State and municipal governments 2 214 725 1 205 237 31 5 0 0 0 11

100.0 32.7 54.4 10.7 1.4 0.2 0.0 0.0 0.0 0.5

Private sector 311 343 73 639 133 896 51 982 28 457 7 211 3 689 2 781 1 947 7 741

100.0 23.7 43.0 16.7 9.1 2.3 1.2 0.9 0.6 2.5

Industry 75 867 29 895 21 926 13 523 6 955 1 404 412 346 469 937

100.0 39.4 28.9 17.8 9.2 1.9 0.5 0.5 0.6 1.2

Housing 8 209 2 726 3 427 536 511 223 93 102 77 514

100.0 33.2 41.7 6.5 6.2 2.7 1.1 1.2 0.9 6.3

Rural 21 190 5 735 6 676 4 202 2 955 681 422 141 211 167

100.0 27.1 31.5 19.8 13.9 3.2 2.0 0.7 1.0 0.8

Commerce 44 151 12 236 13 875 10 408 5 200 787 397 229 129 890

100.0 27.7 31.4 23.6 11.8 1.8 0.9 0.5 0.3 2.0

Individuals 115 019 6 623 76 113 13 836 6 000 3 065 2 040 1 731 957 4 654

100.0 5.8 66.2 12.0 5.2 2.7 1.8 1.5 0.8 4.0

Other services 46 907 16 424 11 879 9 477 6 836 1 051 325 232 104 579

100.0 35.0 25.3 20.2 14.6 2.2 0.7 0.5 0.2 1.2

Total 314 835 75 641 135 102 52 219 28 488 7 216 3 689 2 781 1 947 7 752

100.0 24.0 42.9 16.6 9.0 2.3 1.2 0.9 0.6 2.5












85

II.23 - Credit operations in the public financial system1/


Segment June 2005*

Total Risk level

AA A B C D E F G H

Public sector2/ 15 834 8 974 1 889 1 726 830 1 093 72 0 1 1 249

100.0 56.7 11.9 10.9 5.2 6.9 0.5 0.0 0.0 7.9


100.0 94.4 1.4 4.2 0.0 0.0 0.0 0.0 0.0 0.0


100.0 45.4 15.1 12.9 6.8 9.0 0.6 0.0 0.0 10.2

Private sector 189 267 36 051 58 057 44 355 23 609 13 489 2 485 2 042 2 514 6 665

100.0 19.0 30.7 23.4 12.5 7.1 1.3 1.1 1.3 3.5

Industry 52 961 12 935 21 637 9 965 4 479 1 795 572 184 299 1 095

100.0 24.4 40.9 18.8 8.5 3.4 1.1 0.3 0.6 2.1

Housing 18 642 663 4 894 2 034 3 654 5 257 520 329 193 1 098

100.0 3.6 26.3 10.9 19.6 28.2 2.8 1.8 1.0 5.9

Rural 35 933 7 452 11 558 10 498 3 669 1 455 251 157 141 752

100.0 20.7 32.2 29.2 10.2 4.0 0.7 0.4 0.4 2.1

Commerce 13 640 2 371 3 504 5 176 814 600 273 181 107 614

100.0 17.4 25.7 37.9 6.0 4.4 2.0 1.3 0.8 4.5

Individuals 32 830 1 334 6 261 9 594 8 871 2 982 588 733 405 2 062

100.0 4.1 19.1 29.2 27.0 9.1 1.8 2.2 1.2 6.3

Other services 35 261 11 296 10 203 7 088 2 122 1 400 281 458 1 369 1 044

100.0 32.0 28.9 20.1 6.0 4.0 0.8 1.3 3.9 3.0

Total 205 101 45 025 59 946 46 081 24 439 14 582 2 557 2 042 2 515 7 914

100.0 22.0 29.2 22.5 11.9 7.1 1.2 1.0 1.2 3.9

(continues)


86

II.23 - Credit operations in the public financial system1/


Segment May 2005*

Total Risk level

AA A B C D E F G H

Public sector2/ 15 957 9 030 1 837 1 888 822 1 043 83 0 1 1 253

100.0 56.6 11.5 11.8 5.2 6.5 0.5 0.0 0.0 7.9


100.0 92.0 1.7 6.3 0.0 0.0 0.0 0.0 0.0 0.1


100.0 45.7 14.6 13.5 6.7 8.6 0.7 0.0 0.0 10.3

Private sector 187 608 36 280 54 515 45 905 24 024 13 043 3 052 1 633 2 531 6 625

100.0 19.3 29.1 24.5 12.8 7.0 1.6 0.9 1.3 3.5

Industry 52 673 13 198 19 453 11 386 4 763 1 684 630 166 310 1 083

100.0 25.1 36.9 21.6 9.0 3.2 1.2 0.3 0.6 2.1

Housing 18 330 638 4 726 1 922 3 599 5 301 517 335 190 1 102

100.0 3.5 25.8 10.5 19.6 28.9 2.8 1.8 1.0 6.0

Rural 35 491 7 371 11 444 10 412 3 693 1 280 245 137 156 753

100.0 20.8 32.2 29.3 10.4 3.6 0.7 0.4 0.4 2.1

Commerce 13 665 2 408 3 380 5 247 856 570 279 179 102 644

100.0 17.6 24.7 38.4 6.3 4.2 2.0 1.3 0.7 4.7

Individuals 32 301 1 310 6 161 9 320 8 922 2 842 607 686 389 2 064

100.0 4.1 19.1 28.9 27.6 8.8 1.9 2.1 1.2 6.4

Other services 35 148 11 355 9 351 7 618 2 191 1 366 774 130 1 384 979

100.0 32.3 26.6 21.7 6.2 3.9 2.2 0.4 3.9 2.8

Total 203 565 45 310 56 352 47 793 24 846 14 086 3 135 1 633 2 532 7 878

100.0 22.3 27.7 23.5 12.2 6.9 1.5 0.8 1.2 3.9












87

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

2003 Dec 76 995 944 1 647 2 796 2 431 2 208 2 111 16 723 29 931

2004 Jan 66 961 865 1 659 2 826 2 357 2 362 2 203 16 778 30 077

Feb 64 945 971 1 631 2 919 2 406 2 261 2 196 14 995 28 388

Mar 79 945 961 1 829 2 934 2 400 2 381 2 015 14 494 28 038

Apr 76 970 981 1 852 2 903 2 234 2 829 2 066 14 453 28 364

May 80 984 1 000 1 949 2 856 2 211 2 941 1 984 14 662 28 667

Jun 102 1 004 1 003 1 961 2 916 2 068 3 027 2 022 14 670 28 773

Jul 104 1 002 1 020 2 026 2 856 2 143 2 930 2 093 14 729 28 903

Aug 98 1 022 1 041 1 993 2 959 2 055 2 788 2 088 15 085 29 129

Sep 88 948 1 089 2 086 2 979 2 046 2 816 1 978 15 189 29 219

Oct 96 878 1 102 2 084 3 000 2 037 2 931 2 099 15 756 29 983

Nov 97 898 1 071 2 102 3 048 2 120 2 884 2 098 15 764 30 082

Dec 110 984 1 060 2 146 2 853 2 209 2 277 2 888 15 318 29 845

2005 Jan 109 983 1 048 2 137 2 978 2 192 2 421 2 960 15 081 29 909

Feb 114 1 005 1 053 2 169 2 987 2 210 2 413 3 139 14 958 30 048

Mar 117 1 034 1 099 2 239 2 995 2 304 2 451 3 238 16 810 32 287

Apr* 118 1 060 1 097 2 230 3 079 2 397 2 451 3 350 17 458 33 240

May* 142 1 108 1 129 2 348 2 759 2 433 2 553 3 389 15 919 31 780

Jun* 152 1 122 1 112 2 290 2 866 2 241 2 840 3 481 15 863 31 967

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.


88

II.25 - Credit operations in the private financial system Provisions

R$ million


2003 Dec 76 737 651 1 145 1 399 1 364 1 402 1 250 8 083 16 107

2004 Jan 66 705 573 1 143 1 488 1 304 1 459 1 275 8 139 16 152

Feb 64 724 598 1 097 1 486 1 312 1 429 1 286 8 277 16 273

Mar 79 740 592 1 154 1 505 1 331 1 521 1 111 7 932 15 965

Apr 76 761 600 1 170 1 548 1 382 1 456 1 169 7 878 16 040

May 80 783 621 1 246 1 414 1 364 1 524 1 106 7 897 16 035

Jun 102 803 626 1 232 1 424 1 194 1 642 1 176 7 788 15 987

Jul 104 805 647 1 277 1 412 1 255 1 561 1 222 7 705 15 988

Aug 98 823 659 1 244 1 459 1 226 1 475 1 274 7 687 15 945

Sep 88 751 687 1 306 1 489 1 230 1 479 1 156 7 650 15 836

Oct 96 677 700 1 310 1 449 1 206 1 496 1 224 7 919 16 077

Nov 97 692 656 1 337 1 494 1 268 1 479 1 244 7 967 16 234

Dec 110 711 613 1 413 1 563 1 227 1 437 1 160 7 497 15 731

2005 Jan 109 712 586 1 389 1 643 1 266 1 532 1 212 7 447 15 896

Feb 114 729 586 1 417 1 644 1 279 1 544 1 305 7 295 15 913

Mar 117 752 619 1 476 1 618 1 335 1 602 1 465 8 937 17 921

Apr* 118 776 620 1 450 1 651 1 446 1 598 1 586 9 205 18 450

May* 142 819 641 1 584 1 329 1 481 1 692 1 606 7 765 17 059

Jun* 152 815 639 1 538 1 382 1 461 1 766 1 711 7 720 17 184

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:


II - 1% on the value of operations classified as risk level B; III - 3% on the value of operations classified as risk level C;


VI - 50% on the value of operations classified as risk level F; VII - 70% on the value of operations classified as risk level G;



89

II.26 - Credit operations in the public financial system Provisions

R$ million


2003 Dec 0 258 293 502 1 397 1 067 806 861 8 640 13 824

2004 Jan 0 256 292 516 1 338 1 053 903 928 8 639 13 925

Feb 0 221 373 534 1 433 1 094 832 910 6 718 12 115

Mar 0 205 369 675 1 429 1 069 860 904 6 562 12 073

Apr 0 209 381 682 1 355 852 1 373 897 6 575 12 324

May 0 201 379 703 1 442 847 1 417 878 6 765 12 632

Jun 0 201 377 729 1 492 874 1 385 846 6 882 12 786

Jul 0 197 373 749 1 444 888 1 369 871 7 024 12 915

Aug 0 199 382 749 1 500 829 1 313 814 7 398 13 184

Sep 0 197 402 780 1 490 816 1 337 822 7 539 13 383

Oct 0 201 402 774 1 551 831 1 435 875 7 837 13 906

Nov 0 206 415 765 1 554 852 1 405 854 7 797 13 848

Dec 0 273 447 733 1 290 982 840 1 728 7 821 14 114

2005 Jan 0 271 462 748 1 335 926 889 1 748 7 634 14 013

Feb 0 276 467 752 1 343 931 869 1 834 7 663 14 135

Mar 0 282 480 763 1 377 969 849 1 773 7 873 14 366

Apr* 0 284 477 780 1 428 951 853 1 764 8 253 14 790

May* 0 289 488 764 1 430 952 861 1 783 8 154 14 721

Jun* 0 307 473 752 1 484 780 1 074 1 770 8 143 14 783

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:


II - 1% on the value of operations classified as risk level B; III - 3% on the value of operations classified as risk level C;


VI - 50% on the value of operations classified as risk level F; VII - 70% on the value of operations classified as risk level G;


III - Capital and financial markets


92

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.

2001 Dec 1.39 19.05 1.39 19.05 0.20 2.53 1.27 17.28 0.80 10.002002 Dec 1.74 23.03 1.73 22.91 0.36 4.42 1.66 21.78 0.80 10.002003 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 10.00Feb 1.08 16.30 1.08 16.22 0.05 0.64 1.05 15.69 0.80 10.00Mar 1.38 16.19 1.37 16.13 0.18 1.97 1.31 15.32 0.80 10.00Apr 1.18 15.96 1.17 15.85 0.09 1.11 1.13 15.19 0.78 9.75May 1.23 15.77 1.22 15.73 0.15 1.87 1.18 15.06 0.78 9.75Jun 1.23 15.80 1.22 15.71 0.18 2.13 1.22 15.63 0.78 9.75Jul 1.29 15.77 1.28 15.71 0.20 2.26 1.25 15.26 0.78 9.75Aug 1.29 15.86 1.29 15.76 0.20 2.32 1.26 15.46 0.78 9.75Sep 1.25 16.09 1.24 15.99 0.17 2.09 1.20 15.45 0.78 9.75Oct 1.21 16.41 1.21 16.34 0.11 1.41 1.17 15.81 0.78 9.75Nov 1.25 16.96 1.25 16.93 0.11 1.45 1.19 16.01 0.78 9.75Dec 1.48 17.50 1.48 17.46 0.24 2.66 1.43 16.87 0.78 9.75

2005 Jan 1.38 17.93 1.38 17.92 0.19 2.28 1.33 17.18 0.78 9.75Feb 1.22 18.47 1.22 18.44 0.10 1.36 1.16 17.48 0.78 9.75Mar 1.53 18.97 1.52 18.89 0.26 3.06 1.48 18.28 0.78 9.75Apr 1.41 19.32 1.41 19.26 0.20 2.55 1.35 18.45 0.78 9.75May 1.50 19.61 1.50 19.57 0.25 3.07 1.45 18.80 0.78 9.75Jun 1.59 19.75 1.58 19.73 0.30 3.48 1.54 19.17 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.


93

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

2001 Dec 3.4 0.4 0.4 162 044 48 255 43 823 118 365 40 680 109 0352002 Dec 1.8 0.4 0.3 110 334 61 894 54 173 140 311 37 718 140 2692003 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 207Feb 1.2 0.3 0.2 76 469 61 221 45 693 143 445 30 299 146 529Mar 1.6 0.4 0.2 94 787 60 938 53 274 143 311 33 553 149 379Apr 1.4 0.3 0.2 87 143 61 993 49 107 143 727 29 671 151 980May 1.4 0.4 0.2 88 957 63 855 51 783 144 867 30 288 157 587Jun 1.4 0.3 0.2 88 881 64 131 51 510 147 523 34 536 165 564Jul 1.4 0.4 0.2 90 903 65 606 53 372 149 731 35 007 168 286Aug 1.4 0.4 0.2 93 296 65 164 54 232 150 840 42 798 172 850Sep 1.3 0.3 0.3 90 537 67 778 50 508 151 534 59 890 176 082Oct 1.3 0.3 0.2 90 841 70 428 52 525 152 050 37 171 179 270Nov 1.4 0.4 0.2 95 223 70 107 56 187 152 818 38 184 184 369Dec 1.3 0.4 0.2 101 565 76 105 67 362 157 984 39 549 184 940

2005 Jan 1.2 0.4 0.2 90 500 75 336 55 856 159 360 38 072 189 925Feb 1.1 0.3 0.1 79 785 73 855 52 253 159 071 28 088 193 952Mar 1.2 0.4 0.2 88 188 74 166 58 737 158 965 31 705 203 570Apr 1.1 0.3 0.1 81 271 72 781 54 775 159 235 31 407 210 978May 1.2 0.4 0.2 88 301 71 459 57 819 158 645 39 352 212 465Jun 1.2 0.4 0.2 85 170 72 618 57 310 158 983 35 134 216 979

1/ Relation redemptions/balances.

2/ Average daily balances of working days of the month indicated. 3/ Flow of the check clearing.


94

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 232State and municipal securities 93 - - - 93

Private securities 34 805 - 72 - 34 878Debenture 15 900 - 179 - 16 079

Commercial papers 15 - - - 15Fund quotas - - 780 - 780

Repurchase agreements 90 319 10 162 98 - 100 579Stocks 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 656State and municipal securities 94 - - - 94Private securities 36 305 - 48 - 36 353Debenture 16 260 - 190 - 16 450Commercial papers 15 - - - 15Fund quotas - - 770 - 770Repurchase agreements 97 364 9 526 104 - 106 994Stocks 4 859 - 33 633 4 989 43 480Deposits with the Bacen - - - - - Other 12 288 - 906 559 13 753Portfolio total 486 492 12 127 36 367 5 579 540 565

Feb Federal securities 324 277 2 562 615 43 327 497State and municipal securities 224 - - - 224Private securities 36 947 - 52 - 36 999Debenture 16 948 - 183 - 17 131Commercial papers 15 - - - 15Fund quotas - - 769 - 769Repurchase agreements 96 637 9 974 144 - 106 755Stocks 4 476 - 32 320 5 286 42 082Deposits with the Bacen - - - - - Other 11 901 - 1 450 480 13 831Portfolio 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.


95

III.4 - Investment funds - portfolio destination1/

Relative participation %

Period Destination Financial Investment fund Stocks Mutual Total

investment of state funds privatization

funds2/companies funds

2003 Dec Federal securities 66.2 19.5 2.1 0.6 59.9

State and municipal securities 0.0 - - - 0.0

Private securities 7.5 - 0.2 - 6.7

Debenture 3.4 - 0.5 - 3.1

Commercial papers 0.0 - - - 0.0

Fund quotas - - 2.2 - 0.1

Repurchase agreements 19.3 80.5 0.3 - 19.3

Stocks 1.0 - 93.1 89.3 8.3

Deposits with the Bacen - - - - -

Other 2.6 - 1.7 10.1 2.5

Portfolio total 100.0 100.0 100.0 100.0 100.0

2004 Jan Federal securities 65.6 21.4 2.0 0.6 59.7



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.


96

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)

2001 Dec 320 604 -1 828 12 345 - 616 24 925 - 368

2002 Dec 321 605 - 806 11 590 -1 897 32 221 1242003 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 - 664Mar 500 605 2 482 14 430 603 41 980 - 155

Apr 506 827 1 027 14 114 - 505 37 845 - 484May 510 178 -3 153 15 200 882 36 943 - 705

Jun 513 855 -2 931 14 183 -1 197 37 634 - 274Jul 518 615 - 655 14 809 452 39 928 659

Aug 520 912 -2 720 15 150 165 41 302 79Sep 531 940 4 722 15 744 414 43 134 277

Oct 534 796 -2 611 17 504 1 559 43 307 199Nov 538 054 1 892 16 062 - 822 44 146 - 225Dec ... ... 17 185 - 16 49 491 686

2005 Jan ... ... 17 259 - 141 48 609 - 183Feb ... ... 17 778 312 52 817 20Mar ... ... 17 437 - 623 47 974 - 158Apr ... ... 16 633 - 808 47 086 44May ... ... 16 648 - 212 47 928 40Jun ... ... 17 190 774 47 975 - 58


97

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

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 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

Dec 188 136 1 451 126 853 2 910 31 413 632 158 267 3 542

2005 Jan 192 302 1 609 126 879 - 817 31 888 257 158 767 - 561

Feb 196 886 2 275 127 060 - 636 31 821 - 281 158 881 - 917

Mar 208 332 8 434 126 413 -1 423 31 774 - 249 158 188 -1 673

Apr 212 337 1 143 126 849 - 432 31 714 - 287 158 563 - 719

May 213 992 -1 413 126 406 -1 291 31 732 - 207 158 138 -1 498

Jun 219 080 2 088 127 065 - 244 31 847 10 158 912 - 234

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.


98

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

2001 Dec 0.70 1.25 1.35 1.36 1.31 3.56 -2.27 -8.24 4.472002 Dec 0.86 1.61 1.72 1.72 1.70 4.20 5.42 -2.84 7.23

2003 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 -1.73Feb 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 1.78Apr 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 -0.32Jun 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 5.62Aug 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 1.94Oct 0.61 1.06 1.17 1.17 1.20 -0.01 1.56 -0.07 -0.83Nov 0.62 1.12 1.21 1.20 1.23 2.47 0.05 -4.40 9.01Dec 0.74 1.31 1.39 1.38 1.46 5.13 -4.14 -2.79 4.25

2005 Jan 0.69 1.22 1.32 1.32 1.30 -3.12 -5.07 -1.12 -7.05Feb 0.60 1.08 1.16 1.15 1.18 8.66 2.53 -1.14 15.56Mar 0.76 1.34 1.42 1.42 1.54 -8.84 1.10 2.74 -5.43Apr 0.70 1.21 1.30 1.30 1.28 -3.93 -4.34 -5.06 -6.64May 0.75 1.29 1.39 1.39 1.37 1.44 -7.65 -5.04 1.47Jun 0.80 1.34 1.44 1.44 1.53 -0.03 1.53 -2.22 -0.62

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.


99

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

2001 Dec 19.04 19.10 19.13 19.16 19.41 19.78 20.31 12 684 1 685 270 697 147 532002 Dec 24.79 25.56 26.37 26.76 27.50 28.30 29.10 10 282 388 175 569 68 98

2003 Dec 16.24 16.12 15.97 15.88 15.77 15.80 15.88 11 818 12 315 2 969 900 724 426

2004 Jan 16.23 16.22 16.19 16.16 16.09 15.95 15.74 12 960 17 931 9 845 788 632 493Feb 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 332Apr 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 497Jun 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 319Aug 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 289Oct 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 486Dec 17.71 17.84 18.02 18.16 18.29 18.17 17.81 20 866 7 837 6 820 1 622 630 485

2005 Jan 18.25 18.46 18.76 18.92 19.18 19.17 18.95 12 258 9 101 13 454 1 272 743 574

Feb 18.68 18.85 18.97 19.05 19.11 19.10 18.72 6 400 8 783 15 800 910 939 792Mar 19.21 19.26 19.40 19.45 19.56 19.37 19.18 13 449 23 474 4 378 1 587 866 591

Apr 19.46 19.52 19.62 19.67 19.69 19.55 19.24 13 444 26 293 5 668 1 164 1 136 755May 19.77 19.77 19.81 19.81 19.79 19.44 18.94 6 169 20 240 8 219 977 1 067 1 007

Jun 19.74 19.74 19.73 19.67 19.17 18.56 18.12 10 485 10 573 15 879 1 794 908 982

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.


100

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

2001 Dec 2.3204 2.3553 2.3830 7 328 1 625 23 91 129 292002 Dec 3.5333 3.5145 3.5268 7 593 1 141 53 71 60 17

2003 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 22Feb 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 24Apr 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 27Jun 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 27Aug 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 19Oct 2.8565 2.8916 2.9313 14 031 2 024 327 97 113 32Nov 2.7307 2.7555 2.7892 12 604 2 395 77 138 144 16Dec 2.6544 2.6863 2.7139 11 842 2 434 183 146 139 20

2005 Jan 2.6248 2.6367 2.6702 11 804 2 364 217 125 153 30Feb 2.5950 2.6200 2.6494 14 472 2 682 702 115 151 52Mar 2.6662 2.7007 2.7338 16 440 2 250 345 113 138 61Apr 2.5313 2.5602 2.5946 12 799 2 637 370 114 124 72May 2.4038 2.4423 2.4723 13 234 2 451 258 97 147 65Jun 2.3504 2.3649 2.3965 13 842 2 073 239 137 172 64

Source: BM&F

1/ Adjustment prices of contracts corresponding to the last working day of the first three maturities.

2/ Daily average.



101

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 6 th and 7th 1st to 4 th 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

2001 Dec 1.08 1.69 2.40 3.25 4.19 5.20 3 028 3 016 3 451 250 115 2922002 Dec 19.00 18.99 19.40 18.60 18.90 19.90 5 534 511 647 268 67 293

2003 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 338Feb 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 256Apr 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 298Jun 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 274Aug 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 264Oct 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 298Dec 2.26 2.36 2.56 2.78 2.95 3.16 8 561 1 965 2 597 398 104 291

2005 Jan 3.01 3.11 3.20 3.46 3.67 3.91 5 420 1 710 3 524 332 100 317

Feb 3.13 3.18 3.27 3.44 3.64 3.85 6 234 1 616 4 461 321 108 343Mar 3.22 3.30 3.74 3.98 4.33 4.57 7 211 3 914 2 721 387 137 288

Apr 2.85 3.19 3.45 3.61 3.82 4.05 7 816 3 100 2 519 425 140 292May 3.36 3.38 3.49 3.57 3.76 3.89 6 346 3 015 2 492 388 158 304

Jun 3.67 3.75 3.82 4.00 4.12 4.24 6 190 2 579 2 157 440 137 280

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.



102

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

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 72003 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 - - 40Mar 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 000Dec 26 196 10 800 2 178 4.25 3.57 3.89 1517.54 1 076 769 -

2005 Jan 24 350 10 490 2 062 -7.05 -2.87 -5.32 1230.02 16 4 480 300Feb 28 139 10 766 2 052 15.56 2.63 -0.52 2054.70 - - - Mar 26 610 10 504 1 999 -5.43 -2.44 -2.56 1878.72 135 4 255 21Apr 24 843 10 193 1 922 -6.64 -2.96 -3.88 1432.10 241 7 694 300May 25 207 10 467 2 068 1.47 2.70 7.63 1152.14 - 1 780 300Jun 25 051 10 275 2 057 -0.62 -1.84 -0.54 1494.71 784 5 790 -

Source: Bacen and Securities and Exchange Commission (CVM)

1/ Daily average.2/ Flows in the month.


103

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

2001 Dec 294.5 3.73 126.9 12.99 430.3 2.70 185.4 11.86 4282002 Dec 294.0 5.32 83.2 8.40 438.3 4.36 124.0 7.41 3992003 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 368Feb 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

Dec 642.0 6.20 241.9 9.25 904.9 6.67 340.9 9.74 358

2005 Jan 615.3 -4.16 234.4 -3.08 871.3 -3.72 331.9 -2.63 358

Feb 701.4 13.99 270.3 15.30 975.0 11.90 375.7 13.18 359

Mar 664.0 -5.33 249.1 -7.86 930.7 -4.54 349.1 -7.09 359

Apr 596.7 -10.14 235.7 -5.35 847.3 -8.96 334.7 -4.11 355

May 622.5 4.31 258.9 9.84 854.0 0.79 355.3 6.14 356

Jun 635.1 2.04 270.2 4.35 862.3 0.97 366.9 3.26 353

Source: São Paulo Stock Exchange (Bovespa)

1/ Exchange rate (selling price) end of period free market.

IV - Public finance


106

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.


107

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)

1998 138 251 46 283 184 534 70 251 53 375 123 626

1999 161 838 49 068 210 906 72 824 58 541 131 365

2000 180 801 55 717 236 518 83 332 65 786 149 118

2001 209 437 62 491 271 928 98 842 75 329 174 171

2002 250 815 71 027 321 842 113 325 88 029 201 354

2003 277 159 80 732 357 891 104 137 107 135 211 272

2004 328 685 93 765 422 450 121 230 125 751 246 981

Jan 28 958 5 850 34 808 9 890 8 857 18 747

Feb 24 412 7 113 31 525 9 066 9 090 18 156

Mar 25 889 7 138 33 027 9 621 8 628 18 250

Apr 27 765 7 198 34 963 9 261 9 287 18 548

May 25 758 7 276 33 034 10 440 9 419 19 859

Jun 25 623 7 900 33 523 7 971 9 940 17 911

Jul 27 528 7 509 35 037 11 590 9 920 21 510

Aug 26 135 7 583 33 718 9 960 10 154 20 114

Sep 27 246 7 440 34 686 9 904 10 078 19 982

Oct 28 411 7 759 36 170 10 822 10 314 21 136

Nov 26 259 7 681 33 940 11 910 10 142 22 052

Dec 34 702 13 318 48 020 10 795 19 922 30 717

2005 185 124 49 029 234 153 64 346 65 119 129 465

Jan 33 303 8 047 41 350 12 082 10 498 22 580

Feb 27 700 7 371 35 071 10 169 11 169 21 338

Mar 29 820 8 236 38 056 10 061 10 573 20 634

Apr 34 038 8 598 42 636 8 489 10 612 19 101

May 28 612 8 188 36 800 12 629 10 531 23 160

Jun 31 651 8 589 40 240 10 916 11 736 22 652

(continues)


108

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)

1998 68 000 - 7 092 60 908 - 152 60 756

1999 89 014 - 9 473 79 541 - 742 78 799

2000 97 469 - 10 069 87 400 - 477 86 923

2001 110 595 - 12 838 97 757 - 690 97 067

2002 137 490 - 17 002 120 488 - 777 119 711

2003 173 022 - 26 403 146 619 - 195 146 424

2004 207 456 - 31 986 175 469 - 336 175 133

Jan 19 068 - 3 007 16 061 - 4 16 057

Feb 15 346 - 1 977 13 369 - 35 13 334

Mar 16 268 - 1 490 14 777 4 14 781

Apr 18 504 - 2 089 16 415 - 5 16 410

May 15 318 - 2 143 13 175 - 26 13 149

Jun 17 653 - 2 040 15 612 - 27 15 585

Jul 15 939 - 2 411 13 528 - 18 13 509

Aug 16 175 - 2 571 13 604 - 30 13 574

Sep 17 342 - 2 638 14 704 - 10 14 694

Oct 17 589 - 2 555 15 034 - 20 15 014

Nov 14 349 - 2 461 11 888 - 26 11 862

Dec 23 907 - 6 604 17 303 - 139 17 164

2005 120 778 - 16 090 104 688 15 104 703

Jan 21 221 - 2 451 18 770 - 18 18 752

Feb 17 531 - 3 798 13 733 38 13 771

Mar 19 759 - 2 337 17 422 - 22 17 400

Apr 25 549 - 2 014 23 535 - 5 23 530

May 15 983 - 2 343 13 640 - 17 13 623

Jun 20 735 - 3 147 17 588 39 17 627

Source: STN

1/ (+) = surplus; (-) = deficit.


109

IV.2 - National Treasury performance summary Cash basis

Flows in R$ millionEnd- Revenues

1/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 availableperiod operations in the Banco Central Central portfolio acquirement contracted

Central of warranties debt

amortization

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 1 138 - 6 225 0 - 18 325 38 261

2002 328 257 338 008 - 9 751 4 217 35 420 - - 11 780 0 - 16 865 1 241

2003 370 911 367 665 3 246 66 265 19 848 - - 15 696 0 - 38 632 35 031

2004 436 351 417 308 19 043 13 653 18 447 7 998 - 22 560 0 - 20 546 16 036

Jan 28 242 33 015 - 4 773 - 3 116 645 0 - 2 039 0 - 1 164 - 10 447

Feb 33 316 27 272 6 044 6 250 2 541 5 502 - 874 0 668 20 131

Mar 34 365 33 864 501 - 20 998 1 228 0 - 3 392 0 - 486 - 23 147

Apr 35 479 28 562 6 917 31 853 1 812 0 - 460 0 - 1 035 39 087

May 36 924 35 197 1 727 - 22 404 4 413 0 - 2 250 0 - 551 - 19 065

Jun 33 549 29 854 3 695 13 653 885 0 - 814 0 - 3 620 13 797

Jul 34 435 34 150 285 3 103 995 0 - 3 685 0 - 2 249 - 1 551

Aug 36 811 34 953 1 858 1 435 1 377 0 - 1 450 0 - 1 041 2 179

Sep 35 683 35 636 47 8 511 851 2 496 - 1 414 0 - 2 210 8 281

Oct 35 172 36 897 - 1 725 - 26 236 1 535 0 - 2 800 0 - 4 786 - 34 012

Nov 38 351 44 256 - 5 905 7 394 995 0 - 2 162 0 - 2 917 - 2 595

Dec 54 025 43 653 10 372 14 208 1 171 0 - 1 220 0 - 1 154 23 377

2005 233 959 224 177 9 782 53 563 11 451 0 - 9 227 0 - 12 746 52 823

Jan 33 270 35 901 - 2 631 2 724 2 115 0 - 2 950 0 - 1 656 - 2 398

Feb 38 220 38 739 - 519 9 325 931 0 - 1 556 0 - 293 7 888

Mar 40 244 33 256 6 988 19 600 3 706 0 - 1 600 0 - 510 28 184

Apr 38 805 36 663 2 142 - 1 241 815 0 - 1 521 0 - 1 369 - 1 174

May 41 609 39 785 1 824 13 020 1 517 0 - 500 0 - 2 298 13 563

Jun 41 811 39 833 1 978 10 135 2 367 0 - 1 100 0 - 6 620 6 760

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


110

IV.3 - National Treasury revenues1/

Cash basis

Flows in R$ millionEnd- Fiscal revenue Revenues of government Social Security Total revenues

of- credit operations and earnings net inflow

period on available resources in the BB

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

2004 316 643 17 858 101 850 436 351

Jan 20 659 1 067 6 516 28 242

Feb 24 388 1 263 7 665 33 316

Mar 25 126 1 580 7 659 34 365

Apr 25 555 2 206 7 718 35 479

May 27 620 1 412 7 892 36 924

Jun 23 439 1 318 8 792 33 549

Jul 24 858 1 440 8 137 34 435

Aug 27 451 1 163 8 197 36 811

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

Dec 37 463 2 367 14 195 54 025

2005 170 706 10 309 52 944 233 959

Jan 22 370 1 822 9 078 33 270

Feb 28 549 1 614 8 057 38 220

Mar 29 718 1 733 8 793 40 244

Apr 27 936 1 588 9 281 38 805

May 31 078 1 803 8 728 41 609

Jun 31 055 1 749 9 007 41 811

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


111

IV.4 - National Treasury expenditures1/

Cash basis

Flows in R$ millionEnd- 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

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

2004 88 254 67 017 14 548 31 682 4 664 14 512 72 266 124 366 417 308

Jan 7 557 5 462 1 686 2 662 228 2 133 3 822 9 465 33 015

Feb 6 516 6 312 1 235 1 204 304 212 4 979 6 510 27 272

Mar 6 312 4 789 1 094 3 434 218 269 5 580 12 168 33 864

Apr 6 206 5 621 1 142 617 159 146 6 487 8 184 28 562

May 6 661 6 570 172 6 077 205 381 5 531 9 600 35 197

Jun 7 946 4 156 1 323 239 227 410 5 879 9 674 29 854

Jul 6 482 5 130 1 497 2 328 430 2 279 6 501 9 503 34 150

Aug 6 938 6 115 1 441 3 209 423 1 168 5 862 9 797 34 953

Sep 7 122 4 878 1 275 2 514 299 1 019 8 532 9 997 35 636

Oct 6 931 5 717 1 356 3 769 355 3 498 5 341 9 930 36 897

Nov 10 240 6 011 1 344 4 308 1 109 1 859 5 610 13 775 44 256

Dec 9 343 6 256 983 1 321 708 1 138 8 142 15 762 43 653

2005 44 173 41 907 9 034 20 338 2 061 9 632 33 446 63 586 224 177

Jan 8 540 7 264 1 634 2 705 118 1 665 3 615 10 360 35 901

Feb 7 215 6 810 1 861 4 096 522 1 665 5 707 10 863 38 739

Mar 6 294 5 821 1 308 2 405 255 826 6 332 10 015 33 256

Apr 6 458 6 706 1 423 3 904 185 2 354 5 242 10 391 36 663

May 7 002 8 529 1 399 3 737 538 1 654 6 230 10 696 39 785

Jun 8 664 6 777 1 409 3 491 443 1 468 6 320 11 261 39 833

Source: STN

1/ As of January 2000, Social Security benefits were also included.

2/ Excludes charges on Banco Central's portfolio.


112

IV.5 - Social SecurityCash basis

R$ millionEnd- Revenues Expenditures Operating Social

of- balance Security

period Inflow1/ Other National Federal Total Benefits Other Transfer Total balance

5/

reve- Treasury govern- expen- to third

nues2/ revenue ment Social Other ditures

3/parties

4/

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)

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

2004 101 126 2 610 6 885 49 380 160 000 125 751 8 168 10 463 7 360 151 742 8 259 - 31 985

Jan 6 799 29 - 910 5 445 11 363 8 857 537 486 949 10 829 534 - 3 007

Feb 7 559 96 - 3 169 3 884 8 370 9 090 644 634 445 10 814 - 2 444 - 1 976

Mar 7 690 95 2 070 4 540 14 395 8 628 586 502 551 10 267 4 128 - 1 490

Apr 7 728 151 - 1 887 3 716 9 709 9 287 635 390 530 10 842 - 1 133 - 2 089

May 7 793 274 - 480 4 112 11 699 9 419 645 423 518 11 005 695 - 2 143

Jun 8 456 59 1 737 1 534 11 786 9 940 695 415 556 11 606 180 - 2 040

Jul 8 061 96 - 1 106 4 326 11 376 9 920 782 531 551 11 784 - 408 - 2 411

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 10 078 733 895 698 12 404 1 090 - 2 638

Oct 8 324 116 - 457 6 810 14 793 10 314 721 1 018 565 12 618 2 175 - 2 555

Nov 8 271 82 3 551 3 728 15 632 10 142 735 1 786 590 13 253 2 379 - 2 461

Dec 14 146 1 674 7 650 2 391 25 861 19 922 747 2 479 828 23 976 1 885 - 6 604

2005 34 623 154 - 4 919 20 979 50 837 42 852 3 010 8 016 2 370 56 248 - 5 411 - 10 599

Jan 8 504 85 1 883 1 203 11 675 10 498 754 2 615 457 14 324 - 2 649 - 2 451

Feb 8 501 15 3 096 2 602 14 214 11 169 743 4 664 1 130 17 706 - 3 492 - 3 798

Mar 8 776 - 41 - 1 222 5 376 12 889 10 573 755 415 540 12 283 606 - 2 337

Apr 8 842 95 - 8 676 11 798 12 059 10 612 758 322 243 11 935 124 - 2 013

May 8 754 106 825 3 063 12 748 10 531 765 458 566 12 320 428 - 2 343

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.


113

IV.6 - Circulation of Goods and Services Tax (ICMS)

Flows in R$ thousandEnd- North regionof-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

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

2004 257 213 2 612 640 2 403 724 1 057 535 150 919 184 422 606 391 7 272 844

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 11 345 14 420 39 658 494 327

Apr 22 229 198 553 178 255 75 622 12 424 13 200 43 773 544 056

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 10 616 13 286 52 579 597 795

Aug 21 085 219 131 199 520 95 176 12 731 22 759 54 844 625 246

Sep 22 747 288 522 210 452 90 180 12 183 14 739 53 045 691 868

Oct 22 080 236 009 213 268 105 932 12 148 15 505 56 695 661 637

Nov 21 460 241 021 222 045 105 176 15 206 15 839 52 806 673 553

Dec 26 551 253 067 220 238 113 507 14 216 14 777 64 824 707 180

2005 127 976 1 152 493 1 073 034 467 954 86 923 74 036 271 101 3 253 517

Jan 22 249 242 002 238 026 105 084 17 238 15 239 60 930 700 768

Feb 26 091 225 221 197 144 83 742 17 876 14 360 53 232 617 666

Mar* 27 220 215 378 205 680 84 772 17 633 14 076 49 858 614 617

Apr* 30 136 233 963 208 936 84 772 16 171 14 475 51 927 640 380

May* 22 280 235 929 223 248 109 584 18 005 15 886 55 154 680 086

(continues)


114


(continued) Flows in R$ thousandEnd- Northeast regionof-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

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 3 177 689 799 452 764 511 5 871 356 17 065 876

2004 1 183 359 761 713 2 994 082 1 394 632 1 111 054 3 667 070 973 292 873 014 7 132 795 20 091 011

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 95 364 296 031 69 756 62 292 487 096 1 500 762

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 56 614 217 372 104 794 88 479 292 295 69 638 69 886 679 648 1 664 818

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 87 600 314 369 81 625 70 938 610 585 1 688 092

Sep 89 516 69 197 242 551 124 415 116 682 320 597 98 339 81 372 600 131 1 742 800

Oct 122 006 64 943 258 413 122 961 94 535 318 486 91 220 77 819 696 389 1 846 772

Nov 114 533 64 494 278 422 137 587 94 535 326 748 98 339 75 632 586 346 1 776 636

Dec 113 967 90 338 397 637 135 194 94 535 339 355 119 015 82 826 702 352 2 075 219

2005 589 329 335 405 1 265 892 616 308 534 639 1 708 418 448 295 387 295 3 080 498 8 966 079

Jan 117 661 73 532 267 614 142 991 113 262 374 450 97 027 90 782 702 205 1 979 524

Feb 119 922 59 165 247 520 118 199 101 333 345 537 81 681 73 792 574 434 1 721 583

Mar* 113 216 59 382 229 396 114 000 102 860 311 393 88 216 66 253 542 811 1 627 527

Apr* 123 948 69 891 245 706 114 000 108 422 335 414 96 369 84 395 596 497 1 774 642

May* 114 582 73 435 275 656 127 118 108 762 341 624 85 002 72 073 664 551 1 862 803

(continues)


115


(continued) Flows in R$ thousandEnd- Southeast region South regionof-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

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 4 663 419 8 988 843 20 361 965

2004 13 221 766 3 732 002 13 051 844 45 922 468 75 928 080 7 824 123 5 258 227 9 637 938 22 720 288

Jan 1 026 574 304 256 1 668 433 3 606 948 6 606 211 671 826 443 149 776 549 1 891 524

Feb 942 810 267 499 966 558 3 291 269 5 468 136 617 549 376 860 741 213 1 735 622

Mar 942 703 249 811 895 695 3 510 949 5 599 158 670 720 418 301 702 883 1 791 904

Apr 1 028 669 309 618 963 803 3 697 706 5 999 796 630 956 446 937 684 896 1 762 789

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 6 291 282 575 465 418 016 805 141 1 798 622

Aug 1 244 834 336 993 1 112 656 3 960 949 6 655 432 677 544 436 796 826 937 1 941 277

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

Nov 1 236 270 340 966 1 087 518 4 175 036 6 839 790 650 314 476 155 868 259 1 994 728

Dec 1 284 165 381 463 1 162 308 4 174 073 7 002 009 690 764 500 974 1 063 517 2 255 255

2005 6 072 727 1 840 007 5 635 680 20 564 973 34 113 387 3 581 702 2 504 870 4 241 765 10 328 337

Jan 1 268 725 366 208 1 287 878 4 250 545 7 173 356 792 664 500 974 825 083 2 118 721

Feb 1 148 679 344 015 1 080 412 3 918 419 6 491 525 626 781 500 974 781 148 1 908 903

Mar* 1 164 519 344 015 1 060 466 4 046 888 6 615 888 661 606 500 974 826 768 1 989 348

Apr* 1 212 316 392 448 1 126 671 4 223 435 6 954 870 752 029 500 974 921 338 2 174 341

May* 1 278 488 393 321 1 080 253 4 125 686 6 877 748 748 622 500 974 887 428 2 137 024

(continues)


116


(concluded) Flows in R$ thousandEnd- Central-west region Total - Brazilof-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

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 10 239 481 119 327 852

2004 2 580 823 3 978 086 3 321 144 2 349 044 12 229 097 138 241 320

Jan 218 042 320 986 239 942 172 843 951 813 11 577 603

Feb 203 813 269 300 214 363 169 901 857 377 10 098 429

Mar 174 765 302 296 228 690 175 047 880 798 10 237 872

Apr 195 079 315 849 276 481 184 079 971 488 10 942 947

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 11 368 155

Aug 224 028 392 486 323 463 202 969 1 142 946 12 052 993

Sep 224 625 339 394 306 460 213 827 1 084 306 12 150 938

Oct 215 788 316 233 295 419 213 145 1 040 585 12 083 162

Nov 236 089 343 382 295 372 214 673 1 089 516 12 374 223

Dec 245 459 385 726 311 556 230 253 1 172 994 13 212 657

2005 1 201 455 1 646 478 1 426 308 1 075 760 5 350 001 62 011 321

Jan 274 653 330 973 278 048 219 283 1 102 957 13 075 326

Feb 224 100 337 070 252 492 201 675 1 015 337 11 755 014

Mar* 219 474 307 966 282 699 219 530 1 029 669 11 877 049

Apr* 237 543 328 691 317 756 219 530 1 103 520 12 647 753

May* 245 685 341 778 295 313 215 742 1 098 518 12 656 179

Source: MF/Cotepe


117

IV.7 - Transfers of funds from the National Treasury to states and municipalities1/

Flows in R$ thousandEnd- North regionof-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

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

2004 899 415 1 160 496 2 867 413 934 262 723 684 940 783 1 445 760 8 971 813

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 77 356 93 631 228 178 74 493 57 602 75 451 115 416 722 127

Dec 95 403 110 502 293 527 91 507 71 463 92 636 141 624 896 662

2005 508 197 591 770 1 450 151 489 678 380 300 484 234 761 291 4 665 621

Jan 110 944 130 202 308 993 108 211 83 642 105 634 167 433 1 015 059

Feb 94 338 111 572 262 074 90 145 70 396 90 483 140 105 859 113

Mar 90 891 105 086 275 124 86 542 67 524 86 870 134 966 847 003

Apr 101 250 117 780 292 749 99 124 76 056 96 012 154 243 937 214

May 110 774 127 130 311 211 105 656 82 682 105 235 164 544 1 007 232

(continues)


118


(continued) Flows in R$ thousandEnd- Northeast regionof-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

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

2004 3 157 013 1 724 381 3 196 328 1 688 132 2 001 261 2 994 544 1 702 931 1 383 037 4 915 312 22 762 939

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 242 492 136 549 255 013 134 410 159 889 238 973 134 445 110 411 392 948 1 805 130

Dec 403 192 178 418 317 303 165 183 196 725 292 999 185 126 136 019 484 229 2 359 194

2005 1 574 993 895 316 1 670 350 881 755 1 048 114 1 567 252 875 793 723 901 2 520 695 11 758 169

Jan 330 331 195 814 367 386 195 040 229 981 345 891 191 255 158 929 556 609 2 571 236

Feb 278 536 164 681 309 358 162 449 194 034 289 182 161 959 134 060 463 916 2 158 175

Mar 309 267 160 909 296 318 155 947 186 180 277 564 157 388 128 617 445 879 2 118 069

Apr 317 095 180 296 335 764 177 886 210 249 315 637 175 279 144 694 512 054 2 368 954

May 339 764 193 616 361 524 190 433 227 670 338 978 189 912 157 601 542 237 2 541 735

(continues)


119


(continued) Flows in R$ thousandEnd- Southeast region South regionof-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

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

2004 5 204 175 1 153 571 1 598 092 5 281 647 13 237 485 3 119 926 1 689 198 3 042 711 7 851 835

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 415 721 93 118 127 897 421 503 1 058 239 250 532 135 756 245 676 631 964

Dec 498 107 108 462 149 134 489 509 1 245 212 295 585 160 177 288 356 744 118

2005 2 682 973 576 561 814 347 2 673 864 6 747 745 1 588 809 865 420 1 541 443 3 995 672

Jan 600 548 127 970 188 103 612 620 1 529 241 357 938 194 782 345 918 898 638

Feb 488 624 105 956 145 051 478 408 1 218 039 288 187 156 872 280 525 725 584

Mar 471 077 102 706 140 613 463 839 1 178 235 278 608 151 733 271 375 701 716

Apr 556 738 119 140 172 436 574 501 1 422 815 332 456 181 120 321 205 834 781

May 565 986 120 789 168 144 544 496 1 399 415 331 620 180 913 322 420 834 953

(continues)


120

IV.7 - Transfers of funds from the National Treasury to states and municipalities municipalities1/

(concluded) Flows in R$ thousandEnd- Central-west region Total - Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

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

2004 256 613 1 736 976 1 233 580 798 885 4 026 054 56 850 126

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 19 745 137 350 98 477 63 598 319 170 4 536 630

Dec 23 887 167 292 117 543 76 412 385 134 5 630 320

2005 137 363 909 577 633 476 414 631 2 095 047 29 262 254

Jan 31 803 207 259 142 328 96 812 478 202 6 492 376

Feb 23 994 163 465 114 945 73 766 376 170 5 337 081

Mar 23 110 157 058 110 782 70 882 361 832 5 206 855

Apr 30 672 190 829 132 718 87 524 441 743 6 005 507

May 27 784 190 966 132 703 85 647 437 100 6 220 435

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.


121

IV.8 - Federal domestic securities issued National Treasury liabilities

Balances in R$ millionEnd- LFT LTN BTN NTN CTN/ Partial SecuritizedTotal Percentage change

of- CFT creditsperiod TDA/CDP/ Nominal Real

1/

Agrariandebt In In In 12 In In In 12

month year months month year months

1998 Dec 264 933 20 748 64 53 838 4 237 343 820 ... 343 820 7.6 53.0 53.0 6.5 50.2 50.2

1999 Dec 291 895 49 253 67 111 999 11 292 464 507 ... 464 507 0.8 20.2 20.2 - 0.3 0.2 0.2

2000 Dec 349 498 108 852 64 48 049 14 280 520 743 27 982 548 724 1.2 24.7 24.7 0.6 13.9 13.9

2001 Dec 435 992 81 209 67 134 079 19 366 670 713 21 564 692 277 1.7 23.6 23.6 1.5 12.2 12.2

2002 Dec 462 950 34 634 100 217 098 19 214 733 997 24 850 758 846 0.5 22.0 22.0 - 1.9 - 4.4 - 4.4

2003 Dec 499 621 169 774 74 200 748 18 236 888 453 23 789 912 242 - 2.4 16.6 16.6 - 3.0 8.3 8.3

2004 Jan 494 833 164 236 76 198 144 18 097 875 387 23 717 899 104 0.8 0.8 13.0 - 0.2 - 0.2 6.0

Fev 496 011 179 683 76 196 889 17 964 890 623 23 874 914 498 1.2 2.0 12.3 0.2 0.0 5.9

Mar 503 934 207 273 70 192 099 17 982 921 358 22 999 944 357 2.4 4.4 13.8 1.3 1.3 7.3

Apr 508 314 209 748 71 197 756 18 099 933 989 23 130 957 118 0.5 4.9 14.6 - 0.8 0.5 6.9

May 457 871 213 827 76 204 641 18 377 894 792 23 248 918 040 - 1.1 3.7 10.4 - 2.5 - 1.9 1.2

Jun 476 712 218 201 76 207 040 18 445 920 473 23 440 943 913 2.0 5.8 11.1 0.8 - 1.2 0.2

Jul 528 014 169 912 74 204 844 18 235 921 079 23 441 944 520 0.1 5.9 8.3 - 1.1 - 2.3 - 3.3

Aug 521 051 184 591 73 204 368 18 216 928 299 23 805 952 103 0.7 6.7 8.0 - 0.2 - 2.5 - 3.6

Sep 517 987 209 056 65 200 125 18 166 945 398 23 647 969 045 1.1 7.8 6.9 0.6 - 1.9 - 4.4

Oct 538 345 197 969 66 198 050 17 968 952 398 23 590 975 988 0.7 8.5 6.6 0.0 - 1.9 - 4.8

Nov 536 890 218 178 63 194 108 17 851 967 091 23 369 990 460 0.8 9.4 6.8 0.1 - 1.8 - 4.8

Dec 552 300 249 489 62 190 975 17 343 1 010 168 29 858 1 040 027 2.7 12.4 12.4 2.3 0.5 0.5

2005 Jan 595 527 220 160 61 182 220 17 145 1 015 114 29 945 1 045 060 1.3 1.3 13.1 1.0 1.0 1.7

Feb 591 182 239 438 61 181 952 16 906 1 029 539 30 047 1 059 586 1.1 2.5 13.0 0.4 1.4 1.9

Mar 601 055 267 401 58 182 415 16 991 1 067 920 29 936 1 097 856 2.6 5.1 13.2 1.8 3.3 2.4

Apr* 614 867 256 677 55 180 975 16 888 1 069 462 29 687 1 099 149 0.1 5.2 12.7 - 0.1 3.2 3.2

May* 623 243 280 761 52 176 356 16 686 1 097 099 29 927 1 127 026 1.7 7.0 16.0 1.7 4.9 7.5

Jun* 626 313 300 931 51 178 026 16 480 1 121 801 29 940 1 151 741 1.8 8.9 15.8 1.8 6.8 8.6

Source: Bacen and STN

1/ Deflator: IGP-DI centered at end of referencemonth (geometric average of month indicated and subsequent month indices).


122

IV.9 - Federal domestic securitiesBanco Central do Brasil portfolio

Balances in R$ millionEnd- 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


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 - 22.8 - 40.7 - 40.7

2000 Dec 33 453 87 197 1 817 122 466 1 246 123 713 - 10.9 9.8 9.8 10.2 28.1 28.1

2001 Dec 32 418 113 839 46 591 192 847 1 543 194 390 - 0.4 57.1 57.1 0.2 42.5 42.5

2002 Dec 21 037 90 366 89 700 201 103 1 678 202 781 - - 0.3 4.3 4.3 - 2.7 - 18.3 - 18.3

2003 Dec 78 719 56 441 74 026 209 186 1 857 211 043 - - 12.4 4.1 4.1 - 13.0 - 3.3 - 3.3

2004 Jan 72 424 48 938 69 964 191 327 1 868 193 195 - - 8.5 - 8.5 - 5.3 - 9.3 - 9.3 - 11.2

Fev 79 900 51 114 69 644 200 657 1 877 202 535 - 4.8 - 4.0 - 5.6 3.8 - 5.9 - 10.9

Mar 91 408 54 282 65 151 210 841 1 889 212 731 - 5.0 0.8 - 2.4 4.0 - 2.1 - 8.0

Apr 89 802 56 382 67 342 213 526 1 900 215 426 - 1.3 2.1 - 6.2 0.0 - 2.2 - 12.5

May 92 622 30 907 70 334 193 864 1 912 195 775 - - 9.1 - 7.2 - 17.8 - 10.4 - 12.3 - 24.6

Jun 91 987 46 679 69 496 208 162 1 924 210 086 - 7.3 - 0.5 - 11.9 6.0 - 7.0 - 20.5

Jul 56 292 81 953 67 906 206 152 1 937 208 089 - - 1.0 - 1.4 - 15.0 - 2.1 - 9.0 - 24.1

Aug 59 016 81 772 66 111 206 899 1 950 208 849 - 0.4 - 1.0 - 10.6 - 0.5 - 9.5 - 20.3

Sep 75 694 74 785 61 334 211 813 1 962 213 776 - 2.4 1.3 - 11.4 1.8 - 7.8 - 20.7

Oct 64 430 86 199 61 678 212 308 1 974 214 281 - 0.2 1.5 - 12.7 - 0.4 - 8.2 - 22.1

Nov 73 301 84 913 59 168 217 383 1 985 219 368 - 2.4 3.9 - 8.9 1.7 - 6.7 - 18.8

Dec 89 530 94 543 57 275 241 347 1 999 243 346 - 10.9 15.3 15.3 10.5 3.1 3.1

2005 Jan 68 804 109 290 51 818 229 912 2 003 231 915 - - 4.7 - 4.7 20.0 - 5.0 - 5.0 7.9

Feb 70 892 103 155 51 778 225 826 2 005 227 831 - - 1.8 - 6.4 12.5 - 2.4 - 7.4 1.4

Mar 84 073 102 515 49 684 236 272 2 010 238 282 - 4.6 - 2.1 12.0 3.8 - 3.8 1.3

Apr* 84 823 103 381 48 183 236 386 2 015 238 401 - 0.0 - 2.0 10.7 - 0.1 - 3.9 1.3

May* 90 387 115 280 43 567 249 235 2 020 251 255 - 5.4 3.2 28.3 5.4 1.2 19.0

Jun* 99 138 114 463 42 606 256 206 2 026 258 232 - 2.8 6.1 22.9 2.8 4.1 15.4


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).


123

IV.10 - Federal domestic securitiesOutside the Banco Central do Brasil

Balances in R$ millionEnd- LTN LFT CTN/CFT BTN NTN Partial total-A Securitized Partial total-B

of- (National credits (National

period Treasury) TDA/CDP Treasury)

Agrarian

debt

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 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

Dec 159 960 457 757 17 343 62 133 700 768 821 27 860 796 680

2005 Jan 151 356 486 238 17 145 61 130 403 785 203 27 942 813 145

Feb 168 546 488 027 16 906 61 130 174 803 714 28 041 831 755

Mar 183 327 498 541 16 991 58 132 731 831 648 27 926 859 574

Apr* 171 854 511 487 16 888 55 132 792 833 076 27 672 860 748

May* 190 374 507 963 16 686 52 132 789 847 864 27 907 875 771

Jum* 201 793 511 850 16 480 51 135 420 865 594 27 914 893 509

(continues)


124

IV.10 - Federal domestic securitiesOutside the Banco Central do Brasil

(concluded) Balances in R$ millionEnd- 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


1998 Dec 22 537 48 372 33 800 104 709 323 860 1.3 28.9 28.9 0.2 26.6 26.6

1999 Dec 1 122 - 61 897 63 020 414 901 0.9 27.6 27.6 - 0.3 6.4 6.4

2000 Dec - - 85 686 85 686 510 698 - 0.8 15.2 15.2 - 1.4 5.2 5.2

2001 Dec - - 126 198 126 198 624 084 - 0.5 22.2 22.2 - 0.6 10.9 8.1

2002 Dec - - 67 125 67 125 623 191 - 1.3 - 0.1 - 0.1 - 3.7 - 21.8 - 10.5

2003 Dec - - 30 659 30 659 731 858 0.5 17.4 17.4 - 0.2 9.1 5.4

2004 Jan - - 31 427 31 427 737 337 0.7 0.7 15.8 - 0.2 - 0.2 5.7

Feb - - 31 184 31 184 743 147 0.8 1.5 15.3 - 0.2 - 0.4 6.2

Mar - - 28 215 28 215 759 841 2.2 3.8 17.0 1.2 0.8 7.7

Apr - - 25 981 25 981 767 674 1.0 4.9 19.1 - 0.3 0.5 10.2

May - - 26 117 26 117 748 382 - 2.5 2.3 13.3 - 3.8 - 3.3 7.4

Jun - - 24 360 24 360 758 187 1.3 3.6 13.3 0.1 - 3.3 4.9

Jul - - 22 764 22 764 759 195 0.1 3.7 10.0 - 1.1 - 4.3 1.6

Aug - - 18 514 18 514 761 769 0.3 4.1 9.5 - 0.6 - 4.8 - 0.7

Sep - - 16 034 16 034 771 303 1.3 5.4 9.0 0.7 - 4.1 - 1.7

Oct - - 14 797 14 797 776 503 0.7 6.1 8.2 0.0 - 4.1 - 1.7

Nov - - 13 844 13 844 784 936 1.1 7.3 7.8 0.4 - 3.7 - 2.9

Dec - - 13 584 13 584 810 264 3.2 10.7 10.7 2.8 - 1.0 - 2.5

2005 Jan - - 13 559 13 559 826 703 2.0 2.0 12.1 1.7 1.7 - 2.2

Feb - - 13 522 13 522 845 277 2.3 4.3 13.8 1.6 3.2 - 0.4

Mar - - 14 033 14 033 873 606 3.3 7.8 15.0 2.6 5.9 0.7

Apr* - - 13 083 13 083 873 831 0.0 7.8 13.8 - 0.1 5.8 1.8

May* - - 12 159 12 159 887 930 1.6 9.6 18.6 1.6 7.5 2.9

Jun* - - 12 001 12 001 905 509 2.0 11.8 19.4 2.0 9.6 5.2


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).


125

IV.11 - Federal domestic securities Percentage share of index numbers

End- Balances Index numbers Totalof- (R$ million)1/

period Foreign Reference IGP-M Over/Selic IGP-DI Preset2/

Long-term Other

exchange rate interest rate

1998 Dec 350 933 19.4 5.0 0.3 63.7 0.1 3.2 0.2 0.4 92

1999 Dec 447 863 22.5 2.8 0.3 56.6 1.9 8.5 0.1 - 93

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 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

Dec 810 264 5.2 3.1 9.9 57.1 1.8 19.7 0.0 3.1 100

2005 Jan 826 703 4.6 3.1 9.7 59.5 1.7 18.3 0.0 3.1 100

Feb 845 394 4.3 3.1 9.6 58.4 1.7 19.9 0.0 3.1 100

Mar 873 606 4.2 3.1 9.4 57.7 1.6 21.0 0.0 3.0 100

Apr* 873 831 4.0 3.1 9.5 59.2 1.6 19.7 0.0 3.0 100

May* 887 930 3.7 3.1 9.4 57.8 1.6 21.4 0.0 3.0 100

Jun* 905 509 3.6 3.1 9.1 57.1 1.5 22.3 0.0 3.3 100

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.


126

IV.12 - Monetary impact from federal securities operations National Treasury and Banco Central do Brasil

R$ millionEnd- 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

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 272 177 263 666 - 8 511 2 591 666 2 658 882 67 216 2 863 843 2 922 548 58 705 National Treasury 272 177 244 817 - 27 361 2 586 815 2 653 908 67 094 2 858 992 2 898 725 39 733 Banco Central - 18 849 18 850 4 851 4 974 122 4 851 23 823 18 972

2005 Jan 56 449 52 130 - 4 319 140 620 130 108 - 10 512 197 069 182 226 - 14 843Feb 30 333 27 961 - 2 372 121 901 116 845 - 5 055 152 234 144 806 - 7 428Mar 37 882 26 567 - 11 316 134 864 141 153 6 289 172 746 167 719 - 5 027Apr 36 337 45 362 9 025 118 240 119 952 1 712 154 577 165 314 10 737

May 33 498 29 352 - 4 146 133 075 141 767 8 692 166 573 171 119 4 546Jun 29 747 24 807 - 4 940 80 211 84 281 4 070 109 958 109 088 - 870

BTN - - - - - - - - -

LFT 13 212 17 469 4 257 52 415 49 859 - 2 556 65 627 67 328 1 701LTN 13 433 4 930 - 8 503 27 184 33 771 6 587 40 617 38 701 - 1 916NTN 3 102 2 408 - 694 - - - 3 102 2 408 - 694BBCA - - - - - - - - -

LBC - - - - - - - - - LBCE - - - - - - - - -

NBCE - - - 612 651 39 612 651 39

NBCF - - - - - - - - -

Accumulated in year 224 247 206 179 - 18 068 728 910 734 106 5 196 953 157 940 285 - 12 872 National Treasury 224 247 205 417 - 18 829 716 924 722 184 5 260 941 170 927 601 - 13 569

Banco Central - 761 761 11 986 11 922 - 64 11 986 12 684 697


127

IV.13 - State and municipal securities Total issued

R$ million

End- State debt

of-

period SP RS Total Total

market issued

Portfolio Market Partial Market

position total

2003 Dec 235 461 696 85 546 781

2004 Jan 238 467 705 86 552 791

Feb 241 472 712 87 558 799

Mar 244 478 722 88 566 810

Apr 247 484 731 89 573 820

May 250 490 740 90 580 830

Jun 253 496 749 91 587 840

Jul 256 503 759 92 595 851

Aug 260 509 768 94 602 862

Sep 263 515 778 95 610 873

Oct 266 522 788 96 618 884

Nov 269 528 797 97 625 894

Dec 273 536 809 98 634 907

2005 Jan 277 543 820 100 643 920

Feb 280 550 830 101 651 931

Mar 285 558 843 103 661 945

Apr* 289 566 855 104 670 959

May* 293 575 868 106 680 973

Jun* 298 583 881 107 690 988

* Preliminary data.


128

IV.14 - Net public sector debt

R$ million

Itemization 2003 2004 2005*

December December April May June

Balances % Balances % Balances % Balances % Balances %

GDP GDP GDP GDP GDP

Fiscal net debt (G=E-F) 652 563 40.9 699 707 37.8 706 878 37.4 714 275 37.7 719 885 37.9Internal debt adjustment (F) 129 361 8.1 126 026 6.8 124 362 6.6 122 626 6.5 121 894 6.4

Fiscal net debt with exchange devaluation (E=A-B-C-D) 781 924 49.0 825 733 44.6 831 240 43.9 836 901 44.2 841 779 44.4External debt adjustment (D) 101 706 6.4 95 986 5.2 90 389 4.8 85 621 4.5 82 256 4.3Inventory adjustment (C) 93 244 5.8 99 759 5.4 99 530 5.3 99 530 5.3 106 435 5.6Privatization asjustment (B) - 63 729 - 4.0 - 64 482 - 3.5 - 64 482 - 3.4 - 64 482 - 3.4 - 64 482 - 3.4Total net debt (A) 913 145 57.2 956 996 51.7 956 677 50.5 957 570 50.6 965 988 50.9 Federal government and the Bacen 584 544 36.6 610 078 32.9 606 246 32.0 602 959 31.8 611 637 32.2 Banco Central - 5 796 - 0.4 - 8 600 - 0.5 - 3 609 - 0.2 3 189 0.2 5 470 0.3 State governments 278 016 17.4 305 961 16.5 307 073 16.2 306 220 16.2 305 264 16.1 Local governments 38 703 2.4 45 098 2.4 43 664 2.3 43 675 2.3 43 605 2.3 State enterprises 17 678 1.1 4 460 0.2 3 303 0.2 1 525 0.1 11 0.0 Federal - 20 154 - 1.3 - 32 138 - 1.7 - 31 184 - 1.6 - 32 029 - 1.7 - 33 832 - 1.8

State 34 820 2.2 33 454 1.8 31 318 1.7 30 371 1.6 30 650 1.6 Local governments 3 012 0.2 3 144 0.2 3 169 0.2 3 183 0.2 3 193 0.2Internal net debt 726 688 45.5 818 065 44.2 854 653 45.2 860 773 45.5 875 559 46.1Federal government and the Bacen 365 776 22.9 411 880 22.2 417 883 22.1 423 217 22.4 436 070 23.0

Federal securities1/ 679 267 42.5 768 821 41.5 833 076 44.0 847 864 44.8 865 594 45.6

Privatization currencies 21 941 1.4 27 869 1.5 27 672 1.5 27 907 1.5 27 914 1.5 Bank debt 2 129 0.1 2 693 0.1 2 312 0.1 2 328 0.1 2 332 0.1 Tax collected (not transferred) - 1 215 - 0.1 - 176 0.0 - 10 344 - 0.5 - 6 428 - 0.3 - 6 488 - 0.3 Demand deposits - 185 0.0 - 429 0.0 - 435 0.0 - 498 0.0 - 491 0.0

Investment in funds2/

- 74 487 - 4.7 - 68 078 - 3.7 - 64 829 - 3.4 - 67 561 - 3.6 - 66 665 - 3.5

Laborer assistance fund (FAT) - 88 053 - 5.5 - 102 559 - 5.5 - 107 350 - 5.7 - 108 092 - 5.7 - 109 086 - 5.7 Social Security system 640 0.0 2 281 0.1 1 282 0.1 1 247 0.1 111 0.0 Renegotiation (Law 9,496/1997 and Proes) - 242 510 - 15.2 - 278 399 - 15.0 - 285 401 - 15.1 - 287 326 - 15.2 - 287 242 - 15.1

Renegotiation (Law 8,727/1993) - 21 032 - 1.3 - 21 617 - 1.2 - 21 743 - 1.1 - 21 798 - 1.2 - 21 797 - 1.1

Restructured debt3/ - 28 523 - 1.8 - 22 606 - 1.2 - 20 848 - 1.1 - 19 693 - 1.0 - 17 689 - 0.9

Other federal government's credits4/ - 38 912 - 2.4 - 40 541 - 2.2 - 40 554 - 2.1 - 40 468 - 2.1 - 39 616 - 2.1

Relationship with Banco Central 156 716 9.8 144 623 7.8 105 046 5.6 95 736 5.1 89 193 4.7 Banco Central 52 694 3.3 64 480 3.5 92 244 4.9 93 631 4.9 96 670 5.1 Monetary base 73 219 4.6 88 733 4.8 77 792 4.1 79 731 4.2 78 494 4.1

Banco Central securities1/ 30 659 1.9 13 584 0.7 13 083 0.7 12 159 0.6 12 001 0.6

Repurchase agreement 65 810 4.1 58 892 3.2 56 948 3.0 49 081 2.6 45 798 2.4 Other deposits 56 962 3.6 66 077 3.6 67 851 3.6 66 954 3.5 67 757 3.6 Bacen credit to financial institutions - 16 985 - 1.1 - 17 824 - 1.0 - 18 227 - 1.0 - 18 273 - 1.0 - 17 794 - 0.9 Other accounts in Bacen - 256 0.0 - 359 0.0 - 157 0.0 - 285 0.0 - 392 0.0 Relationship with Federal Government - 156 716 - 9.8 - 144 623 - 7.8 - 105 046 - 5.6 - 95 736 - 5.1 - 89 193 - 4.7State governments 261 587 16.4 289 981 15.7 292 419 15.5 292 533 15.5 291 810 15.4

Securities net debt5/ 1 541 0.1 1 792 0.1 670 0.0 680 0.0 690 0.0

Renegotiation (Law 9,496/1997 and Proes) 211 717 13.3 242 219 13.1 248 071 13.1 249 797 13.2 249 686 13.2

Renegotiation (Law 8,727/1993) 28 071 1.8 28 220 1.5 28 172 1.5 28 194 1.5 28 155 1.5

Restructured debt3/ 13 554 0.8 11 964 0.6 10 999 0.6 10 391 0.5 9 924 0.5

Bank debt 4 427 0.3 5 392 0.3 5 184 0.3 5 146 0.3 5 158 0.3

Other state debts6/ 24 931 1.6 25 756 1.4 25 515 1.3 25 056 1.3 24 883 1.3

Tax collected (not transferred) - 253 0.0 - 506 0.0 - 662 0.0 - 605 0.0 - 662 0.0 Demand deposits - 1 548 - 0.1 - 1 507 - 0.1 - 1 542 - 0.1 - 1 477 - 0.1 - 1 532 - 0.1

Other state credits7/ - 20 854 - 1.3 - 23 350 - 1.3 - 23 988 - 1.3 - 24 650 - 1.3 - 24 492 - 1.3

(continues)


129


(concluded) R$ million



Balances % Balances % Balances % Balances % Balances %

GDP GDP GDP GDP GDP

Local governments 36 098 2.3 42 447 2.3 41 202 2.2 41 387 2.2 41 357 2.2

Securities net debt5/ 830 0.1 965 0.1 0 0.0 0 0.0 0 0.0

Renegotiation (MP 2,118/2000) 30 792 1.9 36 180 2.0 37 330 2.0 37 529 2.0 37 556 2.0 Renegotiation (Law 8,727/1993) 2 546 0.2 2 466 0.1 2 437 0.1 2 430 0.1 2 422 0.1

Restructured debt3/

1 426 0.1 1 189 0.1 1 072 0.1 1 004 0.1 943 0.0

Bank debt 2 952 0.2 3 738 0.2 3 786 0.2 3 795 0.2 3 782 0.2 Tax collected (not transferred) - 118 0.0 - 63 0.0 - 173 0.0 - 152 0.0 - 150 0.0 Demand deposits - 2 330 - 0.1 - 2 028 - 0.1 - 3 249 - 0.2 - 3 220 - 0.2 - 3 196 - 0.2 State enterprises 10 532 0.7 9 277 0.5 10 905 0.6 10 005 0.5 9 652 0.5 Federal - 19 486 - 1.2 - 20 612 - 1.1 - 17 747 - 0.9 - 18 117 - 1.0 - 18 913 - 1.0 Restructured debt3/

4 463 0.3 2 899 0.2 2 630 0.1 2 481 0.1 2 335 0.1 Bank debt 3 103 0.2 2 954 0.2 2 616 0.1 2 541 0.1 2 419 0.1 Other debts 28 732 1.8 27 454 1.5 26 884 1.4 26 806 1.4 26 750 1.4 Renegotiation (Law 8,727/1993) - 443 0.0 - 540 0.0 - 566 0.0 - 574 0.0 - 577 0.0 State enterprises portfolios - 24 974 - 1.6 - 20 807 - 1.1 - 19 167 - 1.0 - 18 888 - 1.0 - 20 083 - 1.1 Demand deposits - 1 246 - 0.1 - 644 0.0 - 596 0.0 - 1 006 - 0.1 - 516 0.0 Other credts - 29 122 - 1.8 - 31 928 - 1.7 - 29 548 - 1.6 - 29 476 - 1.6 - 29 241 - 1.5 States 27 007 1.7 26 746 1.4 25 483 1.3 24 938 1.3 25 373 1.3

Restructured debt3/

7 584 0.5 4 941 0.3 4 670 0.2 4 423 0.2 4 214 0.2

Banking debt 6 766 0.4 8 990 0.5 9 294 0.5 9 178 0.5 9 606 0.5 Debentures 1 538 0.1 1 788 0.1 1 361 0.1 1 404 0.1 1 426 0.1 Renegotiation (Law 8,727/1993) 11 931 0.7 11 890 0.6 11 925 0.6 11 937 0.6 11 941 0.6 Fed.security portfolio of state enterprises - 489 0.0 - 552 0.0 - 1 426 - 0.1 - 1 501 - 0.1 - 1 473 - 0.1 Demand deposit - 323 0.0 - 310 0.0 - 342 0.0 - 502 0.0 - 341 0.0 Local government 3 012 0.2 3 144 0.2 3 169 0.2 3 183 0.2 3 193 0.2

Restructured debt3/

158 0.0 132 0.0 121 0.0 115 0.0 111 0.0 Banking debt 81 0.0 102 0.0 105 0.0 106 0.0 105 0.0 Renegociation (Law 8,727/1993) 2 831 0.2 2 961 0.2 3 013 0.2 3 025 0.2 3 040 0.2 Demand deposit - 58 0.0 - 51 0.0 - 70 0.0 - 62 0.0 - 63 0.0 Foreign net debt 186 458 11.7 138 931 7.5 102 024 5.4 96 796 5.1 90 428 4.8 Federal government 218 767 13.7 198 197 10.7 188 363 10.0 179 742 9.5 175 567 9.3

Banco Central do Brasil8/

- 58 490 - 3.7 - 73 080 - 3.9 - 95 853 - 5.1 - 90 442 - 4.8 - 91 200 - 4.8

State governments 16 429 1.0 15 980 0.9 14 654 0.8 13 687 0.7 13 454 0.7 Local governments 2 605 0.2 2 651 0.1 2 462 0.1 2 288 0.1 2 249 0.1 State enterprises 7 146 0.4 - 4 817 - 0.3 - 7 602 - 0.4 - 8 479 - 0.4 - 9 641 - 0.5 Federal - 667 0.0 - 11 525 - 0.6 - 13 437 - 0.7 - 13 912 - 0.7 - 14 918 - 0.8 State 7 813 0.5 6 708 0.4 5 835 0.3 5 433 0.3 5 277 0.3 Local government 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0

GDP9/

1 596 841 1 851 972 1 892 555 1 893 283 1 897 868IMF - Basic path Total net debt 703 492 1 046 863 - - -

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).


130


US$ million



Fiscal net debt (G=E-F) 225 925 263 682 279 343 297 243 306 386

Internal debt adjustment (F) 44 786 47 492 49 145 51 030 51 879

Fiscal net debt with exchange devaluation (E=A-B-C-D) 270 712 311 175 328 488 348 273 358 265

External debt adjustment (D) 35 212 36 172 35 720 35 631 35 008

Inventory adjustment (C) 32 282 37 594 39 332 41 419 45 299

Privatization adjustment (B) - 22 064 - 24 300 - 25 482 - 26 834 - 27 444

Total net debt (A) 316 142 360 641 378 058 398 489 411 129

Federal government and the Bacen 202 376 229 906 239 575 250 919 260 315

Banco Central - 2 007 - 3 241 - 1 426 1 327 2 328

State governments 96 253 115 300 121 349 127 433 129 922

Local governments 13 399 16 995 17 255 18 175 18 559

State enterprises 6 120 1 681 1 305 635 5

Federal - 6 977 - 12 111 - 12 323 - 13 329 - 14 399

State 12 055 12 607 12 376 12 639 13 045

Local governments 1 043 1 185 1 252 1 325 1 359

Internal net debt 251 588 308 285 337 741 358 208 372 642

Federal government and the Bacen 126 636 155 216 165 138 176 120 185 593

Federal securities1/ 235 171 289 727 329 214 352 836 368 401

Privatization currencies 7 596 10 502 10 935 11 614 11 880

Bank debt 737 1 015 914 969 993

Tax collected (not transferred) - 421 - 66 - 4 088 - 2 675 - 2 761

Demand deposits - 64 - 162 - 172 - 207 - 209

Investment in funds2/ - 25 788 - 25 655 - 25 619 - 28 115 - 28 373

Laborer assistance fund (FAT) - 30 485 - 38 649 - 42 423 - 44 982 - 46 428

Social Security system 222 860 506 519 47

Renegotiation (Law 9,496/1997 and Proes) - 83 960 - 104 914 - 112 785 - 119 570 - 122 251

Renegotiation (Law 8,727/1993) - 7 281 - 8 146 - 8 592 - 9 071 - 9 277

Restructured debt3/

- 9 875 - 8 519 - 8 239 - 8 195 - 7 528

Other federal government's credits4/

- 13 472 - 15 278 - 16 026 - 16 841 - 16 861

Relationship with Banco Central 54 257 54 501 41 512 39 840 37 961

Banco Central 18 243 24 299 36 453 38 964 41 143

Monetary base 25 349 33 439 30 742 33 180 33 407

Banco Central securities1/

10 615 5 119 5 170 5 060 5 107

Repurchase agreement 22 784 22 193 22 505 20 425 19 492

Other deposits 19 721 24 901 26 813 27 863 28 838

Bacen credit to financial institutions - 5 880 - 6 717 - 7 203 - 7 604 - 7 573

Other accounts in Bacen - 89 - 135 - 62 - 119 - 167

Relationship with Federal Government - 54 257 - 54 501 - 41 512 - 39 840 - 37 961

State governments 90 565 109 278 115 558 121 737 124 196

Securities net debt5/ 534 675 265 283 294

Renegotiation (Law 9,496/1997 and Proes) 73 299 91 279 98 033 103 952 106 267

Renegotiation (Law 8,727/1993) 9 719 10 635 11 133 11 733 11 983

Restructured debt3/

4 692 4 509 4 347 4 324 4 224

Bank debt 1 533 2 032 2 048 2 142 2 195

Other state debts6/ 8 632 9 706 10 083 10 427 10 590

Tax collected (not transferred) - 88 - 191 - 261 - 252 - 282

Demand deposits - 536 - 568 - 610 - 615 - 652

Other state credits7/

- 7 220 - 8 799 - 9 480 - 10 258 - 10 424

(continues)


131


(concluded) US$ million



Local governments 12 497 15 996 16 282 17 223 17 602 Securities net debt

5/ 287 364 0 0 0

Renegotiation (MP 2,118/2000) 10 661 13 634 14 752 15 618 15 984 Renegotiation (Law 8,727/1993) 881 929 963 1 011 1 031 Restructured debt

3/ 494 448 423 418 401

Bank debt 1 022 1 409 1 496 1 579 1 610 Tax collected (not transferred) - 41 - 24 - 68 - 63 - 64 Demand deposits - 807 - 764 - 1 284 - 1 340 - 1 360

State enterprises 3 646 3 496 4 309 4 163 4 108 Federal - 6 746 - 7 768 - 7 013 - 7 539 - 8 050 Restructured debt

3/ 1 545 1 092 1 039 1 032 994

Bank debt 1 074 1 113 1 034 1 057 1 030 Other debts 9 947 10 346 10 624 11 155 11 385 Renegociation (Law 8,727/1993) - 153 - 203 - 224 - 239 - 246

State enterprises portfolios - 8 646 - 7 841 - 7 574 - 7 860 - 8 548 Demand deposits - 431 - 243 - 236 - 419 - 219 Other credits - 10 082 - 12 032 - 11 677 - 12 266 - 12 445 States 9 350 10 079 10 070 10 378 10 799 Restructured debt3/

2 626 1 862 1 846 1 841 1 793

Banking debt 2 342 3 388 3 673 3 819 4 088 Debentures 532 674 538 584 607

Renegotiation (Law 8,727/1993) 4 131 4 481 4 713 4 967 5 082 Fed.security portfolio of state enterprises - 169 - 208 - 563 - 625 - 627 Demand deposit - 112 - 117 - 135 - 209 - 145 Local government 1 043 1 185 1 252 1 325 1 359 Restructured debt3/

55 50 48 48 47

Banking debt 28 38 42 44 45 Renegotiation (Law 8,727/1993) 980 1 116 1 191 1 259 1 294

Demand deposit - 20 - 19 - 28 - 26 - 27 Foreign net debt 64 554 52 356 40 318 40 281 38 487 Federal government 75 740 74 690 74 437 74 799 74 722 Banco Central do Brasil

8/- 20 250 - 27 540 - 37 879 - 37 637 - 38 815

State governments 5 688 6 022 5 791 5 696 5 726 Local governments 902 999 973 952 957 State enterprises 2 474 - 1 815 - 3 004 - 3 529 - 4 103 Federal - 231 - 4 343 - 5 310 - 5 790 - 6 349 State 2 705 2 528 2 306 2 261 2 246 Local government 0 0 0 0 0GDP9/

552 846 697 909 747 898 787 883 807 741IMF - Indicative targetTotal net debt 243 558 394 507 - - -

Exchange rate (purchase) R$/US$ 2.8884 2.6536 2.5305 2.4030 2.3496

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).


132

IV.16 - Public sector borrowing requirements

Accumulated in the year % of GDP

Itemization Current prices

2003 2004 2005*

Jan-Jun Year Jan-Jun Year Jan-Jun

Nominal 4.61 5.08 1.88 2.67 2.16

Central government 2.67 3.99 0.15 1.53 2.32

Federal government1/ 2.98 4.76 0.47 1.87 2.31

Bacen -0.31 -0.77 -0.32 -0.34 0.01

Regional government 2.02 1.74 2.05 1.92 0.29

State government 1.66 1.47 1.70 1.56 0.31

Local government 0.36 0.26 0.35 0.37 -0.02

State enterprises -0.08 -0.65 -0.32 -0.79 -0.45

Federal owner 0.18 -0.50 -0.35 -0.83 -0.32

States owner -0.25 -0.15 0.02 0.04 -0.14

Local governments owner -0.01 0.00 0.01 0.01 0.01

Nominal interest 9.99 9.33 7.44 7.26 8.60

Central government 6.62 6.48 4.43 4.50 6.66

Federal government1/ 6.94 7.26 4.76 4.85 6.65

Bacen -0.32 -0.78 -0.33 -0.36 0.01

Regional government 3.23 2.62 3.28 2.91 1.76

State government 2.74 2.24 2.81 2.47 1.47

Local government 0.50 0.38 0.47 0.45 0.30

State enterprises 0.14 0.22 -0.27 -0.15 0.18

Federal owner 0.13 0.11 -0.49 -0.32 0.09

States owner -0.01 0.10 0.20 0.16 0.08

Local governments owner 0.01 0.02 0.01 0.01 0.01

Primary -5.38 -4.25 -5.56 -4.59 -6.43

Central government -3.95 -2.49 -4.28 -2.97 -4.34

Federal government -5.25 -4.20 -5.83 -4.79 -6.06

Bacen 0.01 0.01 0.01 0.02 0.00

INSS 1.29 1.70 1.53 1.81 1.73

Regional government -1.21 -0.89 -1.22 -0.99 -1.47

State government -1.08 -0.77 -1.10 -0.91 -1.16

Local government -0.14 -0.12 -0.12 -0.08 -0.31


Federal owner 0.04 -0.62 0.14 -0.51 -0.41

States owner -0.24 -0.24 -0.18 -0.13 -0.21

Local governments owner -0.02 -0.01 0.00 0.00 -0.01

1/ Includes INSS.

(+) deficit (-) surplus


133


Flows in 12 months in R$ million



Total nominal 79 030 47 142 45 484 48 038 51 678

Federal government and Banco Central do Brasil 62 150 27 031 31 237 39 617 47 400

State and local governments 27 003 33 982 27 790 24 274 19 653

State enterprises - 10 124 - 13 872 - 13 542 - 15 853 - 15 374

Total operational1/ 44 253 - 24 828 - 14 347 - 452 12 610

Federal government and Banco Central do Brasil 45 663 - 11 053 - 920 13 567 26 378

State and local governments 9 027 209 232 1 926 1 680


Total primary - 66 173 - 81 112 - 92 695 - 93 171 - 94 879

Federal government and Banco Central do Brasil - 38 744 - 52 385 - 58 992 - 56 504 - 57 210

State and local governments - 13 821 - 17 482 - 20 116 - 20 986 - 21 004


Total real interest 110 426 56 284 78 348 92 718 107 489



State enterprises 3 171 - 2 739 - 73 - 264 1 218

GDP (accumulated in the year)2/

1 556 182 1 766 621 1 829 094 1 848 779 1 867 542

In percentage of GDP3/

Total nominal 5.08 2.67 2.49 2.60 2.77

Federal government and Banco Central do Brasil 3.99 1.53 1.71 2.14 2.54

State and local governments 1.74 1.92 1.52 1.31 1.05


Total operational 2.84 -1.41 -0.78 -0.02 0.68

Federal government and Banco Central do Brasil 2.93 -0.63 -0.05 0.73 1.41



Total primary -4.25 -4.59 -5.07 -5.04 -5.08

Federal government and Banco Central do Brasil -2.49 -2.97 -3.23 -3.06 -3.06

State and local governments -0.89 -0.99 -1.10 -1.14 -1.12


Total real interest 7.10 3.19 4.28 5.02 5.76



State enterprises 0.20 -0.16 0.00 -0.01 0.07

1/ Deflator = IGP-DI (centered).

2/ GDP at current prices.

3/ Reflects ratio of flows to the GDP at current prices.


134


Flows in 12 months at prices of last month indicated in R$ million



Total nominal 80 932 48 836 47 216 49 246 52 961



State enterprises -10 210 -14 169 -14 147 -16 458 -15 889

Total operational1/45 191 -27 105 -15 338 -1 076 12 417

Federal government and Banco Central do Brasil 46 617 -12 728 -1 313 13 518 26 690

State and local governments 9 107 - 87 240 1 957 1 691


Total primary -67 899 -85 598 -95 680 -95 428 -96 975

Federal government and Banco Central do Brasil -39 920 -55 766 -60 807 -57 774 -58 341

State and local governments -14 195 -18 464 -20 828 -21 488 -21 477





State enterprises 3 252 -2 922 - 221 - 386 1 193


1 590 492 1 848 924 1 894 965 1 897 552 1 897 868


Total nominal 5.09 2.64 2.49 2.60 2.79




Total operational 2.84 -1.47 -0.81 -0.06 0.65

Federal government and Banco Central do Brasil 2.93 -0.69 -0.07 0.71 1.41



Total primary -4.27 -4.63 -5.05 -5.03 -5.11







State enterprises 0.20 -0.16 -0.01 -0.02 0.06


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).


135


With exchange devaluation on domestic securities debt stock

Accumulated in the year % of GDP

Itemization Current prices Last month prices1/

2004 2005* 2004 2005*

Jan-Jun Year Jan-Jun Jan-Jun Year Jan-Jun

Nominal 2.69 2.48 1.72 2.51 2.47 2.11

Central government 0.96 1.34 1.88 0.77 1.32 2.30

Federal government2/ 1.04 1.72 2.04 0.86 1.69 2.50

Bacen -0.08 -0.38 -0.16 -0.09 -0.37 -0.20

Regional government 2.05 1.92 0.29 2.04 1.92 0.35

State government 1.70 1.56 0.31 1.70 1.56 0.37

Local government 0.35 0.37 -0.02 0.35 0.37 -0.02

State enterprises -0.32 -0.79 -0.45 -0.30 -0.77 -0.54

Federal owner -0.35 -0.83 -0.32 -0.33 -0.81 -0.38

States owner 0.02 0.04 -0.14 0.01 0.03 -0.17

Local governments owner 0.01 0.01 0.01 0.01 0.01 0.01

Nominal interest 8.06 7.07 8.15 8.06 7.10 9.91

Central government 5.05 4.31 6.21 5.06 4.33 7.58

Federal government2/ 5.14 4.71 6.37 5.16 4.72 7.78

Bacen -0.09 -0.40 -0.16 -0.10 -0.39 -0.20

Regional government 3.28 2.91 1.76 3.27 2.92 2.11

State government 2.81 2.47 1.47 2.80 2.47 1.79

Local government 0.47 0.45 0.30 0.47 0.45 0.33

State enterprises -0.27 -0.15 0.18 -0.27 -0.15 0.22

Federal owner -0.49 -0.32 0.09 -0.48 -0.33 0.11

States owner 0.20 0.16 0.08 0.20 0.16 0.09

Local governments owner 0.01 0.01 0.01 0.01 0.01 0.01

Primary -5.56 -4.59 -6.43 -5.55 -4.63 -7.84

Central government -4.28 -2.97 -4.34 -4.29 -3.02 -5.28

Federal government -5.83 -4.79 -6.06 -5.84 -4.84 -7.39

Bacen 0.01 0.02 0.00 0.01 0.02 0.00

INSS 1.53 1.81 1.73 1.54 1.80 2.11

Regional government -1.22 -0.99 -1.47 -1.23 -1.00 -1.80

State government -1.10 -0.91 -1.16 -1.10 -0.92 -1.41

Local government -0.12 -0.08 -0.31 -0.12 -0.08 -0.38

State enterprises -0.05 -0.64 -0.63 -0.04 -0.61 -0.76

Federal owner 0.14 -0.51 -0.41 0.15 -0.48 -0.49

States owner -0.18 -0.13 -0.21 -0.19 -0.13 -0.26

Local governments owner 0.00 0.00 -0.01 0.00 0.00 -0.01

1/ Flows at prices of the last month of the period, based on the IGP-DI.

2/ Includes INSS.



136

IV.20 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock




Total nominal 56 315 43 806 39 123 35 704 39 081




Total operational1/ 13 763 - 35 575 - 25 671 - 16 716 - 3 013

Federal government and Banco Central do Brasil 15 172 - 21 800 - 12 244 - 2 697 10 754

State and local governments 9 027 209 232 1 926 1 680


Total primary - 66 173 - 81 112 - 92 695 - 93 171 - 94 879

Federal government and Banco Central do Brasil - 38 744 - 52 385 - 58 992 - 56 504 - 57 210

State and local governments - 13 821 - 17 482 - 20 116 - 20 986 - 21 004





State enterprises 3 171 - 2 739 - 73 - 264 1 218


1 556 182 1 766 621 1 829 094 1 848 779 1 867 542


Total nominal 3.62 2.48 2.14 1.93 2.09




Total operational 0.88 -2.01 -1.40 -0.90 -0.16

Federal government and Banco Central do Brasil 0.97 -1.23 -0.67 -0.15 0.58



Total primary -4.25 -4.59 -5.07 -5.04 -5.08







State enterprises 0.20 -0.16 0.00 -0.01 0.07





137

IV.21 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock




Total nominal 57 866 45 730 40 836 36 556 39 671




Total operational1/14 093 -38 075 -26 940 -17 866 -3 620

Federal government and Banco Central do Brasil 15 518 -23 698 -12 914 -3 271 10 540

State and local governments 9 107 - 87 240 1 957 1 677


Total primary -67 899 -85 598 -95 680 -95 428 -96 193

Federal government and Banco Central do Brasil -39 920 -55 766 -60 807 -57 774 -57 872

State and local governments -14 195 -18 464 -20 828 -21 488 -21 300





State enterprises 3 252 -2 922 - 221 - 386 1 184


1 590 492 1 848 924 1 894 965 1 897 552 1 897 868


Total nominal 3.64 2.47 2.15 1.93 2.09




Total operational 0.89 -2.06 -1.42 -0.94 -0.19

Federal government and Banco Central do Brasil 0.98 -1.28 -0.68 -0.17 0.56



Total primary -4.27 -4.63 -5.05 -5.03 -5.07







State enterprises 0.20 -0.16 -0.01 -0.02 0.06





138

IV.22 - Public sector borrowing requirements State enterprises




Total nominal -10 124 -13 872 -13 542 -15 853 -15 374

Federal enterprises -7 832 -14 645 -13 285 -14 716 -14 718

State enterprises -2 313 642 - 373 -1 249 - 765

Local governments enterprises 21 132 116 112 109

Total operational1/ -10 436 -13 984 -13 659 -15 945 -15 447



Local governments enterprises - 167 - 201 - 152 - 104 - 64

Total primary -13 608 -11 245 -13 586 -15 681 -16 665




Total real interest 3 171 -2 739 - 73 - 264 1 218

Federal enterprises 2 918 -3 160 - 494 - 732 509

State enterprises 203 559 494 502 698

Local governments enterprises 50 - 138 - 73 - 34 11

GDP (accumulated in the year)2/ 1 556 182 1 766 621 1 829 094 1 848 779 1 867 542


Total nominal -0.65 -0.79 -0.74 -0.86 -0.82

Federal enterprises -0.50 -0.83 -0.73 -0.80 -0.79

State enterprises -0.15 0.04 -0.02 -0.07 -0.04

Local governments enterprises 0.00 0.01 0.01 0.01 0.01

Total operational -0.67 -0.79 -0.75 -0.86 -0.83



Local governments enterprises -0.01 -0.01 -0.01 -0.01 0.00

Total primary -0.87 -0.64 -0.74 -0.85 -0.89



Local governments enterprises -0.01 0.00 0.00 0.00 0.00

Total real interest 0.20 -0.16 0.00 -0.01 0.07

Federal enterprises 0.19 -0.18 -0.03 -0.04 0.03

State enterprises 0.01 0.03 0.03 0.03 0.04

Local governments enterprises 0.00 -0.01 0.00 0.00 0.00





139

IV.23 - Public sector borrowing requirements State enterprises




Total nominal - 10 210 - 14 169 - 14 147 - 16 458 - 15 762

Federal enterprises - 7 885 - 14 946 - 13 920 - 15 320 - 15 115

State enterprises - 2 344 639 - 348 - 1 253 - 758

Local governments enterprises 19 138 121 116 111

Total operational1/ - 10 532 - 14 290 - 14 266 - 16 551 - 15 837




Total primary - 13 784 - 11 368 - 14 045 - 16 176 - 17 020




Total real interest 3 252 - 2 922 - 221 - 375 1 184

Federal enterprises 2 989 - 3 361 - 643 - 853 474

State enterprises 213 586 500 505 702

Local governments enterprises 51 - 147 - 78 - 28 8

GDP (accumulated in the year)2/ 1 590 492 1 848 924 1 894 965 1 897 552 1 897 868


Total nominal -0.64 -0.77 -0.75 -0.87 -0.83


State enterprises -0.15 0.03 -0.02 -0.07 -0.04

Local governments enterprises 0.00 0.01 0.01 0.01 0.01

Total operational -0.66 -0.77 -0.75 -0.87 -0.83



Local governments enterprises -0.01 -0.01 -0.01 -0.01 0.00

Total primary -0.87 -0.61 -0.74 -0.85 -0.90



Local governments enterprises -0.01 0.00 0.00 0.00 0.00

Total real interest 0.20 -0.16 -0.01 -0.02 0.06

Federal enterprises 0.19 -0.18 -0.03 -0.04 0.02

State enterprises 0.01 0.03 0.03 0.03 0.04

Local governments enterprises 0.00 -0.01 0.00 0.00 0.00





140

IV.24 - Public accounts - uses and sources




Uses (1+2+3) 79 031 47 145 45 485 48 038 51 677

1 - Primary result - 66 173 - 81 112 - 92 695 - 93 171 - 94 879

2 - Internal debt interest 126 044 111 198 122 532 126 170 132 008

Real interest 91 268 39 227 62 700 77 680 92 940

Monetary atualization 34 776 71 970 59 832 48 490 39 068

3 - External debt interest 19 160 17 059 15 648 15 038 14 548

Sources (4+5) 79 031 47 145 45 485 48 038 51 677

4 - Internal borrowing 94 486 88 951 95 499 99 051 103 485

Securities debt 122 438 68 553 93 846 98 060 109 062

Banking debt - 31 361 9 450 - 9 971 - 11 863 - 18 407

Renegotiations - - - - -

States - - - - -

Local governments - - - - -

State Enterprises - - - - -

Others 3 409 10 949 11 625 12 853 12 830

TN/Bacen relationship - - - - -

5 - External borrowing - 15 456 - 41 806 - 50 014 - 51 013 - 51 808

GDP (accumulated in the year)1/1 556 182 1 766 621 1 829 094 1 848 779 1 867 542


Uses (1+2+3) 5.08 2.67 2.49 2.60 2.77

1 - Primary result -4.25 -4.59 -5.07 -5.04 -5.08

2 - Internal debt interest 8.10 6.29 6.70 6.82 7.07

Real interest 5.86 2.22 3.43 4.20 4.98

Monetary atualization 2.23 4.07 3.27 2.62 2.09

3 - External debt interest 1.23 0.97 0.86 0.81 0.78

Sources (4+5) 5.08 2.67 2.49 2.60 2.77

4 - Internal borrowing 6.07 5.04 5.22 5.36 5.54

Securities debt 7.87 3.88 5.13 5.30 5.84

Banking debt -2.02 0.53 -0.55 -0.64 -0.99


States - - - - -



Others 0.22 0.62 0.64 0.70 0.69


5 - External borrowing -0.99 -2.37 -2.73 -2.76 -2.77




141

IV.25 - Public accounts - uses and sources




Uses (1+2+3) 80 933 48 839 47 217 49 247 52 536

1 - Primary result - 67 899 - 85 598 - 95 680 - 95 428 - 96 193

2 - Internal debt interest 129 236 116 495 126 628 129 200 133 916

Real interest 93 496 40 553 64 073 78 876 93 749

Monetary atualization 35 740 75 943 62 555 50 324 40 1673 - External debt interest 19 596 17 942 16 269 15 476 14 813

Sources (4+5) 80 933 48 839 47 217 49 247 52 536

4 - Internal borrowing 96 773 92 941 98 184 101 130 104 837

Securities debt 125 953 73 406 96 250 99 910 110 199

Banking debt - 32 092 9 468 - 10 156 - 12 034 - 18 565


States - - - - -



Others 2 912 10 068 12 090 13 255 13 203


5 - External borrowing - 15 840 - 44 103 - 50 967 - 51 883 - 52 301

GDP (flows in 12 months)1/1 590 492 1 848 924 1 894 965 1 897 552 1 897 868


Uses (1+2+3) 5.09 2.64 2.49 2.60 2.77

1 - Primary result -4.27 -4.63 -5.05 -5.03 -5.07

2 - Internal debt interest 8.13 6.30 6.68 6.81 7.06

Real interest 5.88 2.19 3.38 4.16 4.94

Monetary atualization 2.25 4.11 3.30 2.65 2.12

3 - External debt interest 1.23 0.97 0.86 0.82 0.78

Sources (4+5) 5.09 2.64 2.49 2.60 2.77

4 - Internal borrowing 6.08 5.03 5.18 5.33 5.52

Securities debt 7.92 3.97 5.08 5.27 5.81

Banking debt -2.02 0.51 -0.54 -0.63 -0.98


States - - - - -



Others 0.18 0.54 0.64 0.70 0.70


5 - External borrowing -1.00 -2.39 -2.69 -2.73 -2.76




142

IV.26 - Public net debt harmonized

End- Public sector National government1/

of-

period R$ million % of GDP R$ million % of GDP

1999 Dec 453 035 46.5 257 224 26.4

2000 Dec 500 608 45.5 286 191 26.0

2001 Dec 589 803 49.2 325 107 27.1

2002 Dec 753 029 55.9 418 747 31.1

2003 Jan 770 109 56.4 432 628 31.7

Feb 782 584 56.5 439 285 31.7

Mar 768 440 54.7 423 833 30.2

Apr 717 808 50.4 375 223 26.4

May 740 170 51.3 396 886 27.5

Jun 739 474 50.7 398 090 27.3

Jul 756 240 51.3 413 352 28.1

Aug 779 276 52.3 434 947 29.2

Sep 781 738 51.7 435 729 28.8

Oct 778 797 50.9 430 764 28.2

Nov 789 004 51.2 437 584 28.4

Dec 784 186 50.4 429 635 27.6

2004 Jan 797 049 50.8 440 790 28.1

Feb 802 020 50.8 444 636 28.2

Mar 805 693 50.6 445 198 27.9

Apr 804 475 50.1 440 944 27.5

May 823 002 50.8 453 630 28.0

Jun 821 827 50.0 447 782 27.2

Jul 812 936 48.8 436 017 26.2

Aug 809 225 48.0 429 823 25.5

Sep 808 956 47.5 427 514 25.1

Oct 812 209 47.2 428 510 24.9

Nov 803 957 46.1 420 320 24.1

Dec 803 943 45.5 416 286 23.6

2005 Jan 807 448 45.2 425 200 23.8

Feb 816 197 45.4 434 398 24.2

Mar 821 801 45.4 437 446 24.2

Apr* 812 165 44.4 426 941 23.3

May* 811 931 43.9 428 481 23.2

Jun* 809 510 43.3 426 781 22.9

1/ The Federal governments, the Banco Central and state owned enterprises are included.



143

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 3.21 21 569 1.30

Aug 45 963 2.72 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 2.57 11 345 0.65

Dec 47 144 2.67 12 388 0.70

2005 Jan 44 030 2.47 12 843 0.72

Feb 44 811 2.49 14 839 0.83

Mar 46 545 2.57 18 197 1.01

Apr* 45 485 2.49 17 952 0.98

May* 48 038 2.60 24 901 1.35

Jun* 51 676 2.77 32 682 1.75

1/ The Federal governments, the Banco Central and state owned enterprises are included.


V - Balance of payments


146

V.1 - Balance of payments

US$ million

Itemization 2000* 2001* 2002* 2003* 2004*

Trade balance (FOB) - 698 2 650 13 121 24 794 33 666

Exports 55 086 58 223 60 362 73 084 96 475

Imports 55 783 55 572 47 240 48 290 62 809

Services - 7 162 - 7 759 - 4 957 - 4 931 - 4 677

Credit 9 498 9 322 9 551 10 447 12 584

Debit 16 660 17 081 14 509 15 378 17 260

Income - 17 886 - 19 743 - 18 191 - 18 552 - 20 520

Credit 3 621 3 280 3 295 3 339 3 199

Debit 21 507 23 023 21 486 21 891 23 719

Unrequited current transfers 1 521 1 638 2 390 2 867 3 268

Credit 1 828 1 934 2 627 3 132 3 582

Debit 307 296 237 265 314

Current account - 24 225 - 23 215 - 7 637 4 177 11 738

Capital and financial account 19 326 27 052 8 004 5 111 - 7 356

Capital account1/ 273 - 36 433 498 339

Financial account 19 053 27 088 7 571 4 613 - 7 696

Direct investment 30 498 24 715 14 108 9 894 8 695

Abroad - 2 282 2 258 - 2 482 - 249 - 9 471

Equity capital - 1 755 1 752 - 2 402 - 62 - 6 640

Intercompany loans - 527 505 - 81 - 187 - 2 831

In Brazil 32 779 22 457 16 590 10 144 18 166

Equity capital 30 016 18 765 17 118 9 320 18 570

Intercompany loans 2 763 3 692 - 528 823 - 405

Portfolio investment 6 955 77 - 5 119 5 308 - 4 750

Assets - 1 696 - 795 - 321 179 - 755

Equity securities - 1 953 - 1 121 - 389 - 258 - 121

Debt securities 258 326 67 437 - 633

Liabilities 8 651 872 - 4 797 5 129 - 3 996

Equity securities 3 076 2 481 1 981 2 973 2 081

Debt securities 5 575 - 1 609 - 6 778 2 156 - 6 076

Derivatives - 197 - 471 - 356 - 151 - 677

Assets 386 567 933 683 467

Liabilities - 583 - 1 038 - 1 289 - 834 - 1 145

Other investment2/ - 18 202 2 767 - 1 062 - 10 438 - 10 963

Assets - 2 989 - 6 586 - 3 211 - 9 483 - 2 196

Liabilities - 15 213 9 353 2 150 - 955 - 8 767

Errors and omissions 2 637 - 531 - 66 - 793 - 2 137

Overall balance - 2 262 3 307 302 8 496 2 244

Memo:

Current account/GDP (%) - 4.02 - 4.55 - 1.66 0.82 1.94

Medium- and long-term amortizations3/ 31 977 35 151 31 084 27 115 33 129

(continues)


147

V.1 - Balance of payments


Itemization 2004* 2005*

Jun Jan-Jun Year Jun Jan-Jun

Trade balance (FOB) 3 799 15 003 33 666 4 030 19 667

Exports 9 328 43 306 96 475 10 206 53 677

Imports 5 529 28 304 62 809 6 176 34 010

Services - 528 - 1 824 - 4 677 - 1 017 - 3 538

Credit 971 6 016 12 584 1 240 7 525

Debit 1 499 7 841 17 260 2 257 11 063

Income - 1 542 - 10 367 - 20 520 - 2 052 - 12 528

Credit 320 1 539 3 199 246 1 609

Debit 1 861 11 906 23 719 2 298 14 136

Unrequited current transfers 292 1 602 3 268 291 1 683

Credit 315 1 738 3 582 339 1 893

Debit 23 137 314 48 210

Current account 2 021 4 413 11 738 1 252 5 284

Capital and financial account - 2 776 - 1 930 - 7 356 - 1 873 4 601

Capital account1/ 64 398 339 29 399

Financial account - 2 841 - 2 328 - 7 696 - 1 902 4 203

Direct investment 279 3 225 8 695 1 065 6 785

Abroad - 459 - 820 - 9 471 - 263 - 1 782

Equity capital - 457 - 776 - 6 640 - 259 - 1 847

Intercompany loans - 2 - 45 - 2 831 - 3 66

In Brazil 738 4 045 18 166 1 328 8 566

Equity capital 704 4 560 18 570 1 106 6 050

Intercompany loans 34 - 515 - 405 222 2 516

Portfolio investment - 642 - 3 701 - 4 750 2 237 4 501

Assets - 207 - 544 - 755 - 79 - 1 044

Equity securities - 9 - 25 - 121 - 12 - 837

Debt securities - 199 - 518 - 633 - 68 - 207

Liabilities - 434 - 3 157 - 3 996 2 316 5 545

Equity securities - 189 814 2 081 724 2 510

Debt securities - 246 - 3 971 - 6 076 1 592 3 034

Derivatives - 46 - 240 - 677 - 25 190

Assets 22 75 467 21 363

Liabilities - 69 - 315 - 1 145 - 45 - 173

Other investment2/ - 2 432 - 1 613 - 10 963 - 5 180 - 7 273

Assets 1 045 1 349 - 2 196 - 2 785 - 4 071

Liabilities - 3 477 - 2 962 - 8 767 - 2 395 - 3 202

Errors and omissions - 81 - 1 136 - 2 137 189 - 254

Overall balance - 837 1 346 2 244 - 431 9 632

Memo:

Current account/GDP (%) - 1.50 1.94 - 1.43

Medium- and long-term amortizations3/ 3 406 16 830 33 129 3 535 12 200

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.


148

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* - 73 084 73 084 - 48 291 48 291 - 24 793 24 793

2004* Jan 5 800 5 800 74 079 4 214 4 214 48 855 1 586 1 586 25 224

Feb 5 722 11 521 74 799 3 757 7 971 48 723 1 965 3 551 26 076

Mar 7 927 19 448 77 487 5 344 13 315 50 365 2 583 6 134 27 123

Apr 6 589 26 038 78 366 4 630 17 945 51 006 1 959 8 093 27 360

May 7 941 33 979 79 935 4 830 22 774 51 981 3 112 11 205 27 954

Jun 9 328 43 306 83 388 5 528 28 302 53 988 3 800 15 005 29 401

Jul 8 992 52 299 86 276 5 526 33 828 55 465 3 466 18 471 30 812

Aug 9 056 61 355 88 929 5 621 39 449 57 355 3 436 21 906 31 575

Sep 8 923 70 278 90 572 5 751 45 200 58 490 3 171 25 078 32 082

Oct 8 843 79 121 91 850 5 839 51 039 59 299 3 004 28 082 32 551

Nov 8 159 87 281 94 029 6 080 57 120 61 117 2 079 30 161 32 912

Dec 9 194 96 475 96 475 5 686 62 806 62 806 3 508 33 670 33 670

2005* Jan 7 444 7 444 98 120 5 260 5 260 63 854 2 184 2 184 34 265

Feb 7 756 15 200 100 154 4 972 10 232 65 070 2 784 4 969 35 085

Mar 9 251 24 451 101 478 5 905 16 137 65 631 3 346 8 314 35 847

Apr 9 202 33 653 104 090 5 330 21 467 66 330 3 871 12 186 37 760

May 9 818 43 471 105 967 6 367 27 834 67 868 3 451 15 637 38 099

Jun 10 206 53 677 106 846 6 176 34 010 68 516 4 030 19 667 38 330

Source: MDIC/Secex


149

V.3 - Exports - FOB By aggregate factor and selected products

US$ million

Itemization 1999* 2000* 2001* 2002* 2003*

Total 48 011 55 086 58 223 60 362 73 084

Primary products 11 828 12 562 15 342 16 952 21 179 Iron ore and concentrates 2 746 3 048 2 932 3 049 3 456 Oil-cake and other residues from soybeans 1 504 1 651 2 065 2 199 2 602 Coffee, not roasted 2 230 1 559 1 208 1 195 1 302 Meat and edible offal of chicken, fresh, chilled or frozen 875 806 1 292 1 335 1 710 Soybeans, including grinded 1 593 2 188 2 726 3 032 4 290 Tobacco, unmanufactured; tobacco refuse 884 813 921 978 1 052 Meat of bovine animals, fresh, chilled or frozen 444 503 739 776 1 155 Meat of swine, fresh, chilled or frozen 115 163 346 469 527 Cashew nuts 142 165 112 106 144 Aluminum ore and concentrates 116 113 99 91 121 Others 1 179 1 553 2 903 3 722 4 819

Semimanufactured products 7 982 8 499 8 243 8 965 10 944 Chemical wood pulp 1 243 1 601 1 246 1 160 1 744 Cane sugar, raw 1 162 761 1 401 1 111 1 350 Iron or nonalloy steel semifinished products 1 096 1 360 1 081 1 410 1 619 Hides and skins 595 756 872 956 1 057 Aluminum, unwrought 863 946 676 813 903 Wood, sawn or chipped lengthwise, over 6mm thick 497 520 532 577 648 Ferroalloys 408 456 390 433 486 Pig iron and spigeleisen 322 446 428 473 573 Gold, nonmonetary in semimanufactured forms 348 375 336 349 327 Soybean oil, crude 564 300 415 675 1 042 Others 883 977 867 1 009 1 195

Manufactured products 27 330 32 528 32 901 33 000 39 653 Airplanes 1 772 3 054 2 839 2 335 1 939 Footwear, parts and components 1 342 1 617 1 684 1 516 1 622 Passenger motor vehicles 1 139 1 768 1 951 2 005 2 656 Transmission and reception apparatus, and components 760 1 635 1 762 1 782 1 676 Parts and accessories for motor cars and tractors 1 229 1 206 1 172 1 159 1 488 Passenger motor vehicles engines and parts thereof 1 043 1 064 1 112 1 341 1 674 Orange juice 1 235 1 019 813 869 910 Iron or nonalloy steel flat-rolled products 796 859 602 813 1 410 Pumps, compressors, fans and others 679 725 648 694 792 Paper and paperboard used for writing, printing etc. 537 518 521 445 539 Cane sugar, refined 748 438 878 982 790 Pneumatic rubber tires 511 525 468 489 615 Motor vehicles for the transport of goods 626 696 484 428 671 Polymers of ethylene, propylene and styrene 302 447 343 328 522 Chassis fitted with engines and bodies for motor vehicles 216 365 411 367 457 Furniture and parts thereof, except for medical-surgical use 384 488 483 535 667 Electric motors, generators, transformers; parts thereof 311 377 458 440 500 Plywood and similar laminated wood 345 374 360 439 590 Civil engineering and contractors' plant and equipment 312 301 344 359 457 Cigarette containing tobacco 49 6 3 9 15 Others 12 994 15 048 15 566 15 664 19 665

Special operations1/ 872 1 497 1 736 1 446 1 308

(continues)


150

V.3 - Exports - FOB By aggregate factor and selected products




Total 9 328 43 306 96 475 10 206 53 677

Primary products 3 384 13 663 28 518 3 069 14 816 Iron ore and concentrates 394 2 080 4 759 686 3 073 Oil-cake and other residues from soybeans 556 1 737 3 271 280 1 354 Coffee, not roasted 131 742 1 750 212 1 262 Meat and edible offal of chicken, fresh, chilled or frozen 248 1 175 2 494 282 1 446 Soybeans, including grinded 1 045 3 032 5 395 709 2 418 Tobacco, unmanufactured; tobacco refuse 149 494 1 380 248 646 Meat of bovine animals, fresh, chilled or frozen 183 874 1 963 258 1 163 Meat of swine, fresh, chilled or frozen 63 293 744 105 534 Cashew nuts 18 87 186 16 100 Aluminum ore and concentrates 17 84 189 20 114 Others 580 3 064 6 386 253 2 705

Semimanufactured products 1 213 5 950 13 431 1 451 7 815 Chemical wood pulp 132 832 1 722 184 964 Cane sugar, raw 157 519 1 511 246 1 072 Iron or nonalloy steel semifinished products 202 922 2 115 236 1 347 Hides and skins 116 629 1 290 120 673 Aluminum, unwrought 41 480 952 75 467 Wood, sawn or chipped lengthwise, over 6mm thick 82 379 838 79 444 Ferroalloys 57 278 598 70 356 Pig iron and spigeleisen 41 316 1 179 131 890 Gold, nonmonetary in semimanufactured forms 40 210 413 44 179 Soybean oil, crude 219 613 1 156 106 483 Others 125 772 1 657 160 939

Manufactured products 4 595 23 023 52 948 5 494 30 021 Airplanes 374 1 552 3 269 248 1 280 Footwear, parts and components 143 882 1 899 163 967 Passenger motor vehicles 306 1 454 3 352 399 2 029 Transmission and reception apparatus, and components 116 595 1 374 231 1 335 Parts and accessories for motor cars and tractors 162 877 1 961 220 1 167 Passenger motor vehicles engines and parts thereof 173 854 1 972 209 1 117 Orange juice 71 377 790 90 400 Iron or nonalloy steel flat-rolled products 187 890 2 007 185 1 120 Pumps, compressors, fans and others 95 464 1 027 102 619 Paper and paperboard used for writing, printing etc. 54 293 578 65 355 Cane sugar, refined 105 472 1 129 133 678 Pneumatic rubber tires 58 318 690 71 385

86 466 1 123 145 708 Polymers of ethylene, propylene and styrene 54 274 687 78 481 Chassis fitted with engines and bodies for motor vehicles 36 228 605 71 416 Furniture and parts thereof, except for medical-surgical use 82 421 944 93 498 Electric motors, generators, transformers; parts thereof 55 274 599 76 400 Plywood and similar laminated wood 94 440 894 60 398 Civil engineering and contractors' plant and equipment 77 432 905 102 537 Cigarette containing tobacco 2 9 16 2 6 Others 2 265 11 451 27 128 2 750 15 126

Special operations1/ 136 670 1 579 193 1 025

Source: MDIC/Secex

1/ Including special transactions, on-board consumption and reexports.


151

V.4 - Imports - FOB By end-use category and selected products

US$ million

Itemization 1999* 2000* 2001* 2002* 2003*

Total 49 295 55 839 55 572 47 237 48 291

Capital goods 13 577 13 605 14 808 11 643 10 350

Industrial machinery 4 831 3 926 4 862 4 367 3 426

Other fixed equipments 2 515 2 882 3 147 1 912 1 920

Machines and apparatuses for offices, scientific services 2 283 2 629 2 806 2 258 2 110

Parts for industrial capital goods 1 373 1 535 1 675 1 199 1 206

Moving equipment for transportation 1 322 1 260 837 607 445

Accessories for industrial machinery 843 947 1 017 974 909

Tools 189 212 231 167 178

Fixed equipment for transportation 72 131 146 78 61

Machines and tools 90 39 38 19 22

Capital goods - sundry 60 45 48 62 73

Consumer goods 7 401 7 442 7 148 5 908 5 539

Non-durable consumer goods 4 218 3 993 3 631 3 400 3 121

Foodstuffs 1 655 1 507 1 169 1 085 924

Pharmaceutical products 1 190 1 126 1 185 1 211 1 248

Beauty products 228 239 226 184 197

Apparel and other textil clothing 230 217 204 136 116

Beverage and tobacco 173 161 180 163 159

Non-durables - sundry 743 743 667 620 478

Durable consumer goods 3 183 3 450 3 516 2 508 2 417

Passenger vehicles 1 214 1 211 1 405 730 578

Articles of adornment - personal use and others 655 697 713 684 714

Machines and apparatuses for domestic use 424 551 465 411 410

Durable consumer goods parts and spares 506 505 425 330 392

Furniture and other house equipments 162 182 243 154 137

Household appliances 71 79 86 66 61

Durables - sundry 152 224 179 134 125

Fuels and lubricants 4 258 6 358 6 276 6 240 6 579

Intermediate products and raw materials 24 059 28 432 27 340 23 446 25 824

Chemical and pharmaceutical products 7 250 7 856 7 951 7 297 7 534

Intermediate products - parts and spares 3 410 4 885 4 654 3 785 4 154

Mineral products 3 735 4 931 4 435 3 062 3 598

Accessories for transportation equipment 3 676 4 057 4 229 3 565 3 705

Inedible farm products 2 123 2 402 1 894 1 602 1 693

Foodstuffs 1 735 1 639 1 599 1 680 2 017

Other raw materials for farming 1 231 1 618 1 606 1 616 2 275

Building materials 436 395 428 442 440

Transportation equipment - parts and spares 263 310 324 171 153

Animal feed 155 283 167 178 209

Intermediate products and raw material - sundry 44 55 54 49 45

(continues)


152

V.4 - Imports - FOB By end-use category and selected products




Total 5 529 28 304 62 809 6 176 34 010

Capital goods 1 014 5 544 12 132 1 336 7 045

Industrial machinery 251 1 470 3 278 378 1 983

Other fixed equipments 222 1 116 2 528 296 1 447

Machines and apparatuses for offices, scientific services 248 1 240 2 679 287 1 501

Parts for industrial capital goods 129 706 1 518 153 827

Moving equipment for transportation 43 332 610 75 456

Accessories for industrial machinery 89 467 1 065 109 605

Tools 19 99 221 21 120

Fixed equipment for transportation 4 41 90 10 43

Machines and tools 3 39 67 4 36

Capital goods - sundry 5 34 76 4 29

Consumer goods 581 3 167 6 861 738 3 816

Non-durable consumer goods 296 1 672 3 673 419 2 114

Foodstuffs 79 500 1 058 111 637

Pharmaceutical products 124 664 1 454 188 825

Beauty products 21 110 238 25 133

Apparel and other textil clothing 12 85 177 17 135

Beverage and tobacco 15 73 184 19 84

Non-durables - sundry 44 241 562 58 301

Durable consumer goods 284 1 495 3 188 320 1 703

Passenger vehicles 59 289 583 62 339

Articles of adornment - personal use and others 73 411 919 91 522

Machines and apparatuses for domestic use 56 278 638 69 344

Durable consumer goods parts and spares 59 332 618 53 263

Furniture and other house equipments 17 85 190 17 92

Household appliances 8 38 84 7 44

Durables - sundry 13 63 155 20 98

Fuels and lubricants 977 4 432 10 317 694 5 175

Intermediate products and raw materials 2 958 15 160 33 499 3 407 17 973

Chemical and pharmaceutical products 825 4 457 9 638 912 5 184

Intermediate products - parts and spares 489 2 553 5 589 574 3 099

Mineral products 422 2 281 5 068 747 3 116

Accessories for transportation equipment 441 2 243 4 905 534 3 023

Inedible farm products 197 1 075 2 213 192 1 115

Foodstuffs 160 793 1 517 109 690

Other raw materials for farming 328 1 262 3 473 216 1 110

Building materials 46 234 503 60 294

Transportation equipment - parts and spares 31 144 341 33 188

Animal feed 15 89 168 23 91

Intermediate products and raw material - sundry 6 28 83 10 64

Source: MDIC/Secex


153

V.5 - Trade by area - FOB

US$ million

Itemization 1999* 2000* 2001* 2002*

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 48 011 49 295 - 1 283 55 086 55 839 - 753 58 223 55 572 2 650 60 362 47 237 13 125

Efta1/ 389 967 - 578 756 1 040 - 284 629 1 227 - 598 618 1 118 - 499

Africa2/ 1 336 2 224 - 887 1 347 2 907 - 1 560 1 988 3 331 - 1 343 2 362 2 676 - 313

Laia 10 560 9 458 1 103 12 902 11 653 1 249 12 225 10 001 2 223 9 866 8 224 1 642 Mercosur 6 778 6 719 58 7 733 7 795 - 62 6 364 7 009 - 646 3 311 5 611 - 2 300

Argentina 5 364 5 812 - 448 6 233 6 842 - 610 5 002 6 206 - 1 204 2 342 4 743 - 2 401 Paraguay 744 260 484 832 351 480 720 300 420 558 383 175

Uruguay 670 647 23 669 602 67 641 503 138 410 485 - 74

Chile 896 719 177 1 246 969 278 1 352 845 506 1 461 649 812 Mexico 1 068 618 450 1 711 754 957 1 868 695 1 173 2 342 580 1 762

Others3/ 1 818 1 401 417 2 211 2 134 77 2 641 1 451 1 190 2 752 1 384 1 368

Asia2/ 5 732 6 475 - 743 6 324 8 600 - 2 276 6 949 8 926 - 1 976 8 791 7 996 795

China 676 865 - 189 1 085 1 222 - 137 1 902 1 328 574 2 520 1 554 966 Korea, Republic of 628 1 019 - 392 581 1 438 - 857 736 1 574 - 838 852 1 067 - 214

Japan 2 193 2 576 - 383 2 472 2 961 - 489 1 986 3 064 - 1 077 2 098 2 348 - 250

Others 2 236 2 015 221 2 186 2 979 - 793 2 325 2 959 - 635 3 320 3 028 292Canada 513 974 - 461 566 1 087 - 521 555 927 - 371 782 740 41

USA4/ 10 849 11 882 - 1 034 13 366 13 033 333 14 378 13 043 1 335 15 535 10 436 5 099

Eastern Europe5/ 1 175 704 471 972 1 161 - 189 1 699 1 113 587 1 755 919 836

Middle East 1 485 1 074 411 1 333 1 561 - 228 2 030 1 471 559 2 331 1 430 901European Union 13 736 15 046 - 1 310 14 784 14 070 715 14 865 14 822 43 15 113 13 134 1 979

Germany 2 544 4 767 - 2 222 2 526 4 426 - 1 901 2 502 4 812 - 2 310 2 537 4 419 - 1 883

Belgium-Luxembourg 1 817 495 1 322 1 867 575 1 292 1 812 585 1 228 1 892 546 1 346

Spain6/ 1 169 1 180 - 10 1 008 1 119 - 111 1 042 1 225 - 183 1 120 975 145

France7/ 1 200 1 990 - 790 1 732 1 885 - 153 1 648 2 084 - 436 1 525 1 777 - 252

Italy8/ 1 845 2 598 - 753 2 146 2 172 - 26 1 809 2 184 - 375 1 817 1 762 55

Netherlands 2 594 596 1 999 2 796 698 2 099 2 863 533 2 330 3 182 535 2 647 United Kingdom 1 437 1 224 214 1 498 1 238 261 1 705 1 235 470 1 769 1 343 426

Others9/ 1 129 2 197 - 1 068 1 211 1 958 - 747 1 484 2 165 - 680 1 272 1 776 - 504

Others 2 235 491 1 744 2 736 727 2 010 2 904 710 2 193 3 208 563 2 645

Memo:

Opec10/ 2 269 3 744 - 1 475 2 324 4 983 - 2 659 3 354 4 464 - 1 110 3 536 4 132 - 596

(continues)


154

V.5 - Trade by area - FOB


Itemization 2003* 2004* 2004* 2005*

Jan-Jun Jan-Jun

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 73 084 48 291 24 793 96 475 62 809 33 666 43 306 28 304 15 003 53 677 34 010 19 667

Efta1/ 617 1 209 - 592 679 1 423 - 744 345 663 - 318 406 707 - 301

Africa2/ 2 860 3 278 - 417 4 245 6 187 - 1 942 1 845 2 766 - 920 2 652 3 126 - 475

Laia 12 920 8 209 4 711 19 699 10 023 9 677 8 592 4 564 4 028 11 659 5 433 6 226 Mercosur 5 672 5 685 - 13 8 912 6 391 2 522 3 981 2 949 1 032 5 359 3 398 1 961

Argentina 4 561 4 672 - 111 7 373 5 570 1 803 3 281 2 552 729 4 549 2 984 1 565 Paraguay 707 475 232 872 298 574 396 159 237 395 173 222

Uruguay 404 538 - 134 667 523 144 305 239 66 415 241 174

Chile 1 880 821 1 059 2 546 1 395 1 151 1 120 631 489 1 486 759 726 Mexico 2 741 533 2 208 3 948 704 3 244 1 667 330 1 336 1 955 397 1 559

Others3/ 2 627 1 170 1 457 4 294 1 534 2 760 1 825 653 1 171 2 859 879 1 979

Asia2/ 11 676 8 923 2 754 14 564 12 279 2 285 6 786 5 262 1 524 7 916 7 479 437

China 4 533 2 148 2 385 5 440 3 711 1 729 2 901 1 492 1 409 2 709 2 273 436 Korea, Republic of 1 223 1 079 144 1 429 1 730 - 300 631 780 - 148 822 1 036 - 214

Japan 2 311 2 520 - 210 2 768 2 869 - 101 1 220 1 284 - 64 1 633 1 629 4

Others 3 610 3 176 434 4 927 3 970 956 2 034 1 706 327 2 751 2 541 210Canada 978 750 227 1 199 866 333 509 399 111 706 467 239

USA4/ 16 900 9 726 7 174 20 341 11 513 8 828 8 812 5 471 3 341 10 871 6 113 4 759

Eastern Europe5/ 2 271 1 165 1 106 2 695 1 432 1 264 1 290 641 650 1 832 465 1 366

Middle East 2 806 1 619 1 187 3 687 2 312 1 375 1 730 943 787 1 827 899 928European Union 18 102 12 669 5 433 23 898 15 803 8 094 10 936 7 162 3 774 12 760 8 865 3 894

Germany 3 136 4 206 - 1 070 4 036 5 072 - 1 036 1 974 2 319 - 345 2 378 2 953 - 576 Belgium-Luxembourg 1 795 515 1 281 1 931 640 1 291 908 318 590 1 050 367 684

Spain6/ 1 552 974 577 1 984 1 176 808 912 496 416 1 124 644 480

France7/ 1 715 1 768 - 52 2 190 2 288 - 98 1 042 1 119 - 77 1 204 1 416 - 212

Italy8/ 2 208 1 736 471 2 904 2 053 852 1 475 926 549 1 636 1 152 484

Netherlands 4 246 509 3 737 5 917 618 5 298 2 373 256 2 117 2 455 286 2 169 United Kingdom 1 899 1 205 694 2 117 1 355 762 982 615 367 1 209 608 600

Others9/ 1 552 1 757 - 204 2 819 2 601 218 1 270 1 113 158 1 703 1 439 265Others 3 955 744 3 211 5 468 971 4 497 2 460 433 2 027 3 049 456 2 594

Memo:

Opec10/ 3 844 4 533 - 688 5 714 7 869 - 2 155 2 507 3 474 - 967 3 307 3 656 - 349

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.


155

V.6 - Services

US$ million

Itemization 2000* 2001* 2002* 2003* 2004*

Total - 7 162 - 7 759 - 4 957 - 4 931 - 4 677

Credit 9 498 9 322 9 551 10 447 12 584

Debit 16 660 17 081 14 509 15 378 17 260

Transportation - 2 896 - 2 966 - 1 959 - 1 590 - 1 985

Credit 1 409 1 422 1 536 1 822 2 467

Debit 4 305 4 388 3 494 3 412 4 452

Travel - 2 084 - 1 468 - 398 218 351

Credit 1 810 1 731 1 998 2 479 3 222

Debit 3 894 3 199 2 396 2 261 2 871

Communication 4 29 14 84 174

Credit 36 242 135 449 243 Debit 32 213 122 366 70 Construction 227 17 12 10 2

Credit 228 18 12 10 3

Debit 0 - - 0 1

Insurance - 4 - 275 - 420 - 436 - 544

Credit 312 180 206 124 105

Debit 317 455 626 560 649

Financial - 294 - 307 - 232 - 383 - 77

Credit 376 317 390 363 423

Debit 670 624 623 745 499 Computer and information - 1 111 - 1 106 - 1 118 - 1 034 - 1 228 Credit 34 27 36 29 53

Debit 1 145 1 133 1 155 1 063 1 281

Royalties and license fees - 1 289 - 1 132 - 1 129 - 1 120 - 1 082

Credit 125 112 100 108 114

Debit 1 415 1 244 1 229 1 228 1 197

Merchanting and trade-related 194 - 23 - 12 - 92 - 235

Credit 589 413 421 389 379

Debit 395 436 433 480 613

Operational leasing - 1 311 - 1 867 - 1 672 - 2 312 - 2 166

Credit 91 278 49 25 59

Debit 1 401 2 146 1 721 2 337 2 225

Misc. business, professional and technical 2 251 2 300 2 460 2 158 2 656

Credit 3 888 3 921 3 848 3 719 4 500

Debit 1 637 1 622 1 388 1 562 1 844

Personal, cultural and recreational - 300 - 307 - 251 - 283 - 362

Credit 63 58 58 54 47

Debit 363 365 309 337 409

Government services - 549 - 652 - 252 - 151 - 180

Credit 537 604 761 877 969

Debit 1 087 1 256 1 013 1 028 1 149

(continues)


156

V.6 - Services




Total - 528 -1 824 -4 677 -1 017 -3 538

Credit 971 6 016 12 584 1 240 7 525 Debit 1 499 7 841 17 260 2 257 11 063

Transportation - 191 - 866 -1 985 - 199 - 759 Credit 211 1 093 2 467 268 1 507 Debit 401 1 959 4 452 467 2 266 Travel - 7 370 351 - 194 - 220 Credit 241 1 625 3 222 275 1 868 Debit 248 1 255 2 871 468 2 088 Communication 2 103 174 20 72 Credit 4 117 243 39 138 Debit 2 14 70 20 65 Construction 0 1 2 0 4 Credit 0 1 3 0 4 Debit 0 0 1 0 0 Insurance - 17 - 196 - 544 - 55 - 283 Credit 31 70 105 4 33 Debit 49 265 649 59 316 Financial - 9 - 46 - 77 - 30 - 58 Credit 36 195 423 39 248 Debit 45 241 499 69 307 Computer and information - 102 - 590 -1 228 - 145 - 813 Credit 7 26 53 6 35 Debit 110 617 1 281 150 847 Royalties and license fees - 76 - 573 -1 082 - 98 - 602 Credit 15 61 114 13 54 Debit 91 633 1 197 111 655 Merchanting and trade-related - 24 - 59 - 235 - 58 - 144 Credit 23 206 379 43 242 Debit 47 265 613 101 386 Operational leasing - 268 - 956 -2 166 - 400 -1 974 Credit 3 22 59 2 34 Debit 271 978 2 225 403 2 007 Misc. business, professional and technical 200 1 209 2 656 257 1 680 Credit 328 2 122 4 500 464 2 800 Debit 128 913 1 844 208 1 120 Personal, cultural and recreational - 34 - 166 - 362 - 32 - 196 Credit 3 22 47 6 20

Debit 36 188 409 37 216 Government services - 2 - 56 - 180 - 83 - 247

Credit 68 457 969 81 542 Debit 71 513 1 149 164 788


157

V.7 - Income

US$ million

Itemization 2000* 2001* 2002* 2003* 2004*

Balance on income - 17 886 - 19 743 - 18 191 - 18 552 - 20 520

Credit 3 621 3 280 3 295 3 339 3 199

Debit 21 507 23 023 21 486 21 891 23 719

Compensation of employees 79 95 102 109 181

Credit 237 270 293 269 354

Debit 158 175 191 160 173

Investment income - 17 965 - 19 838 - 18 292 - 18 661 - 20 701

Credit 3 383 3 009 3 002 3 070 2 845

Debit 21 348 22 847 21 295 21 731 23 546

Direct investment income - 3 239 - 4 638 - 4 983 - 5 098 - 5 799

Credit 999 367 967 886 1 061

Debit 4 238 5 005 5 950 5 984 6 860

Income on equity (profits and dividends) - 2 173 - 3 438 - 4 034 - 4 076 - 4 937

Credit 932 264 857 760 916

Debit 3 105 3 702 4 891 4 836 5 853

Income on intercompany loans (interest) - 1 066 - 1 201 - 949 - 1 022 - 861

Credit 67 103 109 126 145

Debit 1 133 1 303 1 058 1 148 1 007

Paid in cash 1 092 1 092 802 802 823

Converted to FDI 42 211 256 346 184

Portfolio investment income - 8 545 - 9 621 - 8 384 - 8 743 - 10 439

Credit 859 1 463 1 383 1 323 733

Debit 9 404 11 084 9 767 10 066 11 173

Income on equity (profits and dividends) - 1 143 - 1 523 - 1 128 - 1 564 - 2 400

Credit 5 1 1 3 4

Debit 1 148 1 524 1 129 1 568 2 404

Income on debt securities (interest) - 7 402 - 8 097 - 7 256 - 7 179 - 8 039

Credit 854 1 462 1 382 1 320 729

Debit 8 256 9 560 8 638 8 499 8 768

Other investment income1/ - 6 181 - 5 579 - 4 925 - 4 820 - 4 463

Credit 1 525 1 179 653 861 1 051

Debit 7 707 6 758 5 578 5 681 5 514

Memo:

Interests - 14 649 - 14 877 - 13 130 - 13 020 - 13 364

Credit 2 447 2 744 2 144 2 307 1 925

Debit 17 096 17 621 15 275 15 328 15 289

Profits and dividends - 3 316 - 4 961 - 5 162 - 5 640 - 7 338

Credit 937 265 858 763 920

Debit 4 253 5 226 6 020 6 403 8 257

(continues)


158

V.7 - Income




Balance on income - 1 542 - 10 367 - 20 520 - 2 052 - 12 528

Credit 320 1 539 3 199 246 1 609

Debit 1 861 11 906 23 719 2 298 14 136

Compensation of employees 6 103 181 20 132

Credit 31 188 354 24 162

Debit 25 85 173 3 30

Investment income - 1 547 - 10 470 - 20 701 - 2 072 - 12 660

Credit 289 1 351 2 845 222 1 447

Debit 1 836 11 821 23 546 2 294 14 107

Direct investment income - 355 - 2 522 - 5 799 - 862 - 4 166

Credit 181 529 1 061 15 395

Debit 535 3 051 6 860 878 4 562

Income on equity (profits and dividends) - 240 - 2 053 - 4 937 - 733 - 3 765

Credit 164 476 916 13 346

Debit 403 2 528 5 853 746 4 111

Income on intercompany loans (interest) - 115 - 469 - 861 - 129 - 401

Credit 17 54 145 2 49

Debit 132 523 1 007 132 450

Paid in cash 124 407 823 126 427

Converted to FDI 8 116 184 6 24

Portfolio investment income - 748 - 5 713 - 10 439 - 886 - 6 371

Credit 33 346 733 95 436

Debit 781 6 059 11 173 981 6 808

Income on equity (profits and dividends) - 130 - 1 556 - 2 400 - 314 - 2 352

Credit - 2 4 1 5

Debit 131 1 558 2 404 315 2 357

Income on debt securities (interest) - 617 - 4 157 - 8 039 - 572 - 4 019

Credit 33 344 729 94 431

Debit 650 4 501 8 768 665 4 451

Other investment income1/ - 445 - 2 236 - 4 463 - 324 - 2 122

Credit 76 475 1 051 112 615

Debit 521 2 711 5 514 436 2 737

Memo:

Interests - 1 177 - 6 862 - 13 364 - 1 025 - 6 543

Credit 126 873 1 925 208 1 096

Debit 1 303 7 735 15 289 1 233 7 639

Profits and dividends - 370 - 3 608 - 7 338 - 1 047 - 6 117

Credit 164 478 920 15 351

Debit 534 4 086 8 257 1 061 6 468

1/ Includes interests on trade credits, loans, deposits and other assets and liabilities.


159

V.8 - Unrequited current transfers

US$ million

Itemization 2000* 2001* 2002* 2003* 2004*

Total 1 521 1 638 2 390 2 867 3 268

Credit 1 828 1 934 2 627 3 132 3 582

Debit 307 296 237 265 314

General government transfers - 31 9 - 1 - 21 - 32

Credit 42 73 57 48 54

Debit 74 64 58 68 86

Other sectors transfers 1 552 1 629 2 391 2 887 3 300

Credit 1 785 1 860 2 570 3 084 3 529

Debit 233 232 179 197 228

Workers' remittances 932 1 009 1 573 1 882 2 292

Credit 1 112 1 178 1 711 2 018 2 459

United States 664 555 897 1 059 1 534

Japan 294 444 532 526 419

Remaining countries 154 180 282 433 506

Debit 180 169 138 136 167

Other transfers 620 620 818 1 005 1 008

Credit 673 682 859 1 066 1 070

Debit 53 62 41 61 61

(continues)


160

V.8 - Unrequited current transfers




Total 292 1 602 3 268 291 1 683

Credit 315 1 738 3 582 339 1 893

Debit 23 137 314 48 210

General government transfers - 3 - 11 - 32 - 6 - 5

Credit 3 26 54 4 34

Debit 6 38 86 10 40

Other sectors transfers 295 1 613 3 300 298 1 689

Credit 312 1 712 3 529 336 1 859

Debit 17 99 228 38 170

Workers' remittances 209 1 151 2 292 183 1 060

Credit 222 1 225 2 459 208 1 180

United States 167 823 1 534 117 641

Japan 17 109 419 49 309

Remaining countries 38 293 506 42 230

Debit 13 73 167 25 121

Other transfers 86 461 1 008 115 629

Credit 89 488 1 070 128 679

Debit 4 26 61 13 50


161

V.9 - Direct investment

US$ million

Itemization 2000* 2001* 2002* 2003* 2004*

Total direct investment 30 498 24 715 14 108 9 894 8 695

Credit 41 243 35 123 27 045 20 975 27 045

Debit 10 745 10 408 12 937 11 081 18 350

Abroad - 2 282 2 258 - 2 482 - 249 - 9 471

Credit 953 5 106 585 1 737 1 287

Debit 3 234 2 849 3 067 1 986 10 757

Equity capital - 1 755 1 752 - 2 402 - 62 - 6 640

Credit 840 4 236 417 1 645 1 156

Debit 2 595 2 483 2 818 1 707 7 796

Intercompany loans - 527 505 - 81 - 187 - 2 831

Credit 112 871 168 93 131

Debit 639 365 249 280 2 961

Loans from headquarters in Brazil to affiliates abroad - 547 - 268 - 79 - 187 - 2 834

Credit 64 93 165 92 114

Debit 611 360 243 279 2 948

Loans from affiliates abroad to headquarters in Brazil 20 773 - 2 - 3

Credit 48 778 4 1 16

Debit 28 5 6 1 13

Foreign direct investment in Brazil 32 779 22 457 16 590 10 144 18 166

Credit 40 290 30 017 26 460 19 238 25 758

Debit 7 511 7 559 9 870 9 094 7 592

Equity capital 30 016 18 765 17 118 9 320 18 570

Credit 33 403 21 093 18 960 13 087 20 542

Currency 31 610 16 817 10 400 7 846 15 972

Autonomous 24 934 15 738 10 120 7 846 15 972

Privatization related 6 677 1 079 280 - -

Conversions 1 710 4 215 8 484 5 213 4 557

Autonomous 1 336 4 215 8 484 5 213 4 557

Privatization related 374 - - - -

Merchandise 83 61 76 29 13

Reinvested earnings - ... - ... -

Debit 3 387 2 328 1 842 3 767 1 971

Intercompany loans 2 763 3 692 - 528 823 - 405

Credit 6 888 8 924 7 500 6 150 5 216

Debit 4 125 5 232 8 028 5 327 5 621

Loans from headquarters abroad to affiliates in Brazil 2 959 3 688 - 529 803 - 392

Credit 6 777 8 911 7 495 6 120 5 211

Debit 3 819 5 223 8 024 5 317 5 604

Paid in cash 2 272 4 134 5 796 3 903 4 554

Converted to FDI equity capital 1 547 1 089 2 229 1 414 1 049

Loans from affiliates in Brazil to headquarters abroad - 196 4 2 21 - 12

Credit 110 13 5 30 5

Debit 306 9 4 10 17

(continues)


162

V.9 - Direct investment




Total direct investment 279 3 225 8 695 1 065 6 785

Credit 1 296 7 791 27 045 2 207 12 619

Debit 1 017 4 565 18 350 1 142 5 834

Abroad - 459 - 820 - 9 471 - 263 - 1 782

Credit 143 474 1 287 53 477

Debit 602 1 294 10 757 315 2 259

Equity capital - 457 - 776 - 6 640 - 259 - 1 847

Credit 143 459 1 156 52 371

Debit 600 1 235 7 796 312 2 218

Intercompany loans - 2 - 45 - 2 831 - 3 66

Credit - 15 131 1 107

Debit 2 59 2 961 4 41

Loans from headquarters in Brazil to affiliates abroad - 2 - 39 - 2 834 - 3 59

Credit - 15 114 1 100

Debit 2 54 2 948 4 41

Loans from affiliates abroad to headquarters in Brazil - - 5 3 - 6

Credit - - 16 - 6

Debit - 5 13 - -

Foreign direct investment in Brazil 738 4 045 18 166 1 328 8 566

Credit 1 153 7 317 25 758 2 154 12 142

Debit 415 3 271 7 592 827 3 575

Equity capital 704 4 560 18 570 1 106 6 050

Credit 833 5 333 20 542 1 532 7 936

Currency 621 3 742 15 972 1 462 7 352

Autonomous 621 3 742 15 972 1 462 7 352

Privatization related - - - - -

Conversions 210 1 580 4 557 53 560

Autonomous 210 1 580 4 557 53 560

Privatization related - - - - -

Merchandise 2 10 13 17 24

Reinvested earnings ... - - ... -

Debit 129 772 1 971 426 1 886

Intercompany loans 34 - 515 - 405 222 2 516

Credit 320 1 984 5 216 622 4 205

Debit 286 2 499 5 621 400 1 689

Loans from headquarters abroad to affiliates in Brazil 34 - 508 - 392 263 2 635

Credit 320 1 982 5 211 615 4 192

Debit 286 2 490 5 604 352 1 557

Paid in cash 186 1 990 4 554 338 1 458

Converted to FDI equity capital 100 500 1 049 14 100

Loans from affiliates in Brazil to headquarters abroad - - 7 - 12 - 41 - 119

Credit - 2 5 7 13

Debit - 9 17 48 132


163

V.10 - Portfolio investment - assets

US$ million

Itemization 2000 2001* 2002* 2003* 2004*

Total - 1 696 - 795 - 321 179 - 755

Credit 2 888 1 626 1 016 1 805 2 767

Debit 4 583 2 421 1 337 1 626 3 522

Equity securities - 1 953 - 1 121 - 389 - 258 - 121

Credit 1 970 170 320 66 36

Debit 3 923 1 291 709 324 157

Brazilian Depositary Receipts (BDR) - 945 150 106 - 10 - 0

Credit 1 669 153 113 2 1

Debit 2 614 3 7 12 1

Other equities - 1 008 - 1 271 - 495 - 248 - 121

Credit 301 17 207 64 35

Debit 1 309 1 288 702 312 156

Debt securities 258 326 67 437 - 633

Credit 918 1 456 696 1 738 2 731

Debit 660 1 130 629 1 302 3 365

Bonds and notes 258 326 67 437 - 633

Credit 918 1 456 696 1 738 2 731

Colateral release 245 326 - 359 -

Other 673 1 130 696 1 379 2 731

Debit 660 1 130 629 1 302 3 365

Short term - - - - 0

Credit - - - - 0

Debt - - - - -

(continues)


164

V.10 - Portfolio investment - assets




Total - 207 - 544 - 755 - 79 - 1 044

Credit 182 1 050 2 767 261 1 913

Debit 389 1 593 3 522 341 2 957

Equity securities - 9 - 25 - 121 - 12 - 837

Credit 1 25 36 2 16

Debit 10 51 157 13 853

Brazilian Depositary Receipts (BDR) 0 0 - 0 - -

Credit 0 0 1 - -

Debit - - 1 - -

Other equities - 9 - 25 - 121 - 12 - 837

Credit 1 25 35 2 16

Debit 10 51 156 13 853

Debt securities - 199 - 518 - 633 - 68 - 207

Credit 181 1 024 2 732 260 1 898

Debit 380 1 543 3 365 327 2 104

Bonds and notes - 199 - 518 - 633 - 68 56

Credit 181 1 024 2 731 260 1 897

Colateral release - - - - -

Other 181 1 024 2 731 260 1 897

Debit 380 1 543 3 365 327 1 841

Short term - - 0 0 - 263

Credit - - 0 0 0

Debt - - - - 263


165

V.11 - Portfolio investment - liabilities

US$ million

Itemization 2000* 2001* 2002* 2003* 2004*

Total 8 651 872 - 4 797 5 129 - 3 996

Credit 38 816 29 497 18 352 27 347 30 614

Debit 30 165 28 625 23 150 22 218 34 610

Equity securities 3 076 2 481 1 981 2 973 2 081

Credit 18 346 10 494 10 055 10 552 16 370

Debit 15 270 8 013 8 074 7 579 14 289

Issued in the country - 3 262 - 545 - 723 2 094 1 236

Credit 10 425 7 015 7 103 9 475 14 797

Debit 13 687 7 560 7 826 7 381 13 562

Issued abroad (Annex V - ADR) 6 338 3 026 2 704 878 845

Credit 7 921 3 478 2 952 1 076 1 572

Debit 1 583 452 248 198 727

Debt securities 5 575 - 1 609 - 6 778 2 156 - 6 076

Credit 20 470 19 003 8 297 16 795 14 245

Debit 14 895 20 612 15 076 14 639 20 321

Issued in the country - 199 - 274 - 223 272 101

Medium and long-term - 258 - 246 - 218 163 38

Credit 980 532 538 717 1 121

Debit 1 238 778 756 555 1 083

Short-term 59 - 28 - 5 109 63

Credit 469 356 383 479 748

Debit 410 384 388 370 685

Issued abroad 5 774 - 1 335 - 6 556 1 884 - 6 178

Bonds 3 707 1 160 1 597 2 319 - 440

Disbursements 12 222 9 699 4 101 7 087 5 928

New issues 6 086 7 549 4 070 5 889 5 928

Bond swaps 6 136 2 150 30 1 198 -

Amortizations 8 515 8 539 2 504 4 768 6 368

Paid in cash 2 370 6 389 2 473 3 570 6 368

Bond swaps 6 145 2 150 30 1 198 -

Face value 6 521 2 150 30 1 289 -

Discounts 376 - - 1 90 -

Notes and commercial papers 1 886 - 3 118 - 7 338 - 761 - 6 111

Disbursements 6 496 7 350 2 093 4 729 5 085

Amortizations 4 610 10 468 9 432 5 490 11 196

Money market instruments 181 623 - 815 326 373

Disbursements 304 1 066 1 182 3 783 1 363

Amortizations 123 442 1 996 3 457 990

(continues)


166

V.11 - Portfolio investment - liabilities




Total - 434 - 3 157 - 3 996 2 316 5 545

Credit 2 157 13 925 30 614 6 263 23 690

Debit 2 591 17 082 34 610 3 947 18 146

Equity securities - 189 814 2 081 724 2 510

Credit 1 109 7 740 16 370 2 766 13 685

Debit 1 297 6 926 14 289 2 042 11 175

Issued in the country - 262 539 1 236 653 2 056

Credit 978 7 228 14 797 2 672 12 945

Debit 1 240 6 689 13 562 2 019 10 889

Issued abroad (Annex V - ADR) 74 275 845 72 454

Credit 131 512 1 572 94 740

Debit 57 237 727 23 286

Debt securities - 246 - 3 971 - 6 076 1 592 3 034

Credit 1 048 6 185 14 245 3 497 10 005

Debit 1 293 10 157 20 321 1 906 6 971

Issued in the country - 33 72 101 82 263

Medium and long-term - 20 43 38 49 158

Credit 74 548 1 121 202 982

Debit 94 505 1 083 153 824

Short-term - 13 29 63 33 105

Credit 50 366 748 135 654

Debit 63 337 685 102 549

Issued abroad - 213 - 4 043 - 6 178 1 509 2 771

Bonds 750 - 1 745 - 440 1 100 2 957

Disbursements 750 2 350 5 928 1 100 4 502

New issues 750 2 350 5 928 1 100 4 502

Bond swaps - - - - -

Amortizations - 4 095 6 368 - 1 545

Paid in cash - 4 095 6 368 - 1 545

Bond swaps - - - - -

Face value - - - - -

Discounts - - - - -

Notes and commercial papers - 919 - 1 843 - 6 111 104 - 849

Disbursements 126 2 734 5 085 1 717 3 020

Amortizations 1 045 4 577 11 196 1 614 3 870

Money market instruments - 44 - 455 373 305 663

Disbursements 48 187 1 363 342 847

Amortizations 92 642 990 37 184


167

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 0.0 32 191 30 576 1 615

1998 17 365 94.8 4.2 1.0 - 0.0 0.0 21 887 24 349 - 2 462

1999 23 110 99.0 0.0 0.8 - 0.0 0.1 12 396 11 296 1 100

2000 18 528 91.9 0.1 0.9 7.0 0.0 0.1 10 831 12 666 - 1 835

2001 15 532 88.5 0.3 0.7 9.3 - 1.2 9 348 10 076 - 728

2002 10 373 74.7 2.3 1.2 21.5 - 0.2 7 565 7 901 - 336

2003 20 120 86.8 0.6 0.7 11.6 - 0.3 11 020 8 599 2 421

2004 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

Dec 29 066 90.1 1.1 0.2 8.3 - 0.3 2 077 1 951 127

Year 29 066 90.1 1.1 0.2 8.3 - 0.3 20 219 19 949 270

2005 Jan 28 640 89.3 0.7 0.3 9.0 - 0.7 1 617 1 437 181

Feb 34 496 87.9 2.8 0.2 8.6 - 0.3 2 571 2 349 222

Mar 33 764 88.6 2.0 0.4 8.1 - 0.9 2 937 2 230 707

Apr 32 449 86.9 1.5 0.8 10.6 - 0.1 2 723 3 127 - 404

May 34 869 85.4 2.0 0.4 11.6 - 0.6 1 173 2 132 - 959

Jun 36 935 86.8 1.0 0.3 11.5 - 0.5 2 754 2 964 - 210

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.


168

V.13 - Other investment - assets

US$ million

Itemization 2000* 2001* 2002* 2003* 2004*

Total - 2 989 - 6 586 - 3 211 - 9 483 - 2 196

Loans - 282 - 1 050 - 1 740 - 541 - 1 599

Long-term - 375 - 1 358 - 1 724 - 665 - 1 328

Credit 594 1 417 1 739 1 962 2 422

Debit 969 2 775 3 462 2 627 3 750

Short-term (net) 93 309 - 16 124 - 272

Currency and deposits - 1 774 - 8 001 - 1 300 - 8 579 - 668

Banks 1 321 - 3 857 4 341 - 7 009 1 407

Remaining domestic sectors - 3 095 - 4 144 - 5 641 - 1 570 - 2 075

Colateral release 166 - - - -

Other - 3 261 - 4 144 - 5 641 - 1 570 - 2 075

Other assets - 933 2 465 - 172 - 363 72

Long-term - 105 2 424 - 122 - 77 - 38

Credit 3 2 564 3 1 31

Debit 108 140 126 78 70

Short-term (net) - 828 41 - 50 - 286 110

(continues)


169

V.13 - Other investment - assets




Total 1 045 1 349 - 2 196 - 2 785 - 4 071

Loans - 214 - 623 - 1 599 - 216 - 1 050

Long-term - 198 - 561 - 1 328 - 247 - 1 048

Credit 186 935 2 422 89 722

Debit 384 1 496 3 750 336 1 770

Short-term (net) - 16 - 62 - 272 31 - 3

Currency and deposits 1 248 2 010 - 668 - 2 533 - 3 415

Banks 1 703 3 102 1 407 - 2 052 - 1 990

Remaining domestic sectors - 455 - 1 091 - 2 075 - 481 - 1 425

Colateral release - - - - -

Other - 455 - 1 091 - 2 075 - 481 - 1 425

Other assets 12 - 38 72 - 35 394

Long-term - 0 - 24 - 38 - 4 - 47

Credit - 30 31 0 1

Debit 0 54 70 4 48

Short-term (net) 12 - 14 110 - 31 441


170

V.14 - Other investment - liabilities

US$ million

Itemization 2000* 2001* 2002* 2003* 2004*

Total - 15 213 9 353 2 150 - 955 - 8 773

Trade credit (suppliers credit) - 6 409 4 233 1 741 - 34 1 152

Long-term - 2 987 480 - 1 370 - 959 - 1 387

Credit 2 675 3 293 1 284 1 007 969

Debit 5 663 2 813 2 654 1 967 2 356

Short-term (net) - 3 422 3 753 3 111 926 2 539

Loans - 8 774 5 714 1 031 - 1 549 - 10 444

Monetary Authority - 10 434 6 639 11 363 4 645 - 4 494

Exceptional financing - 10 323 6 757 11 480 4 769 - 4 363

IMF credit facitlities - 6 876 6 757 11 480 4 769 - 4 363

Credit - 6 757 16 045 17 596 -

Debit 6 876 - 4 564 12 826 4 363

Other1/ - 3 446 - - - -

Credit - - - - -

Debit 3 446 - - - -

Other long-term loans - 111 - 118 - 118 - 125 - 132

Credit - - - - -

Debit 111 118 118 125 132

Multilateral - - - - -

Other 111 118 118 125 132

Short-term loans - - - - -

Remaining sectors 1 660 - 925 - 10 332 - 6 194 - 5 950

Long-term loans 2 736 951 - 5 321 - 4 751 - 4 765

Credit 15 926 14 281 11 115 10 081 8 444

Multilateral 4 674 3 083 3 872 2 766 2 390

Agencies 1 034 1 739 1 519 1 731 785

Buyers credit 3 252 4 443 3 438 2 696 1 484

Direct loans 6 967 5 017 2 286 2 888 3 786

Debit 13 190 13 331 16 436 14 831 13 210

Multilateral 1 477 1 643 2 511 3 979 3 844

Agencies 988 1 879 2 030 2 585 2 597

Buyers credit 6 321 6 164 8 239 4 803 3 731

Direct loans 4 403 3 645 3 655 3 464 3 038

Short-term loans - 1 077 - 1 875 - 5 011 - 1 443 - 1 184

Currency and deposits - 33 - 596 - 621 625 517

Other liabilities 4 2 - 3 1

Long-term 4 3 - 3 1

Short-term - - 1 - - -

(continues)


171

V.14 - Other investment - liabilities




Total - 3 478 - 2 964 - 8 773 - 2 395 - 3 202

Trade credit (suppliers credit) - 1 055 2 747 1 152 851 533

Long-term - 124 - 659 - 1 387 - 83 - 619

Credit 69 501 969 66 354

Debit 193 1 160 2 356 149 974

Short-term (net) - 931 3 406 2 539 934 1 152

Loans - 2 641 - 5 730 - 10 444 - 3 197 - 4 386

Monetary Authority - 1 347 - 2 766 - 4 494 - 1 672 - 2 909

Exceptional financing - 1 347 - 2 701 - 4 363 - 1 672 - 2 843

IMF credit facitlities - 1 347 - 2 701 - 4 363 - 1 672 - 2 843

Credit - - - - -

Debit 1 347 2 701 4 363 1 672 2 843

Other1/ - - - - -

Credit - - - - -

Debit - - - - -

Other long-term loans - - 66 - 132 - - 66

Credit - - - - -

Debit - 66 132 - 66

Multilateral - - - - -

Other - 66 132 - 66

Short-term loans - - - - -

Remaining sectors - 1 294 - 2 963 - 5 950 - 1 525 - 1 477

Long-term loans - 894 - 2 500 - 4 765 - 1 223 - 3 081

Credit 1 275 4 498 8 444 549 2 731

Multilateral 619 1 117 2 390 249 638

Agencies 233 655 785 30 413

Buyers credit 157 891 1 484 91 574

Direct loans 265 1 835 3 786 179 1 107

Debit 2 168 6 998 13 210 1 772 5 812

Multilateral 543 1 876 3 844 201 1 388

Agencies 799 1 363 2 597 1 001 1 799

Buyers credit 440 2 366 3 731 270 1 311

Direct loans 386 1 392 3 038 300 1 315

Short-term loans - 400 - 463 - 1 184 - 301 1 604

Currency and deposits 218 19 517 - 49 617

Other liabilities - - 1 - 34

Long-term - - 1 0 -

Short-term - - - - 34

1/ Includes loans provided by BIS and Bank of Japan.


172

V.15 - International reserves in the Banco Central do Brasil

US$ million

End-of-period International liquidity

Position Change in position Months of imports

of goods

1997 52 173 - 7 937 10

1998 44 556 - 7 616 9

1999 36 342 - 8 214 9

2000 33 011 - 3 331 7

2001 35 866 2 855 8

2002 37 823 1 957 10

2003 49 296 11 473 12

2004 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

Dec 52 935 2 802 10

Year 52 935 3 639 10

2005 Jan 54 022 1 087 10

Feb 59 017 4 995 11

Mar 61 960 2 942 11

Apr 61 591 - 368 11

May 60 709 - 882 11

Jun 59 885 - 824 10


173

V.16 - Statement of international reserves changes International liquidity concept

US$ million



I - Stock - end of previous period 50 540 49 296 49 296 60 709 52 935

II - Overall balance of payments (a + b) - 837 1 346 2 244 - 431 9 632

a. Sales to/purchases from resident banks - 2 627 5 274 - 10 219

b. Banco Central external operations - 837 - 1 281 - 3 029 - 431 - 587

Colateral release (capital and interests accrued) - - - - -

Income earned on international reserves 79 546 1 131 105 625

Exceptional financing (capital and interests accrued) - 1 347 - 3 291 - 5 567 - 1 672 - 3 464

Other 430 1 464 1 407 1 136 2 251

III - Balance on export-related loans (Finex) changes - - - - -

IV - Change in market prices of international reserves 102 - 837 1 395 - 393 - 2 682

V - Change in international reserves (II + III + IV) - 735 509 3 639 - 824 6 950

VI - Stock-end-of-period (I + V) 49 805 49 805 52 935 59 885 59 885


174

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 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 30 746 17 789 70 50 133 - 25 763 - 141 24 229

Dec 468 64 31 362 20 995 46 52 935 - 24 946 - 447 27 541

2005 Jan 452 385 29 630 23 553 3 54 022 - 24 505 497 30 014

Feb 466 125 29 909 28 527 - 9 59 017 - 24 620 409 34 806

Mar 457 77 29 534 31 903 - 12 61 959 - 23 247 832 39 544

Apr 466 380 30 534 30 131 80 61 591 - 23 339 783 39 036

May 446 91 32 893 27 286 - 6 60 709 - 22 695 1 199 39 213

Jun 468 111 38 719 20 603 - 17 59 884 - 20 704 1 290 40 471

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.


175

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 14 352 - 21 203 - 6 850

1998 47 735 43 903 3 833 126 562 120 093 6 470 10 302 - 24 817 - 14 515

1999 41 641 32 905 8 736 92 401 107 118 - 14 717 - 5 981 - 10 201 - 16 182

2000 51 699 46 069 5 629 99 290 92 971 6 319 11 948 - 7 269 4 680

2001 58 036 47 248 10 789 85 710 93 350 - 7 640 3 149 - 6 110 - 2 962

2002 60 083 39 756 20 327 69 781 93 989 - 24 208 - 3 881 - 9 106 - 12 987

2003 73 203 44 848 28 355 72 118 98 096 - 25 978 2 377 - 1 660 719

2004 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

Dec 9 355 5 744 3 612 12 123 12 989 - 866 2 746 - 444 2 303

Year 93 466 56 794 36 672 84 621 109 369 -24 748 11 924 -5 562 6 362

2005 Jan 7 409 5 410 2 000 6 537 6 757 - 221 1 779 - 440 1 340

Feb 7 963 4 444 3 519 8 691 8 271 420 3 939 4 3 943

Mar 10 264 5 707 4 557 10 018 11 489 -1 470 3 086 - 56 3 030

Apr 8 846 5 339 3 507 8 396 11 372 -2 976 531 - 531

May 10 284 6 026 4 258 6 893 11 961 -5 069 - 811 - - 811

Jun 11 369 6 059 5 310 10 059 14 640 -4 581 728 - 728

Memo:

2 004 Jan-Jun 45 459 25 300 20 159 35 834 49 003 -13 169 6 990 -1 024 5 966

2 005 Jan-Jun 56 134 32 984 23 150 50 594 64 491 -13 897 9 253 - 492 8 762

1/ Transactions related to international flows in reais, including non-residents' deposits held in Brazil.


176

V.19 - Total external debt

US$ million

Itemization 2001 2002 2003 2004 2005

Sep Dec Mar Jun Sep Dec Mar

Registered debt 192 720 195 587 207 193 200 107 198 545 190 050 187 061 185 382 184 304

Nonfinancial public sector 92 818 110 355 123 709 119 785 119 565 113 182 114 053 114 713 114 907

Banks 5 398 5 388 5 418 5 700 5 663 5 653 5 380 5 207 5 040

Brazilian 1 052 1 161 1 309 1 274 1 277 1 279 1 273 1 207 1 203

Foreign 4 346 4 228 4 109 4 425 4 385 4 374 4 107 4 000 3 837

Multilateral 25 261 39 244 51 763 45 978 44 431 42 970 42 046 41 706 39 915

Bilateral (Paris Club included) 8 188 8 240 7 075 6 795 6 786 5 971 7 055 6 706 6 503

Debt bond from banks 19 330 18 226 17 057 16 118 16 118 15 261 15 104 14 174 14 174

Others 34 641 39 257 42 397 45 194 46 566 43 327 44 468 46 920 49 275

Private sector1/

99 903 85 232 83 484 80 322 78 981 76 868 73 008 70 669 69 397

Banks 82 695 67 891 63 272 56 173 55 070 53 497 55 097 53 201 52 822

Brazilian 10 670 8 503 9 126 6 495 6 404 6 922 10 230 10 256 10 078

Foreign 72 025 59 388 54 146 49 678 48 666 46 574 44 867 42 945 42 744

Multilateral 5 526 5 925 5 930 5 737 5 772 5 786 5 537 5 490 5 363

Bilateral 4 230 4 491 5 747 6 061 6 053 5 782 4 352 4 264 4 007

Others 7 452 6 924 8 534 12 351 12 086 11 803 8 022 7 714 7 205

Nonregistered debt 17 214 15 124 12 531 14 822 14 917 15 507 15 126 15 991 17 618

Nonfinancial public sector 364 65 - - - - - - -

Credit lines 364 65 - - - - - - -

Banco Central do Brasil - - - - - - - - -

Private sector1/16 850 15 059 12 531 14 822 14 917 15 507 15 126 15 991 17 618

Commercial banks (liabilities) 16 850 15 059 12 531 14 822 14 917 15 507 15 126 15 991 17 618

Total external debt2/

209 934 210 711 219 724 214 930 213 463 205 558 202 187 201 373 201 922

Nonfinancial public sector 93 182 110 420 123 709 119 785 119 565 113 182 114 053 114 713 114 907

Private sector1/

116 753 100 291 96 014 95 144 93 898 92 375 88 134 86 660 87 015

International reserves 35 866 37 823 52 675 49 296 51 612 49 805 49 496 52 935 61 960

Brazilian credit abroad 3 050 2 958 2 694 2 915 2 890 2 836 2 885 2 597 2 607

Commercial banks assets 8 313 5 090 5 976 11 726 11 434 7 498 8 721 10 140 9 567

Net total external debt 162 704 164 839 158 378 150 992 147 527 145 419 141 085 135 701 127 788

Intercompany loans 16 133 16 978 18 768 20 484 20 167 18 652 18 130 18 808 19 687

Total external debt, includes intercompany loans 226 067 227 689 238 492 235 414 233 629 224 209 220 317 220 181 221 609

Memo:

Foreign banks 91 842 77 208 69 516 67 424 66 458 64 885 62 568 61 316 62 414

Registered 76 371 63 616 58 255 54 103 53 052 50 949 48 974 46 945 46 581

Nonregistered 15 470 13 592 11 261 13 321 13 406 13 937 13 594 14 371 15 833

Brazilian banks 13 466 11 196 11 705 9 271 9 192 9 773 13 035 13 083 13 066

Registered 11 722 9 664 10 435 7 770 7 681 8 202 11 503 11 463 11 281

Nonregistered 1 744 1 532 1 269 1 501 1 511 1 571 1 532 1 620 1 785

1/ Includes financial public sector.2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.


177

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 92 452 44.6 83 570 41.8 81 065 40.8 79 250 41.7 76 489 40.9 75 258 40.6 72 981 39.6

Libor 35 588 17.2 32 697 16.3 31 808 16.0 31 700 16.7 29 524 15.8 28 448 15.3 27 935 15.2

Prime 2 400 1.2 2 343 1.2 2 394 1.2 2 184 1.1 2 133 1.1 2 123 1.1 2 013 1.1

New York 28 0.0 25 0.0 24 0.0 24 0.0 23 0.0 22 0.0 22 0.0

Others 2 372 1.1 2 318 1.2 2 370 1.2 2 159 1.1 2 110 1.1 2 101 1.1 1 991 1.1

IMF 33 459 16.1 28 255 14.1 26 898 13.5 25 301 13.3 24 641 13.2 24 946 13.5 23 247 12.6

IBRD 8 041 3.9 8 131 4.1 7 532 3.8 8 103 4.3 8 259 4.4 7 940 4.3 8 139 4.4

IDB 12 493 6.0 11 678 5.8 12 144 6.1 11 677 6.1 11 412 6.1 11 039 6.0 10 809 5.9

Others 472 0.2 466 0.2 290 0.1 285 0.1 520 0.3 762 0.4 838 0.5

Fixed rates 114 741 55.4 116 537 58.2 117 480 59.2 110 801 58.3 110 572 59.1 110 125 59.4 111 323 60.4

IBRD 484 0.2 461 0.2 457 0.2 455 0.2 37 0.0 19 0.0 17 0.0

IDB 1 012 0.5 1 077 0.5 962 0.5 958 0.5 1 137 0.6 1 049 0.6 998 0.5

Others 113 245 54.7 114 999 57.5 116 060 58.5 109 388 57.6 109 398 58.5 109 057 58.8 110 308 59.9

Total 207 193 100.0 200 107 100.0 198 545 100.0 190 051 100.0 187 061 100.0 185 383 100.0 184 304 100.0

Note: Excludes debt related to intercompany loans and includes revision of debt position.


178

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 dollar2/141 352 68.2 139 053 69.5 139 026 70.0 133 769 70.4 131 323 70.2 128 879 69.5 130 508 70.8

Yen 14 166 6.8 13 921 7.0 14 292 7.2 13 400 7.1 12 189 6.5 12 037 6.5 11 222 6.1

Deutsche mark 3 449 1.7 3 488 1.7 3 403 1.7 3 165 1.7 3 204 1.7 3 273 1.8 3 094 1.7

Special Drawing Right 33 472 16.2 28 269 14.1 26 911 13.6 25 315 13.3 24 653 13.2 25 009 13.5 23 259 12.6

French franc 1 302 0.6 1 217 0.6 1 188 0.6 972 0.5 986 0.5 897 0.5 838 0.5

Sterling pound 739 0.4 729 0.4 756 0.4 682 0.4 679 0.4 649 0.4 636 0.3

Italian lira 508 0.2 528 0.3 383 0.2 371 0.2 385 0.2 420 0.2 553 0.3

Euro 11 204 5.4 11 902 5.9 11 627 5.9 11 493 6.0 12 720 6.8 13 251 7.1 13 031 7.1

Swiss franc 418 0.2 398 0.2 374 0.2 342 0.2 355 0.2 370 0.2 338 0.2

Austrian schilling 120 0.1 127 0.1 125 0.1 122 0.1 124 0.1 10 0.0 9 0.0

Portuguese escudo 160 0.1 173 0.1 169 0.1 137 0.1 140 0.1 85 0.0 81 0.0

Canadian dollar 138 0.1 132 0.1 132 0.1 120 0.1 128 0.1 122 0.1 118 0.1

Dutch guilder 8 0.0 7 0.0 7 0.0 6 0.0 9 0.0 8 0.0 7 0.0

Belgian franc 101 0.0 107 0.1 105 0.1 102 0.1 104 0.1 112 0.1 106 0.1

Others 57 0.0 54 0.0 48 0.0 54 0.0 62 0.0 261 0.1 504 0.3

Total 207 193 100.0 200 107 100.0 198 545 100.0 190 050 100.0 187 061 100.0 185 383 100.0 184 304 100.0

Memo:

IDB 13 505 6.5 12 755 6.4 13 106 6.6 12 635 6.6 12 549 6.7 12 088 6.5 11 807 6.4

IBRD 8 525 4.1 8 592 4.3 7 989 4.0 8 558 4.5 8 247 4.4 7 924 4.3 8 124 4.4

1/ Excludes debt related to intercompany loans and includes revision of debt position.

2/ Includes World Bank and IDB.


179

V.22 - Medium and long-term registered external debt Principal amortization schedule

US$ million

Itemization Outstanding 2005 2005 2006 2007 2008 2009 2010 2011 2012

I Q (Apr-Dec)

3.31.2005 Paid

IMF loans1/

23 247 1 171 6 733 7 456 9 058 - - - - -

Import financing 41 477 2 330 5 680 6 725 4 325 3 332 3 266 2 887 2 550 3 217

International entities 22 032 656 705 2 012 1 942 1 846 1 969 1 793 1 759 2 629

World Bank 8 124 413 614 775 754 685 788 676 800 1 737

IDB 11 807 192 685 910 917 947 918 880 841 800

IFC 1 200 47 232 268 210 144 103 80 66 46

Others 901 5 192 59 61 70 160 157 52 46

Government agencies 10 510 524 2 516 2 938 1 046 779 673 647 432 372

USAID - project loans 128 8 24 25 20 16 12 11 7 8

Eximbank - USA 293 9 25 40 38 27 22 22 22 22

Eximbank - Japan 3 711 127 302 441 430 459 410 293 246 230

KFW 1 739 97 283 314 367 180 138 249 92 73

Paris Club 3 524 177 1 665 1 859 - - - - - -

Others 1 115 106 217 259 191 97 91 72 65 39

Other financing sources 8 935 1 150 2 459 1 775 1 337 707 624 447 359 216

Foreign commercial banks 2 472 313 762 509 398 293 230 92 65 44

Brazilian banks 2 301 292 651 335 344 134 152 112 115 116

Nonfinancial institutions 4 162 545 1 046 931 595 280 242 243 179 56

Currency loans 52 603 1 462 12 029 9 941 9 620 6 801 4 609 2 399 1 028 1 160

Foreign commercial banks 42 828 1 201 9 930 7 405 7 661 6 239 3 418 1 995 801 952

Brazilian banks 7 811 207 1 794 1 322 1 780 494 1 117 374 201 182

Nonbanks 1 964 54 305 1 214 179 68 74 30 26 26

Program loans (IDA) - - - - - - - - - -

Bonds 64 135 442 4 658 4 696 6 662 4 394 4 645 4 569 4 143 3 423

Other loans - - - - - - - - - -

Total medium and long-term debts2/

181 462 5 405 29 147 29 842 29 512 14 527 12 520 9 855 7 721 7 800

Intercompany loans - m.l.t 14 558 281 3 823 2 864 1 775 984 883 631 465 448

Total medium and long-term debts,

includes intercompany loans 196 020 5 686 32 970 32 706 31 287 15 511 13 403 10 486 8 186 8 248

(continues)


180

V.22 - Medium and long-term registered external debt Principal amortization schedule


Itemization 2013 2014 2015 2016 2017 2018 2019 2020 2021 Due and

postponed

IMF loans1/

- - - - - - - - - -

Import financing 1 853 1 245 1 122 935 787 584 461 330 261 1 917

International entities 1 417 903 855 766 670 502 416 294 247 1 307

World Bank 581 182 142 132 111 44 42 42 21 - 2

IDB 782 692 693 621 547 458 374 252 226 264

IFC 15 8 1 1 - - - - - 26

Others 39 21 19 12 12 - - - - 1

Government agencies 259 189 178 142 92 65 45 36 14 87

USAID - project loans 6 2 - - - - - - - - 3

Eximbank - USA 20 18 12 2 1 1 - - - 21

Eximbank - Japan 205 153 152 132 88 61 43 34 13 19

KFW 6 4 4 3 1 - - - - 25

Paris Club - - - - - - - - - -

Others 22 12 10 5 2 3 2 2 1 25

Other financing sources 177 153 89 27 25 17 - - - 523

Foreign commercial banks 21 9 4 1 - - - - - 44

Brazilian banks 117 114 57 1 - - - - - 53

Nonfinancial institutions 39 30 28 25 25 17 - - - 426

Currency loans 1 557 1 597 111 37 297 24 49 11 71 1 262

Foreign commercial banks 1 360 1 348 93 37 297 24 49 11 71 1 137

Brazilian banks 196 248 2 - - - - - - 101

Nonbanks 1 1 16 - - - - - - 24

Program loans (IDA) - - - - - - - - - -

Bonds 2 404 1 561 1 649 - 503 - 1 000 1 000 - 18 828

Other loans - - - - - - - - - -

Total medium and long-term debts2/5 814 4 403 2 882 972 1 587 608 1 510 1 242 332 21 188

Intercompany loans 133 1 032 254 61 19 36 9 28 12 1 101

Total medium and long-term debts,

includes intercompany loans 5 947 5 435 3 136 1 033 1 606 644 1 519 1 270 344 22 289

1/ Repurchases of reais by Brazil in IMF are included as reduction of liabilities in balance of payments.

2/ Excludes debt related to intercompany loans and includes revision of debt position.


181

V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 3.31.2005

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 loans1/23 247 23 247 23 247 - 23 247 -

Import financing 41 475 28 740 20 941 14 740 2 825 3 376

International entities 22 031 19 403 12 740 8 585 1 419 2 736

World Bank 8 124 8 104 6 122 5 934 137 51

IDB 11 806 10 741 6 171 2 642 944 2 585

IFC 1 200 - - - - -

Others 901 558 447 9 338 100

Government agencies 10 510 6 931 5 994 4 426 1 141 427

USAID - project loans 127 127 127 113 1 13

Eximbank - USA 293 41 41 14 27 -

Eximbank - Japan 3 711 2 554 1 657 625 786 246

KFW 1 739 409 369 15 187 167

Opic 228 - - - - -

PL-480 (USA Government) - - - - - -

Paris Club 3 524 3 524 3 524 3 524 - -

Others 888 276 276 135 140 1

Other financing sources 8 935 2 406 2 207 1 729 265 213

Foreign commercial banks 2 471 533 337 182 139 16

Brazilian banks 2 301 1 360 1 360 1 163 - 197

Nonfinancial institutions 4 162 513 510 384 126 -

Currency loans 52 603 8 944 7 596 129 1 988 5 479

Foreign commercial banks 42 828 7 147 5 841 123 1 985 3 733

Brazilian banks 7 811 956 914 6 0 908

Nonbanks 1 964 841 841 - 3 838

Program loans (IDA) - - - - - -

Bonds 64 135 62 932 62 782 62 759 23 -

Other loans - - - - - -

Total medium and long-term debts 181 460 123 863 114 566 77 628 28 083 8 855

Total short term debts 2 843 844 837 - - 837

International entities 30 - - - - -

Government agencies - - - - - -

Foreign commercial banks 1 282 106 100 - - 100

Brazilian banks 1 167 738 737 - - 737

Nonfinancial institutions 339 - - - 0 -

Bonds 25 - - - 0 -

Total2/

184 304 124 707 115 403 77 628 28 083 9 692

Intercompany loans 19 687 69 69 - 69 -

Total external debt,

includes intercompany loans 203 991 124 776 115 472 77 628 28 152 9 692

(continues)


182

V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 3.31.2005(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 7 799 6 735 1 064 - 12 735 10 739 1 996

International entities 6 663 6 130 533 - 2 628 2 261 367

World Bank 1 982 1 982 - - 20 20 -

IDB 4 570 4 037 533 - 1 065 1 065 -

IFC - - - - 1 200 1 061 139

Others 111 111 - - 343 115 228

Government agencies 937 516 421 - 3 579 3 402 177

USAID - project loans - - - - - - -

Eximbank - USA - - - - 252 252 -

Eximbank - Japan 897 491 406 - 1 157 1 131 26

KFW 40 25 15 - 1 330 1 313 17

Opic - - - - 228 194 34

PL-480 (USA Government) - - - - - - -

Paris Club - - - - - - -

Others - - - - 612 512 100

Other financing sources 199 89 110 - 6 528 5 076 1 452

Foreign commercial banks 196 86 110 - 1 938 1 249 689

Brazilian banks 0 - - - 941 189 752

Nonfinancial institutions 3 3 - - 3 649 3 638 11

Currency loans 1 348 28 1 211 109 43 659 33 248 10 411

Foreign commercial banks 1 306 28 1 178 100 35 681 29 670 6 011

Brazilian banks 42 - 33 9 6 855 3 355 3 500

Nonbanks - - - - 1 123 223 900

Program loans (IDA) - - - - - - -

Bonds 150 - 150 - 1 203 1 003 200

Other loans - - - - - - -

Total medium and long-term debts 9 297 6 763 2 425 109 57 597 44 990 12 607

Total short term debts 7 - 6 1 1 999 1 016 983

- - - - 30 30 -

- - - - - - -

Foreign commercial banks 6 - 6 - 1 176 631 545

Brazilian banks 1 - - 1 429 40 389

Nonfinancial institutions - - - - 339 315 24

- - - - 25 - 25

Total2/

9 304 6 763 2 431 110 59 596 46 006 13 590

Intercompany loans - - - - 19 619 19 587 32


includes intercompany loans 9 304 6 763 2 431 110 79 215 65 593 13 622

1/ "Reais" repurchases by Brazil in IMF are included as reduction of liabilities in the balance of payments.2/ Excludes debt related to intercompany loans and includes revision of debt position.


183

V.24 - Total external debt by debtor

US$ million

Itemization 2002 20031/ 20041/ 20051/

Mar Jun Sep Dec Mar

Medium and long-term debt2/187 316 194 736 193 300 185 735 183 565 182 630 181 462

Nonfinancial public sector 110 310 119 785 119 565 113 933 114 044 114 712 114 900

Private sector and financial public sector 77 005 74 950 73 735 71 802 69 521 67 918 66 562

Short-term debt 23 395 20 195 20 163 19 822 18 622 18 744 20 459

Nonfinancial public sector 110 11 11 8 9 1 6

Banco Central (liabilities) - - - - - - -

Credit lines 65 - - - - - - Short-term registered debt2/

45 11 11 8 9 1 6

Private sector and financial public sector 23 285 20 184 20 152 19 814 18 613 18 743 20 453

Commercial banks (liabilities) 15 059 14 822 14 917 15 507 15 126 15 991 17 618

Short-term registered debt2/

8 226 5 361 5 235 4 306 3 487 2 752 2 835

Resolution 2,483 - Rural financing - - - - - - -

Import financing 4 715 1 262 1 621 1 098 970 781 661 Others3/

3 512 4 100 3 614 3 208 2 517 1 971 2 174

Total external debt4/210 711 214 930 213 463 205 558 202 187 201 374 201 921

Intercompany loans 16 978 20 484 20 167 18 652 18 130 18 808 19 687


includes intercompany loans 227 689 235 415 233 629 224 209 220 317 220 182 221 608

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.


184

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 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

Dec 2.6536 - 2.79 2.6544 - 2.79 2.7174 - 2.44 2.7182 - 2.44 - 7.08 - 7.08

Year 2.6536 - 8.13 2.6544 - 8.13 2.9249 - 4.75 2.9257 - - 4.75 -

2005 Jan 2.6240 - 1.12 2.6248 - 1.12 2.6922 - 0.93 2.6930 - 0.93 - 0.93 - 5.57

Feb 2.5942 - 1.14 2.5950 - 1.14 2.5970 - 3.54 2.5978 - 3.54 - 4.43 - 11.35

Mar 2.6654 2.74 2.6662 2.74 2.7039 4.12 2.7047 4.10 - 0.50 - 6.91

Apr 2.5305 - 5.06 2.5313 - 5.06 2.5784 - 4.64 2.5792 - 4.65 - 5.12 - 11.25

Mar 2.4030 - 5.04 2.4038 - 5.04 2.4520 - 4.90 2.4528 - 4.90 - 9.76 - 20.89

Jun 2.3496 - 2.22 2.3504 - 2.22 2.4127 - 1.60 2.4135 - 1.60 - 11.21 - 22.87

1/ Rates for accounting purpose.

VI - The international economy


187

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

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

Dec 5.13 2.71 0.07 2.20 4.91

Jul-Dec 4.66 2.23 0.07 2.18 5.00

Year 4.33 1.79 0.07 2.15 4.77

2005 Jan 5.25 2.89 0.07 2.19 4.90

Feb 5.44 3.16 0.64 2.19 5.06

Mar 5.54 3.28 0.07 2.19 5.07

Apr 5.75 3.39 0.07 2.17 4.99

May 5.96 3.49 0.07 2.14 4.89

Jun 6.00 3.81 0.09 2.11 4.73

Jan-Jun 5.66 3.34 0.17 2.17 4.94

1/ Rates in accordance with daily interest bulletin of Banco Central do Brasil.


188

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

2004 Jan 1.9 -0.3 1.2 2.6 2.1 6.5 0.7 1.0 5.7 5.0 11.0 4.8

Feb 1.7 0.0 0.9 2.5 3.1 3.8 0.3 0.0 5.6 5.0 11.1 4.8

Mar 1.7 -0.1 1.1 2.6 3.2 5.1 3.2 1.5 5.7 4.7 10.9 4.7

Apr 2.3 -0.4 1.6 2.5 4.7 8.5 3.1 1.7 5.5 4.7 10.7 4.8

May 3.1 -0.5 2.0 2.8 5.4 6.8 3.7 2.2 5.6 4.6 10.3 4.8

Jun 3.3 0.0 1.7 3.0 4.7 8.0 3.8 1.8 5.6 4.6 10.2 4.8

Jul 3.0 -0.1 1.8 3.0 4.8 7.6 2.2 0.3 5.5 4.9 10.5 4.7

Aug 2.7 -0.2 2.0 3.2 5.0 8.4 4.9 0.7 5.4 4.8 10.5 4.7

Sep 2.5 0.0 1.8 3.1 3.9 3.9 4.7 0.1 5.4 4.6 10.3 4.6

Oct 3.2 0.5 2.0 3.3 4.5 1.6 2.4 -1.7 5.5 4.7 10.1 4.7

Nov 3.5 0.8 1.8 3.4 3.8 1.4 0.7 1.0 5.4 4.5 10.3 4.7

Dec 3.3 0.2 2.1 3.5 4.4 1.8 0.7 0.6 5.4 4.4 10.8 4.7

2005 Jan 3.0 -0.1 1.6 3.2 4.0 2.2 3.5 -0.5 5.2 4.5 12.1 4.7

Feb 3.0 -0.3 1.8 3.2 3.4 3.7 2.7 -0.1 5.4 4.7 12.6 4.8

Mar 3.1 -0.2 1.8 3.2 3.9 2.2 0.8 -2.6 5.2 4.5 12.5 4.7

Apr 3.5 0.0 1.6 3.2 3.0 1.5 1.9 -1.9 5.2 4.4 12.0 4.7

May 2.8 0.2 1.7 2.9 2.7 -0.9 1.3 -1.5 5.1 4.4 11.6 4.8

Jun 2.5 -0.5 1.8 2.9 3.9 0.1 2.2 -1.9 5.0 4.2 11.3 ...

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.


189

VI.3 - International reserves1/

End of Germany Argentina Brazil Canada United France Italy Japan Mexico United

period States Kingdom

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 31 829 61 43

Nov 54 18 50 34 90 41 31 830 64 45

Dec 55 19 53 34 90 41 31 835 64 46

2005 Jan 55 19 54 35 84 43 32 832 65 45

Feb 54 20 59 36 83 41 31 831 64 46

Mar 54 20 62 36 82 39 32 828 64 45

Apr 54 20 62 36 82 41 32 834 63 46

May 54 21 61 35 80 39 31 834 62 45

Jun ... ... 60 ... ... ... ... ... ... ...

Source: International Financial Statistics (IMF), except for Brazil.

Brazil: Banco Central do Brasil


190

VI.4 - Currencies per US dollar1/

End of ¥ Sw.Fr. US$/£ Can$ US$/SDR US$/EUR

period

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

Dec 102.55 1.1368 1.9311 1.2042 1.55094 1.36358

2005 Jan 103.81 1.1914 1.8846 1.2425 1.52353 1.30485

Feb 104.73 1.1631 1.9243 1.2354 1.52761 1.32576

Mar 107.39 1.1978 1.8923 1.2112 1.51385 1.29785

Apr 104.94 1.1972 1.9108 1.2602 1.51981 1.28914

May 108.75 1.2504 1.8191 1.2569 1.47790 1.23222

Jun 110.91 1.2811 1.7902 1.2272 1.45661 1.21080

Source: International Financial Statistics (IMF) and Bacen

1/ Refer to rates utilized by the Banco Central do Brasil in its accounts.


191

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


193

Members of the National Monetary Council (August 31, 2005)

Antonio Palocci FilhoMinister of Finance – President

Paulo BernardoMinister of Planning and Budget

Henrique de Campos MeirellesGovernor


194

Banco Central do Brasil Management (August 31, 2005)

Board of directors

GovernorHenrique de Campos Meirelles

Directors

Economic Policy (Dipec)Afonso Sant’Anna Bevilaqua

Special Studies (Diesp)Alexandre Antonio Tombini

International Affairs (Direx)Alexandre Schwartsman

Bank Liquidation and Privatization (Dilid)Antonio Gustavo Matos do Vale

Administration (Dirad)João Antônio Fleury Teixeira

Supervision (Difis)Paulo Sérgio Cavalheiro

Monetary Policy (Dipom)Rodrigo Telles da Rocha Azevedo

Financial System Regulation and Organization (Dinor)Sérgio Darcy da Silva Alves

Executive Secretariat

Executive SecretaryHélio José Ferreira

Head of Governor´s OfficeJosé Augusto Varanda

Secretaries

Institutional RelationsEmidio Rodrigues Cordeiro

Board of Directors and National Monetary Council AffairsSergio Albuquerque de Abreu e Lima


195

Senior Advisors

Governor (Presi)Alexandre Pundek Rocha

Supervision (Difis)Alvir Alberto Hoffmann

Administration (Dirad)Carolina de Assis Barros

Financial System Regulation and Organization (Dinor)Clarence Joseph Hillerman Jr

International Affairs (Direx)Dalmir Sérgio Louzada

Special Studies (Diesp)Eduardo Fernandes

Monetary Policy (Dipom)Flávio Pinheiro de Melo

Economic Policy (Dipec)Katherine Hennings

Bank Liquidation and Privatization (Dilid)Marco Antonio Belem da Silva

Banco Central do Brasil Management (August 31, 2005)


196

Central units of the Banco Central do Brasil (August 31, 2005)

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


Department of Surveillance of Illegal Activities and Supervision of Edifício-Sede – 7º andarForeign Exchange and International Capital Flows (Decic) SBS Quadra 3 Zona CentralHead: Ricardo Liao 70.074-900 Brasília (DF)

Department of Analysis and Control of Disciplinary Actions (Decap) Edifício-Sede – 19º andarHead: Claudio Jaloretto SBS Quadra 3 Zona Central


Department of Planning and Management Overview of Supervisory Edifício-Sede – 14º andarActivities (Decop) SBS Quadra 3 Zona CentralHead: Sérgio Almeida de Souza Lima 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 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, 30 – CentroHead: 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: Ivan Luis Gonçalves de Oliveira Lima 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



197

Department of Financial System Organization (Deorf) Edifício-Sede – 16º andarHead: Luiz Edson Feltrim SBS Quadra 3 Zona Central


Planning and Budget Department (Depla) Edifício-Sede – 9º andarHead: José Clóvis Batista Dattoli SBS Quadra 3 Zona Central


Department of Infrastructure (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

01310-922 São Paulo (SP)

Department of Supervision of Credit Unions and Non-banking Edifício-Sede – 1º subsoloFinancial Institutions and Financial System Consumer Complaints (Desuc) SBS Quadra 3 Zona CentralHead: Sidinei Corrêa Marques 70.074-900 Brasília (DF)

Department of Off-site Supervision and Information Management (Desig) Edifício-Sede – 6º andarHead: Cornélio Farias Pimentel SBS Quadra 3 Zona Central

Information Technology Department (Deinf) Edifício-Sede – 2º andarHead: Fernando de Abreu Faria SBS Quadra 3 Zona Central


Legal Department (PGBCB) Edifício-Sede – 11º andarGeneral Attorney: Francisco José de Siqueira SBS Quadra 3 Zona Central

70.0074-900 Brasília (DF)Executive Office

Executive Office on 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 – 3º andarHead: Geraldo Magela Siqueira 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


Proagro Executive Office (GTPRO) Edifício-Sede – 16º andarHead: Deoclécio Pereira de Souza SBS Quadra 3 Zona Central



198

Regional offices of the Banco Central do Brasil (August 31, 2005)

1st Region - Regional Office in Belém (ADBEL) Boulevard Castilhos França, 708 – CentroRegional Delegate: Maria de Fátima Moraes de Lima Caixa Postal 651Jurisdiction: Pará, Acre, Amapá, Amazonas, 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, 1259 – Santo AmaroRegional Delegate: Pedro Rafael Lapa Caixa Postal 1445Jurisdiction: Pernambuco Alagoas, Paraíba, 50.040-090 Recife (PE)

and Rio Grande do Norte

4th Region - Regional Office in Salvador (ADSAL) Av. Anita Garibaldi, 1211 – OndinaRegional Delegate: Antonio Carlos Mendes Oliveira 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: Anthero de Moraes Meirelles 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: Rio de Janeiro and Espírito Santo 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)

Boletim do Banco Central do Brasil · Secre/Surel/Dimep SBS – Quadra 3 – Bloco B –...

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