Boletim do Banco Central do Brasilto the Boletim includes twelve monthly issues and the Annual...

ISSN 1517-7270

August 2003

Volume 39 – Number 8

Boletim do Banco Central do Brasil

ISSN 1517-7270CGC 00038 166/0001-05

Boletim do Banco Central do Brasil Brasília v. 39 no. 8 Aug 2003 P. 1 - 200

Boletim do Banco Central do Brasil August 2003

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Reproduction permitted only if source is stated: Boletim do Banco Central do Brasil, Volume 39, 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 or agreement year,when mentioned in the text.

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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)

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Address: Secre/Surel/DiateEdifício-Sede – 2º subsolo Phones: (55.61) 414 (....) 2401, 2402, 2403, 2404, 2405, 2406SBS – Quadra 3 – Zona Central Fax: (55.61) 321 945370074-900 – Brasília – DF

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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 Technical 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]).


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Summary

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

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

II. Money and credit ......................................................................................... 13

III. Public finance ............................................................................................... 17

IV. Foreign sector of the Brazilian economy .............................................. 21

V. International economy ................................................................................ 25

VI. Main economic policy measures ............................................................. 31

National Monetary Council Resolutions

Banco Central do Brasil Circulars

Statistical tables ........................................................................................... 35

Appendix......................................................................................................193


5

THE ECONOMIC SCENE IN JUNE

The process of economic deceleration intensified in June, as Brazilianindustrial output closed the first half of 2003 at practically the samelevel registered in the identical period of the preceding year. The paceof economic activity over the course of the second quarter of 2003was less favorable than business expectations had first indicated, andwould have been even worse had it not been for steady growth in thevolume of exports and in accumulated stocks of final products at alevel sharply highly than planned.

The major price indices pointed to a new reduction in inflation in June,as prices registered negative growth at both the wholesale andconsumer levels. For the second consecutive month, the falloff inwholesale prices resulted from a greater supply of cereals and grains,coupled with the inflow of the new harvest and the impact of 19%appreciation of the real on farm and industrial prices in the first sixmonths of the year. Consumer prices in the month reflected a downturnin fuel and food prices and closed the period with negative growth.

Confirmation of the downward movement of inflation, together withgood fiscal and trade balance results, generated positive impacts onthe behavior of the financial market in the month of June. Decreasedprice volatility was accompanied by a new drop in the nation’sinternational risk rating and upward movement in the value of the realagainst the United States dollar. This process further intensified thenegative incline of the interest rate curve on the domestic futuresmarket. It was in this context that the Banco Central Monetary PolicyCommittee (Copom) decided to reduce the Selic rate target by 50base points.

In the month under analysis, the trade balance surplus came to US$2.4billion, based on exports worth US$5.9 billion and imports totalingUS$3.5 billion, thus raising the accumulated surplus for the year to arecord US$10.4 billion. Particular mention should be made of the factthat, in June, the current account balance accumulated over twelvemonths registered a surplus for the first time since January 1990 andcorresponded to 0.28% of Gross Domestic Product (GDP).


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I - ECONOMIC ACTIVITY

In the first half of the year, industrial output expanded by 0.1%,compared to the same period of 2002. This result was positivelyimpacted by the expansion of the mechanics (10.1%), metallurgy(6.3%) and mining (2%) industries. In more specific terms, thehighpoints of the growth process were the performances of tractorsand highway machinery, steel products and petroleum and natural gas.On the other hand, the industrial segments that generated negativeimpacts on the general index were those that are dependent on internaldemand, such as electric and communications equipment (6.9%),apparel and footwear (14.8%), textiles (8.5%) and pharmaceuticals(16.2%). Among the various use categories, intermediate goods werethe only one to register positive growth in the first half of the year,with 1.4%, while the other headings, such as consumer durables, semiand nondurable goods and capital goods, turned in respectivereductions of 4.5%, 3.4% and 2.1%.

The trajectory of industrial output in the first half of the year wasclearly downward. The first quarter registered growth of 2.5% whilethe second turned in a decline of 2.1%, compared to the productionlevels of the same periods of the previous year. Following growth of4.4% in the first quarter of the year, production of intermediate goodsslipped by 1.4% in the second, while capital goods output increasedby 0.5% and dropped by 4.5% in the same periods. Manufacturing ofconsumer durables and semi and nondurable consumer goods turnedin negative growth rates in the first quarter of the year, with 0.5% and2.9%, respectively. In the following period, these figures worsenedfurther, closing at 8.1% and 3.9%, respectively.

Industrial production Seasonally adjusted indices

100

120

140

160

180

200

Feb2001

Apr Jun Aug Oct Dec Feb2002


Apr Jun

Capital goods Intermediate goodsDurable consumer goods Semi and nondurable goods

Index: 1992 = 100

Source: IBGE


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According to indices calculated by the Brazilian Institute of Geographyand Statistics (IBGE) and seasonally adjusted by the Banco CentralDepartment of Economics (Depec), the 2.6% June decline in industrialoutput, compared to the previous month’s result, ratified the downwardtrend, registering the lowest level since December 2001. Viewed interms of use categories, output of consumer durables increased by0.9%, while the other headings registered declines: capital goods, with6.2%, intermediate goods, with 2.4% and semi and nondurable goods,with 1.7%.

All investment level indicators dropped in the first half of the year,compared to the same period of the previous year. The positive resultin the production of machines and equipment for the farm sector wasnot sufficient to neutralize the negative performance registered in theproduction of equipment for the electricity sector, construction andtransportation, as domestic production of capital goods turned in areduction of 2.1%. The downturn in the output of construction industryinputs came to 6.6%, at the same time in which capital goods importsfell by 30.2%.

The National Bank of Economic and Social Development (BNDES),which is the principal financing agent for medium and long-terminvestments, registered a 30% reduction in loan-related consultationsin the first half of the year, compared to the total for the correspondingperiod of 2002. In the same period, disbursements came to R$11 billion,for a reduction of 16.8% compared to the level registered in the sameperiod of the previous year, indicating a downturn in the volume offinancing for the export sector, particularly in the case of the aircraftindustry.

Insofar as the farm sector is concerned, forecasts of total output ofcereals, legumes and oil-bearing crops in the 2003/2002 farm yearincreased to 119.7 million tons, according to data gathered in theSystematic Farm Production Survey, carried out in June by IBGE.The forecast result is 23.2% greater than in the previous harvest and1% above the forecast released in May.

The consumer confidence level continued on an upward curve in June,accumulating a high of 12.2% over three months. Internationalperceptions of the situation improved considerably as a result of thedrop in the nation’s risk classification and appreciation of the realagainst the American dollar. With regard to the domestic scenario,


8

Real sales of the retail sector on greater São Paulo Seasonally adjusted indices

30

90

150

210

270

Feb2001



Apr Jun

General Consumer goodsFactory dealers Building materials

Index: 1992 = 100

Source: Fecomercio SP

there was a marginal increase in concern over the level ofunemployment and the political situation, though this was certainlynot sufficient to hamper growth in consumer confidence. Retail sectorsales increased in relation to those of the previous month in themetropolitan region of São Paulo, due to the rise in sales of consumergoods. Notwithstanding losses under real earnings and upwardmovement in the unemployment rate, the default level continued on asteadily downward trajectory.

Data released by the Trade Federation of the State of São Paulo(Fecomercio SP) and seasonally adjusted by Depec indicated that thereal revenues of the retail trade sector in the metropolitan region ofSão Paulo increased by 0.8% in June, compared to the precedingmonth, but dropped by 4.1% when viewed against the same month of2002. In the half-year period, growth came to 1.8%.

The high in real earnings in the month of June, compared to the previousmonth, reflected increases of 1.4% in sales of consumer goods and1.7% in sales of building materials, coupled with a falloff of 1.3% inthe sales of the automotive sector. The subgroups that turned in thebest performances were consumer durables and nondurable consumergoods, with respective highs of 4.4% and 1%, offsetting the 3%reduction in sales of semidurable consumer goods.

Compared to sales in June 2002, those involving consumer goods andthe automotive sector fell by 5.4% and 2.1%, respectively, while salesof building materials rose by 21.2%. In accumulated terms for thefirst half of the year, sales of consumer goods expanded by 1% andthose of building materials increased by 13.9%, while sales of theautomotive sector decreased by 3.5% as a result of the 7.8% reductionregistered at factory authorized dealers.


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According to the National Federation of Automotive VehicleDistribution (Fenabrave), the index of total vehicle sales by factoryauthorized outlets dropped by 3.3% compared to May and 11.9% incomparison to June of the previous year, when seasonally adjusted byDepec. In accumulated terms for the first half of the year, salesregistered a reduction of 6.2%.

Data released by the Credit Protection Service Center (SCPC), whichis part of the São Paulo Trade Association (ACSP), showed that thenumber of consultations involving installment purchases and check-based operations increased by respective rates of 0.71% and 2.3% inJune, when compared to the results for the previous month. Inaccumulated twelve month figures, the number of consultations forinstallment purchases fell by 0.7%, while the number of consultationsfor check-based operations expanded by 6.9%.

In the São Paulo trade sector, the net rate of default diminished to4.9% in June, compared to 5.2% in May and 8% in June 2002.Compared to the previous month, the number of new installmentpurchase arrears dropped by 10.1% and the number of arrears canceleddiminished by 11.5%. When viewed against June 2002, the number ofnew occurrences and cancelled arrears diminished respectively by16.1% and 3.6%. In the first half of the current year, the number ofnew arrears and arrears cancelled increased by 0.4% and 10.9%,respectively. The median proportion of checks returned due toinsufficient backing, compared to total checks cleared in the country,moved from 5.6% in May to 5.1% in June. In June 2002, the proportionhad closed at 5%.

The Index of Consumer Intentions (IIC), which is elaborated byFecomércio-SP, increased by 5.3% in June, compared to the month ofMay, and 27.9% when viewed against June 2002. In accumulated termsfor the year, the index registered a result that was 8.4% higher than inthe first half of 2002. The component that measures currentconsumption intentions (IIA) and that which evaluates future intentionsregarding consumption of goods in general (IIF) increased at respectiverates of 4.8% and 5.6%, compared to the figures for May. Improvementwas registered in international perceptions, as a result of the reductionin the country’s risk classification and appreciation of the real againstthe dollar. In the domestic environment, marginal growth wasregistered in concerns over unemployment and the political scenario.


10

Consumer Intention Index (IIC)

60

75

90

105

120

135

Feb2001



Apr Jun

IIC IIF IIA

Index: average 1996 = 100

Source: Fecomercio SP

Insofar as the labor market is concerned, the index of formalemployment increased by 0.2% in June, compared to the previousmonth, and 2.9% when viewed against the same period of 2002,according to information released by the Ministry of Labor andEmployment. The rate of joblessness measured by the IBGE in thecountry’s six major metropolitan regions increased from 12.8% in Mayto 13% in June. In the same month of the previous year, unemploymenthad closed at 11.6%. The median rate for the first half of 2003 cameto 12.2%, as against 12.1% in the same period of 2002. The numberof persons employed increased by 0.1%, compared to the month ofMay, and the number of the unemployed rose by 1.3%, resulting ingrowth of 0.3% in the Economically Active Population.

In the month of June, the major price indices used in the Brazilianeconomy pointed to a new downward slide in inflation, with negativegrowth under both wholesale and consumer prices. This was the secondconsecutive month of downward movement under wholesale prices,reflecting the increased supply of cereals and the impact of appreciationof the real on farm and industrial prices. There was an across-the-board decrease in consumer prices, reflecting reductions in the pricesof fuels and food products.

In the same month, the Broad Consumer Price Index (IPCA) registeredgrowth of -0.15%, compared to 0.61% in the preceding month, whilethe General Price Index – Internal Supply (IGP-DI) registered adownturn of 0.7%, as against -0.67% in May. Growth in the WholesalePrice Index (IPA-DI), which is the item of greatest weight indetermining the growth of the IGP-DI, moved from -1.68% to -1.16%in the period. Analyzing accumulated twelve month growth for theperiod ended in June, the IGP-DI expanded by 26.94% and the IPA-DI by 33.55%, compared to 30.05% and 38.5%, respectively, in the


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Price indices

0

9

18

27

36

45

Feb2001



Apr Jun

IPCA(IBGE) IPA-DI(FGV)

% 12 months

Source: IBGE and FGV

previous month. As regards the IPCA, accumulated year-over-yeargrowth came to 17.24% in May and 16.57% in June.

The negative growth registered in the June IPCA reflected reductionsin the prices of such foodstuffs as tomatoes, onions, carrots, crystalsugar and white potatoes, as well as of fuels, including gasoline andalcohol. Food products and fuels contributed with -0.08 p.p. and-0.37 p.p., respectively, to the result of the general index.

Viewed under the prism of government managed/monitored prices andmarket prices, the deceleration showed by the IPCA pointed to negativegrowth of 1.02% in government administered/monitored prices,compared to 0.81% in June, contributing -0.29 p.p. to the result ofthe general index, as a consequence of price reductions of 4.94% undergasoline and 12.14% under alcohol. In the same period, the change inmarket prices moved from 0.53% to 0.2%, contributing 0.14 p.p. tothe general result. The lesser pace of growth was caused by 0.34%contraction in food prices which, in turn, was generated by climaticconditions that resulted in an increased supply of in natura goods, bythe increased supply of beans and corn, the latter of which aided inpushing meat prices down, and also by the greater availability of sugarmade possible by increased sugar cane output and reductions in theinternational prices of this product.

Also in the segment of market prices, growth in the prices of tradableproducts moved from 0.95% to 0.38%, as a consequence of lessergrowth in the prices of industrialized food products, cleaning, hygieneand beauty goods, domestic utensils, electric-electronic equipment,tobacco and medicines. The change in the prices of nontradables cameto 0.03%, as a result of price stability in most products of this segment,coupled with reductions in the prices of in natura food products. In


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IPCA

-1

0

1

2

3

4

5

Feb2001



Apr Jun

General index TradablesNon-tradables Monitored prices

% monthly

Source: IBGE

individual terms, the greatest contribution resulted from the falloff inthe price of gasoline, which produced an impact of -0.22 p.p. in thegeneral index.

In relation to the IGP-DI, negative growth in June was quite close tothe previous month’s result and was caused by equally negative growthrates in farm and industrial prices and has also been accompanied bydownward movement in consumer prices. The reduction in farm priceswas less intense than in the previous month, 1.04% compared to 3.08%in May, caused by a reversal in the prices of the heading Animals andderivatives as a result of the start of the off-season production period.In the case of sugar, the drop in international prices deserveshighlighting. With regard to industrial prices, negative growth movedfrom 1.15% to 1.21%, as a consequence of the decrease in theproduction costs of the metal-mechanics production chain, such asmetallurgy, mechanics and transportation equipment, caused by suchfactors as the reduction in the prices of iron and steel, the impact ofthe falloff in farm prices on the heading of food products and thecontinued and still relevant effects of the drop in fuel prices on theheading of chemicals.

As far as consumer prices are concerned, the change in the IPC-DImoved from 0.69% in May to -0.16% in June, reflecting the drop inthe prices of fuels and food, particularly cereals and in natura foodproducts, as well as deceleration in the prices of the grouping ofhousing, particularly residential electricity and kitchen gas. With respectto the National Cost of Construction Index (INCC), the tendencytoward deceleration reflected decreased pressures of the costs ofbuilding materials and the impact of wage negotiations in the sector.


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II - MONEY AND CREDIT

Median daily monetary base balances came to R$65.7 billion in June,with a decline of 0.8% in relation to the previous month and growthof 29.9% when compared to June 2002. Just as occurred with theother aggregates, prices were will within the upper and lower limitsspecified by monetary programming from the second quarter of 2003.The behavior of the monetary base in the month resulted from a 3%reduction in the banking reserve balance and 0.8% expansion in thebalance of currency issued. These monetary base components reachedrespective levels of R$25.9 billion and R$39.8 billion, reflecting growthof approximately 53.8% and 18% in twelve months. At the end ofJune, the monetary base balance came to R$63.8 billion, for growthof 6.3% in the month and 29.4% in twelve months.

Among the factors that conditioned the monetary base in June, themost important were National Treasury operations, with growth ofR$1.2 billion, and overall operations with the financial system, with acontractive impact of R$1.5 billion. This result was generated bycontraction of R$2.6 billion related to the adjustment of derivativesoperations, partly offset by the release of R$ 386 million in additionalcompulsory reserves on deposits and by refunds of R$348 million incompulsory reserves on deposits made by the Brazilian System ofSavings and Loans (SBPE) and R$197 million as a result of priordeposits effected for purposes of check clearance. External sectoroperations registered an expansionary impact of R$13 million andoperations with federal public securities generated a contractive impactof R$990 million. In the primary market, net placements came toR$9.5 billion in National Treasury papers, coupled with netredemptions of R$2.7 billion in Banco Central securities. In thesecondary market, Banco Central operations resulted in expansionof R$5.8 billion.

Calculated on the basis of average daily balances, the money supplycame to R$85.4 billion in June, registering expansion of 0.4% in themonth and 9% over twelve months. The result registered in the monthwas due to increases of 0.5% in the balance of currency held by thepublic, which came to R$33.5 billion, and 0.3% in the balance ofdemand deposits, which totaled R$51.9 billion. Compared to the June2002 balance, these money supply components registered respectivegrowth rates of 18.6% and 3.6%. The final June money supply balance


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closed at R$85.9 billion, 2.7% greater than the May 2003 result and7.8% more than in the same month of 2002.

In June, the money supply balances, viewed in terms of the broaderconcepts, were influenced by the reduction in financial system creditoperations and by investor preference for investments in fixed incomefunds. The 2.5% reduction in the stock of private securities and the0.1% decrease in savings deposits generated a falloff of 0.5% in theM2 balance. Fixed income fund quotas registered growth of 2.7% inthe month and contributed to expansion of 1.1% in the M3 balance.M4 increased by 0.6% in the month and reached a level of R$844.5billion, equivalent to 54.6% of GDP.

Overall financial system credit operations totaled R$381.1 billion inJune, for growth of 0.3% in the month and 8.4% in twelve months,representing 24.7% of GDP. The growth in the balance of loans basedon earmarked resources, particularly those linked to the crop/livestocksector, was responsible for this result, as is evident in the fact that thevolume of operations based on nonearmarked resources remainedstable for the second consecutive month. Financing granted to the publicsector dropped by 2.3% in the month and closed at R$13.1 billion.

The balance of credits based on earmarked resources closed June atR$145 billion, for growth of 1.1% over the May result. Thisperformance can be explained by 3.2% expansion in rural creditoperations generated by the financing of the marketing of the 2002/2003 harvest. BNDES operations came to R$82.4 billion, for growthof 0.3% in the month.

The balance of loans contracted with nonearmarked resourcesincreased by 2.5% compared to the same month of 2002, closing at

Monetary Aggregates1/

20

40

60

80

100

120

Feb2001



Apr Jun

Base and M1

500

600

700

800

900

1000

Monetary base M1 M4

M4

1/ End-of- period R$ billion.


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R$214.7 billion. Operations with corporate entities dropped by 0.4%in the month, reflecting the decline in the balance of operationsreferenced to foreign currency caused by the lesser volume ofoperations and the impact of exchange appreciation. In operationsbacked by internal resources, the balance of credits expanded by 1.2%in the month, reaching a level of R$82.6 billion. To some extent thisincrease was due to growth of 1.6% under working capital operations.The balance of loans to individual borrowers increased by 0.6% inJune, totaling R$82.5 billion. In the context of this result, one shouldhighlight growth of 4.9% in credit card operations and 1% in financingof acquisitions of goods.

With regard to the risk levels of the financial system credit portfolio,R$330.3 billion, or 86.7% of the volume of operations, were classifiedas normal risk (AA to C) in June. Credits classified at level 1 (D to G)represented 9.2% of the credit portfolio and came to R$35 billion,while R$15.8 billion were classified at risk level 2 (H), equivalent to4.1% of total credits. The volume of financial system provisions cameto R$30.7 billion in June or 4.6% more than in May, representing8.1% of the credit portfolio. The increase in the volume of provisionswas due to reclassification of credits in arrears granted to the sectorsof electric power and combined subway/roadway transportation.

The default rate on loans granted with nonearmarked resourcesremained at 8.8% in June, the same level as in May and April. Inoperations with corporate entities, the default rate remained at 4.7%,while the level of arrears among individual borrowers increased from15.4% in May to 15.5% in June.

Financial and capital markets

Confirmation of the downward trend in inflation indicators, coupledwith good fiscal and trade balance results, contributed positively toJune behavior of the financial market, diminishing the volatility of boththe country’s international market risk assessment and of exchangerates, and generated a drop in the interest rate curve. In this scenario,Copom reduced the Selic rate target from 26.5% per year to 26% peryear, at its meeting ended on June 18.

Interest rates on Interbank Deposit futures contracts registered anacross-the-board reduction in June, particularly in the case of longer-


16

term contracts. This process further accentuated the incline in theinterest rate curve. Interest rates on contracts scheduled to mature inJuly 2004 dropped from 23.43% per year to 21.98% per year over thecourse of the month. The spread between this rate and the Selic ratetarget moved from -307 to -402 base points between the end of Mayand the end of June, while the difference between interest rates onthree month contracts and the Selic rate target moved from -83 to-178 base points in the same period.

The rate of exchange moved into a decline and registered considerablyless volatility in June, closing the month at R$2,8720, with appreciationof 3.16%. The Brazil risk indicator (Embi+) closed the month at 788points, reflecting a drop of 0.9%. The behavior of interest and exchangemarkets made it possible to continue rolling the government’s exchangeliabilities through the contracting of swap operations. Aside from this,it also made it feasible to issue National Treasury Bills (LTN) withterms of 18 months, lengthening the debt terms of this type of security.

Insofar as financial investments in the month of June are concerned,the month witnessed reductions of 2.9% and 0.1%, respectively, inthe balances of time deposits and savings deposits, which totaled R$146billion and R$136.7 billion, in the same order. The capital of investmentfunds expanded by 1.9%, reaching a level of R$430 billion. Here, thehighpoint was 2.3% growth in fixed income funds.

The median daily volume of São Paulo Stock Exchange (Bovespa)trading dropped by 3.9% in June and closed at R$782 million. TheBovespa index fell by 3.3% in the month, reaching a level of 12,972points, with accumulated valuation of 15.1% in the year.

Interest rates: Selic target and swap DI x pre

14

20

26

32

Feb2001



Apr Jun

% p.y.

Selic target 90 days 180 days 360 days


17

III - PUBLIC FINANCE

In the month of June, the National Treasury collected R$18.9 billionor 19.5% less than in the previous month. Basically, this result wasdue to an atypical May inflow of the Corporate Income Tax (IRPJ)and the Social Contribution on Net Profits (CSLL) on the sector offuel. This was due to payments of debts in arrears and increases in theoperational result. In comparison to June 2002 revenues, growth cameto 11.1%, due to expanded revenues generated by the IndividualIncome Tax (IRRF) charged on capital earnings, the Contribution tothe Program of Social Integration and Formation of Civil Service Assets(PIS/Pasep), the CSLL and the Social Contribution on Social SecurityFinancing (Cofins).

In the first half of 2003, the National Treasury inflow came to R$137.9billion or 15.9% more than in the same period of 2002. Depreciationof the rate of exchange increased IRRF revenues on capital earnings,as well as Import Tax (II) revenues, in the latter case despite ratereductions. Emphasis should also be given to growth in the revenuesgenerated by the Personal Income Tax (IRRF), the ProvisionalContribution on Movement or Transmission of Values and Credits andRights of a Financial Nature (CPMF), Cofins, PIS/Pasep and the CSLL.Mention should also be made of the growth registered in the inflow ofroyalties on petroleum extraction that marked the start of the year.

Transfers to states and municipalities totaled R$4.2 billion in June,corresponding to a decrease of 37.1% in comparison to the May leveland growth of 14.9% when viewed against the June 2002 result. Theaccumulated total up to June shows total transfers of R$32.1 billion,or 15.1% more than in the same period of the previous year.

In the month under analysis, National Treasury outlays came to R$12.2billion, for growth of 7.4% compared to the previous month and 20.4%when viewed against the June 2002 result. To some extent, growth inrelation to outlays in the previous month was due to greaterexpenditures on personnel and social charges as a result of paymentof vacations and part of the 13th annual wage of judicial and legislativebranch employees and of the ninth installment of the 28.86% increasegranted to executive branch employees, according to the terms ofProvisional Measure (MP) 2,169-41, dated June 28, 2001. This growthwas also due to a disbursement effected for purposes of interest rate


18

equalization in the framework of the Export Financing Program (Proex)and to releases of funding for ministerial management units, as specifiedin Decree 4,708, dated May 28, 2003.

National Treasury outlays came to an accumulated total of R$67.1billion in the first half of 2003, with growth of 4.2% in relation to thefigure for the same period of the previous year. Expanded outlays onpersonnel and charges increased as a result of payroll growth, wagerealignment, the restructuring of strategic careers of the State andpayment of labor liabilities and judicial decisions. Current and capitalspending remained stable in the period.

The net inflow of the General Social Security System (RGPS) cameto R$6.2 billion in June, corresponding to 2.1% more than in May2003 and 11.7% more than in the same period of the previous year.Outlays on social security benefits added up to R$8 billion, with growthof 2% in relation to the previous month and 18.5% compared to June2002. The deficit rose to R$1.8 billion in the month, raising the totalfor the first half of 2003 to R$9.4 billion, compared to R$6.8 billion inthe same period of 2002.

The consolidated public sector registered a primary surplus of R$3billion in June, in the concept of public sector borrowing requirements(NFSP). This result was a consequence of surpluses of R$903 millionfor the Central Government, R$1.1 billion for regional governmentsand R$990 million for state companies at the three levels ofgovernment. Nominal interest appropriated in the month totaled R$9billion, as the Central Government registered R$8.6 billion and regionalgovernments ended with R$440 million. State companies turned ininterest revenues of R$113 million.

In the first half of this year, the consolidated public sector turned in aprimary surplus of R$40 billion or 5.41% of GDP, corresponding toR$5.5 billion more than the target agreed upon with the InternationalMonetary Fund (IMF). The participation of the Central Governmentcame to R$29.4 billion, while that of regional governments closed atR$9 billion and state governments ended the period with a participationlevel of R$1.6 billion. Nominal interest appropriated came to respectivelevels of R$49.2 billion, R$24 billion and R$1 billion, for a total ofR$74.3 billion. The nominal consolidated deficit closed at R$34.3billion, including R$19.8 billion for the Central Government and R$15billion for regional governments. State companies from the three levels


19

of government registered a nominal surplus of R$596 million. Theconsolidated primary surplus, nominal interest and nominal deficitrepresented 5.41%, 10.3% and 4.63% of GDP, respectively.

In the twelve month period ended in June 2003, the consolidated publicsector registered a primary surplus of R$63.5 billion, or 4.4% of GDP,nominal interest closed at R$142 billion, or 9.9% of GDP, and a nominaldeficit of R$78.5 billion, corresponding to 5.4% of GDP.

The net public sector debt (DLSP) in June came to R$856.4 billion,corresponding to 55.4% of GDP. The 0.2% reduction in relation tothe previous month was basically a result of exchange appreciation inthe period. Of the total above, R$668.7 billion, or 43.3% of GDP,corresponded to the internal debt and R$187.6 billion, or 12.1% ofGDP, to the external debt.

The balance of the federal securities debt outside Banco Central totaledR$669.4 billion, corresponding to 43.3% of GDP. Growth of 1.3%when compared to the May balance is explained by the incorporationof interest and by net placements of R$1.7 billion in primary marketpapers, particularly issues of LTN and, in the case of redemptions,National Treasury Financing Bills (LFT), National Treasury Notes –Series D (NTN-D) and Banco Central Notes – Series E (NBC-E).The factors that generated growth were sufficient to overcome theimpact of exchange appreciation on the stock of debt referenced toforeign currency. The participation of the different types of earningsin the total stock moved to the following positions: 13.5% in exchangepapers, 67.2% in papers referenced to the Selic rate, 4.5% in presetpapers, 12.9% in price indices and the remainder in other papers. Themedian maturity of the federal papers moved from 31.92 months in

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

1

3

5

7

9

11

Feb2001



Apr Jun

Nominal deficit Nominal interest Primary surplus

% GDP


20

May to 31.94 months in June, thus continuing the trend toward thelengthening of the debt profile evident since the previous month.

0

10

20

30

40

50

60

70

Dec2000

Dec2001

Jun2002

Sep Dec Mar2003

Jun

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

Federal domestic securities Percentage share of index numbers


21

IV - FOREIGN SECTOR OF THE BRAZILIAN ECONOMY

The balance of payments registered a June surplus of US$5 billion.The major factors underlying this result were the record trade surplusfor the month and disbursement of International Monetary Fund (IMF)resources. In the month, current accounts registered a surplus ofUS$479 million. In the first six months of the year, the surplus cameto US$535 million, thus reversing the US$8.4 billion deficit registeredin the same period of 2002. Compared to the overall balance ofpayments result in the first half of the year, the surplus came to US$9billion, compared to US$5.4 billion in the previous year. With the Juneresult, the year-over-year current account balance moved into a surplusposition for the first time since January 1990, reaching a level of 0.28%of GDP.

In June, the trade surplus closed at US$2.4 billion, with exports ofUS$5.9 billion and imports of US$3.5 billion. In accumulated termsfor the year, the trade surplus reached a record level of US$10.4 billion,equivalent to 79.1% of the 2002 total. Foreign sales totaled US$33

Trade balanceUS$ million

3000

4000

5000

6000

7000

Feb2001



Apr Jun-500

0

500

1000

1500

2000

2500

3000

Exports Imports Balance

Export and import

Source: MDIC/Secex

Balance

Direct investment and current account deficit Accumulated in 12 months

-5

0

5

10

15

20

25

30

35

Feb2001



Apr Jun

Direct investment Current account deficit

US$ billion


22

billion in the first half of the year, corresponding to growth of 32.8%in terms of average daily exports, when compared to the correspondingresult for the same period of 2002. All three product classes registeredrecord foreign sales levels, with growth of 55.2% in sales of basicproducts, 46.1% for semimanufactured goods and 23.1% formanufactured products.

According to the Foreign Trade Studies Center Foundation (Funcex)total exports accumulated in the year increased by 26.5% in thequantum index and 4% in the price index, when compared to the indicesfor the same period of 2002. A breakdown by product class indicatesgrowth of 47% in the volume of basic goods, 28.3% in that ofsemimanufactured products and 21.8% for manufactured products,using the same type of comparison. With regard to price indices, thesethree categories registered growth of 4.6%, 12.6% and 0.2%, in thesame order.

Among basic products, particular note should be taken of theperformance of exports of soybeans, crude oil, iron ore and soy meal.With respect to semimanufactured goods, the most important involvedsales of cellulose, unrefined soybean oil and iron/steelsemimanufactured goods. Among manufactured products, sales of flatrolled products, passenger cars, fuel oils and vehicle engines madethe greatest contributions to growth in export revenues. Growth inthe exports of these eleven products accounted for 60.4% of theexpansion in the total value of foreign sales in the half-year period,compared to the same period of the preceding year.

The fifteen major markets of destination for Brazilian exportsaccounted for more than 70% of total sales and registered sharp growth

Export quantum indices

80

140

200

260

320

380

Feb2001



Apr Jun

Total Basic Semiman. Manuf.Source: Funcex



23

in the first half of the year. The most important factors were sales toChina, the United States and Argentina, with revenue increases ofUS$1.5 billion (229.1%), US$1.2 billion (18.9%) and US$875 million(91.9%), respectively. Taken together, they accounted for 45.5% ofrevenue growth in the year. With regard to markets with lesser degreesof participation in Brazilian exports, the most important were Iran,India and Taiwan, with respective growth rates of 146.4%, 115.5%and 91.8%.

In the first half of the year, total imports registered growth of 1.4% interms of daily averages, compared to the same period of 2002. Thesluggishness of the import sector reflected a drop of 7.4% in the volumeof foreign purchases, particularly involving capital goods. Theaccumulated volume drop in the year closed the period at 30.2%,compared to the same period of 2002, according to figures releasedby Funcex. The imported volumes of consumer durables, nondurableconsumer goods and fuels also declined, falling by respective rates of14.5%, 8% and 16.7%. In the first half of the year, growth in importsreflected the rise in international market petroleum prices and the 7.7%increase in imports of raw materials and intermediate goods.

The deficit in the services and income account came to US$2.1 billionin June and US$11.1 billion in the half-year period, corresponding to7.2% less than in the same period of 2002. This reduction reflected afalloff of 14.6% in net payments of services, particularly internationaltravel and transportation, and a 5% drop in net remittances of income,with declines of 3.1% in net interest payments and 8.7% in netremittances of profits and dividends.

Net inflows of foreign direct investments into the country added up toUS$3.5 billion in accumulated terms for the year, a result that was

Import quantum indices

20

45

70

95

120

145

170

Feb2001



Apr Jun

Intermediate DurableCapital goods Nondurable Source: Funcex



24

63.6% below that registered in the same period of 2002. With regardto capital participation, inflows totaled US$5 billion, of which US$3.1billion referred to financial investments and US$1.9 billion involveddebt/equity conversions. Analysis of intercompany loans points todisbursements of US$2.8 billion and amortizations of US$2.6 billion,of which US$1.5 billion reflected effective outflows of funding fromthe country and the remaining US$1.1 billion was converted intoinvestments.

Foreign direct investments were targeted mainly to the service sector,which accounted for 56.4% of total investments in the half-year period.

Postal and telecommunications services received the largest share ofthese resources, with 18.6%. The industrial sector accounted for 37.4%of resources, targeted mostly to the chemical sector, which received9.3% of overall investments. With regard to country-by-countrydistribution, the most important were those originating in the UnitedStates, the Netherlands and the Bermudas, which accounted for a full45% of the total accumulated resources made available in the courseof the year.

Net inflows in the form of foreign portfolio investments came to US$4billion in the first six months of the year, compared to a net inflow ofUS$1.2 billion in the same period of 2002. Here, stress should begiven to investments in fixed income papers negotiated abroad, withnet inflows of US$3.3 billion, of which US$1.7 billion took the formof short-term papers, US$1.4 billion corresponded to bonds andUS$222 million to notes and commercial papers. Stock investmentsregistered net inflows of US$639 million, of which US$236 millionwere in the form of American Depositary Receipts (ADR).

The international reserve balance expanded by US$4.6 billion in June,when compared to the month of May, and closed at a level of US$48billion when viewed in terms of international liquidity. Monetaryauthority external operations resulted in net revenues of US$4.6 billion,including net inflows of US$4.3 billion in IMF resources, issue ofUS$1.3 billion in Bonds of the Republic and amortizations of US$585million with the Paris Club.


25

V - INTERNATIONAL ECONOMY

The median per barrel price of the petroleum basket used by theOrganization of Petroleum Exporting Companies (Opec) increasedby US$1.14 in June and closed at a level of US$26.74. Production ofthe member countries dropped to 26.2 million barrels/day (mbd),compared to 26.7 mbd in May. Once Iraqi output is excluded, theproduction of the other member countries in the month was just 300thousand barrels/day above the new quota limit of 25.4 mbd, in effectas of the first of June. At the market level, the prices of Brent andWest Texas Intermediate (WTI) registered highs in June, reflectingnot only the falloff in output but also low stock levels and uncertaintiesregarding the normalization of Iraqi production.

Preliminary GDP estimates for the United States in the second quarterpointed to annualized growth of 2.4%, compared to 1.4% in the firstquarter. The major positive contributions originated in personalconsumer spending, fixed investments and federal outlays on defense.

International oil price1/

16

20

24

28

32

36

Feb2001



Apr Jun

Brent WTI

US$/barrel

Source: Bloomberg1/ End-of-period prices.

-2

0

2

4

6

8

I2000

II III IV I2001

II III IV I2002

II III IV I2003

II110

115

120

125

130

Change Index

USA - Real GDP Seasonally adjusted

Source: BEA 1/ At annual rates.

Previous quarter % change1/Index: 1996 = 100


26

Negative factors were rooted in private investments in inventories andexports.

United States industrial output increased by 0.1% in May and June,after declining by 0.5% in April, bringing the accumulated twelve monthdrop to 1%. Utilization of installed capacity remained stable at 74.3%in May and June, compared to 75.9% in June 2002. The jobless rateincreased to 6.4%, as against 6.1% in May and 5.9% in June of thepreceding year. Productivity in the manufacturing sector increased by4.2%, reflecting a 2.1% falloff in production and a 6.1% drop in hoursworked.

The deseasonalized consumer price index increased by 0.2% in themonth, though the core index, which excludes energy and food,remained stable. In the twelve-month periods ended in May and June,the full index accumulated a high of 2.1% and its core rose by 1.5% inJune, compared to 1.6% in May. In the same period ended in June, theprices of food products expanded by 2.2% and those of energyincreased by 9.3%. Industrial producer prices for finished productsincreased by 0.5% in June, accumulating a twelve month high of 2.9%compared to 2.5% in May.

With respect to the trade balance, foreign sales totaled US$57.6 billionand imports added up to US$104.4 billion in May, accumulating adeficit in the first four months of the year that was 22.8% higher thanin the same period of the previous year. The accumulated surplusregistered in the service balance in the same period came to US$24.1billion or 11.7% less than in the same period of 2002.

The Federal Reserve’s Federal Open Market Committee (FOMC) meton June 25 and reduced the basic interest rate by 25 base points to 1%per year. It was the committee’s position that despite the high levelsof consumer spending, recent signs of labor market stability andincreased productivity, a more flexible monetary policy couldcontribute to a more rapid and sustained process of economicexpansion. The most recent reduction came to 50 base points and hadbeen adopted in November 2002.

In the euro zone countries, industrial output dropped by 0.9% in May,after having increased by 0.4% in the month of April, accumulating atwelve-month decline of 1.3%. In terms of the annual comparison, thesharpest drop was registered under the output of consumer durables,


27

with 6.4%, and the only increase occurred under energy, with 2%.The strongest year-over-year growth was observed in Greece, with3.7%, and Ireland, with 1.5%. In Germany, expansion came to 1%and the sharpest reductions were registered in Italy, 4.4%, and inBelgium, 3.7%. The jobless rate remained stable at 8.9% in May andJune, compared to 8.4% in June 2002. The highest rate was registeredin Spain, with 11.4%, and the lowest in Luxembourg, 3.7%.

The change in the harmonized consumer price index increased from1.9% in the twelve-month period ended in May to 2% in June. Alcohol,tobacco and education generated the greatest pressures, with highs of5.4% and 3.7%, respectively. The heading of foodstuffs turned ingrowth of 2.4% and energy closed with a high of 1.6%. The highestrate of consumer inflation occurred in Ireland, with 3.8%, and thelowest in Germany, with 0.9%. The industrial producer price indexremained stable at 1.4% over the twelve month periods ending in Mayand June, as energy turned in the sharpest expansion.

Early estimates for euro zone foreign trade indicated a surplus ofUS$4.3 billion in May, compared to US$8.1 billion in May 2002,accumulating a surplus of US$14.8 billion in the first five months ofthe year, compared to US$29.3 billion in the same period of 2002.With respect to the individual member countries, in the period up toApril, Germany led the way with an accumulated surplus of US$41.4billion, followed by Ireland, with US$10.9 billion, and Holland, withUS$9.6 billion. Spain accumulated the largest deficit, with US$13.9billion.

The Council of the European Central Bank met on June 5 and decidedto reduce the basic interest rate by 50 base points to 2% per year. InJune 2002, the rate came to 3.25% per year, remaining at that level up

Dollar/euro exchange rate1/

0.80

0.90

1.00

1.10

1.20

Feb2001



Apr Jun

US$/€

Source: Bloomberg1/ End-of-period rates.


28

to December, when it was cut to 2.75% per year. In March, a new cutwas adopted, this time by 25 base points. In the case of the exchangemarket, the euro reached a level of US$1.1529/€ on the final day ofthe month, reflecting a monthly falloff of 2.3%. However, in the twelvemonth period, this figure represented a high of 16.1%.

In Japan, deseasonalized industrial output fell by 1.2% in June,following an increase of 2.6% in May. The twelve-month result wasexpansion of 1.5%. The level of stocks diminished by 1.1% in themonth and 2.8% in twelve months. The jobless rate fell to 5.3% inJune, compared to 5.4% in the previous month and in June 2002.Consumer prices fell by 0.3% in the month and accumulated a twelve-month reduction of 0.4%. In real terms, median household income ofworker families dropped by 1.4% and spending fell by 0.4%, comparedto the same period of 2002.

In June, the balance of trade registered a surplus of US$7.2 billion,compared to US$10.5 billion in the same month of 2002, accumulatinga reduction of 4.4% in the first half of the year compared to the resultfor the same period of 2002. At the end of June, the yen registered arate of ¥119.94/US$, with appreciation of 0.3% in the month and 0.1%over the last twelve months.

In Argentina, deseasonalized industrial output fell by 0.3% in June,compared to 1.2% in May, registering the third consecutive declinesince July 2002. However, in comparison to July 2002, this resultreflected accumulated growth of 12.9%. Building industry activitiesalso registered the second consecutive monthly decline since July oflast year, with 0.8%. However, the twelve month figure was growthof 33.3%. In comparison to June 2002, supermarket sales declined by5% when expressed in deseasonalized terms and at constant prices.On the other hand, sales through shopping centers increased by 10%.The consumer price index fell by 0.1% in June, accumulating a twelve-month rise of 10.2%, while wholesale price slipped by 0.2%, registeringincreases of 8.1% in comparison to the levels registered in the samemonth of 2002.

The tax inflow came to P$6.5 billion or 9.3% less than in May, but40.4% more than in June 2002. The global primary public sector resultaccumulated a surplus of P$4.9 billion in the first half of the year. Thisfigure was 9.6% above the target forecast for the period in the transitionagreement formalized with the IMF in January.


29

In the case of the trade balance, the June surplus closed at US$1.7billion, compared to US$1.6 billion in June 2002. The surplusaccumulated in the first half of the year came to US$8.7 billion or 5%more than in the same period of 2002. This result was generated bygrowth of 16% in exports and 38% in imports.


31

VI - MAIN ECONOMIC POLICY MEASURES

National Monetary Council Resolutions

3,083, 6.25.2003 – Deals with the targeting of controlled rural creditresources, alters current expenditure and marketing financing limits,institutes the Special Marketing Line (LEC) for products supportedby the Floor Price Guaranty Policy (PGPM) and defined otherconditions for rural credit.

3,084, 6.25.2003 – Deals with financing for purposes of retaining swinematrixes, based on Obligatory Resources (MCR6-2).

3,085, 6.25.2003 – Deals with the terms and maturities of FederalGovernment Loans (EGF).

3,086, 6.25.2003 – Deals with the Program of Modernization of theFarm Tractor and Associated Implements and Harvester Fleet(Moderfrota).

3,087, 6.25.2003 – Deals with the Program of CooperativeDevelopment for Aggregating Value to Crop/Livestock Farming(Prodecoop).

3,088, 6.25.2003 – Deals with the Program of Incentives to theMechanization, Cooling and Bulk Transportation of Milk Production(Proleite).

3,089, 6.25.2003 – Deals with the Program of Commercial Plantingof Forests (Propflora).

3,090, 6.25.2003 – Deals with the Rural Employment and IncomeGeneration Program (Proger Rural).

3,091, 6.25.2003 – Institutes the Rural Family Employment and IncomeGeneration Program (Proger Rural Family).

3,092, 6.25.2003 – Institutes the Program of Incentives to Irrigationand Storage (Moderinfra).


32

3,093, 6.25.2003 – Institutes the Program of Modernization ofAgriculture and Natural Resources Conservation (Modeagro).

3,094, 6.25.2003 – Institutes the Program of AgribusinessDevelopment (Prodeagro).

3,095, 6.25.2003 – Institutes the Fruit Farming Development Program(Prodefruta).

3,096, 6.25.2003 – Institutes a line of credit targeted to financing thestocking of ethyl fuel alcohol, based on resources drawn from theContribution on Intervention in the Economic Domain (Cide).

3,097, 6.25.2003 – Deals with alterations in the Regulations of theNational Program for Strengthening Family Farming (Pronaf).

3,098, 6.25.2003 – Deals with conditions for classification ofoperations in the framework of the Crop/Livestock Activity GuarantyProgram (Proagro) of operations under the terms of the NationalProgram for Strengthening Family Farming (Pronaf) and the RuralFamily Employment and Income Generation Program (Proger RuralFamiliar).

3,099, 6.25.2003 – Deals with extension of coffee crop financing terms,when such operations were formalized under the terms of the NationalProgram for Strengthening Family Farming (Pronaf).

3,100, 6.25.2003 – Deals with the line of credit targeted at financingthe coffee harvest and its warehousing in the 2002/2003 agriculturalperiod, based on resources from the Coffee Economy Defense Fund(Funcafé).

3,101, 6.25.2003 – Institutes a line of credit based on resources of theCoffee Economy Defense Fund (Funcafé) and targeted to currentexpenditure financing in the 2003/2004 agricultural period.

3,102, 6.25.2003 – Deals with the granting of Federal GovernmentLoans without Sales Option (EGF/SOV) for the 2002/2003 coffeeharvest, based on Obligatory Resources (MCR 6-2).

3,103, 6.25.2003 – Deals with resources received in rural savingsdeposits.


33

3,104, 6.25.2003 – Deals with the opening of special deposit accounts.

3,105, 6.25.2003 – Deals with the granting of a period of time for theNational Bank of Economic and Social Development (BNDES) toadjust to the limitation on investment of resources in Permanent Assets.

3,106, 6.25.2003 – Deals with the requirements and procedures forconstitution, operating authorization and bylaw alterations, as well asfor cancellation of the operating authorization of credit cooperatives.

3,107, 6.25.2003 – Defines the Long-Term Interest Rate (TJLP) forthe third quarter of 2003.

3,108, 6.25.2003 – Defines inflation targets and their respectivetolerance bands for 2004 and 2005.

Banco Central do Brasil Circulars

3,192, 6.5.2003 – Deals with the rendering of independent auditingservices to group buyer management companies and their respectivebuyer groups.

3,193, 6.11.2002 – Releases the new regulations of the Monetary PolicyCommittee (Copom).


35

STATISTICAL TABLES

I. Economic activity1. National accounts2. Gross Domestic Product3. Economic indicators4. Economic indicators - seasonally adjusted5. Industrial production indicators6. Automotive industry7. Crop production (major crops)8. Formal employment level index - Brazil9. Unemployment rate10. Real average earnings of occupied people - seasonally adjusted11. 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. Futures market - interest rates, exchange devaluation and exchange coupon9. Futures market - one day Interbank Deposit (DI) futures contracts interest rate

- daily average10. Capital market indicators11. 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


36

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


38

I.1 - National accounts

Itemization 1999 2000 2001 2002

GDP at market prices (R$ thousand) 973 845 966 1 101 255 078 1 200 060 364 1 321 490 497

Real GDP change rate (%) 0.8 4.4 1.4 1.5

Implicit GDP deflator (%) 5.7 8.4 7.5 8.5

Nominal GDP change rate (%) 6.5 13.1 9.0 10.1

Net income/payments abroad (R$ thousand)1/ 34 106 815 32 810 075 46 468 006 53 300 132 *

GNP at market prices (R$ thousand) 939 739 151 1 068 445 003 1 153 592 358 1 268 190 365 2/

Other current transfers (R$ thousand) 3 026 999 2 798 562 3 929 739 ...

Gross national disposable income (R$ thousand) 942 766 150 1 071 243 565 1 157 522 097 1 268 190 365 2/

Final consumption (R$ thousand) 792 528 541 880 655 448 957 835 912 1 037 934 805

Gross savings (R$ thousand) 150 237 609 190 588 117 199 686 185 230 255 560 2/

Gross capital formation (R$ thousand) 196 335 889 237 254 899 254 126 356 255 668 158

Capital transfers (R$ thousand) 47 690 - 7 922 - 63 192 ...

Balance of payments deficit in current account (R$ thousand) - 46 050 590 - 46 674 704 - 54 503 363 - 25 412 598 *

GDP (US$ billion)2/ 536.6 602.2 510.4 451.0

Source: Bacen and IBGE

1/ Nonresident employees earnings included.2/ Banco Central do Brasil estimates.


39

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 2001=100 At constant Real change Real index

ture and 2002 prices rate (%) 2002=100

livestock (R$)

1986 1 274 149.2 - 8.0 11.7 8.1 7.5 73.3 134 653 7 189.16 5.4 95.0

1987 4 038 206.2 15.0 1.0 3.1 3.5 75.8 137 268 7 301.14 1.6 96.5

1988 29 376 628.0 0.8 - 2.6 2.3 - 0.1 75.8 139 819 7 163.63 - 1.9 94.7

1989 425 595 1 304.4 2.8 2.9 3.5 3.2 78.2 142 307 7 260.80 1.4 96.0

1990 11 548 795 2 737.0 - 3.7 - 8.2 - 0.8 - 4.3 74.8 147 594 6 696.18 - 7.8 88.5

1991 60 285 999 416.7 1.4 0.3 2.0 1.0 75.6 149 926 6 659.92 - 0.5 88.0

1992 640 958 768 969.0 4.9 - 4.2 1.5 - 0.5 75.1 152 227 6 523.60 - 2.0 86.2

1993 14 097 114 182 1 996.2 - 0.1 7.0 3.2 4.9 78.8 154 513 6 743.60 3.4 89.1

1994 349 204 679 000 2 240.2 5.5 6.7 4.7 5.9 83.5 156 775 7 035.30 4.3 93.0

1995 646 191 517 000 77.5 4.1 1.9 1.3 4.2 87.0 159 016 7 229.12 2.8 95.5

1996 778 886 727 000 17.4 3.1 3.3 2.3 2.7 89.3 161 247 7 318.64 1.2 96.7

1997 870 743 034 000 8.3 - 0.8 4.6 2.6 3.3 92.2 163 471 7 455.23 1.9 98.5

1998 914 187 877 000 4.9 1.3 - 1.0 0.9 0.1 92.3 165 688 7 365.18 - 1.2 97.3

1999 973 845 966 000 5.7 8.3 - 2.2 2.0 0.8 93.1 167 910 7 324.80 - 0.5 96.8

2000 1 101 255 078 000 8.4 2.1 4.8 3.8 4.4 97.1 170 143 7 543.88 3.0 99.7

2001 1 200 060 364 000 7.5 5.7 - 0.3 1.9 1.4 98.5 172 386 7 551.10 0.1 99.8

2002 1 321 490 497 000 8.5 5.8 1.5 1.5 1.5 100.0 174 633 7 567.24 0.2 100.0

Source: IBGE


40

I.3 - Economic indicators

1992 average=100

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

Activity in manufacturing in production

Total Manufacturing Mineral Indicator industry1/ in manufacturing

industry extraction (INA) industry

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

2/ (SP) (CNI)2/

1992 100.00 100.00 100.00 100.00 70.69 72.29 100.00 100.00 100.00 100.00

1993 107.51 108.07 100.63 108.56 74.69 75.23 108.72 106.65 100.51 98.19

1994 115.68 116.53 105.38 118.01 77.44 77.13 124.26 116.25 99.39 98.24

1995 117.80 118.54 108.85 120.02 78.78 78.05 141.64 127.37 98.67 98.01

1996 119.84 119.87 119.46 118.45 78.44 78.19 150.65 134.92 89.35 89.17

1997 124.50 124.20 128.10 124.12 79.21 78.71 168.60 146.69 86.10 86.12

1998 121.97 120.15 144.04 121.07 78.84 78.24 168.84 144.38 79.79 79.77

1999 121.18 118.22 157.14 115.98 78.03 78.23 168.33 146.00 70.44 72.75

2000 129.23 125.38 175.89 123.56 81.63 80.70 191.42 161.75 73.74 75.72

2001 131.26 127.08 181.98 126.71 80.76 80.32 217.49 180.78 74.45 77.15

2002 Jan 122.37 115.76 202.77 110.67 79.00 78.70 198.37 163.35 71.98 74.86

Feb 118.06 112.77 182.29 110.29 79.90 79.10 193.23 157.19 70.51 73.14

Mar 130.80 124.62 205.75 118.52 81.60 80.78 209.44 175.45 74.07 77.69

Apr 135.39 130.04 200.26 124.40 82.20 81.53 220.98 182.30 75.90 80.54

May 137.08 131.26 207.71 128.74 81.59 81.16 216.72 181.29 75.01 80.31

Jun 132.90 127.08 203.43 126.37 80.17 80.10 207.87 179.26 73.36 78.56

Jul 142.17 136.94 205.69 133.81 81.39 81.13 226.61 194.68 74.41 81.80

Aug 142.95 137.33 211.29 134.04 82.43 81.68 228.85 197.86 74.40 81.63

Sep 139.69 134.56 201.83 131.61 81.71 81.39 233.22 200.47 72.89 79.40

Oct 149.59 144.64 209.66 141.13 83.24 82.51 248.93 216.36 76.12 82.94

Nov 139.74 135.25 194.19 129.55 81.50 81.39 224.04 189.80 74.03 79.42

Dec 122.99 117.31 191.97 112.08 78.18 78.59 201.71 173.41 70.95 74.16

2003 Jan 125.78 118.74 211.29 113.71 79.63 79.20 204.76 168.15 72.00 76.04

Feb 122.90 117.02 194.45 114.96 80.92 79.19 210.20 175.43 70.20 75.25

Mar 131.70 124.95 213.60 120.77 81.32 80.02 208.87 175.78 73.08 77.53

Apr 130.29 123.95 207.28 118.11 80.05 79.61 205.76 173.01 72.87 78.29

May 136.58 130.45 210.99 126.13 81.04 80.39 213.82 180.84 74.76 80.91

Jun 130.06 125.20 189.13 128.17 78.70 79.01 207.52 173.67 72.24 78.78

(continues)


41

I.3 - Economic indicators

(concluded) 1992 average=100

Period Own Corrugated Retail trade Consultations Industrial employment Real Real industrial Productivity

electric paper real sales with telephone industrial overall wages3/ in the

charge shipments check & credit wages3/ manufacturing

department industry4/

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

1992 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1993 104.53 120.44 112.66 101.72 96.29 96.72 111.31 107.33 102.87 109.93

1994 108.90 132.47 138.48 103.97 93.96 95.43 121.42 114.15 107.54 118.43

1995 113.36 138.46 160.68 123.05 92.57 94.38 132.02 122.30 118.15 121.13

1996 116.58 150.83 156.19 152.75 84.52 87.40 139.25 117.81 115.54 134.35

1997 124.15 162.55 152.91 200.15 81.15 83.82 146.86 119.29 116.92 144.04

1998 126.67 165.26 156.86 220.47 76.92 78.83 153.64 118.26 111.18 150.51

1999 125.37 171.43 156.27 207.37 72.24 74.20 151.18 109.86 100.85 162.30

2000 135.83 179.59 172.66 223.57 72.94 74.78 155.22 113.98 103.67 165.43

2001 121.71 178.89 163.44 230.26 73.37 75.64 164.72 121.24 106.97 164.63

2002 Jan 115.50 176.63 153.81 218.55 72.17 74.59 171.66 124.08 105.86 154.70

Feb 118.77 163.10 145.00 203.51 72.02 74.62 171.39 123.62 104.80 154.25

Mar 127.93 188.20 168.82 216.99 72.02 75.04 173.78 125.34 106.24 160.47

Apr 131.75 195.08 156.72 226.48 72.08 75.57 176.55 127.45 107.64 161.54

May 125.57 190.83 173.31 248.39 72.01 75.91 177.18 127.76 108.67 163.51

Jun 121.34 170.82 156.54 240.68 71.87 75.98 174.09 125.31 107.25 161.84

Jul 123.90 180.90 159.16 267.91 71.72 75.91 175.78 126.27 107.45 167.48

Aug 128.10 202.26 177.50 263.83 71.39 75.90 173.50 124.06 106.11 168.30

Sep 127.56 193.23 171.02 245.09 71.36 75.95 172.15 123.03 105.56 169.54

Oct 138.03 204.57 182.33 249.53 71.42 76.06 172.23 123.20 105.79 174.46

Nov 134.33 198.64 180.31 245.00 71.38 75.72 176.09 125.88 106.62 170.36

Dec 132.45 164.61 222.52 289.63 71.14 75.35 175.31 124.90 104.03 158.26

2003 Jan 131.52 159.51 168.62 225.26 71.29 75.39 172.03 122.82 100.45 156.22

Feb 135.72 156.16 171.87 207.40 71.34 75.59 165.15 118.00 97.47 155.57

Mar 129.60 166.09 160.86 210.07 71.24 75.94 167.04 119.18 98.00 161.24

Apr 128.25 ... 158.09 209.67 71.22 76.44 169.64 121.00 99.44 158.40

May 124.75 ... 161.72 236.86 71.13 76.66 172.20 122.66 100.60 161.28

Jun 123.25 ... 148.72 230.67 70.97 76.61 172.44 122.57 101.47 159.00

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

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

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


42

I.4 - Economic indicators - seasonally adjusted

1992 average=100

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

Activity in manufacturing in production

Total Manufacturing Mineral Indicator industry1/ in manufacturing

industry extraction (INA) industry

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

2/ (SP) (CNI)2/

1992 100.00 100.00 100.00 100.00 70.74 72.29 100.00 100.00 100.00 100.00

1993 107.64 108.19 100.58 108.56 74.74 75.23 109.10 106.89 100.73 98.42

1994 115.87 116.72 105.37 118.01 77.48 77.10 124.45 116.47 99.74 98.57

1995 118.26 119.03 108.88 120.02 78.80 78.06 142.19 128.03 98.88 98.36

1996 119.42 119.41 119.44 118.45 78.44 78.18 150.29 134.72 89.19 89.10

1997 124.49 124.15 128.01 124.12 79.21 78.71 168.53 147.00 86.22 86.34

1998 122.00 120.18 143.90 121.07 78.84 78.25 169.01 144.86 79.91 79.99

1999 121.22 118.21 157.06 115.98 78.04 78.24 168.49 146.28 70.56 72.96

2000 129.23 125.39 175.79 123.56 81.67 80.72 191.56 162.18 73.76 75.85

2001 131.48 127.28 181.97 126.71 80.78 80.33 217.60 181.13 74.61 77.38

2002 Jan 131.96 126.94 196.41 124.12 80.64 79.92 211.81 178.95 74.23 77.98

Feb 132.46 126.74 195.40 122.85 80.49 80.10 212.40 177.24 74.00 77.81

Mar 131.75 125.98 202.43 122.50 80.79 80.27 209.95 176.70 73.44 78.05

Apr 138.59 133.51 204.87 134.96 81.97 81.52 228.07 187.51 75.99 80.75

May 131.39 125.18 209.08 131.18 80.17 80.28 208.84 173.06 72.37 77.10

Jun 134.00 127.82 207.31 119.36 80.11 80.21 213.72 182.93 73.64 78.72

Jul 133.60 127.86 206.99 122.08 80.80 80.95 217.87 185.35 72.93 78.66

Aug 134.10 128.12 207.83 119.67 81.41 81.02 218.97 188.85 72.64 78.89

Sep 135.53 129.96 203.86 121.45 81.59 81.17 223.27 192.29 73.12 79.36

Oct 137.73 132.29 207.44 131.60 82.45 81.59 227.60 201.34 74.04 80.19

Nov 137.89 133.00 194.96 128.45 81.38 80.81 221.12 187.36 74.49 80.05

Dec 135.00 130.55 180.96 122.99 81.26 80.28 217.64 183.53 74.37 79.28

2003 Jan 135.77 130.08 205.03 127.15 81.17 80.37 219.69 184.60 74.12 79.25

Feb 137.53 131.16 208.22 127.52 81.36 80.13 230.71 197.83 73.49 79.96

Mar 133.05 126.90 210.34 124.75 80.52 79.54 210.18 177.43 72.69 78.11

Apr 133.25 127.03 212.04 128.68 79.89 79.63 210.23 178.09 72.90 78.42

May 133.06 126.70 212.33 128.57 79.68 79.54 211.52 175.69 72.76 78.54

Jun 129.61 124.26 192.49 128.38 78.85 79.24 210.31 173.63 71.94 78.12

(continues)


43

I.4 - Economic indicators - seasonally adjusted

(concluded) 1992 average=100

Period Own Corrugated Retail trade Consultations Industrial employment Real Real industrial Productivity

electric paper real sales with telephone industrial overall wages3/ in the

charge shipments check & credit wages3/ manufacturing

department industry4/

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

2/

1992 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1993 104.78 120.57 112.99 102.02 96.28 96.71 111.42 107.40 102.88 109.92

1994 109.24 132.69 138.41 103.97 93.94 95.40 121.44 114.10 107.46 118.34

1995 113.72 138.37 162.16 122.89 92.53 94.37 131.99 122.18 118.14 121.24

1996 116.50 149.99 156.78 152.02 84.48 87.38 139.19 117.66 115.52 134.29

1997 124.50 162.07 154.31 199.45 81.11 83.80 146.75 119.10 116.90 144.06

1998 126.97 165.01 157.77 221.52 76.89 78.81 153.51 118.07 111.18 150.58

1999 125.61 171.04 156.70 207.87 72.22 74.19 151.08 109.70 100.86 162.32

2000 135.90 179.05 173.11 223.83 72.93 74.78 155.12 113.83 103.68 165.52

2001 121.74 178.76 164.81 231.42 73.36 75.64 164.60 121.08 106.99 164.76

2002 Jan 115.51 182.64 162.76 237.56 72.32 75.13 170.24 123.30 106.67 162.86

Feb 117.51 181.02 162.62 238.57 72.11 75.16 171.48 123.81 106.81 163.32

Mar 122.65 183.49 173.35 237.21 72.02 75.35 173.62 125.18 107.16 162.72

Apr 127.25 194.04 167.47 252.31 71.95 75.58 174.34 125.53 107.25 164.94

May 125.46 186.42 173.27 240.66 71.76 75.44 173.28 124.61 106.91 162.79

Jun 126.27 176.43 171.81 242.46 71.62 75.42 174.44 125.04 106.87 162.71

Jul 127.89 179.84 164.83 250.33 71.59 75.54 176.19 126.26 107.11 163.53

Aug 130.93 195.61 179.66 248.42 71.42 75.63 175.00 125.03 106.36 162.60

Sep 130.85 192.41 180.19 257.28 71.37 75.70 176.81 126.29 106.92 164.36

Oct 135.08 190.15 178.39 244.13 71.41 75.90 176.12 125.87 106.47 165.41

Nov 134.01 188.40 178.23 242.15 71.40 75.79 175.16 125.18 105.07 165.36

Dec 134.62 172.75 167.83 236.54 71.40 75.91 171.61 122.66 102.50 164.99

2003 Jan 131.20 164.99 176.78 242.49 71.42 75.95 170.54 121.95 101.21 164.28

Feb 134.12 173.80 190.95 240.92 71.39 76.14 165.17 118.10 99.33 164.37

Mar 124.77 163.28 166.87 231.51 71.21 76.24 166.94 119.02 98.85 163.36

Apr 124.09 ... 166.99 231.08 71.05 76.45 167.36 119.04 98.96 161.70

May 125.37 ... 163.51 230.84 70.86 76.19 168.28 119.53 98.95 160.94

Jun 127.83 ... 164.76 234.64 70.73 76.08 172.90 122.46 101.20 160.27

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

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

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


44

I.5 - Industrial production indicators

Annual change (%)

Itemization 1996 1997 1998 1999 2000 2001 2002 20031/

Total 1.7 3.9 - 2.0 - 0.7 6.6 1.6 2.4 0.1

Mineral extraction 9.8 7.2 12.4 9.1 11.9 3.5 10.7 2.0

Manufacturing industry 1.1 3.6 - 3.3 - 1.6 6.1 1.4 1.4 - 0.2

By segment

Nonmetallic minerals 6.3 7.4 - 0.4 - 3.1 1.8 - 1.9 - 0.7 - 5.0

Metallurgy 1.6 6.0 - 3.8 - 1.1 7.6 0.8 3.3 6.3

Mechanics - 12.8 7.2 - 4.0 - 7.2 18.0 6.3 8.7 10.1

Electric and communications equipment 4.7 - 1.8 - 9.8 - 11.4 12.1 6.9 - 11.8 - 6.9

Transportation equipment - 0.3 10.7 - 14.2 - 5.1 18.8 5.2 1.2 0.0

Wood 2.1 3.9 - 6.2 7.0 3.1 - 0.3 - 2.2 4.0

Furniture 13.7 - 1.5 - 8.2 - 2.2 7.7 - 1.1 0.5 - 9.0

Paper and cardboard 2.9 2.9 0.3 6.3 4.1 0.1 2.0 3.4

Rubber - 0.5 4.1 - 7.6 4.6 11.8 - 4.5 3.1 4.9

Leather and hides - 1.9 - 1.7 - 13.6 - 3.6 - 7.8 - 9.3 - 3.9 6.6

Chemicals 5.0 5.1 4.0 0.9 1.7 - 0.5 1.5 0.1

Pharmaceuticals - 8.6 11.4 4.0 - 0.4 - 2.0 - 1.0 1.8 - 16.2

Perfumes, soaps and candles 4.1 5.2 3.2 7.2 2.6 - 1.2 2.3 - 0.9

Plastics 11.3 3.6 - 2.4 - 6.3 - 2.6 - 4.7 - 1.4 - 12.7

Textiles - 5.8 - 6.5 - 6.8 2.1 6.0 - 5.4 - 0.7 - 8.5

Clothing, footwear and cloth goods - 2.5 - 6.7 - 4.6 - 3.3 6.7 - 6.9 - 2.1 - 14.8

Food products 5.3 1.0 1.3 3.1 - 2.1 4.9 4.2 - 0.5

Beverages - 3.3 - 0.3 - 2.2 0.0 4.0 0.3 0.2 - 5.2

Tobacco 12.5 22.2 - 22.7 - 7.1 - 7.8 - 4.7 22.8 - 1.5

By category of use

Capital goods - 14.1 4.8 - 1.6 - 9.1 13.1 13.5 - 1.1 - 2.1

Intermediate goods 2.9 4.6 - 0.7 1.9 6.8 - 0.1 3.1 1.4

Consumer goods 5.3 1.2 - 5.4 - 2.8 3.5 1.2 0.7 - 3.7

Durable 11.2 3.5 - 19.6 - 9.3 20.8 - 0.6 2.8 - 4.5

Semidurable and nondurable 3.7 0.5 - 1.1 - 1.2 - 0.4 1.6 0.1 - 3.4

Source: IBGE

1/ Production in the period January-June/2003 compared to that of the same period of the previous year.


45

I.6 - 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 16 755 201 063

1997 172 475 2 069 703 136 687 1 640 243 34 739 416 872 171 426 2 057 115 27 283 327 398

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 15 382 184 578

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

Monthly Monthly Monthly Monthly Monthly

2002 Jan 124 143 124 143 98 375 98 375 16 527 16 527 114 902 114 902 8 261 8 261

Feb 123 875 248 018 100 734 199 109 22 092 38 619 122 826 237 728 6 665 14 926

Mar 154 046 402 064 122 682 321 791 29 435 68 054 152 117 389 845 9 965 24 891

Apr 167 747 569 811 125 009 446 800 34 714 102 768 159 723 549 568 10 216 35 107

May 161 073 730 884 108 941 555 741 42 073 144 841 151 014 700 582 12 752 47 859

Jun 144 221 875 105 103 423 659 164 33 229 178 070 136 652 837 234 9 892 57 751

Jul 146 408 1 021 513 104 295 763 459 37 425 215 495 141 720 978 954 11 008 68 759

Aug 141 319 1 162 832 119 540 882 999 34 087 249 582 153 627 1 132 581 11 007 79 766

Sep 155 012 1 317 844 121 130 1 004 129 38 462 288 044 159 592 1 292 173 7 725 87 491

Oct 172 528 1 490 372 141 639 1 145 768 40 475 328 519 182 114 1 474 287 12 060 99 551

Nov 165 399 1 655 771 116 927 1 262 695 44 728 373 247 161 655 1 635 942 10 866 110 417

Dec 136 889 1 792 660 120 598 1 383 293 41 543 414 790 162 141 1 798 083 6 034 116 451

2003 Jan 146 272 146 272 97 683 97 683 28 552 28 552 126 235 126 235 13 473 13 473

Feb 154 770 301 042 117 470 215 153 35 477 64 029 152 947 279 182 8 736 22 209

Mar 143 403 444 445 100 424 315 577 41 222 105 251 141 646 420 828 6 107 28 316

Apr 149 889 594 334 101 724 417 301 46 395 151 646 148 119 568 947 8 654 36 970

May 165 270 759 604 102 026 519 327 50 400 202 046 152 426 721 373 7 160 44 130

Jun 141 523 901 127 92 254 611 581 50 549 252 595 142 803 864 176 6 136 50 266

Source: Anfavea and MDIC/Secex


46

I.7 - Crop production (major crops)

1000 t

Itemization 1994 1995 1996 1997 1998 1999 2000 2001 2002 20031/

Grain production 75 174 79 376 73 611 77 517 75 178 82 356 83 250 98 544 97 122 119 729

Cotton (seed) 957 1 016 708 585 824 990 1 307 1 718 1 407 1 458

Rice (in husk) 10 499 11 226 9 990 9 293 7 744 11 710 11 135 10 195 10 472 10 286

Beans 3 368 2 946 2 822 2 990 2 200 2 831 3 056 2 436 3 050 3 377

Corn 32 487 36 275 32 185 34 602 29 494 32 239 32 321 41 439 35 502 45 823

Soybeans 24 912 25 651 23 562 26 431 31 374 30 987 32 821 37 683 42 020 51 265

Wheat 2 092 1 534 3 359 2 441 2 232 2 462 1 726 3 261 2 935 4 735

Others 859 728 985 1 175 1 310 1 137 884 1 812 1 736 2 784

Other crops

Bananas (millions of bunches) 572 568 562 595 533 547 566 5 959 6 455 6 502

White potatoes 2 480 2 677 2 703 2 757 2 675 2 905 2 607 2 787 2 882 2 897

Cocoa (beans) 330 296 257 285 280 205 197 184 173 179

Coffee (beans) 2 613 1 858 2 686 2 343 3 450 3 263 3 807 1 918 2 444 2 097

Sugarcane 292 070 303 557 325 929 337 255 338 972 333 848 326 121 345 941 367 496 384 382

Tobacco (in leaf) 519 455 471 620 510 630 580 565 657 663

Oranges (millions of fruits) 87 091 98 066 109 325 114 891 103 659 114 398 106 651 16 844 18 932 17 217

Cassava 24 452 25 316 24 584 24 310 19 661 20 864 23 041 22 479 22 990 22 489

Tomatoes 2 678 2 700 2 675 2 602 2 755 3 305 3 005 3 043 3 596 3 444

Real output change of crop sector (%) 6.4 0.0 3.4 - 0.1 1.3 8.3 2.8 ... ... ...

Source: IBGE

1/ Refers to the June/2003 Systematic Survey of Agricultural Production.


47

I.8 - Formal employment level index - Brazil

December 2002 = 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

1989 Dec 105.44 104.83 124.28 123.76 92.16 92.22 94.44 94.28 147.35 146.22

1990 Dec 101.24 100.74 114.29 113.96 90.13 90.32 92.40 92.26 135.35 134.60

1991 Dec 98.71 98.31 109.22 109.06 85.97 86.28 91.32 91.22 132.91 132.45

1992 Dec 95.91 95.61 103.56 103.52 83.16 83.56 89.74 89.69 126.92 126.69

1993 Dec 96.57 96.33 104.34 104.35 84.71 85.18 90.61 90.60 124.47 124.33

1994 Dec 97.77 97.56 105.96 105.97 86.67 87.17 91.82 91.83 122.52 122.39

1995 Dec 96.09 95.89 101.23 101.22 86.28 86.75 91.44 91.45 118.85 118.75

1996 Dec 94.93 94.75 98.69 98.67 85.93 86.35 90.91 90.92 117.10 117.06

1997 Dec 94.53 94.38 96.71 96.71 86.93 87.29 90.84 90.85 117.80 117.85

1998 Dec 92.02 91.92 91.18 91.18 85.73 86.02 90.03 90.03 112.87 113.01

1999 Dec 91.19 91.13 91.44 91.45 86.02 86.22 90.19 90.19 103.87 104.03

2000 Dec 94.03 94.00 95.04 95.05 89.63 89.76 93.32 93.32 103.93 104.05

2001 Dec 96.56 96.54 96.96 96.96 93.91 93.95 96.70 96.69 101.16 101.21

2002 Jan 96.77 96.82 97.25 97.13 93.95 94.40 96.92 97.02 101.33 100.90

Feb 97.13 97.05 97.41 97.37 94.20 94.84 97.35 97.25 101.50 100.95

Mar 97.54 97.47 97.86 97.74 94.43 95.37 97.78 97.62 101.78 101.25

Apr 98.33 97.83 98.70 98.07 94.84 95.68 98.38 97.95 102.64 101.11

May 99.02 98.05 99.19 98.11 95.24 96.05 98.75 98.19 102.41 100.68

Jun 99.62 98.31 99.38 98.24 95.82 96.56 99.13 98.50 102.52 100.35

Jul 99.89 98.58 99.40 98.51 96.23 97.11 99.27 98.72 102.68 100.20

Aug 100.24 98.85 99.73 98.82 96.81 97.66 99.72 99.00 102.89 100.13

Sep 100.98 99.36 101.12 99.54 97.84 98.39 100.30 99.37 103.36 100.26

Oct 101.15 99.56 101.44 99.65 98.64 98.89 100.54 99.63 103.24 100.05

Nov 101.10 99.77 101.22 99.72 99.88 99.45 100.65 99.82 102.37 99.90

Dec 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

2003 Jan 100.16 100.21 100.51 100.36 99.94 100.38 100.13 100.22 99.50 99.08

Feb 100.54 100.45 100.55 100.49 100.23 100.86 100.69 100.58 98.87 98.32

Mar 100.63 100.56 100.78 100.64 100.12 101.08 100.82 100.63 97.72 97.21

Apr 101.31 100.77 101.72 101.02 100.50 101.40 101.20 100.75 97.80 96.35

May 101.94 100.94 102.29 101.15 100.82 101.70 101.53 100.95 97.83 96.21

Jun 102.50 101.15 102.45 101.28 101.28 102.10 101.79 101.15 98.21 96.17

Source: Ministério do Trabalho e Emprego


48

I.9 - Unemployment rate1/

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

1989 Dec 2.36 1.95 2.51 2.40 2.04 3.80 3.51

1990 Dec 3.93 4.22 3.07 3.37 3.91 5.70 4.59

1991 Dec 4.15 4.98 3.04 3.15 3.33 5.23 4.72

1992 Dec 4.50 4.78 3.47 4.00 3.92 6.24 6.61

1993 Dec 4.39 4.58 3.90 3.60 3.27 6.07 6.04

1994 Dec 3.42 3.61 2.70 2.87 2.92 5.81 4.01

1995 Dec 4.44 5.09 3.15 3.56 4.40 6.49 4.41

1996 Dec 3.82 4.06 2.90 4.16 4.13 5.41 3.10

1997 Dec 4.84 5.18 3.76 4.60 4.09 7.64 4.96

1998 Dec 6.32 7.26 4.07 5.96 6.00 8.39 7.14

1999 Dec 6.28 6.51 4.54 6.92 6.31 9.33 6.37

2000 Dec 4.83 4.60 3.31 5.92 5.18 7.49 6.30

2001 Jan 5.70 5.62 3.90 7.32 5.93 8.29 6.64

Feb 5.72 5.81 3.36 7.53 5.40 9.34 6.85

Mar 6.46 6.24 4.54 8.54 5.95 10.15 7.93

Apr 6.51 6.60 4.66 7.50 5.84 10.30 7.89

May 6.86 7.11 5.18 7.47 5.92 10.08 7.94

Jun 6.38 6.54 4.41 7.41 5.42 9.37 8.65

Jul 6.19 6.18 4.67 6.95 5.45 8.68 8.52

Aug 6.18 6.33 4.17 7.30 5.28 9.35 8.50

Sep 6.15 6.59 3.76 7.49 5.13 8.01 8.87

Oct 6.55 6.95 4.59 7.38 5.86 7.92 8.88

Nov 6.40 6.94 4.72 6.93 5.51 7.77 7.74

Dec 5.60 5.83 4.60 6.48 3.95 7.99 5.86

2002 Jan 6.83 7.22 5.69 8.14 5.04 9.66 5.68

Feb 6.98 8.30 4.56 7.21 6.30 7.57 7.17

Mar 7.09 8.01 5.89 7.34 5.63 8.27 6.00

Apr 7.57 8.94 6.27 7.10 6.46 6.54 6.98

May 7.70 9.24 5.68 7.95 5.63 7.94 7.69

Jun 7.50 8.74 5.87 7.02 6.20 8.29 7.74

Jul 7.53 8.88 5.95 7.23 6.20 7.95 7.18

Aug 7.30 8.88 5.34 6.83 6.35 8.13 6.27

Sep 7.51 9.25 5.45 6.54 6.42 7.65 7.44

Oct 7.36 9.06 5.41 6.54 5.86 6.94 7.86

Nov 7.07 8.36 5.19 7.48 5.11 6.31 8.68

Dec 5.24 6.00 3.27 6.16 3.81 5.91 7.39

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 15 years of age or more.


49

I.10 - Real average earnings of occupied people - seasonally adjusted1/

1993=100

Period Total By areas of activity By different types of employment

Manufacturing Building Commerce Services Other Registered Nonregistered Self-employed Employer

industry activities

1993 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1994 105.84 102.74 103.32 110.78 106.70 105.39 100.77 105.07 113.60 135.53

1995 116.72 108.81 121.97 123.93 118.39 121.29 104.49 120.44 141.10 151.32

1996 125.36 115.37 133.40 132.41 129.09 125.92 112.68 128.46 151.36 155.26

1997 127.93 116.80 136.31 133.99 132.07 132.83 115.83 133.05 154.73 152.28

1998 127.45 116.52 128.78 127.50 133.38 136.41 115.84 133.80 148.39 157.83

1999 120.53 107.89 120.07 118.97 126.96 132.12 111.01 132.12 137.63 140.81

2000 119.85 105.87 122.39 122.15 125.74 129.83 109.88 132.98 136.57 141.18

2001 Jan 118.28 104.36 120.16 117.84 125.27 128.08 109.67 131.94 138.29 139.10

Feb 119.25 102.63 118.99 116.02 127.20 129.59 109.02 131.20 139.18 145.50

Mar 118.77 104.07 122.45 119.46 124.37 128.74 108.52 130.94 140.69 144.86

Apr 118.13 103.10 119.60 123.03 123.94 129.44 108.01 131.13 137.74 143.01

May 115.67 101.33 117.31 115.01 122.30 128.01 105.84 129.93 134.81 134.53

Jun 115.65 102.37 123.62 115.50 121.29 125.05 105.23 128.50 135.06 140.26

Jul 115.79 101.81 119.41 120.60 121.06 128.16 105.36 131.67 132.02 139.60

Aug 114.16 98.00 115.77 114.19 121.51 126.95 102.61 129.38 133.48 139.09

Sep 113.11 98.99 110.40 113.54 120.10 127.08 101.93 131.55 132.04 129.50

Oct 112.75 99.78 111.78 112.24 118.61 126.64 103.10 129.26 130.74 130.30

Nov 111.64 97.15 105.99 106.73 116.25 126.21 100.68 127.96 131.99 130.76

Dec 109.99 92.85 106.07 107.88 116.80 126.38 96.04 128.34 130.48 132.67

2002 Jan 112.41 99.44 105.41 108.56 118.75 129.94 102.05 129.72 129.65 136.09

Feb 111.99 100.15 105.68 109.39 116.77 131.52 102.20 130.03 124.99 130.18

Mar 112.47 98.39 108.12 105.91 118.50 130.94 103.38 130.77 128.54 124.77

Apr 113.07 102.27 113.48 104.12 119.46 131.08 102.61 132.25 132.99 126.39

May 113.42 99.74 111.70 107.45 119.15 136.30 102.29 134.82 135.19 127.77

Jun 111.94 95.85 107.50 104.72 118.92 135.86 101.87 131.07 131.50 125.44

Jul 111.94 99.55 109.85 104.92 117.71 139.78 101.59 130.37 132.54 128.34

Aug 111.13 99.60 110.29 106.97 115.84 135.78 101.37 129.86 128.03 124.33

Sep 110.66 98.65 109.58 107.72 116.01 133.67 100.17 127.91 126.44 131.98

Oct 108.59 95.10 107.13 101.03 114.51 132.06 97.94 125.82 125.69 128.17

Nov 107.52 97.21 114.92 113.08 117.32 127.03 95.80 123.17 124.60 131.30

Source: IBGE

1/ Deflated by INPC. Informations gathered in metropolitan areas of Recife, Salvador, Belo Horizonte, Rio de Janeiro, São Paulo and Porto Alegre.


50

I.11 - 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

1991 414.71 480.18 404.67 471.67 384.28 486.33 440.83 493.79

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

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

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

1995 59.65 14.78 51.39 6.39 72.57 31.45 71.87 25.91

1996 11.10 9.34 6.33 8.09 15.19 9.56 18.22 11.34

1997 7.91 7.48 8.14 7.78 7.43 6.81 7.73 7.21

1998 3.89 1.70 3.55 1.51 4.87 2.75 4.12 1.66

1999 11.32 19.98 16.56 28.90 5.35 9.21 4.87 9.12

2000 13.77 9.81 18.11 12.06 9.43 7.66 7.48 6.21

2001 10.37 10.40 12.61 11.87 7.60 8.85 6.91 7.94

2002 13.51 26.41 16.67 35.41 9.62 12.87 8.30 12.18

2003 30.28 26.94 39.57 33.55 16.13 17.61 15.79 16.12

Monthly Monthly Monthly Monthly

2002 Jan 0.19 10.06 - 0.13 11.28 0.36 8.62 0.79 8.10

Feb 0.18 9.89 0.14 11.09 0.58 8.87 0.14 7.82

Mar 0.11 9.14 - 0.11 9.86 0.55 9.17 0.42 7.68

Apr 0.70 8.68 0.75 9.17 0.33 9.13 0.71 7.52

May 1.11 9.40 1.27 10.35 2.53 9.58 0.28 7.39

Jun 1.74 9.70 2.50 10.94 0.57 8.93 0.55 7.42

Jul 2.05 10.17 2.82 11.91 0.29 8.69 1.03 7.07

Aug 2.36 11.76 3.32 14.34 1.00 9.11 0.76 7.31

Sep 2.64 14.28 3.84 18.16 0.71 9.28 0.66 7.89

Oct 4.21 17.40 6.02 22.96 1.13 9.49 1.14 8.35

Nov 5.84 23.31 7.45 31.17 2.45 11.36 3.14 10.80

Dec 2.70 26.41 3.14 35.41 1.70 12.87 1.94 12.18

2003 Jan 2.17 28.92 2.21 38.58 1.51 14.16 2.32 13.88

Feb 1.59 30.73 1.71 40.76 1.39 15.09 1.37 15.28

Mar 1.66 32.75 1.93 43.63 1.38 16.04 1.06 16.01

Apr 0.41 32.37 0.07 42.65 0.90 16.70 1.12 16.48

May - 0.67 30.05 - 1.68 38.50 2.84 17.05 0.69 16.95

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

(continues)


51

I.11 - 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

1991 410.07 458.37 410.59 458.61 432.79 472.70 429.76 475.10

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

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

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

1995 58.75 15.24 67.34 23.17 66.01 22.41 65.96 21.98

1996 12.11 9.20 16.48 10.03 15.76 9.56 15.52 9.12

1997 8.02 7.74 6.44 4.82 6.93 5.22 5.99 4.34

1998 4.36 1.78 1.43 - 1.79 3.20 1.65 3.78 2.49

1999 10.73 20.10 2.56 8.64 4.86 8.94 4.85 8.43

2000 14.26 9.95 6.64 4.38 7.04 5.97 6.22 5.27

2 001 10.17 10.38 5.73 7.13 6.84 7.67 7.49 9.44

2 002 12.94 25.31 6.69 9.92 8.45 12.53 10.20 14.74

2 003 30.59 28.27 13.69 14.20 16.25 16.57 18.67 19.64

Monthly Monthly Monthly Monthly

2002 Jan 0.36 10.10 0.57 7.33 0.52 7.62 1.07 9.77

Feb 0.06 9.92 0.26 7.49 0.36 7.51 0.31 9.57

Mar 0.09 9.40 0.07 7.02 0.60 7.75 0.62 9.72

Apr 0.56 8.92 0.06 6.43 0.80 7.98 0.68 9.55

May 0.83 8.88 0.06 6.31 0.21 7.77 0.09 9.03

Jun 1.54 9.48 0.31 5.75 0.42 7.66 0.61 9.04

Jul 1.95 9.99 0.67 5.18 1.19 7.51 1.15 9.08

Aug 2.32 11.01 1.01 5.04 0.65 7.46 0.86 9.16

Sep 2.40 13.32 0.76 5.50 0.72 7.93 0.83 9.58

Oct 3.87 16.34 1.28 6.06 1.31 8.45 1.57 10.26

Nov 5.19 21.05 2.65 8.07 3.02 10.93 3.39 12.55

Dec 3.75 25.31 1.83 9.92 2.10 12.53 2.70 14.74

2003 Jan 2.33 27.76 2.19 11.69 2.25 14.47 2.47 16.33

Feb 2.28 30.60 1.61 13.19 1.57 15.85 1.46 17.66

Mar 1.53 32.48 0.67 13.87 1.23 16.57 1.37 18.54

Apr 0.92 32.97 0.57 14.45 0.97 16.77 1.38 19.36

May - 0.26 31.53 0.31 14.74 0.61 17.24 0.99 20.44

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

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


54

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).

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.


55

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 Currency Banking Total

institutions3/ funds Adjustments issued reserves

1998 Dec - 691 7 008 - 6 554 - 89 14 - 225 - 211 - - 17 4 293 - 4 847 - 553

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

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

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

2002 Jan 777 - 3 646 1 - 23 - 23 - - 688 - 5 281 1 747 - 3 533

Feb - 2 271 446 - 6 - 139 - 139 - - 140 - 285 - 1 546 - 1 832

Mar - 1 143 1 942 - 3 - 456 - 456 - - 289 445 518 963

Apr - 2 592 - 42 - 6 489 218 - 218 - - 176 - 1 370 - 739 - 2 109

May - 6 313 8 535 - 2 2 207 78 - 78 377 - 115 1 752 3 015 4 768

Jun - 1 029 2 024 - 3 019 - 269 - 312 - - 312 1 825 - 40 969 - 1 790 - 821

Jul 230 14 929 - 4 420 - 2 025 - 7 214 - - 7 214 248 - 7 780 960 1 740

Aug - 2 815 17 229 - 4 823 - 1 - 6 528 - - 6 528 - 517 9 1 717 836 2 553

Sep - 3 052 8 997 - 3 004 3 - 5 957 - - 5 957 8 943 - 146 1 423 4 361 5 784

Oct - 296 20 565 - 5 535 - 3 - 14 725 - - 14 725 - 157 22 1 369 - 1 499 - 130

Nov - 2 175 3 788 - 629 1 330 - 330 - 1 484 89 1 883 - 1 964 - 81

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

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

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

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

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

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

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

1/ Securities operations are not included.

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

3/ Includes reserve requirement on judicial deposits and on bails, deposits earmarked to the Brazilian System of Savings and Loan, deposits on the insufficiency of

investment for rural credit, Proagro inflows, financial institutions deposits - Resolutions 1,718, 2,237 and 2,461, deposits earmarked to asset and liability operations,

on advances, loans, financing, credits, time deposits, Earnings on voluntary deposits (as from December 1998), and further callable resources and anticipated deposit for purposes of clearing.


56

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

R$ million

Period Monetary base Money supply

End of period Daily average 1/ End of period Daily average1/

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

issued reserves issued reserves outside deposits outside deposits

banks banks

1998 Dec 24 167 15 018 39 184 23 550 15 735 39 285 21 185 29 522 50 707 20 463 28 517 48 981

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

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

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

2002 Jan 32 388 17 335 49 723 34 632 17 665 52 298 27 285 47 387 74 672 29 423 47 973 77 396

Feb 32 103 15 788 47 891 33 256 16 800 50 056 26 783 47 156 73 939 27 944 46 501 74 446

Mar 32 548 16 307 48 855 32 927 16 445 49 371 27 235 45 981 73 216 27 718 45 663 73 381

Apr 31 178 15 567 46 746 32 401 16 198 48 598 26 056 48 705 74 761 27 152 45 923 73 075

May 32 930 18 583 51 513 32 545 16 720 49 265 27 044 46 743 73 787 27 216 46 436 73 652

Jun 33 900 16 793 50 693 33 715 16 862 50 577 28 327 51 339 79 667 28 230 50 120 78 350

Jul 34 680 17 753 52 433 35 473 18 747 54 220 28 936 53 835 82 771 29 403 52 622 82 025

Aug 36 397 18 588 54 985 36 739 19 527 56 266 30 833 54 677 85 510 30 636 53 928 84 564

Sep 37 820 22 950 60 770 37 828 20 337 58 165 31 519 56 658 88 177 32 093 54 917 87 010

Oct 39 189 21 451 60 640 39 666 20 941 60 607 33 131 55 690 88 821 33 823 56 188 90 011

Nov 41 072 19 487 60 559 40 749 20 596 61 344 34 764 57 184 91 947 34 518 56 804 91 322

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

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

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

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

Apr 39 048 29 181 68 229 40 519 26 852 67 372 32 450 52 116 84 566 34 122 53 366 87 488

May 38 816 26 297 65 114 39 472 26 727 66 199 32 581 51 021 83 602 33 322 51 779 85 102

Jun 38 799 25 039 63 838 39 777 25 926 65 703 32 081 53 771 85 851 33 481 51 928 85 409

1/ Based on working days of the month indicated.

Note: Monetary programming for the second quarter 2003 (Base): R$62.3 billion - R$84.3 billion (average point of forecasts:44.9% in 12 months).

Monetary programming for the second quarter 2003 (M1): R$81.4 billion - R$110.2 billion (average point of forecasts: 22.3% in 12 months).


57

II.3 - Monetary behavior factors1/

Working day average in month

Period Individual behavior Bank behavior Multiplier

1998 Dec 0.42 0.58 0.11 0.55 1.25

1999 Dec 0.40 0.60 0.11 0.51 1.30

2000 Dec 0.38 0.62 0.09 0.35 1.52

2001 Dec 0.39 0.61 0.11 0.35 1.49

2002 Jan 0.38 0.62 0.11 0.37 1.48

Feb 0.38 0.62 0.11 0.36 1.49

Mar 0.38 0.62 0.11 0.36 1.49

Apr 0.37 0.63 0.11 0.35 1.50

May 0.37 0.63 0.11 0.36 1.50

Jun 0.36 0.64 0.11 0.34 1.55

Jul 0.36 0.64 0.12 0.36 1.51

Aug 0.36 0.64 0.11 0.36 1.50

Sep 0.37 0.63 0.10 0.37 1.50

Oct 0.38 0.62 0.10 0.37 1.49

Nov 0.38 0.62 0.11 0.36 1.49

Dec 0.40 0.60 0.12 0.36 1.46

2003 Jan 0.40 0.60 0.12 0.38 1.43

Feb 0.40 0.60 0.12 0.38 1.43

Mar 0.39 0.61 0.12 0.51 1.29

Apr 0.39 0.61 0.12 0.50 1.30

May 0.39 0.61 0.12 0.52 1.29

Jun 0.39 0.61 0.12 0.50 1.30

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=

++=


58

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

R$ million

Period Monetary Reserve Federal securities2/ Total Percentage

base requirements extended change

monetary in

Bacen securities National Treasury securities Total base month

securities

Earnings1/ Non- Portfolio Financing

4/ Total Portfolio Financing4/ Total

earnings position3/ position

1998 Dec 39 184 14 945 4 982 95 433 - 95 433 199 091 - 1 290 197 801 293 234 352 345 0.39

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

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

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

2002 Jan 49 723 17 764 170 127 352 - 3 840 123 512 478 013 - 6 198 471 815 595 327 662 984 2.52

Feb 47 891 17 729 174 119 299 - 1 415 117 884 482 261 - 4 060 478 201 596 085 661 879 -0.17

Mar 48 855 17 774 156 114 382 59 114 441 484 720 433 485 153 599 594 666 379 0.68

Apr 46 746 17 730 129 107 250 - 14 107 236 498 651 4 942 503 593 610 829 675 434 1.36

May 51 513 17 788 125 107 177 - 14 107 163 503 270 8 865 512 135 619 298 688 724 1.97

Jun 50 693 18 219 120 114 355 - 68 114 287 511 024 21 049 532 073 646 360 715 392 3.87

Jul 52 433 25 594 132 94 596 - 81 94 515 548 943 21 382 570 325 664 840 742 999 3.86

Aug 54 985 32 331 156 70 779 28 436 99 215 520 595 11 552 532 147 631 362 718 834 -3.25

Sep 60 770 38 638 138 87 633 - 427 87 206 534 893 51 023 585 916 673 122 772 668 7.49

Oct 60 640 53 851 150 84 771 - 84 771 521 364 54 652 576 016 660 787 775 428 0.36

Nov 60 559 53 977 123 75 578 - 75 578 527 951 61 665 589 616 665 194 779 853 0.57

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

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

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

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

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

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

Jun 63 838 52 906 952 37 170 - 37 170 604 437 44 801 649 238 686 408 804 104 0.85

1/ Adjusted balances.

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

4/ Net financing position on the day. (-) oversold, (+) undersold and position under Resolution 2,308, dated 8.28.1996.

Note: Monetary programming for the second quarter of 2003 (extended base): R$716.4 billion - R$969.2 billion (average point of forecasts: 17.8% in 12 months).


59

II.5 - Extended monetary base Average daily balance

R$ million

Period Monetary Reserve Federal securities2/ Total Percentage

base requirements extended change

Bacen securities National Treasury securities Total monetary in

securities base month

Earnings1/ Non- Portfolio Financing4/ Total Portfolio Financing4/ Total

earnings position3/ position

1998 Dec 39 285 14 856 4 934 94 942 1 873 96 815 193 026 4 481 197 507 294 322 353 397 3.61

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

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

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

2002 Jan 52 298 17 730 189 128 682 - 3 092 125 590 467 883 - 6 573 461 310 586 900 657 116 2.71

Feb 50 056 17 712 156 126 010 - 2 506 123 504 478 953 - 5 257 473 696 597 200 665 124 1.22

Mar 49 371 17 737 158 117 415 - 1 150 116 266 484 661 - 3 807 480 854 597 120 664 387 -0.11

Apr 48 598 17 748 142 109 784 - 685 109 100 489 701 4 315 494 016 603 115 669 603 0.79

May 49 265 17 751 128 108 444 - 143 108 301 498 402 8 813 507 216 615 517 682 660 1.95

Jun 50 577 17 933 116 111 883 - 102 111 781 506 117 17 336 523 453 635 234 703 860 3.11

Jul 54 220 25 077 114 100 152 - 64 100 087 522 127 16 817 538 944 639 031 718 442 2.07

Aug 56 266 27 453 135 78 262 10 396 88 658 529 545 19 156 548 701 637 359 721 213 0.39

Sep 58 165 37 074 137 76 272 3 586 79 858 518 763 41 901 560 664 640 522 735 899 2.04

Oct 60 607 44 782 130 91 362 - 91 362 528 228 53 055 581 283 672 646 778 164 5.74

Nov 61 344 53 929 134 78 125 - 78 125 523 834 55 231 579 065 657 190 772 598 -0.72

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

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

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

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

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

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

Jun 65 703 53 132 1 024 38 368 - 8 38 360 596 463 44 488 640 951 679 311 799 170 0.95

1/ Adjusted balances.

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

3/ Excludes LBCE.

4/ Net financing position on the day. (-) oversold, (+) undersold and position under Resolution 2,308, dated 8.28.1996.


60

II.6 - Money supply (M4) - balances

R$ million

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

period deposits securities1/ fixed-income committed securities municipal

funds2/ with federal securities

securities3/

1998 Dec 50 707 108 442 95 815 254 965 121 049 - 376 015 80 987 2 306 459 308

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

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

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

2002 Jan 74 672 120 036 119 810 314 519 295 977 15 352 625 847 129 868 2 608 758 323

Feb 73 939 120 501 121 749 316 189 299 410 12 939 628 537 126 786 2 630 757 953

Mar 73 216 120 787 129 972 323 975 299 076 15 964 639 016 120 158 2 679 761 853

Apr 74 761 120 419 127 488 322 668 303 479 12 483 638 630 123 443 2 636 764 710

May 73 787 120 909 129 846 324 542 302 490 11 240 638 272 123 863 2 548 764 683

Jun 79 667 126 974 135 389 342 029 285 348 11 137 638 515 128 269 2 795 769 578

Jul 82 771 131 993 138 747 353 511 276 541 10 800 640 851 127 695 2 839 771 385

Aug 85 510 136 872 146 820 369 202 267 922 11 526 648 651 113 802 2 881 765 333

Sep 88 177 138 716 149 001 375 894 272 009 10 714 658 618 115 982 2 130 776 730

Oct 88 821 139 522 153 843 382 187 272 107 11 663 665 956 118 299 1 896 786 151

Nov 91 947 140 305 153 358 385 610 276 765 13 009 675 384 118 909 1 922 796 215

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

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

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

Mar 87 107 139 705 158 437 385 249 310 486 12 245 707 979 117 472 2 036 827 488

Apr 84 566 138 719 159 037 382 322 315 389 12 073 709 784 117 477 2 074 829 336

May 83 602 138 432 163 602 385 637 320 894 12 083 718 614 118 753 2 114 839 481

Jun* 85 851 138 345 159 456 383 652 329 409 13 122 726 183 116 199 2 145 844 527

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, non-financial 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 2003 (M4): R$749.7 billion - R$1014.3 billion (average point of forecasts: 14.6% in 12 months).


61

II.7 - Money supply (M4)

Percentage share

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

period deposits securities1/ fixed-income committed securities municipal


securities3/

1998 Dec 11.0 23.6 20.9 55.5 26.4 0.0 81.9 17.6 0.5 100.0

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

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

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

2002 Jan 9.8 15.8 15.8 41.5 39.0 2.0 82.5 17.1 0.3 100.0

Feb 9.8 15.9 16.1 41.7 39.5 1.7 82.9 16.7 0.3 100.0

Mar 9.6 15.9 17.1 42.5 39.3 2.1 83.9 15.8 0.4 100.0

Apr 9.8 15.7 16.7 42.2 39.7 1.6 83.5 16.1 0.3 100.0

May 9.6 15.8 17.0 42.4 39.6 1.5 83.5 16.2 0.3 100.0

Jun 10.4 16.5 17.6 44.4 37.1 1.4 83.0 16.7 0.4 100.0

Jul 10.7 17.1 18.0 45.8 35.8 1.4 83.1 16.6 0.4 100.0

Aug 11.2 17.9 19.2 48.2 35.0 1.5 84.8 14.9 0.4 100.0

Sep 11.4 17.9 19.2 48.4 35.0 1.4 84.8 14.9 0.3 100.0

Oct 11.3 17.7 19.6 48.6 34.6 1.5 84.7 15.0 0.2 100.0

Nov 11.5 17.6 19.3 48.4 34.8 1.6 84.8 14.9 0.2 100.0

Dec 13.4 17.4 18.4 49.2 34.6 1.4 85.2 14.5 0.2 100.0

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

Feb 11.0 17.1 19.3 47.5 36.5 1.5 85.5 14.3 0.2 100.0

Mar 10.5 16.9 19.1 46.6 37.5 1.5 85.6 14.2 0.2 100.0

Apr 10.2 16.7 19.2 46.1 38.0 1.5 85.6 14.2 0.3 100.0

May 10.0 16.5 19.5 45.9 38.2 1.4 85.6 14.1 0.3 100.0

Jun* 10.2 16.4 18.9 45.4 39.0 1.6 86.0 13.8 0.3 100.0

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

2/ Excludes guaranties issued primarily by financial institutions.

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



62

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

Percentage share

Period Monetary base M1 Savings

deposits

Currency issued Banking reserves Total Currency Demand Total

outside banks deposits

1998 Dec 2.6 1.6 4.2 2.3 3.2 5.5 11.7

1999 Dec 2.8 1.8 4.6 2.4 3.5 5.9 10.5

2000 Dec 2.8 1.3 4.1 2.5 4.0 6.4 9.7

2001 Dec 3.0 1.2 4.2 2.6 4.1 6.7 9.5

2002 Jan 2.6 1.4 4.0 2.2 3.8 5.9 9.5

Feb 2.6 1.3 3.8 2.1 3.8 5.9 9.6

Mar 2.6 1.3 3.9 2.2 3.7 5.8 9.6

Apr 2.5 1.2 3.7 2.1 3.9 5.9 9.5

May 2.6 1.5 4.0 2.1 3.7 5.8 9.4

Jun 2.6 1.3 3.9 2.2 3.9 6.1 9.7

Jul 2.6 1.3 3.9 2.2 4.0 6.2 9.9

Aug 2.7 1.4 4.0 2.2 4.0 6.2 10.0

Sep 2.7 1.6 4.3 2.2 4.0 6.2 9.8

Oct 2.6 1.4 4.1 2.2 3.8 6.0 9.4

Nov 2.7 1.3 3.9 2.3 3.7 6.0 9.1

Dec 3.2 1.5 4.7 2.7 4.2 6.9 9.0

2003 Jan 2.8 1.3 4.1 2.3 3.5 5.9 9.0

Feb 2.8 1.5 4.3 2.3 3.4 5.7 8.9

Mar 2.5 1.6 4.2 2.1 3.4 5.5 8.8

Apr 2.5 1.9 4.3 2.1 3.3 5.4 8.8

May 2.5 1.7 4.2 2.1 3.3 5.4 8.9

Jun* 2.5 1.6 4.1 2.1 3.5 5.6 8.9

(continues)


63

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/

1998 Dec 10.4 27.6 13.1 0.0 40.6 8.8 0.2 49.7

1999 Dec 9.5 25.9 17.4 0.9 44.2 7.6 0.1 51.9

2000 Dec 8.4 24.6 22.0 1.6 48.2 8.1 0.2 56.5

2001 Dec 9.4 25.6 22.7 1.4 49.7 10.2 0.2 60.2

2002 Jan 9.5 25.0 23.5 1.2 49.8 10.3 0.2 60.3

Feb 9.7 25.2 23.9 1.0 50.1 10.1 0.2 60.4

Mar 10.4 25.8 23.8 1.3 50.9 9.6 0.2 60.7

Apr 10.1 25.5 24.0 1.0 50.5 9.8 0.2 60.5

May 10.1 25.4 23.6 0.9 49.9 9.7 0.2 59.8

Jun 10.3 26.1 21.8 0.9 48.8 9.8 0.2 58.8

Jul 10.4 26.4 20.6 0.8 47.8 9.5 0.2 57.6

Aug 10.7 26.9 19.5 0.8 47.3 8.3 0.2 55.8

Sep 10.5 26.5 19.2 0.8 46.5 8.2 0.2 54.9

Oct 10.4 25.8 18.4 0.8 45.0 8.0 0.1 53.1

Nov 10.0 25.1 18.0 0.8 44.0 7.8 0.1 51.9

Dec 9.5 25.5 17.9 0.7 44.2 7.5 0.1 51.8

2003 Jan 9.8 24.7 18.6 0.7 44.0 7.8 0.1 51.9

Feb 10.0 24.6 18.9 0.8 44.4 7.4 0.1 51.9

Mar 10.0 24.3 19.6 0.8 44.6 7.4 0.1 52.1

Apr 10.1 24.3 20.0 0.8 45.1 7.5 0.1 52.7

May 10.5 24.8 20.6 0.8 46.2 7.6 0.1 54.0

Jun* 10.3 24.8 21.3 0.8 47.0 7.5 0.1 54.6

Source: Bacen and Ipea

1/ GDP of the last twelve months at prices of the month indicated (deflator: IGP-DI) based on series published by the IBGE. 2/ Includes time deposits, exchange bills, mortgage bonds and real estate bonds.

3/ Excludes guaranties issued primarily by financial institutions.

4/ As of August 1999, non-financial sector investments in committed operations are included in M3, when the minimun 30 day term in force since



64

II.9 - Income-velocity of money1/

End-of- M1 M2 M3 M4

period

1998 Dec 18.2 3.6 2.5 2.0

1999 Dec 16.9 3.9 2.3 1.9

2000 Dec 15.5 4.1 2.1 1.8

2001 Dec 15.0 3.9 2.0 1.7

2002 Jan 16.8 4.0 2.0 1.7

Feb 17.0 4.0 2.0 1.7

Mar 17.1 3.9 2.0 1.6

Apr 16.9 3.9 2.0 1.7

May 17.3 3.9 2.0 1.7

Jun 16.4 3.8 2.1 1.7

Jul 16.2 3.8 2.1 1.7

Aug 16.0 3.7 2.1 1.8

Sep 16.1 3.8 2.1 1.8

Oct 16.7 3.9 2.2 1.9

Nov 16.7 4.0 2.3 1.9

Dec 14.5 3.9 2.3 1.9

2003 Jan 17.0 4.1 2.3 1.9

Feb 17.4 4.1 2.3 1.9

Mar 18.2 4.1 2.2 1.9

Apr 18.6 4.1 2.2 1.9

May 18.6 4.0 2.2 1.9

Jun* 18.0 4.0 2.1 1.8

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.


65

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

Accumulated flows in R$ million

Itemization 2001 2002 2003

September December March June September December March June

A - Currency outside banks1/ - 1 657 3 962 - 2 922 - 2 410 1 453 9 774 - 5 528 - 6 933

B - Net adjusted international reserves2/ - 303 - 8 841 2 291 - 1 377 - 22 429 - 41 538 2 523 3 908

C - Net domestic assets (A-B) - 1 354 12 803 - 5 213 - 1 033 23 883 51 312 - 8 050 - 10 841

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.


66

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

1998 Dec 9 193 462 32 638 42 293 21 085 21 208 42 293

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

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

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

2002 Jan - - 21 585 21 585 1 441 20 144 21 585

Feb - - 21 477 21 477 1 404 20 073 21 477

Mar - - 21 997 21 997 1 367 20 630 21 997

Apr 491 - 21 927 22 418 1 827 20 591 22 418

May 2 267 - 21 900 24 167 3 535 20 632 24 167

Jun 2 015 - 20 643 22 658 3 250 19 408 22 658

Jul 1 - 20 661 20 662 1 205 19 457 20 662

Aug - - 20 677 20 677 1 171 19 506 20 677

Sep 3 - 21 457 21 460 1 144 20 316 21 460

Oct - - 21 374 21 374 1 050 20 324 21 374

Nov - - 21 392 21 392 1 019 20 373 21 392

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

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

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

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

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

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

Jun 43 - 19 803 19 846 804 19 042 19 846

(continues)


67


(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/

1998 Dec 41 294 86 378 1 347 - - 16 129 003 - - 4 290 - 4 290

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

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

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

2002 Jan 179 022 10 448 - 2 892 - 509 191 853 10 399 - 10 377 22

Feb 181 764 10 550 - 2 846 1 415 196 575 5 961 - 10 513 - 4 552

Mar 180 982 12 238 - 2 771 526 196 517 - - 12 194 - 12 194

Apr 176 180 17 423 - 5 508 3 386 202 497 1 322 - 17 229 - 15 907

May 179 504 20 903 - 6 837 - 3 951 203 293 949 - 20 662 - 19 713

Jun 177 776 34 706 - 5 766 - 9 171 209 077 1 971 - 34 011 - 32 040

Jul 181 028 39 137 - 18 598 - 17 446 221 317 3 185 - 39 016 - 35 831

Aug 197 406 31 043 - 17 953 - 8 314 238 088 4 404 - 58 953 - 54 549

Sep 176 062 69 520 - 26 533 - 13 077 259 038 5 298 - 67 780 - 62 482

Oct 171 269 73 024 - 27 702 - 13 429 258 566 4 166 - 71 384 - 67 218

Nov 168 660 78 380 - 28 037 - 12 867 262 210 3 645 - 78 022 - 74 377

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

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

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

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

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

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

Jun 206 123 59 909 - 29 143 3 983 299 158 - - 60 088 - 60 088

(continues)


68



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

1998 Dec 31 909 384 24 359 56 652 5 615 1 607 48 63 922 3 742 7 273 241 943

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

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

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

2002 Jan 40 916 65 51 534 92 515 9 185 342 25 102 067 3 671 7 600 326 798

Feb 37 629 98 50 230 87 957 8 916 341 43 97 257 4 280 7 517 322 554

Mar 40 719 132 55 217 96 068 8 859 345 43 105 315 4 502 7 592 323 729

Apr 32 028 182 50 859 83 069 9 156 357 239 92 821 4 576 7 375 313 779

May 33 340 63 53 887 87 290 9 950 404 32 97 676 4 765 7 642 317 830

Jun 56 531 104 70 310 126 945 11 566 442 39 138 992 3 616 19 755 362 058

Jul 56 899 186 96 144 153 229 13 858 518 47 167 652 4 578 20 411 392 314

Aug 44 966 205 85 884 131 055 12 262 451 65 143 833 4 741 16 527 369 317

Sep 56 450 70 105 990 162 510 15 746 574 1 073 179 903 4 956 17 510 420 384

Oct 41 830 108 101 738 143 676 14 724 508 1 003 159 911 5 184 20 142 397 959

Nov 40 012 172 100 386 140 570 14 725 517 301 156 113 5 372 15 859 386 569

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

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

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

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

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

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

Jun 63 880 82 95 906 159 868 12 290 448 1 071 173 677 4 728 8 786 447 854

(continues)


69

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)

1998 Dec 24 167 8 724 6 332 15 056 39 223 22 537 48 372 33 800 - 104 709 143 932

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

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

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

2002 Jan 32 388 8 557 8 779 17 336 49 724 - - 127 711 - 6 127 705 177 429

Feb 32 103 7 997 7 793 15 790 47 893 - - 119 390 18 119 408 167 301

Mar 32 548 8 903 7 405 16 308 48 856 - - 114 247 28 114 275 163 131

Apr 31 178 7 401 8 166 15 567 46 745 - - 107 056 27 107 083 153 828

May 32 930 8 977 9 606 18 583 51 513 - - 107 093 25 107 118 158 631

Jun 33 900 7 706 9 087 16 793 50 693 - - 114 236 - 114 236 164 929

Jul 34 680 8 283 9 470 17 753 52 433 - - 99 540 - 99 540 151 973

Aug 36 397 8 727 9 861 18 588 54 985 - - 74 553 - 74 553 129 538

Sep 37 820 11 060 11 890 22 950 60 770 - - 93 574 - 93 574 154 344

Oct 39 189 10 617 10 834 21 451 60 640 - - 85 031 - 85 031 145 671

Nov 41 072 8 789 10 698 19 487 60 559 - - 75 677 - 75 677 136 236

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

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

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

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

Apr 39 048 12 683 16 498 29 181 68 229 - - 42 423 - 42 423 110 652

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

Jun 38 799 10 503 14 536 25 039 63 838 - - 36 900 - 36 900 100 738

(continues)


70



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/

1998 Dec 10 14 872 605 3 940 435 172 20 034

1999 Dec 13 14 909 - - 214 283 15 419

2000 Dec 13 14 716 - - 153 135 15 017

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

2002 Jan 16 17 745 - - 168 3 021 20 950

Feb 15 17 718 - - 172 1 012 18 917

Mar 15 17 761 - - 155 1 034 18 965

Apr 15 17 730 - - 129 798 18 672

May 16 17 788 - - 124 1 861 19 789

Jun 18 18 220 - - 119 1 949 20 306

Jul 22 25 587 - - 131 1 628 27 368

Aug 20 26 690 - - 155 6 920 33 785

Sep 25 27 212 - - 137 12 505 39 879

Oct 24 27 578 - - 149 26 388 54 139

Nov 23 27 640 - - 122 26 606 54 391

Dec 23 28 046 - - 182 27 202 55 453

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

Feb 23 27 929 - - 146 29 105 57 203

Mar 22 27 687 - - 203 27 150 55 062

Apr 19 27 644 - - 201 29 168 57 032

May 19 27 431 - - 177 29 392 57 019

Jun 18 27 366 - - 135 27 877 55 396

(continues)


71



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

1998 Dec 50 403 - 50 403 - 3 3 50 406

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

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

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

2002 Jan 79 898 885 80 783 - 5 126 5 126 85 909

Feb 85 578 109 85 687 - 5 529 5 529 91 216

Mar 90 391 320 90 711 - - - 90 711

Apr 100 729 957 101 686 - - - 101 686

May 104 668 1 502 106 170 - - - 106 170

Jun 103 165 1 418 104 583 - - - 104 583

Jul 115 604 7 131 122 735 - - - 122 735

Aug 118 454 2 270 120 724 - - - 120 724

Sep 112 262 6 945 119 207 - - - 119 207

Oct 97 085 238 97 323 - - - 97 323

Nov 95 808 1 149 96 957 - - - 96 957

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

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

Feb 99 101 620 99 721 - - - 99 721

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

Apr 109 599 393 109 992 - - - 109 992

May 125 873 633 126 506 - - - 126 506

Jun 133 173 - 2 715 130 458 - 18 822 18 822 149 280

(continues)


72



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

1998 Dec 3 755 1 490 75 74 13 215 14 854

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

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

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

2002 Jan 3 671 1 919 4 - 20 191 22 114

Feb 4 280 1 870 4 - 19 483 21 357

Mar 4 502 1 686 4 - 19 260 20 950

Apr 4 576 1 719 4 - 9 973 11 696

May 4 765 1 839 6 - 10 615 12 460

Jun 3 616 2 080 5 - 41 458 43 543

Jul 4 578 2 514 6 - 49 827 52 347

Aug 4 741 2 221 5 - 43 975 46 201

Sep 4 956 2 592 6 - 68 159 70 757

Oct 5 184 2 431 6 - 63 736 66 173

Nov 5 372 2 431 6 - 63 515 65 952

Dec 3 839 2 367 6 - 73 967 76 340

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

Feb 4 398 2 398 6 - 75 263 77 667

Mar 6 231 2 022 6 - 84 489 86 517

Apr 6 336 1 746 5 - 73 581 75 332

May 6 637 1 796 6 - 77 018 78 820

Jun 4 728 1 743 5 - 87 928 89 676

(continues)


73


(concluded) R$ million

End-of- Foreign liabilities Own resources Total liabilities

period

Liabilities based on International Others Total

agreements organizations

1998 Dec 407 5 174 185 20 620 3 196 241 943

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

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

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

2002 Jan 91 10 676 2 780 35 661 3 178 326 798

Feb 105 10 373 3 081 34 916 5 924 322 554

Mar 115 10 318 10 057 41 440 4 980 323 729

Apr 127 10 660 4 881 27 364 7 653 313 779

May 87 11 449 2 949 26 945 1 530 317 830

Jun 154 13 182 6 487 63 366 5 258 362 058

Jul 184 15 811 18 479 86 821 - 1 161 392 314

Aug 172 13 990 16 607 76 970 3 559 369 317

Sep 124 17 971 13 868 102 720 - 722 420 384

Oct 132 16 812 14 572 97 689 - 2 047 397 959

Nov 146 16 814 11 903 94 815 - 1 202 386 569

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

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

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

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

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

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

Jun 146 13 960 22 182 125 964 11 748 447 854

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 contrapart to LBCE purchase and sale time operations.

4/ Decree 916, dated 9.8.1993. 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.

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 2,069 dated 4.29.1994, Circular 2,420 dated 4.29.1994, Resolution 1,787 dated 2,2,1991), credit operations, among others.


74

II.12 - Monetary authority

R$ million

Itemization 2002 2003

Nov Dec Jan Feb Mar Apr May

Assets 407 964 421 400 444 471 459 160 455 877 437 670 442 792

Foreign assets 127 744 133 291 137 613 144 473 142 805 131 373 131 796

Claims on central governmment (includes securities debt) 275 557 284 115 303 639 310 868 311 112 304 334 310 167

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

Claims on private sector - - - - - - -

Claims on deposit money banks 3 481 2 924 2 220 2 890 1 036 1 081 48

Claims on other banking institutions - - - - - 27 7

Claims on nonbanking financial institutions 1 182 1 070 999 929 924 855 774

Liabilities 407 964 421 400 444 471 459 160 455 877 437 670 442 792

Reserve money (IMF) 180 171 195 807 202 526 203 317 193 678 178 361 170 569

of which: currency outside deposit money banks 34 777 42 351 37 003 36 240 33 217 32 499 32 451

Money market instruments 9 396 9 587 7 379 7 491 7 833 8 375 8 602

Liabilities for Banco Central securities 75 677 67 021 62 744 59 868 53 103 42 423 40 512

Foreign currency deposits 23 23 23 23 22 19 19

Foreign liabilities 63 201 73 689 74 438 74 895 83 880 72 818 76 830

Long-term foreign liabilities 15 017 16 612 18 981 25 377 20 041 26 316 21 046

Central government deposits 96 957 89 151 94 689 99 721 105 191 109 992 126 506

Capital accounts - 12 245 - 12 032 671 2 828 8 762 17 473 19 695

Other items (net) - 20 232 - 18 457 - 16 980 - 14 360 - 16 633 - 18 108 - 20 986


75

II.13 - Deposit money banks1/

R$ million



Assets 837 168 845 404 859 469 878 946 874 062 850 645 851 228

Reserves 144 634 153 456 162 930 163 972 158 418 146 026 135 434

Other claims on monetary authority 38 791 36 468 34 232 33 466 29 952 27 349 27 192

Foreign assets 47 391 44 851 43 668 44 990 42 538 36 643 37 779


Claims on state and local governments (includes securities debt) 2 424 2 477 2 608 2 468 2 420 2 243 2 277

Claims on nonfinancial public enterprises 2 351 2 268 2 046 2 085 1 968 1 816 2 002

Claims on private sector 384 472 386 930 388 668 403 600 403 710 406 368 407 650

Claims on other banking institutions 1 502 1 380 2 451 1 582 1 856 2 017 2 221

Claims on nonbanking financial institutions 1 680 2 143 1 960 1 767 2 735 1 312 1 028

Liabilities 837 168 845 404 859 469 878 946 874 062 850 645 851 228

Demand deposits 56 860 64 680 55 440 54 431 53 708 51 824 50 818

Time, savings and other deposits 328 206 325 910 331 864 334 925 333 628 334 376 338 126


Restricted deposits - - - - - - -

Foreign liabilities 84 890 79 848 81 971 84 741 86 015 75 449 77 072



Credit from monetary authority 4 036 3 433 2 681 3 338 1 149 1 208 38

Liabilities to other banking institutions 50 711 52 545 50 363 53 751 53 084 52 380 53 461

Liabilities to nonbanking financial institutions 89 103 93 620 99 201 100 088 104 010 101 667 99 282

Capital accounts 188 326 192 426 196 285 208 207 215 083 213 989 214 660

Other items (net) - 29 066 - 26 988 - 24 595 - 26 832 - 36 802 - 46 070 - 44 986

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


76

II.14 - Monetary survey1/

R$ million



Assets 802 164 823 669 838 422 864 953 852 212 837 614 836 677

Foreign assets (net) 27 045 24 606 24 873 29 827 15 448 19 749 15 673

Domestic credit 775 119 799 063 813 549 835 125 836 764 817 865 821 004

Claims on central government (net) - includes securities debt 381 508 402 795 414 817 422 695 423 151 403 226 405 045




Claims on other banking institutions 1 502 1 380 2 451 1 582 1 856 2 044 2 228


Liabilities 802 164 823 669 838 422 864 953 852 212 837 614 836 677

Money 91 788 107 208 94 638 91 858 88 611 86 095 85 149

Quasi-money 328 206 325 910 331 864 334 925 333 628 334 376 338 126


Liabilities for Banco Central securities 36 886 30 553 28 512 26 402 23 151 15 074 13 320

Restricted deposits 23 23 23 23 22 19 19


Liabilities to other banking institutions 50 711 52 545 50 363 53 751 53 084 52 380 53 461



Other items (net) - 48 134 - 45 114 - 40 715 - 38 825 - 52 965 - 65 987 - 65 179

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


77

II.15 - Other banking institutions1/

R$ million



Assets 179 767 182 743 183 351 186 611 185 482 177 394 178 825

Reserves 458 393 2 738 2 231 2 021 2 980 3 261

Other claims on monetary authority 598 687 586 733 789 688 794

Foreign assets 721 812 1 141 921 927 869 1 170





Claims on deposit money banks 85 141 87 184 85 149 85 757 82 815 76 860 78 315

Claims on nonbanking financial institutions - - - - - 0 -

Liabilities 179 767 182 743 183 351 186 611 185 482 177 394 178 825

Demand deposits - - - - - - -

Time, savings and other deposits 4 904 4 481 4 750 6 705 6 450 6 216 5 209

Money market instruments 842 813 807 794 776 752 711


Foreign liabilities 970 1 369 1 079 1 248 1 183 1 008 1 366



Credit from monetary authority 289 289 292 294 297 323 309

Credit from deposit money banks 1 485 1 337 2 283 1 547 1 815 1 745 1 964

Liabilities to nonbanking financial institutions 735 924 1 022 1 033 1 185 1 198 1 415


Other items (net) 26 991 26 930 26 778 25 894 26 319 24 899 24 715

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

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


78

II.16 - Banking survey1/

R$ million



Assets 861 388 880 760 895 140 925 057 913 883 896 656 894 404

Foreign assets (net) 26 796 24 049 24 935 29 500 15 192 19 610 15 477

Domestic credit 834 593 856 711 870 205 895 557 898 690 877 047 878 927






Liabilities 861 388 880 760 895 140 925 057 913 883 896 656 894 404

Liquidity liabilities 424 440 437 206 428 514 431 256 426 669 423 707 425 223


Liabilities for Central Bank securities 36 288 29 866 27 926 25 668 22 363 14 386 12 525

Restricted deposits 23 23 23 23 22 19 19




Other items (net) - 55 300 - 52 577 - 48 600 - 44 679 - 56 122 - 65 544 - 65 273

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


79

II.17 - Nonbanking financial institutions1/

R$ million



Assets 22 067 20 637 22 506 21 481 19 639 19 607 18 871

Reserves 5 106 7 6 5 6 8

Other claims on monetary authority 1 213 1 128 1 164 1 067 744 586 589

Foreign assets 34 37 36 36 35 32 33


Claims on state and local governments (includes securities debt) 3 3 5 1 1 1 1

Claims on nonfinancial public enterprises 94 102 98 98 92 79 74


Claims on deposit money banks 4 269 3 486 5 375 4 638 3 985 3 971 4 152

Claims on other banking institutions 40 27 105 62 63 58 91

Liabilities 22 067 20 637 22 506 21 481 19 639 19 607 18 871



Foreign liabilities 775 757 743 749 711 607 630


Central government deposits - - - 1 - - 1

Credit from monetary authority 190 75 84 40 73 40 -

Credit from deposit money banks 575 356 1 853 1 242 808 857 874

Liabilities to other banking institutions 736 703 705 717 722 853 836


Other items (net) - 13 945 - 14 431 - 14 183 - 16 143 - 16 193 - 15 900 - 17 186

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


80

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

2001 Dec 4 090 5 755 9 845 98 809 23 948 26 132 36 391 77 346 59 913 322 539 332 384

2002 Jan 3 711 5 809 9 520 99 108 24 044 26 262 36 183 78 258 60 091 323 946 333 466

Feb 3 686 5 825 9 511 100 541 24 047 27 383 35 691 78 581 58 659 324 902 334 413

Mar 3 791 5 961 9 752 100 358 23 950 27 267 35 738 79 433 59 017 325 763 335 515

Apr 3 835 6 037 9 872 99 675 23 924 27 476 36 088 81 983 59 823 328 969 338 841

May 3 976 6 078 10 054 101 757 24 076 27 671 36 618 82 947 60 601 333 670 343 724

Jun 3 893 6 117 10 010 106 162 24 132 27 942 38 351 82 812 62 238 341 637 351 647

Jul 3 739 6 741 10 480 110 231 24 014 27 385 38 903 82 734 64 906 348 173 358 653

Aug 3 622 6 739 10 361 107 258 23 947 27 659 38 414 82 797 63 529 343 604 353 965

Sep 3 998 7 169 11 167 119 886 24 167 29 162 40 509 83 237 67 626 364 587 375 754

Oct 3 490 6 366 9 856 117 695 24 193 30 849 39 967 84 181 65 718 362 603 372 459

Nov 4 290 8 585 12 875 116 209 23 994 32 781 40 209 82 001 67 781 362 975 375 850

Dec 4 169 9 312 13 481 115 678 24 081 34 668 39 750 81 722 68 927 364 826 378 307

2003 Jan 4 087 9 351 13 438 115 625 24 122 34 754 39 611 82 191 68 322 364 625 378 063

Feb 3 698 10 209 13 907 117 009 24 219 35 395 39 213 82 802 68 174 366 812 380 719

Mar 4 164 9 605 13 769 115 204 24 290 35 657 39 668 83 787 68 022 366 628 380 397

Apr* 3 947 9 211 13 158 111 711 24 433 36 300 39 946 84 940 66 834 364 164 377 322

May* 4 017 9 446 13 463 112 537 24 518 37 139 39 934 85 983 66 332 366 443 379 906

Jun* 3 884 9 264 13 148 112 228 24 693 38 345 39 930 86 824 65 961 367 981 381 129

1/ Leasing operations included.

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


81

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


R$ million





2001 Dec 1 223 658 1 881 62 523 9 352 10 365 28 607 59 949 43 577 214 373 216 254

2002 Jan 1 269 670 1 939 62 331 9 325 10 222 28 138 60 900 43 026 213 942 215 881

Feb 1 277 672 1 949 62 283 9 218 10 299 27 577 60 794 42 502 212 673 214 622

Mar 1 275 708 1 983 61 545 9 280 9 892 27 532 61 337 42 937 212 523 214 506

Apr 1 318 751 2 069 60 719 9 217 9 803 27 849 63 347 43 507 214 442 216 511

May 1 430 756 2 186 61 865 9 191 9 644 28 204 63 943 43 843 216 690 218 876

Jun 1 550 668 2 218 64 809 9 124 9 780 29 806 64 025 44 873 222 417 224 635

Jul 1 769 690 2 459 67 034 8 976 9 944 30 428 63 954 46 656 226 992 229 451

Aug 1 638 748 2 386 63 930 8 755 10 164 29 847 64 062 45 382 222 140 224 526

Sep 2 001 724 2 725 69 418 8 773 11 049 31 737 64 217 48 520 233 714 236 439

Oct 1 956 709 2 665 67 711 8 676 11 635 31 244 64 291 46 935 230 492 233 157

Nov 1 855 772 2 627 67 911 8 595 13 155 31 802 63 162 47 033 231 658 234 285

Dec 1 701 802 2 503 67 032 8 525 14 201 31 343 63 189 47 133 231 423 233 926

2003 Jan 1 733 797 2 530 66 244 8 471 14 083 31 076 63 594 46 686 230 154 232 684

Feb 1 737 762 2 499 66 885 8 396 14 386 30 469 63 928 46 486 230 550 233 049

Mar 1 657 779 2 436 65 318 8 353 14 358 31 048 64 333 45 666 229 076 231 512

Apr* 1 439 772 2 211 62 962 8 344 14 366 31 186 65 209 44 230 226 297 228 508

May* 1 463 760 2 223 63 413 8 315 14 359 31 149 65 858 43 569 226 663 228 886

Jun* 1 342 756 2 098 63 053 8 321 14 536 31 162 66 447 42 886 226 405 228 503




82

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


R$ million





2001 Dec 2 867 5 097 7 964 36 286 14 596 15 767 7 784 17 397 16 336 108 166 116 130

2002 Jan 2 442 5 139 7 581 36 777 14 719 16 040 8 045 17 358 17 065 110 004 117 585

Feb 2 409 5 153 7 562 38 258 14 829 17 084 8 114 17 787 16 157 112 229 119 791

Mar 2 516 5 253 7 769 38 813 14 670 17 375 8 206 18 096 16 080 113 240 121 009

Apr 2 517 5 286 7 803 38 956 14 707 17 673 8 239 18 636 16 316 114 527 122 330

May 2 546 5 322 7 868 39 892 14 885 18 027 8 414 19 004 16 758 116 980 124 848

Jun 2 343 5 449 7 792 41 353 15 008 18 162 8 545 18 787 17 365 119 220 127 012

Jul 1 970 6 051 8 021 43 197 15 038 17 441 8 475 18 780 18 250 121 181 129 202

Aug 1 984 5 991 7 975 43 328 15 192 17 495 8 567 18 735 18 147 121 464 129 439

Sep 1 997 6 445 8 442 50 468 15 394 18 113 8 772 19 020 19 106 130 873 139 315

Oct 1 534 5 657 7 191 49 984 15 517 19 214 8 723 19 890 18 783 132 111 139 302

Nov 2 435 7 813 10 248 48 298 15 399 19 626 8 407 18 839 20 748 131 317 141 565

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

2003 Jan 2 354 8 554 10 908 49 381 15 651 20 671 8 535 18 597 21 636 134 471 145 379

Feb 1 961 9 447 11 408 50 124 15 823 21 009 8 744 18 874 21 688 136 262 147 670

Mar 2 507 8 826 11 333 49 886 15 937 21 299 8 620 19 454 22 356 137 552 148 885

Apr* 2 508 8 439 10 947 48 749 16 089 21 934 8 760 19 731 22 604 137 867 148 814

May* 2 554 8 686 11 240 49 124 16 203 22 780 8 785 20 125 22 763 139 780 151 020

Jun* 2 542 8 508 11 050 49 175 16 372 23 809 8 768 20 377 23 075 141 576 152 626




83

II.21 - Credit operations in the financial system1/

Balances in R$ million and % participation on total

Segment June 2003*

Total Risk level

AA A B C D E F G H

Public sector2/ 13 148 6 597 1 466 2 865 1 077 144 157 10 5 827

100.0 50.2 11.1 21.8 8.2 1.1 1.2 0.1 0.0 6.3

Federal government 3 884 3 176 194 455 59 0 0 0 0 0

100.0 81.8 5.0 11.7 1.5 0.0 0.0 0.0 0.0 0.0

State and municipal governments 9 264 3 421 1 272 2 410 1 018 144 157 10 5 827

100.0 36.9 13.7 26.0 11.0 1.6 1.7 0.1 0.1 8.9

Private sector 367 981 93 159 124 943 62 375 37 835 18 339 6 966 4 099 5 283 14 982

100.0 25.3 34.0 17.0 10.3 5.0 1.9 1.1 1.4 4.1

Industry 112 228 42 376 27 094 20 024 10 627 3 428 1 190 752 2 701 4 036

100.0 37.8 24.1 17.8 9.5 3.1 1.1 0.7 2.4 3.6

Housing 24 693 2 629 7 688 3 090 3 666 4 870 629 433 276 1 412

100.0 10.6 31.1 12.5 14.8 19.7 2.5 1.8 1.1 5.7

Rural 38 345 9 398 13 323 8 374 4 491 886 535 243 386 709

100.0 24.5 34.7 21.8 11.7 2.3 1.4 0.6 1.0 1.8

Commerce 39 930 10 890 13 012 7 177 4 781 1 436 548 398 211 1 477

100.0 27.3 32.6 18.0 12.0 3.6 1.4 1.0 0.5 3.7

Individuals 86 824 7 046 47 862 11 137 6 375 4 316 2 060 1 720 1 020 5 288

100.0 8.1 55.1 12.8 7.3 5.0 2.4 2.0 1.2 6.1

Other services 65 961 20 820 15 964 12 573 7 895 3 403 2 004 553 689 2 060

100.0 31.6 24.2 19.1 12.0 5.2 3.0 0.8 1.0 3.1

Total 381 129 99 756 126 409 65 240 38 912 18 483 7 123 4 109 5 288 15 809

100.0 26.2 33.2 17.1 10.2 4.8 1.9 1.1 1.4 4.1

(continues)


84

II.21 - Credit operations in the financial system1/

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

Segment May 2003*

Total Risk level

AA A B C D E F G H

Public sector2/ 13 463 6 878 1 623 2 799 1 049 144 154 10 5 801

100.0 51.1 12.1 20.8 7.8 1.1 1.1 0.1 0.0 5.9


100.0 82.0 4.8 11.7 1.5 0.0 0.0 0.0 0.0 0.0

State and municipal governments 9 446 3 585 1 431 2 329 987 144 154 10 5 801

100.0 38.0 15.1 24.7 10.4 1.5 1.6 0.1 0.1 8.5

Private sector 366 443 95 193 124 015 61 477 36 721 18 094 9 183 4 106 3 035 14 619

100.0 26.0 33.8 16.8 10.0 4.9 2.5 1.1 0.8 4.0

Industry 112 537 42 687 27 284 20 492 9 944 3 248 3 429 836 647 3 970

100.0 37.9 24.2 18.2 8.8 2.9 3.0 0.7 0.6 3.5

Housing 24 518 2 722 7 421 3 306 3 591 4 870 623 394 271 1 320

100.0 11.1 30.3 13.5 14.6 19.9 2.5 1.6 1.1 5.4

Rural 37 139 9 274 12 909 7 883 4 327 844 517 283 398 704

100.0 25.0 34.8 21.2 11.7 2.3 1.4 0.8 1.1 1.9

Commerce 39 934 11 283 12 624 6 962 4 897 1 506 533 379 232 1 518

100.0 28.3 31.6 17.4 12.3 3.8 1.3 0.9 0.6 3.8

Individuals 85 983 7 619 46 963 11 155 6 016 4 281 2 168 1 502 939 5 340

100.0 8.9 54.6 13.0 7.0 5.0 2.5 1.7 1.1 6.2

Other services 66 332 21 608 16 814 11 679 7 946 3 345 1 913 712 548 1 767

100.0 32.6 25.3 17.6 12.0 5.0 2.9 1.1 0.8 2.7

Total 379 906 102 071 125 638 64 276 37 770 18 238 9 337 4 116 3 040 15 420

100.0 26.9 33.1 16.9 9.9 4.8 2.5 1.1 0.8 4.1

1/ Leasing operations included.2/ Federal government, government agencies and foundations and entrepreneurial activities.

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

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

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

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

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

c) between 61 and 90 days: at least risk level D; d) between 91 and 120 days: at least risk level E;

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

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

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


85

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


Segment June 2003*

Total Risk level

AA A B C D E F G H

Public sector2/ 2 098 1 385 19 81 114 7 0 0 2 490

100.0 66.0 0.9 3.9 5.4 0.3 0.0 0.0 0.1 23.4


100.0 95.6 0.0 0.0 4.4 0.0 0.0 0.0 0.0 0.0

State and municipal governments 756 102 19 81 55 7 0 0 2 490

100.0 13.5 2.5 10.7 7.3 0.9 0.0 0.0 0.3 64.8

Private sector 226 405 63 235 82 947 33 607 23 167 8 045 3 576 2 438 1 739 7 651

100.0 27.9 36.6 14.8 10.2 3.6 1.6 1.1 0.8 3.4

Industry 63 053 26 149 17 006 9 081 6 407 1 963 630 445 235 1 137

100.0 41.5 27.0 14.4 10.2 3.1 1.0 0.7 0.4 1.8

Housing 8 321 2 284 2 432 1 450 822 560 113 103 65 492

100.0 27.4 29.2 17.4 9.9 6.7 1.4 1.2 0.8 5.9

Rural 14 536 3 887 4 673 2 355 2 528 330 290 46 249 178

100.0 26.7 32.1 16.2 17.4 2.3 2.0 0.3 1.7 1.2

Commerce 31 162 9 010 9 545 5 594 4 099 1 104 420 259 131 1 000

100.0 28.9 30.6 18.0 13.2 3.5 1.3 0.8 0.4 3.2

Individuals 66 447 6 094 37 759 8 694 3 805 2 743 1 686 1 207 784 3 675

100.0 9.2 56.8 13.1 5.7 4.1 2.5 1.8 1.2 5.5

Other services 42 886 15 811 11 532 6 433 5 506 1 345 437 378 275 1 169

100.0 36.9 26.9 15.0 12.8 3.1 1.0 0.9 0.6 2.7

Total 228 503 64 620 82 966 33 688 23 281 8 052 3 576 2 438 1 741 8 141

100.0 28.3 36.3 14.7 10.2 3.5 1.6 1.1 0.8 3.6

(continues)


86

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


Segment May 2003*

Total Risk level

AA A B C D E F G H

Public sector2/ 2 223 1 510 69 23 122 7 0 0 2 490

100.0 67.9 3.1 1.0 5.5 0.3 0.0 0.0 0.1 22.0


100.0 95.8 0.0 0.0 4.2 0.0 0.0 0.0 0.0 0.0

State and municipal governments 760 109 69 23 60 7 0 0 2 490

100.0 14.3 9.1 3.0 7.9 0.9 0.0 0.0 0.3 64.5

Private sector 226 663 65 063 82 280 33 094 23 098 7 735 3 537 2 547 1 759 7 550

100.0 28.7 36.3 14.6 10.2 3.4 1.6 1.1 0.8 3.3

Industry 63 413 26 416 17 170 9 148 6 367 1 826 647 544 249 1 046

100.0 41.7 27.1 14.4 10.0 2.9 1.0 0.9 0.4 1.6

Housing 8 315 2 322 2 250 1 652 779 558 114 93 66 481

100.0 27.9 27.1 19.9 9.4 6.7 1.4 1.1 0.8 5.8

Rural 14 359 3 835 4 629 2 306 2 546 251 302 48 253 189

100.0 26.7 32.2 16.1 17.7 1.7 2.1 0.3 1.8 1.3

Commerce 31 149 9 404 9 290 5 283 4 269 1 078 408 248 165 1 004

100.0 30.2 29.8 17.0 13.7 3.5 1.3 0.8 0.5 3.2

Individuals 65 858 6 670 37 001 8 675 3 487 2 742 1 699 1 102 730 3 752

100.0 10.1 56.2 13.2 5.3 4.2 2.6 1.7 1.1 5.7

Other services 43 569 16 416 11 940 6 030 5 650 1 280 367 512 296 1 078

100.0 37.7 27.4 13.8 13.0 2.9 0.8 1.2 0.7 2.5

Total 228 886 66 573 82 349 33 117 23 220 7 742 3 537 2 547 1 761 8 040

100.0 29.1 36.0 14.5 10.1 3.4 1.5 1.1 0.8 3.5












87

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


Segment June 2003*

Total Risk level

AA A B C D E F G H

Public sector2/ 11 050 5 212 1 447 2 784 963 137 157 10 3 337

100.0 47.2 13.1 25.2 8.7 1.2 1.4 0.1 0.0 3.0


100.0 74.5 7.6 17.9 0.0 0.0 0.0 0.0 0.0 0.0


100.0 39.0 14.7 27.4 11.3 1.6 1.8 0.1 0.0 4.0

Private sector 141 576 29 924 41 996 28 768 14 668 10 294 3 390 1 661 3 544 7 331

100.0 21.1 29.7 20.3 10.4 7.3 2.4 1.2 2.5 5.2

Industry 49 175 16 227 10 088 10 943 4 220 1 465 560 307 2 466 2 899

100.0 33.0 20.5 22.3 8.6 3.0 1.1 0.6 5.0 5.9

Housing 16 372 345 5 256 1 640 2 844 4 310 516 330 211 920

100.0 2.1 32.1 10.0 17.4 26.3 3.2 2.0 1.3 5.6

Rural 23 809 5 511 8 650 6 019 1 963 556 245 197 137 531

100.0 23.1 36.3 25.3 8.2 2.3 1.0 0.8 0.6 2.2

Commerce 8 768 1 880 3 467 1 583 682 332 128 139 80 477

100.0 21.4 39.5 18.1 7.8 3.8 1.5 1.6 0.9 5.4

Individuals 20 377 952 10 103 2 443 2 570 1 573 374 513 236 1 613

100.0 4.7 49.6 12.0 12.6 7.7 1.8 2.5 1.2 7.9

Other services 23 075 5 009 4 432 6 140 2 389 2 058 1 567 175 414 891

100.0 21.7 19.2 26.6 10.4 8.9 6.8 0.8 1.8 3.9

Total 152 626 35 136 43 443 31 552 15 631 10 431 3 547 1 671 3 547 7 668

100.0 23.0 28.5 20.7 10.2 6.8 2.3 1.1 2.3 5.0

(continues)


88

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


Segment May 2003*

Total Risk level

AA A B C D E F G H

Public sector2/ 11 240 5 368 1 554 2 776 927 137 154 10 3 311

100.0 47.8 13.8 24.7 8.2 1.2 1.4 0.1 0.0 2.8


100.0 74.1 7.5 18.4 0.0 0.0 0.0 0.0 0.0 0.0


100.0 40.0 15.7 26.5 10.7 1.6 1.8 0.1 0.0 3.6

Private sector 139 780 30 130 41 735 28 383 13 623 10 359 5 646 1 559 1 276 7 069

100.0 21.6 29.9 20.3 9.7 7.4 4.0 1.1 0.9 5.1

Industry 49 124 16 271 10 114 11 344 3 577 1 422 2 782 292 398 2 924

100.0 33.1 20.6 23.1 7.3 2.9 5.7 0.6 0.8 6.0

Housing 16 203 400 5 171 1 654 2 812 4 312 509 301 205 839

100.0 2.5 31.9 10.2 17.4 26.6 3.1 1.9 1.3 5.2

Rural 22 780 5 439 8 280 5 577 1 781 593 215 235 145 515

100.0 23.9 36.3 24.5 7.8 2.6 0.9 1.0 0.6 2.3

Commerce 8 785 1 879 3 334 1 679 628 428 125 131 67 514

100.0 21.4 38.0 19.1 7.1 4.9 1.4 1.5 0.8 5.9

Individuals 20 125 949 9 962 2 480 2 529 1 539 469 400 209 1 588

100.0 4.7 49.5 12.3 12.6 7.6 2.3 2.0 1.0 7.9

Other services 22 763 5 192 4 874 5 649 2 296 2 065 1 546 200 252 689

100.0 22.8 21.4 24.8 10.1 9.1 6.8 0.9 1.1 3.0

Total 151 020 35 498 43 289 31 159 14 550 10 496 5 800 1 569 1 279 7 380

100.0 23.5 28.7 20.6 9.6 7.0 3.8 1.0 0.8 4.9












89

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

2001 Dec 81 718 709 1 040 1 882 1 473 2 667 1 917 14 102 24 589

2002 Jan 150 666 715 1 072 1 835 1 576 2 578 2 146 14 527 25 265

Feb 148 668 722 1 043 1 804 1 702 2 533 2 211 14 671 25 502

Mar 150 671 728 1 032 1 844 1 669 2 734 2 163 14 301 25 292

Apr 144 681 759 1 045 1 917 1 760 2 649 2 296 14 694 25 945

May 132 714 712 1 157 2 260 1 779 2 329 2 026 14 832 25 941

Jun 165 717 775 1 185 2 369 1 755 2 323 2 341 13 982 25 612

Jul 204 742 773 1 280 2 411 1 877 2 307 2 543 13 337 25 474

Aug 191 724 794 1 301 2 521 1 891 2 463 2 199 13 030 25 114

Sep 190 756 869 1 309 2 702 1 906 2 801 2 103 13 152 25 788

Oct 185 754 894 1 487 2 750 1 977 2 870 1 990 13 335 26 242

Nov 186 733 880 1 444 2 832 1 951 2 798 2 119 13 211 26 154

Dec 181 794 830 1 457 2 554 3 841 2 203 2 191 13 149 27 200

2003 Jan 96 882 825 1 506 2 506 3 917 2 403 2 218 13 084 27 437

Feb 104 885 823 1 564 2 532 3 291 3 119 2 700 12 759 27 777

Mar 99 864 832 1 775 2 765 3 126 2 346 3 710 13 265 28 782

Apr* 79 853 900 1 708 2 650 3 297 2 268 2 419 15 099 29 273

May* 46 886 918 1 626 2 813 3 178 2 260 2 250 15 406 29 383

Jun* 46 907 877 1 612 2 892 2 521 2 220 3 838 15 823 30 736

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.


90

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

R$ million


2001 Dec 81 549 437 760 1 016 986 1 148 1 422 6 373 12 772

2002 Jan 150 493 442 762 1 024 1 074 1 167 1 463 6 582 13 157

Feb 148 488 446 745 959 1 088 1 193 1 493 6 676 13 236

Mar 150 489 448 756 948 1 086 1 165 1 559 6 634 13 235

Apr 144 497 472 774 958 1 184 1 157 1 523 7 075 13 784

May 132 517 436 772 991 1 229 1 127 1 489 7 231 13 924

Jun 165 517 472 800 1 033 1 193 1 122 1 551 7 191 14 044

Jul 203 540 494 802 1 012 1 179 1 160 1 618 7 404 14 412

Aug 191 530 494 809 978 1 186 1 108 1 561 7 468 14 325

Sep 189 557 536 841 1 083 1 204 1 370 1 556 7 575 14 911

Oct 185 556 547 1 015 1 165 1 243 1 497 1 384 7 460 15 052

Nov 186 542 525 939 1 200 1 279 1 380 1 447 7 274 14 772

Dec 181 584 540 948 1 219 1 433 1 364 1 234 7 285 14 788

2003 Jan 96 669 520 1 004 1 170 1 459 1 592 1 376 7 225 15 111

Feb 104 668 526 1 031 1 208 1 379 1 409 1 751 7 034 15 110

Mar 99 649 518 1 272 1 324 1 299 1 513 1 505 7 568 15 747

Apr* 79 636 527 1 214 1 369 1 321 1 451 1 508 7 802 15 907

May* 46 664 538 1 139 1 550 1 349 1 431 1 349 8 040 16 106

Jun* 46 677 541 1 089 1 628 1 370 1 348 1 341 8 142 16 182




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;



91

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

R$ million


2001 Dec 0 169 272 280 866 487 1 519 495 7 729 11 817

2002 Jan 0 173 273 310 811 502 1 411 683 7 945 12 108

Feb 0 180 276 298 845 614 1 340 718 7 995 12 266

Mar 0 182 280 276 896 583 1 569 604 7 667 12 057

Apr 0 184 287 271 959 576 1 492 773 7 619 12 161

May 0 197 276 385 1 269 550 1 202 537 7 601 12 017

Jun 0 200 303 385 1 336 562 1 201 790 6 791 11 568

Jul 1 202 279 478 1 399 698 1 147 925 5 933 11 062

Aug 0 194 300 492 1 543 705 1 355 638 5 562 10 789

Sep 1 199 333 468 1 619 702 1 431 547 5 577 10 877

Oct 0 198 347 472 1 585 734 1 373 606 5 875 11 190

Nov 0 191 355 505 1 632 672 1 418 672 5 937 11 382

Dec 0 210 290 509 1 335 2 408 839 957 5 864 12 412

2003 Jan 0 213 305 502 1 336 2 458 811 842 5 859 12 326

Feb 0 217 297 533 1 324 1 912 1 710 949 5 725 12 667

Mar 0 215 314 503 1 441 1 827 833 2 205 5 697 13 035

Apr* 0 217 373 494 1 281 1 976 817 911 7 297 13 366

May* 0 222 380 487 1 263 1 829 829 901 7 366 13 277

Jun* 0 230 336 523 1 264 1 151 872 2 497 7 681 14 554




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;


III - Capital and financial markets


95

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.

1999 Dec 1.60 18.99 1.58 18.77 0.30 3.33 1.55 18.40 0.99 12.502000 Dec 1.20 16.19 1.19 16.13 0.10 1.26 1.16 15.64 0.78 9.75

2001 Dec 1.39 19.05 1.39 19.05 0.20 2.53 1.27 17.28 0.80 10.00

2002 Jan 1.53 19.05 1.53 19.02 0.26 3.01 1.46 18.09 0.80 10.00Feb 1.25 18.97 1.25 18.95 0.12 1.65 1.20 18.15 0.80 10.00Mar 1.37 18.72 1.37 18.70 0.18 2.24 1.30 17.64 0.80 10.00Apr 1.48 18.37 1.48 18.37 0.24 2.73 1.43 17.64 0.76 9.50May 1.41 18.37 1.40 18.21 0.21 2.55 1.30 16.73 0.76 9.50Jun 1.33 18.10 1.31 17.82 0.16 2.01 1.27 17.24 0.76 9.50Jul 1.54 18.17 1.53 18.15 0.27 2.95 1.48 17.45 0.80 10.00

Aug 1.44 17.84 1.45 17.86 0.25 2.88 1.45 17.94 0.80 10.00Sep 1.38 17.89 1.38 17.89 0.20 2.37 1.34 17.29 0.80 10.00

Oct 1.65 19.59 1.64 19.53 0.28 3.07 1.50 17.72 0.80 10.00Nov 1.54 21.25 1.53 21.14 0.26 3.38 1.48 20.30 0.80 10.00

Dec 1.74 23.03 1.73 22.91 0.36 4.42 1.66 21.78 0.80 10.00

2003 Jan 1.97 25.06 1.97 24.98 0.49 5.73 1.90 24.13 0.87 11.00Feb 1.83 25.68 1.83 25.63 0.41 5.31 1.76 24.54 0.87 11.00Mar 1.78 26.32 1.77 26.25 0.38 5.13 1.69 24.94 0.87 11.00Apr 1.87 26.32 1.87 26.23 0.42 5.40 1.77 24.80 0.95 12.00May 1.97 26.31 1.96 26.22 0.47 5.72 1.86 24.77 0.95 12.00

Jun 1.86 26.09 1.85 25.99 0.42 5.38 1.78 24.93 0.95 12.00

1/ Refers to the first day of the month. Rate annualized according to base 252 (252 working days).2/ Fixed for the quarter.


96

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

1999 Dec 4.4 0.4 0.5 154 754 35 459 42 772 111 309 42 727 94 0022000 Dec 3.5 0.3 0.4 152 545 43 697 37 497 110 531 32 927 93 2592001 Dec 3.4 0.4 0.4 162 044 48 255 43 823 118 365 40 680 109 035

2002 Jan 3.4 0.4 0.3 163 472 47 955 42 138 119 150 34 117 110 073Feb 3.0 0.3 0.3 137 632 46 493 36 267 118 946 34 152 110 581Mar 3.2 0.3 0.3 144 785 45 650 37 893 119 407 36 809 115 726Apr 3.4 0.3 0.4 155 579 45 918 41 159 119 405 46 558 118 687May 3.2 0.3 0.3 147 051 46 446 39 825 119 509 38 727 121 035Jun 2.7 0.3 0.3 134 693 50 118 37 513 122 798 40 242 122 705Jul 2.9 0.3 0.3 153 480 52 622 42 973 128 480 38 493 126 444

Aug 2.5 0.3 0.2 137 232 53 928 42 085 133 923 32 437 133 422Sep 2.5 0.3 0.2 135 594 54 917 42 617 136 687 32 270 137 237Oct 2.6 0.3 0.3 147 272 56 188 46 105 138 192 38 298 141 360Nov 1.9 0.3 0.2 108 066 56 804 44 026 138 349 27 517 143 427Dec 1.8 0.4 0.3 110 334 61 894 54 173 140 311 37 718 140 269

2003 Jan 1.7 0.3 0.2 102 842 59 328 46 600 140 100 32 828 141 365

Feb 1.7 0.3 0.2 92 049 55 321 43 827 139 444 27 998 144 985Mar 1.6 0.3 0.2 89 785 54 526 43 066 138 864 31 358 146 516Apr 1.7 0.3 0.2 89 650 53 366 44 502 138 057 35 588 147 597May 1.7 0.3 0.3 89 742 51 779 46 047 137 117 41 868 147 352Jun 1.7 0.3 0.3 87 219 51 928 45 297 136 925 52 032 149 498

1/ Relation redemptions/balances.

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


97

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 Apr Federal securities 238 880 1 773 1 386 36 242 074State and municipal securities 29 - - - 29Private securities 29 039 - 35 - 29 074Debenture 16 983 - 176 - 17 159Commercial papers 6 - - - 6Fund quotas - - 465 - 465

Repurchase agreements 74 688 8 728 67 - 83 483Stocks 3 212 - 26 085 3 232 32 529Deposits with the Bacen - - - - - Other 6 137 - 202 368 6 706Portfolio total 368 974 10 501 28 415 3 636 411 526

May Federal securities 248 431 1 827 1 393 19 251 670

State and municipal securities 31 - - - 31Private securities 34 679 - 33 - 34 712Debenture 17 221 - 183 - 17 404Commercial papers 6 - - - 6Fund quotas - - 499 - 499Repurchase agreements 67 949 8 271 57 - 76 277Stocks 3 641 - 26 839 3 479 33 959

Deposits with the Bacen - - - - - Other 6 728 - - 325 7 054

Portfolio total 378 686 10 098 29 004 3 823 421 611

Jun Federal securities 257 969 2 224 1 255 18 261 465State and municipal securities 28 - - - 28Private securities 34 066 - 34 - 34 100

Debenture 16 892 - 184 - 17 077Commercial papers 6 - - - 6

Fund quotas - - 466 - 466Repurchase agreements 67 667 8 421 88 - 76 176Stocks 3 501 - 26 177 3 312 32 990Deposits with the Bacen - - - - - Other 7 067 - 11 309 7 387

Portfolio total 387 196 10 645 28 215 3 640 429 695

1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.


98

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 Apr Federal securities 64.7 16.9 4.9 1.0 58.8

State and municipal securities 0.0 - - - 0.0

Private securities 7.9 - 0.1 - 7.1

Debenture 4.6 - 0.6 - 4.2

Commercial papers 0.0 - - - 0.0

Fund quotas - - 1.6 - 0.1

Repurchase agreements 20.2 83.1 0.2 - 20.3

Stocks 0.9 - 91.8 88.9 7.9

Deposits with the Bacen - - - - -

Other 1.7 - 0.7 10.1 1.6

Portfolio total 100.0 100.0 100.0 100.0 100.0

May Federal securities 65.6 18.1 4.8 0.5 59.7



Debenture 4.5 - 0.6 - 4.1




Stocks 1.0 - 92.5 91.0 8.1


Other 1.8 - - 8.5 1.7

Portfolio total 100.0 100.0 100.0 100.0 100.0

Jun Federal securities 66.6 20.9 4.4 0.5 60.8



Debenture 4.4 - 0.7 - 4.0




Stocks 0.9 - 92.8 91.0 7.7


Other 1.8 - 0.0 8.5 1.7

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.


99

III.5 - Mutual investment funds

###R$ million

Period Financial investment funds Investment fund of Stock funds1/

state companies

Net worth Net inflow Net worth Net inflow Net worth Net inflow

(balance) (flow) (balance) (flow) (balance) (flow)

1999 Dec 198 663 2 525 10 383 -1 504 20 778 3892000 Dec 271 538 - 938 10 407 -2 169 24 466 - 4392001 Dec 320 604 -1 828 12 345 - 616 24 925 - 368

2002 Jan 330 274 3 858 11 253 -1 270 24 259 15Feb 332 060 -1 417 9 547 -1 838 25 769 - 65Mar 335 021 - 625 12 388 2 705 26 693 998

Apr 334 603 -5 410 13 280 673 26 304 - 184May 335 927 -1 344 12 479 - 984 26 106 - 445

Jun 319 580 -21 181 12 066 - 584 24 434 - 85Jul 307 429 -17 526 11 360 - 883 23 048 - 90Aug 301 995 -9 039 11 494 - 52 23 846 257Sep 305 247 -6 146 11 418 - 172 22 464 34Oct 310 183 - 942 12 114 693 25 656 157Nov 315 940 - 341 12 945 323 25 898 - 50Dec 321 605 - 806 11 590 -1 897 32 221 124

2003 Jan 336 650 7 253 11 185 - 638 31 317 - 335Feb 347 367 3 624 11 178 - 210 30 579 - 193Mar 359 720 6 634 11 256 408 31 261 - 105Apr 368 974 5 319 10 776 - 632 32 051 119May 378 686 2 976 10 374 - 353 32 827 11Jun 387 196 3 136 10 935 382 31 855 - 306

1/ Since October, 2000, include Privatization Funds with resources from Severance Fund Contribuition (FMP-FGTS).


100

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

1999 Dec 94 722 - 302 90 438 179 20 294 - 285 110 732 - 106

2000 Dec 89 936 -2 047 91 433 2 291 20 311 34 111 744 2 325

2001 Dec 107 609 689 97 148 1 444 21 553 114 118 701 1 558

2002 Jan 109 045 1 436 96 848 - 939 21 836 134 118 684 - 805

Feb 110 307 1 262 97 362 - 143 21 885 - 106 119 247 - 248

Mar 119 365 9 058 97 564 - 395 21 920 - 106 119 484 - 500

Apr 116 436 -1 880 97 221 - 974 21 907 - 164 119 128 -1 139

May 118 367 1 931 97 696 - 165 21 930 - 124 119 627 - 288

Jun 122 417 4 049 102 732 4 424 22 951 869 125 684 5 293

Jul 126 727 4 311 105 936 2 538 24 694 1 583 130 629 4 121

Aug 135 724 8 997 109 257 2 574 26 259 1 389 135 516 3 962

Sep 136 192 468 111 941 808 26 752 138 138 693 946

Oct 143 320 7 128 111 202 - 339 26 957 189 138 160 - 149

Nov 142 124 -1 196 111 933 - 77 27 011 - 150 138 944 - 227

Dec 137 559 -4 521 112 423 - 333 27 219 - 336 139 642 - 670

2003 Jan 143 601 6 043 112 317 -1 006 27 433 - 594 139 751 -1 600

Feb 147 301 3 700 112 167 - 701 27 252 - 376 139 419 -1 077

Mar 146 355 - 946 111 141 -1 923 27 075 - 403 138 216 -2 326

Apr 146 377 22 110 352 -1 807 26 944 - 390 137 296 -2 197

May 150 294 3 917 110 032 -1 229 26 778 - 397 136 810 -1 626

Jun 145 982 -4 312 110 032 -1 015 26 692 - 347 136 724 -1 362

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.


101

III.7 - Nominal income of major financial investments

#% p.m.

Period Savings1/ Banking Investment funds 3/ Gold4/ Commercial Ibovespa4/

certificates exchange

of deposits2/ Investment Stocks rate

4/

funds of state

companies

1999 Dec 0.80 1.59 1.47 11.21 -8.45 -6.95 24.05

2000 Dec 0.60 1.17 1.15 5.96 1.15 -0.21 14.842001 Dec 0.70 1.38 1.31 3.56 -2.27 -8.24 4.47

2002 Jan 0.76 1.49 1.47 -2.62 3.64 4.22 -5.83Feb 0.62 1.22 1.20 6.54 -0.22 -2.90 10.31Mar 0.68 1.32 1.32 0.65 0.70 -1.05 -5.55Apr 0.74 1.45 1.16 -0.36 3.45 1.67 -1.28

May 0.71 1.38 1.39 0.28 12.24 6.75 -1.71Jun 0.66 1.33 1.31 -5.41 9.02 12.78 -13.39

Jul 0.77 1.54 1.51 -5.04 20.34 20.54 -12.36Aug 0.75 1.45 1.41 2.68 -11.17 -11.85 6.35Sep 0.70 1.37 1.35 -5.77 20.97 28.87 -16.95Oct 0.78 1.69 1.60 13.60 -1.87 -6.42 17.92Nov 0.77 1.58 1.51 1.04 2.22 -0.23 3.35Dec 0.86 1.78 1.70 4.20 5.42 -2.84 7.23

2003 Jan 0.99 1.93 1.92 -1.84 4.63 -0.21 -2.90Feb 0.91 1.82 1.79 -1.72 -2.83 1.06 -6.04Mar 0.88 1.75 1.74 2.56 -8.85 -5.90 9.66Apr 0.92 1.82 1.83 2.16 -12.34 -13.82 11.38May 0.97 1.91 1.93 3.21 10.76 2.62 6.89Jun 0.92 1.81 1.83 -1.85 -7.43 -3.16 -3.35

1/ Reference rate (TR) +0,5% per month; earning refer to savings deposits with anniversary on the 1st of month following the month indicated (greater occurrence). 2/ Estimates for the month 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.


102

III.8 - Futures market - BM&F Interest rates, exchange devaluation and exchange coupon6/1/03

Period One day Interbank Deposit (DI) Commercial U.S. dollar Exchange coupon

% p.y. % p.y. % p.y.

t t+1 t+2 t+3 t+4 t t+1 t+2 t t+1 t+2

1999 Dec 18.71 19.17 19.64 19.97 20.78 -54.32 26.16 1.32 159.87 -5.54 18.082000 Dec 15.75 15.71 15.92 15.84 - -2.29 1.77 10.48 18.46 13.69 4.92

2001 Dec 19.16 19.10 19.25 19.05 - -66.22 18.71 - 252.75 0.33 -

2002 Jan 19.00 19.05 19.21 19.19 - 61.07 13.51 16.05 -26.12 4.88 2.73Feb 19.00 18.71 18.25 18.12 17.88 -34.23 26.37 - 80.93 -6.06 -Mar 18.70 18.40 18.34 18.22 - -12.71 18.68 - 35.98 -0.24 -Apr 18.10 18.35 18.51 18.76 - 20.65 18.71 - -2.11 -0.31 -May 17.80 18.19 18.17 18.14 18.33 117.98 14.37 14.65 -45.96 3.35 3.06

Jun 18.40 18.62 19.62 21.62 - 352.48 -6.72 32.36 -73.83 27.16 -9.62Jul 17.80 19.79 24.27 25.21 - 622.42 - - -83.69 - -

Aug 17.80 18.03 18.97 20.29 21.98 -76.71 - - 405.73 - -Sep 17.80 19.32 21.99 25.20 - 1960.65 -50.98 - -94.28 143.41 -Oct 20.81 21.99 24.27 26.01 - -51.35 -13.58 -19.61 148.33 41.16 54.59Nov 21.73 23.20 25.48 27.53 28.75 -1.03 -2.93 -16.84 23.00 26.91 50.89Dec 24.85 25.62 27.35 27.67 - -30.24 -5.38 - 78.97 32.76 -

2003 Jan 25.47 25.70 26.98 27.67 - -30.23 9.70 24.89 79.83 14.58 1.67Feb 26.11 26.81 27.62 28.12 28.57 14.14 22.53 17.26 10.48 3.49 8.84Mar 26.11 26.46 26.95 27.01 - -55.36 27.37 16.99 182.47 -0.72 8.51

Apr 26.26 26.09 25.44 24.50 - -84.76 39.37 21.88 728.65 -9.53 2.92May 26.19 26.15 25.67 25.19 24.19 35.56 28.19 19.69 -6.91 -1.59 5.00

Jun 25.79 25.38 24.07 23.10 - -33.24 8.31 29.50 88.42 15.76 -4.20


103

III.9 - Futures market - BM&F One day Interbank Deposit (DI) futures contracts interest rate - daily average6/1/03

Period One day DI Variance

% p.y. % p.y.

t t+1 t+2 t+3 t+4 (t+1)-t (t+2)-t (t+3)-t (t+4)-t

1999 Dec 19.07 19.74 20.62 21.49 22.20 0.67 1.55 2.41 3.132000 Dec 16.05 16.32 16.60 16.83 - 0.26 0.55 0.78 -

2001 Dec 19.16 19.44 19.88 20.41 - 0.28 0.71 1.25 -

2002 Jan 18.98 18.97 19.02 19.22 - -0.01 0.04 0.24 -Feb 18.93 18.86 18.74 18.67 18.66 -0.07 -0.18 -0.26 -0.27Mar 18.58 18.31 18.15 17.93 - -0.27 -0.43 -0.65 -Apr 18.36 18.37 18.41 18.46 - 0.01 0.05 0.10 -May 18.28 18.37 18.52 18.61 18.77 0.09 0.23 0.32 0.48

Jun 18.49 19.09 20.50 21.71 - 0.60 2.01 3.23 -Jul 18.39 19.41 21.36 23.31 - 1.03 2.97 4.92 -

Aug 18.31 19.71 22.15 24.67 26.00 1.40 3.84 6.36 7.70Sep 18.02 19.08 21.66 23.92 - 1.07 3.65 5.90 -Oct 20.35 22.05 24.35 26.25 - 1.70 4.00 5.90 -Nov 21.85 23.42 25.53 27.23 28.19 1.57 3.68 5.37 6.34Dec 23.98 25.87 27.64 28.43 - 1.88 3.65 4.45 -

2003 Jan 25.19 25.59 26.09 26.20 - 0.41 0.91 1.01 -Feb 26.10 27.05 27.91 28.40 28.76 0.95 1.82 2.31 2.66Mar 26.48 26.81 27.18 27.30 - 0.34 0.70 0.82 -

Apr 26.26 26.14 25.70 25.17 - -0.11 -0.55 -1.08 -May 26.17 25.85 25.18 24.49 23.39 -0.32 -0.99 -1.67 -2.77

Jun 25.88 25.53 24.52 23.54 - -0.36 -1.37 -2.34 -


104

III.10 - Capital market indicators

#

Period Stock exchanges Primary issue2/

R$ million

Index Accumulated in month (%) Total Stocks Corporate Commercial

amount bonds papers

Ibovespa Dow Jones Nasdaq Ibovespa Dow Jones Nasdaq Bovespa1/

R$ million

1999 Dec 17 091 11 497 4 069 24.05 4.09 21.98 916 150 690 1 4002000 Dec 15 259 10 787 2 471 14.84 3.58 -4.90 656 278 1 729 1 0832001 Dec 13 509 10 137 1 987 4.47 2.90 2.94 725 129 5 256 77

2002 Jan 12 721 9 920 1 934 -5.83 -2.14 -2.68 507 351 100 7

Feb 14 033 10 106 1 731 10.31 1.88 -10.47 632 - 1 790 44Mar 13 254 10 404 1 845 -5.55 2.95 6.58 640 - - -

Apr 13 085 10 060 1 678 -1.28 -3.31 -9.09 588 - - 1 160May 12 861 9 925 1 616 -1.71 -1.34 -3.68 523 - 2 380 100Jun 11 139 9 243 1 463 -13.39 -6.87 -9.44 586 - 450 106Jul 9 762 8 737 1 328 -12.36 -5.48 -9.22 487 - - 2Aug 10 382 8 664 1 315 6.35 -0.84 -1.01 633 597 750 - Sep 8 622 7 592 1 172 -16.95 -12.37 -10.86 485 96 1 245 400Oct 10 167 8 397 1 330 17.92 10.60 13.45 544 - 775 2 010

Nov 10 508 8 896 1 479 3.35 5.94 11.21 484 6 500 40Dec 11 268 8 342 1 336 7.23 -6.23 -9.69 604 - 6 646 7

2003 Jan 10 941 8 054 1 321 -2.90 -3.45 -1.09 577 - - 2Feb 10 280 7 702 1 309 -6.04 -4.37 -0.89 471 80 150 700Mar 11 273 7 992 1 341 9.66 3.77 2.44 566 - 69 200Apr 12 556 8 480 1 464 11.38 6.11 9.18 817 - 1 800 150May 13 421 8 850 1 596 6.89 4.37 8.99 814 - 60 - Jun 12 972 8 985 1 623 -3.35 1.53 1.68 782 - 350 23

Source: Bacen and Securities and Exchange Commission (CVM)

1/ Daily average.2/ Flows in month.


105

III.11 - 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$ billion

1/ Variation % Number of

companies

1999 Dec 277.0 17.62 154.8 26.41 408.9 17.21 228.5 25.97 4782000 Dec 299.7 11.63 153.3 11.87 441.0 7.94 225.5 8.17 4592001 Dec 294.5 3.73 126.9 12.99 430.3 2.70 185.4 11.86 428

2002 Jan 282.6 -4.04 116.9 -7.88 420.1 -2.38 173.7 -6.28 424

Feb 315.6 11.67 134.4 15.01 458.0 9.02 195.0 12.28 423

Mar 309.6 -1.89 133.2 -0.85 448.4 -2.10 193.0 -1.07 417

Apr 309.2 -0.13 130.9 -1.78 447.3 -0.24 189.3 -1.88 412

May 307.6 -0.52 122.0 -6.81 444.5 -0.61 176.3 -6.90 411

Jun 282.0 -8.31 99.2 -18.70 412.9 -7.11 145.2 -17.64 410

Jul 255.6 -9.37 74.6 -24.81 387.5 -6.17 113.0 -22.16 409

Aug 267.4 4.62 88.5 18.68 399.2 3.04 132.1 16.89 407

Sep 237.9 -11.05 61.1 -30.98 369.1 -7.55 94.8 -28.26 407

Oct 278.4 17.04 76.4 25.06 415.8 12.65 114.1 20.38 405

Nov 279.2 0.28 76.8 0.52 420.0 1.00 115.5 1.24 403

Dec 294.0 5.32 83.2 8.40 438.3 4.36 124.0 7.41 399

2003 Jan 278.6 -5.23 79.0 -5.03 425.3 -2.97 120.6 -2.76 395Feb 272.3 -2.28 76.4 -3.31 414.4 -2.56 116.3 -3.58 392

Mar 285.4 4.83 85.1 11.40 426.0 2.81 127.1 9.25 391

Apr 302.2 5.87 104.6 22.85 449.4 5.50 155.5 22.41 391

May 316.4 4.72 106.7 2.04 465.4 3.56 156.9 0.91 388

Jun 307.9 -2.71 107.2 0.46 456.6 -1.89 159.0 1.31 388

Source: São Paulo Stock Exchange (Bovespa)

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

IV - Public finance


108

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.


109

IV.1 - Central government primary result Above the line concept

Flows in R$ million

End- Revenues Expenditures

of-

period National Treasury Social Security Total National Treasury Social Security Total

(a) (b) c = (a+b) (d) (e) f = (d+e)

1997 115 990 44 260 160 250 110 746 47 051 157 797

1998 138 251 46 283 184 534 123 626 53 375 177 001

1999 161 838 49 068 210 906 131 365 58 541 189 906

2000 180 801 55 717 236 518 149 118 65 786 214 904

2001 209 437 62 491 271 928 174 171 75 329 249 500

2002 250 828 71 027 321 855 201 567 88 027 289 594

Jan 24 107 5 131 29 238 17 029 6 158 23 187

Feb 18 806 5 184 23 990 15 155 6 255 21 410

Mar 18 233 5 180 23 413 15 040 6 317 21 357

Apr 21 440 5 371 26 811 14 623 6 414 21 037

May 19 371 5 537 24 908 16 447 6 608 23 055

Jun 17 042 5 289 22 331 13 766 6 734 20 500

Jul 21 360 5 777 27 137 18 083 7 091 25 174

Aug 18 325 5 806 24 131 15 628 7 117 22 745

Sep 23 263 5 756 29 019 14 844 7 167 22 011

Oct 23 873 6 091 29 964 18 897 7 230 26 127

Nov 21 143 5 832 26 975 18 083 7 865 25 948

Dec 23 865 10 073 33 938 23 973 13 071 37 044

2003 137 854 35 354 173 208 99 225 44 756 143 981

Jan 26 977 5 461 32 438 18 156 7 201 25 357

Feb 21 611 6 112 27 723 16 662 7 167 23 829

Mar 20 540 5 712 26 252 14 900 7 210 22 110

Apr 26 257 5 850 32 107 15 077 7 372 22 449

May 23 528 6 047 29 575 18 050 7 826 25 876

Jun 18 941 6 172 25 113 16 380 7 980 24 360

(continues)


110

IV.1 - Central government primary result Above the line concept

(concluded) Flows in R$ million

End- Federal government result Banco Central result Central government result1/

of-

period National Treasury Social Security Total

g = (a-d) h = (b-e) i = (g+h) (j) k = (i+j)

1997 5 244 - 2 791 2 453 - 695 1 758

1998 14 625 - 7 092 7 533 - 152 7 381

1999 30 473 - 9 473 21 000 - 742 20 258

2000 31 683 - 10 069 21 614 - 477 21 137

2001 35 266 - 12 838 22 428 - 1 167 21 261

2002 49 261 - 17 000 32 261 - 780 31 481

Jan 7 078 - 1 027 6 051 - 23 6 028

Feb 3 651 - 1 071 2 580 - 53 2 527

Mar 3 193 - 1 137 2 056 - 58 1 998

Apr 6 817 - 1 043 5 774 - 57 5 717

May 2 924 - 1 071 1 853 - 44 1 809

Jun 3 276 - 1 445 1 831 - 71 1 760

Jul 3 277 - 1 314 1 963 - 60 1 903

Aug 2 697 - 1 311 1 386 - 78 1 308

Sep 8 419 - 1 411 7 008 - 87 6 921

Oct 4 976 - 1 139 3 837 - 59 3 779

Nov 3 060 - 2 033 1 027 - 49 979

Dec - 108 - 2 998 - 3 106 - 142 - 3 247

2003 38 629 - 9 402 29 227 - 73 29 154

Jan 8 821 - 1 740 7 081 - 38 7 043

Feb 4 949 - 1 055 3 894 24 3 918

Mar 5 640 - 1 498 4 142 - 14 4 128

Apr 11 180 - 1 522 9 658 - 21 9 637

May 5 478 - 1 779 3 699 - 26 3 673

Jun 2 561 - 1 808 753 2 755

Source: STN

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


111

IV.2 - National Treasury performance summary Cash basis

Flows in R$ million1/

End- Revenues2/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

1996 97 132 106 257 - 9 125 20 846 3 386 - - 1 671 - 6 504 - 5 321 1 611

1997 116 034 121 680 - 5 646 29 209 3 843 - - 3 146 - 161 - 9 947 14 152

1998 139 086 148 333 - 9 247 31 240 9 821 - - 4 269 - 578 - 8 260 18 707

1999 158 781 163 709 - 4 928 39 794 17 388 - - 9 326 - 798 - 12 665 29 465

2000 239 403 252 634 - 13 231 32 796 12 303 - - 4 313 0 - 15 472 12 083

2001 272 112 283 755 - 11 643 57 353 15 966 - - 6 225 0 - 18 325 38 264

2002 369 291 338 020 31 271 4 216 34 990 0 - 11 780 0 - 16 865 41 832

Jan 22 989 25 671 - 2 682 2 208 1 300 0 - 1 506 0 - 172 - 852

Feb 27 752 25 816 1 936 1 981 1 248 0 - 802 0 - 206 4 157

Mar 24 647 23 202 1 445 1 516 433 0 - 101 0 - 311 2 982

Apr 26 414 26 268 146 306 1 317 0 - 1 233 0 - 755 - 219

May 31 036 24 157 6 879 9 566 3 839 0 - 431 0 - 1 258 18 595

Jun 29 322 26 688 2 634 - 6 619 7 044 0 - 1 112 0 - 1 877 70

Jul 27 995 25 321 2 674 19 960 2 858 0 - 1 736 0 - 2 680 21 076

Aug 35 339 28 930 6 409 - 759 5 529 0 - 572 0 - 1 074 9 533

Sep 33 925 26 458 7 467 - 11 521 7 022 0 - 1 260 0 - 583 1 125

Oct 38 880 33 951 4 929 - 16 829 5 421 0 - 674 0 - 3 850 - 11 003

Nov 30 432 31 131 - 699 1 315 - 2 380 0 - 1 230 0 - 1 019 - 4 013

Dec 40 560 40 427 133 3 092 1 359 0 - 1 123 0 - 3 080 381

2003 176 075 174 874 1 201 70 640 4 940 0 - 4 901 0 - 11 999 59 881

Jan 26 460 24 795 1 665 8 080 920 0 - 1 267 0 - 878 8 520

Feb 30 579 29 764 815 481 3 172 0 - 194 0 - 2 516 1 758

Mar 28 028 25 375 2 653 7 627 84 0 - 1 308 0 - 667 8 389

Apr 28 921 28 901 20 38 505 - 1 680 0 - 239 0 - 3 335 33 271

May 34 035 27 881 6 154 9 796 1 544 0 - 793 0 - 1 738 14 963

Jun 28 052 38 158 - 10 106 6 151 900 0 - 1 100 0 - 2 865 - 7 020

Source: STN

1/ Values prior to July 1994 were converted by the URV dated 6.30.1994.2/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


112

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

1996 91 878 5 254 ...'''' 97 132

1997 108 731 7 303 ...'''' 116 034

1998 130 681 8 405 ...'''' 139 086

1999 147 366 11 415 ...'''' 158 781

2000 172 658 11 297 55 448 239 403

2001 192 796 13 322 65 994 272 112

2002 238 121 54 545 76 625 369 291

Jan 15 648 2 007 5 334 22 989

Feb 19 785 2 777 5 190 27 752

Mar 17 333 1 750 5 564 24 647

Apr 18 113 2 605 5 696 26 414

May 20 633 4 558 5 845 31 036

Jun 15 890 7 725 5 707 29 322

Jul 18 102 3 669 6 224 27 995

Aug 20 264 8 908 6 167 35 339

Sep 19 828 7 658 6 439 33 925

Oct 24 673 7 190 7 017 38 880

Nov 22 297 1 583 6 552 30 432

Dec 25 555 4 115 10 890 40 560

2003 130 936 7 108 38 031 176 075

Jan 19 479 976 6 005 26 460

Feb 22 879 1 117 6 583 30 579

Mar 20 771 1 127 6 130 28 028

Apr 21 115 1 578 6 228 28 921

May 26 273 1 254 6 508 34 035

Jun 20 419 1 056 6 577 28 052

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


113

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

1996 40 505 20 830 6 357 10 809 2 288 5 183 20 285 ...'''' 106 257

1997 42 848 25 042 7 151 10 169 2 522 7 806 26 142 ...'''' 121 680

1998 47 296 29 166 9 302 18 475 2 394 9 231 32 469 ...'''' 148 333

1999 50 169 33 432 6 630 24 618 2 414 11 321 35 125 ...'''' 163 709

2000 57 177 39 357 8 233 25 042 2 965 13 542 39 502 66 816 252 634

2001 63 347 45 495 9 253 21 518 4 453 16 893 47 372 75 424 283 755

2002 72 875 55 657 9 948 27 006 3 793 19 656 58 389 90 696 338 020

Jan 7 080 4 669 1 200 2 104 168 1 627 2 446 6 377 25 671

Feb 5 289 5 507 651 2 644 269 1 236 3 725 6 495 25 816

Mar 5 391 4 219 628 1 752 273 682 4 280 5 977 23 202

Apr 5 217 4 383 655 3 043 189 2 676 3 555 6 550 26 268

May 5 258 5 258 680 1 195 228 759 3 924 6 855 24 157

Jun 7 458 3 744 754 2 467 143 940 4 569 6 613 26 688

Jul 5 352 4 024 875 1 638 325 1 804 4 438 6 865 25 321

Aug 5 505 4 215 1 325 1 507 294 1 318 6 052 8 714 28 930

Sep 5 291 4 298 916 3 102 135 1 162 5 366 6 188 26 458

Oct 5 547 5 395 221 2 623 738 6 206 6 336 6 885 33 951

Nov 8 350 5 284 978 2 766 249 520 5 015 7 969 31 131

Dec 7 137 4 661 1 065 2 165 782 726 8 683 15 208 40 427

2003 38 161 31 676 6 703 8 817 1 208 14 911 22 854 50 544 174 874

Jan 6 806 5 561 1 296 934 231 2 114 3 011 4 842 24 795

Feb 6 047 5 922 1 050 1 885 192 2 876 3 837 7 955 29 764

Mar 5 711 4 672 1 030 786 97 2 671 3 760 6 648 25 375

Apr 5 710 4 518 1 043 2 566 134 3 491 3 934 7 505 28 901

May 6 275 6 690 1 102 564 233 669 4 446 7 902 27 881

Jun 7 612 4 313 1 182 2 082 321 3 090 3 866 15 692 38 158

Source: STN

1/ As of January 2000, Social Security benefits were also included.

2/ Excludes charges on Banco Central's portfolio.


114

IV.5 - Social SecurityCash basis

R$ millionEnd- Revenues Expenditures Operating Social

of- balance Security

period Inflow1/ Other National Federal Total Benefits Other Transfer Total balance5/

reve- Treasury govern- expen- to third

nues2/ revenue ment Social Other ditures3/ parties4/

antici- transfer Security

pation(a) (b) (c) (d) e=(a+b+c+d) (f) (g) (h) (i) j=(f+g+h+i) k=(e-j)

1996 43 698 3 964 ... 3 043 50 705 41 389 ... 7 280 3 309 51 978 - 1 273 - 1 000

1997 47 970 6 392 ... 4 225 58 587 47 249 ... 3 654 3 821 54 724 3 862 - 3 101

1998 50 141 2 207 0 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

Jan 5 764 27 1 360 584 7 735 6 158 332 408 633 7 531 204 - 1 027

Feb 5 523 15 - 739 2 619 7 418 6 255 301 330 339 7 225 193 - 1 071

Mar 5 534 14 - 478 1 932 7 002 6 317 344 355 354 7 370 - 368 - 1 137

Apr 5 741 16 12 1 822 7 591 6 414 312 343 370 7 439 152 - 1 043

May 5 914 13 316 1 678 7 921 6 609 344 350 377 7 680 241 - 1 072

Jun 5 680 17 534 1 598 7 829 6 734 343 370 391 7 838 - 9 - 1 445

Jul 6 169 22 1 099 671 7 961 7 092 345 466 392 8 295 - 334 - 1 315

Aug 6 213 52 101 3 583 9 949 7 117 347 385 407 8 256 1 693 - 1 311

Sep 6 171 22 - 630 1 721 7 284 7 167 351 362 415 8 295 - 1 011 - 1 411

Oct 6 533 24 - 291 1 743 8 009 7 230 356 419 442 8 447 - 438 - 1 139

Nov 6 294 13 694 2 242 9 243 7 865 365 341 462 9 033 210 - 2 033

Dec 10 544 126 961 5 459 17 090 13 071 343 851 471 14 736 2 354 - 2 998

2003 31 612 233 - 2 790 11 989 41 044 36 776 1 908 1 865 2 429 42 978 - 1 934 - 7 593

Jan 6 224 37 - 2 215 2 305 6 351 7 201 336 578 762 8 877 - 2 526 - 1 739

Feb 6 472 85 - 432 2 448 8 573 7 167 366 299 360 8 192 381 - 1 055

Mar 6 138 18 - 710 2 250 7 696 7 210 378 334 426 8 348 - 652 - 1 498

Apr 6 284 15 428 2 325 9 052 7 372 386 318 434 8 510 542 - 1 522

May 6 494 78 139 2 661 9 372 7 826 442 336 447 9 051 321 - 1 779

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.


115

IV.6 - Circulation of Goods and Services Tax (ICMS)

Flows in R$ thousand1/

End- North region

of-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

1996 44 641 1 186 807 745 992 234 192 43 640 52 130 138 757 2 446 159

1997 51 288 1 234 842 770 221 357 767 53 342 54 867 156 182 2 678 509

1998 77 233 1 034 703 875 349 302 805 69 067 65 091 181 855 2 606 103

1999 78 306 1 102 680 902 985 359 089 68 342 68 837 213 911 2 794 150

2000 110 475 1 404 444 1 183 937 516 689 101 909 107 821 277 917 3 703 191

2001 132 836 1 655 936 1 480 002 557 721 118 784 118 400 343 415 4 407 094

2002 163 804 1 923 328 1 718 357 622 222 123 889 138 511 416 081 5 106 192

Jan 11 910 157 517 152 058 41 740 9 532 14 288 32 620 419 665

Feb 11 106 147 461 129 641 40 858 9 083 10 978 32 865 381 992

Mar 11 433 129 151 125 302 39 857 8 964 8 265 26 619 349 591

Apr 12 025 152 769 127 891 44 892 11 256 10 698 32 558 392 089

May 15 023 146 282 125 952 46 278 10 759 10 184 32 415 386 893

Jun 12 478 152 718 134 572 50 597 9 407 10 786 34 697 405 255

Jul 11 008 151 052 139 610 55 785 10 745 10 398 34 875 413 473

Aug 15 348 151 052 153 341 56 701 9 717 11 945 36 095 434 199

Sep 11 199 194 313 155 898 59 606 11 202 11 201 38 059 481 478

Oct 15 037 182 225 147 016 59 606 10 942 14 349 37 789 466 964

Nov 19 265 182 225 168 922 59 606 10 318 11 300 39 563 491 199

Dec 17 972 176 563 158 154 66 696 11 964 14 119 37 926 483 394

2003 85 929 912 046 821 859 298 346 56 350 57 061 207 910 2 439 501

Jan 16 628 190 246 166 510 67 774 11 525 12 660 43 331 508 674

Feb 17 915 173 663 183 822 55 410 11 249 10 290 39 344 491 693

Mar* 16 199 185 387 151 921 55 661 10 784 10 505 44 661 475 118

Apr* 15 550 190 191 147 878 60 666 11 780 11 755 38 801 476 621

May* 19 637 172 559 171 728 58 835 11 012 11 851 41 773 487 395

(continues)


116


(continued) Flows in R$ thousand1/

End- Northeast region

of-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

1996 437 471 281 319 1 183 795 378 849 448 563 1 465 778 352 226 307 435 2 529 957 7 385 393

1997 396 985 305 527 1 254 253 458 903 491 206 1 616 235 368 070 366 729 2 572 078 7 829 986

1998 430 756 320 621 1 361 763 510 153 548 126 1 719 572 422 651 358 570 2 701 392 8 373 604

1999 458 868 340 412 1 541 324 614 280 605 357 1 793 663 416 803 396 497 3 023 236 9 190 440

2000 631 455 429 989 1 867 770 791 539 735 897 2 143 971 539 445 489 795 3 763 961 11 393 822

2001 805 428 467 930 2 121 415 911 350 910 423 2 394 617 592 673 578 004 4 242 537 13 024 377

2002 936 120 544 160 2 423 682 1 016 366 925 133 2 865 015 649 029 689 971 5 153 876 15 203 352

Jan 79 406 49 131 189 934 82 436 79 167 261 961 59 833 58 091 389 608 1 249 567

Feb 69 805 42 897 178 162 80 966 86 273 214 075 54 010 53 705 390 107 1 170 000

Mar 62 246 42 424 157 340 71 414 70 913 229 544 48 547 46 869 343 485 1 072 782

Apr 71 219 40 929 181 924 81 161 76 667 212 138 48 727 54 343 384 745 1 151 853

May 69 156 40 661 192 369 77 636 60 183 250 666 55 542 54 354 411 078 1 211 645

Jun 67 745 42 004 186 476 82 375 70 900 223 379 53 757 54 096 390 964 1 171 696

Jul 65 548 43 689 189 901 77 965 67 384 239 249 53 757 49 184 390 076 1 176 753

Aug 90 199 46 683 210 532 86 000 77 656 235 332 53 757 63 197 447 044 1 310 400

Sep 90 199 46 546 219 906 88 502 93 001 240 258 53 757 60 107 474 851 1 367 127

Oct 90 199 51 987 222 586 95 783 76 260 245 937 53 757 67 039 542 519 1 446 067

Nov 90 199 49 683 242 640 100 959 84 745 251 636 53 757 62 182 504 441 1 440 242

Dec 90 199 47 526 251 912 91 169 81 984 260 840 59 828 66 804 484 958 1 435 220

2003 450 995 242 907 1 069 699 484 197 428 828 1 276 884 331 012 305 464 2 339 577 6 929 563

Jan 90 199 54 449 237 257 113 178 103 698 269 255 68 337 63 817 496 151 1 496 341

Feb 90 199 47 703 222 300 96 653 93 950 258 574 66 975 60 159 497 568 1 434 081

Mar* 90 199 49 571 190 894 91 945 81 132 257 319 67 570 59 961 445 134 1 333 725

Apr* 90 199 45 993 209 624 92 023 76 426 245 868 64 911 62 487 445 134 1 332 665

May* 90 199 45 191 209 624 90 398 73 622 245 868 63 219 59 040 455 590 1 332 751

(continues)


117


(continued) Flows in R$ thousand1/

End- Southeast region South region

of-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

1996 5 429 860 1 381 742 5 215 680 21 430 364 33 457 646 2 811 606 1 915 829 4 015 924 8 743 359

1997 5 641 644 1 635 427 5 239 173 23 519 063 36 035 307 2 839 026 2 033 430 4 006 564 8 879 020

1998 5 578 565 1 496 776 6 360 804 23 319 364 36 755 509 2 929 402 2 016 151 4 232 062 9 177 615

1999 6 471 129 1 605 703 7 229 981 25 244 406 40 551 219 3 454 255 2 275 124 4 659 503 10 388 882

2000 7 562 363 2 004 531 8 169 916 30 618 863 48 355 673 4 355 485 2 756 601 5 643 999 12 756 086

2001 9 223 821 2 490 518 9 368 880 33 693 292 54 776 511 5 002 579 3 290 356 6 706 354 14 999 289

2002 9 543 622 2 381 617 10 409 117 37 254 155 59 588 511 5 786 722 3 858 352 7 441 494 17 086 568

Jan 708 941 175 360 888 825 2 987 283 4 760 409 300 112 330 183 531 160 1 161 455

Feb 718 249 172 458 809 817 2 604 726 4 305 250 442 519 289 135 589 747 1 321 401

Mar 685 367 221 746 765 959 2 637 563 4 310 635 433 678 277 328 497 542 1 208 548

Apr 753 130 181 090 795 751 3 002 130 4 732 101 481 473 329 108 617 182 1 427 763

May 783 956 184 096 947 156 2 883 650 4 798 858 484 330 320 531 569 850 1 374 711

Jun 833 005 181 448 833 503 2 968 551 4 816 507 476 004 300 256 590 008 1 366 268

Jul 702 691 189 471 880 960 3 039 966 4 813 088 493 423 309 207 602 931 1 405 561

Aug 837 368 215 276 1 012 039 3 007 996 5 072 679 505 415 329 437 611 249 1 446 101

Sep 834 649 213 338 865 358 3 236 245 5 149 590 535 055 321 184 637 484 1 493 723

Oc* 843 614 184 653 812 577 3 971 389 5 812 233 536 932 325 116 624 671 1 486 719

Nov 956 364 241 193 933 255 3 581 058 5 711 870 547 019 340 537 699 672 1 587 228

Dec 886 288 221 488 863 917 3 333 598 5 305 291 550 762 386 330 869 998 1 807 090

2003 4 376 475 1 159 615 4 880 136 16 144 697 26 560 923 2 734 602 1 904 616 3 405 970 8 045 188

Jan 856 171 222 164 998 778 3 385 535 5 462 648 509 985 387 385 794 242 1 691 612

Feb 892 038 243 554 948 944 3 222 084 5 306 620 585 046 367 593 702 851 1 655 490

Mar* 861 884 224 287 994 135 3 190 684 5 270 990 570 015 375 722 637 995 1 583 732

Apr* 879 147 227 645 934 185 3 247 464 5 288 441 562 735 391 902 601 807 1 556 444

May* 887 235 241 965 1 004 094 3 098 930 5 232 224 506 821 382 014 669 075 1 557 910

(continues)


118


(concluded) Flows in R$ thousand1/

End- Central-west region Total - Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

1996 801 024 1 437 525 798 875 610 832 3 648 256 55 680 843

1997 905 504 1 587 604 957 700 673 718 4 124 526 59 573 866

1998 979 625 1 558 743 816 110 652 895 4 007 373 60 930 304

1999 1 121 094 1 830 593 1 113 259 883 951 4 948 897 67 874 156

2000 1 414 069 2 178 832 1 415 797 1 037 156 6 045 853 82 269 693

2001 1 598 339 2 615 094 1 543 252 1 243 930 7 000 615 94 156 996

2002 1 797 393 3 020 440 1 864 312 1 329 092 8 011 237 104 995 860

Jan 157 313 224 869 137 086 112 339 631 607 8 222 703

Feb 132 074 222 125 135 960 104 663 594 822 7 773 465

Mar 125 692 202 605 129 678 104 322 562 297 7 503 853

Apr 135 190 247 518 141 329 104 335 628 372 8 332 178

May 143 923 261 275 147 276 106 489 658 963 8 431 070

Jun 148 256 235 922 140 640 107 251 632 069 8 391 795

Jul 147 537 262 168 155 724 108 752 674 181 8 483 056

Aug 147 851 259 638 169 076 109 643 686 208 8 949 587

Sep 165 907 259 601 181 426 110 520 717 454 9 209 372

Oct* 160 074 254 319 177 426 114 879 706 698 9 918 681

Nov 160 074 289 134 170 954 115 311 735 473 9 966 012

Dec 173 502 301 266 177 737 130 588 783 093 9 814 088

2003 872 490 1 432 503 873 593 705 386 3 883 972 47 859 147

Jan 181 831 260 750 175 829 134 807 753 217 9 912 492

Feb 187 560 296 605 161 013 141 700 786 878 9 674 762

Mar* 159 632 281 112 176 585 141 668 758 997 9 422 562

Apr* 173 565 335 924 180 083 146 262 835 834 9 490 005

May* 169 902 258 112 180 083 140 949 749 046 9 359 326

Source: MF/Cotepe

1/ Values prior to July 1994 were converted by the URV dated 6.30.1994.


119

IV.7 - Transfers of funds from the National Treasury to states and

municipalities1/

Flows in R$ thousandEnd- North region

of-

period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total

1996 347 466 369 602 933 852 324 112 242 367 335 748 521 042 3 074 188

1997 390 846 416 302 1 231 042 365 131 272 185 375 065 585 542 3 636 114

1998 443 232 505 892 1 489 393 412 923 305 913 435 209 664 376 4 256 938

1999 486 336 574 451 1 632 821 458 523 336 627 475 421 737 545 4 701 724

2000 576 642 661 023 1 776 434 548 665 428 569 559 640 855 107 5 406 080

2001 677 789 787 902 2 005 565 647 403 496 306 657 762 1 005 421 6 278 148

2002 838 436 981 440 2 407 136 798 482 624 046 812 443 1 244 221 7 706 204

Jan 73 593 85 726 204 191 70 091 54 795 71 326 109 151 668 873

Feb 85 891 98 718 242 327 81 540 63 944 82 953 127 375 782 748

Mar 65 806 76 838 187 444 62 640 48 972 63 824 97 537 603 061

Apr 68 717 80 882 196 286 65 404 51 151 66 621 101 870 630 931

May 78 712 91 233 220 555 74 803 58 596 76 112 116 730 716 741

Jun 55 711 66 426 164 425 53 324 41 408 54 136 83 048 518 478

Jul 60 663 71 847 183 926 57 790 45 137 58 875 89 926 568 164

Aug 57 460 68 551 167 864 54 852 42 753 55 918 85 174 532 572

Sep 63 409 74 888 182 534 60 380 47 179 61 482 94 006 583 878

Oct 83 499 96 556 233 397 79 537 62 174 80 653 124 359 760 175

Nov 73 248 85 672 207 849 69 916 54 550 71 124 108 720 671 079

Dec 71 727 84 103 216 338 68 205 53 387 69 419 106 325 669 504

2003 397 383 541 274 1 288 562 439 037 340 168 445 786 685 020 4 137 229

Jan 13 944 93 454 224 308 74 682 55 950 75 827 116 086 654 251

Feb 82 247 97 491 231 906 78 084 59 262 79 339 121 984 750 313

Mar 71 295 83 409 198 329 67 852 53 103 68 887 105 832 648 707

Apr 67 876 80 344 190 518 64 591 51 196 65 601 100 688 620 814

May 95 128 108 060 256 399 90 204 70 856 91 533 141 146 853 326

Jun 66 893 78 516 187 102 63 624 49 801 64 599 99 284 609 819

(continues)


120


municipalities1/

(continued) Flows in R$ thousandEnd- Northeast region

of-

period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total

do Norte

1996 1 029 739 609 623 1 133 808 592 832 721 836 1 094 971 584 821 491 138 1 736 703 7 995 471

1997 1 174 412 688 072 1 276 230 667 028 812 823 1 231 036 650 938 556 001 2 121 471 9 178 011

1998 1 492 721 806 399 1 544 743 761 014 929 876 1 442 019 758 726 626 429 2 484 230 10 846 157

1999 1 710 024 904 819 1 739 014 844 797 1 039 256 1 587 200 842 149 694 292 2 854 336 12 215 887

2000 1 907 818 1 035 443 1 915 161 984 945 1 190 380 1 820 528 989 902 821 320 3 138 735 13 804 232

2001 2 191 690 1 202 356 2 233 307 1 160 231 1 392 471 2 122 741 1 153 315 966 278 3 638 125 16 060 514

2002 2 628 286 1 486 891 2 728 306 1 433 804 1 721 706 2 615 138 1 422 104 1 194 339 4 379 973 19 610 547

Jan 217 362 126 994 239 233 125 792 151 098 229 339 123 918 104 802 368 091 1 686 629

Feb 269 856 153 534 278 019 146 623 176 220 266 748 145 329 122 244 446 025 2 004 598

Mar 203 434 116 127 214 240 112 543 135 131 205 393 111 784 93 757 339 823 1 532 232

Apr 212 135 121 213 223 851 117 576 141 162 214 497 116 659 97 905 355 630 1 600 628

May 240 638 138 465 255 365 134 473 161 558 244 879 133 262 112 065 402 161 1 822 866

Jun 174 911 98 815 182 150 95 282 114 298 174 497 94 952 79 304 294 584 1 308 793

Jul 206 370 110 515 198 169 103 895 124 663 189 855 103 257 86 501 337 287 1 460 512

Aug 179 810 101 748 188 077 98 476 118 124 180 093 97 932 81 955 301 674 1 347 889

Sep 196 793 111 997 206 898 108 542 130 278 198 204 107 816 90 364 330 181 1 481 073

Oct 254 886 147 107 270 763 142 675 171 450 259 685 141 331 118 939 427 043 1 933 879

Nov 225 152 129 082 238 158 125 250 150 410 228 298 124 203 104 333 377 060 1 701 946

Dec 246 939 131 294 233 383 122 677 147 314 223 650 121 661 102 170 400 414 1 729 502

2003 1 422 017 809 365 1 512 397 788 288 947 867 1 426 220 780 704 666 704 2 359 504 10 713 066

Jan 246 988 137 468 256 517 133 534 160 530 241 817 132 444 112 911 414 656 1 836 865

Feb 258 625 144 477 269 095 140 350 168 797 253 716 138 891 118 670 432 756 1 925 377

Mar 217 654 124 937 233 928 121 836 146 467 220 535 120 702 103 035 359 225 1 648 319

Apr 208 050 119 039 223 147 116 104 139 552 210 331 115 056 98 104 343 988 1 573 371

May 285 687 166 151 310 033 162 132 195 093 292 709 160 260 137 328 470 733 2 180 126

Jun 205 013 117 293 219 677 114 332 137 428 207 112 113 351 96 656 338 146 1 549 008

(continues)


121


municipalities1/

(continued) Flows in R$ thousandEnd- Southeast region South region

of-

period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total

Catarina do Sul

1996 1 810 340 373 227 525 809 1 616 890 4 326 266 1 006 392 617 899 1 103 569 2 727 860

1997 2 137 118 445 075 1 109 193 1 956 750 5 648 136 1 388 689 737 625 1 257 139 3 383 453

1998 2 664 368 535 180 810 342 2 080 576 6 090 466 1 695 508 885 661 1 824 104 4 405 273

1999 3 145 610 692 888 814 016 3 751 486 8 404 000 1 893 100 977 706 1 852 057 4 722 863

2000 3 392 035 723 779 1 000 353 3 720 564 8 836 731 2 008 980 1 080 368 2 058 542 5 147 890

2001 3 813 190 819 692 1 101 646 4 018 070 9 752 598 2 232 813 1 225 131 2 281 181 5 739 125

2002 4 542 974 956 081 1 321 077 4 735 071 11 555 203 2 696 225 1 449 844 2 690 351 6 836 420

Jan 396 107 83 031 114 668 409 177 1 002 983 234 217 126 407 234 126 594 750

Feb 449 567 92 740 128 265 451 981 1 122 553 263 462 141 839 260 655 665 956

Mar 356 267 75 059 103 819 373 432 908 577 211 278 113 001 210 149 534 428

Apr 373 819 78 999 109 336 390 952 953 106 222 286 120 102 222 611 564 999

May 417 760 86 970 120 301 426 093 1 051 124 246 057 132 653 244 592 623 302

Jun 315 068 67 272 93 437 341 580 817 357 189 094 101 026 190 179 480 299

Jul 335 408 71 523 98 964 357 708 863 603 200 326 107 727 200 926 508 979

Aug 321 402 69 000 95 503 346 739 832 644 192 802 103 740 193 965 490 507

Sep 348 597 74 021 102 442 369 009 894 069 207 759 111 854 208 254 527 867

Oct 446 784 93 153 126 945 457 140 1 124 022 265 014 141 052 261 475 667 541

Nov 394 779 82 753 114 539 409 165 1 001 236 234 232 126 224 233 692 594 148

Dec 387 416 81 560 112 858 402 095 983 929 229 698 124 219 229 727 583 644

2003 2 450 697 538 845 697 446 2 726 153 6 413 141 1 449 284 807 246 1 503 635 3 760 165

Jan 437 449 108 223 120 080 575 772 1 241 524 261 583 150 805 294 168 706 556

Feb 449 235 110 965 122 719 583 545 1 266 464 265 996 155 417 298 329 719 742

Mar 373 016 76 627 109 184 377 241 936 068 220 620 120 129 218 636 559 385

Apr 359 573 74 436 106 623 367 907 908 539 214 094 117 258 213 378 544 730

May 478 986 95 856 135 165 461 878 1 171 885 277 862 150 005 271 640 699 507

Jun 352 438 72 738 103 675 359 810 888 661 209 129 113 632 207 484 530 245

(continues)


122


municipalities1/

(concluded) Flows in R$ thousandEnd- Central-west region Total - Brazil

of-

period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total

1996 87 351 601 368 392 264 268 778 1 349 761 19 473 546

1997 98 308 677 465 536 569 379 642 1 691 983 23 537 697

1998 111 376 785 969 572 871 420 649 1 890 865 27 489 699

1999 123 608 868 055 638 262 419 497 2 049 422 32 093 896

2000 157 673 1 034 112 720 916 484 639 2 397 340 35 592 273

2001 186 573 1 202 920 821 896 553 456 2 764 845 40 595 230

2002 229 297 1 485 757 997 376 675 662 3 388 092 49 096 466

Jan 19 973 129 939 87 080 59 197 296 189 4 249 424

Feb 22 855 150 272 99 626 67 230 339 983 4 915 838

Mar 18 118 116 157 77 852 52 585 264 712 3 843 010

Apr 18 808 121 312 81 307 54 841 276 268 4 025 932

May 21 168 138 119 91 932 62 059 313 278 4 527 311

Jun 15 965 101 368 71 146 46 670 235 149 3 360 076

Jul 16 921 107 614 72 486 48 899 245 920 3 647 178

Aug 16 174 102 219 69 038 46 639 234 070 3 437 682

Sep 17 559 112 379 75 431 50 930 256 299 3 743 186

Oct 22 358 150 400 100 336 70 285 343 379 4 828 996

Nov 19 881 129 689 86 922 59 437 295 929 4 264 338

Dec 19 517 126 289 84 220 56 890 286 916 4 253 495

2003 118 583 801 775 539 854 366 453 1 826 665 26 850 266

Jan 20 284 137 148 95 056 64 186 316 674 4 755 870

Feb 20 959 142 290 95 023 64 614 322 886 4 984 782

Mar 18 419 123 902 83 271 56 491 282 083 4 074 562

Apr 17 628 118 321 79 563 54 152 269 664 3 917 118

May 23 872 163 502 108 641 73 760 369 775 5 274 619

Jun 17 421 116 612 78 300 53 250 265 583 3 843 316

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.


123

IV.8 - Federal domestic securities issued National Treasury liabilities

Balances in R$ millionEnd- LFT LTN BTN NTN CTN/ Partial Securitized Total 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

1996 Dec ... 49 101 54 65 620 ... 114 775 ... 114 775 3.0 35.7 35.7 1.7 24.2 24.2

1997 Dec 72 181 87 056 60 66 436 ... 225 732 ... 225 732 59.7 96.7 96.7 58.5 83.6 83.6

1998 Dec 264 933 20 748 64 53 838 4 237 343 820 ... 343 820 8.1 52.3 52.3 6.9 49.5 49.5

1999 Dec 291 895 49 253 67 111 999 11 292 464 507 ... 464 507 0.5 20.0 20.0 - 0.6 0.1 0.1

2000 Dec 349 498 108 852 64 48 049 14 280 520 743 27 982 548 724 1.2 34.7 34.7 0.6 23.0 23.0

2001 Dec 435 992 81 209 67 134 079 19 366 670 713 21 564 692 277 1.7 23.6 23.6 1.5 12.2 12.2

2002 Jan 437 793 73 477 70 143 360 19 538 674 238 21 717 695 954 1.8 1.8 24.3 1.6 1.6 13.0

Feb 436 454 70 327 69 152 807 15 712 675 369 25 954 701 323 1.1 2.9 25.2 0.9 2.6 14.3

Mar 420 331 79 763 64 155 699 15 697 671 553 24 851 696 404 0.2 3.1 22.6 - 0.2 2.3 12.6

Apr 356 354 116 174 65 198 677 14 705 685 974 24 915 710 889 2.5 5.7 24.7 1.6 4.0 14.3

May 367 345 109 825 69 206 646 14 987 698 871 24 269 723 140 2.0 7.8 26.7 0.5 4.5 15.7

Jun 372 619 103 529 76 211 376 15 430 703 030 24 409 727 439 2.4 10.4 23.6 0.5 5.1 12.5

Jul 390 444 101 291 102 245 232 17 434 754 503 24 613 779 116 7.4 18.6 30.1 5.1 10.5 17.2

Aug 433 042 96 931 90 198 967 17 020 746 050 25 151 771 201 - 2.1 16.1 26.6 - 4.5 5.5 12.0

Sep 419 267 72 151 109 241 614 17 998 751 139 25 194 776 333 5.4 22.4 29.8 1.9 7.5 12.1

Oct 423 333 64 696 102 223 038 18 206 729 376 23 888 753 264 - 2.2 19.7 22.4 - 6.9 0.1 1.7

Nov 434 812 60 024 103 221 093 18 851 734 882 24 230 759 112 1.4 21.4 23.4 - 2.7 - 2.6 - 1.1

Dec 462 950 34 634 100 217 098 19 214 733 997 24 850 758 846 0.5 22.0 22.0 - 1.9 - 4.4 - 4.4

2003 Jan 484 624 31 570 100 217 275 19 616 753 185 24 899 778 083 3.9 3.9 24.6 2.0 2.0 - 4.0

Fev 510 304 22 080 102 221 756 19 915 774 157 25 170 799 327 1.9 5.9 25.6 0.2 2.3 - 4.7

Mar 504 619 51 352 89 213 483 19 767 789 311 25 204 814 515 1.1 7.0 26.7 0.0 2.3 - 4.4

Apr* 551 698 45 015 77 189 767 19 435 805 992 25 485 831 477 - 0.2 6.8 23.3 - 0.4 1.9 - 6.4

May* 561 522 59 401 80 192 069 19 395 832 467 25 809 858 276 2.6 9.6 24.1 2.6 4.5 - 4.4

Jun* 567 360 70 602 78 187 875 19 118 845 033 25 819 870 851 1.3 11.0 22.8 1.2 5.8 - 3.8

Source: Bacen and STN

1/ Deflator: IGP-DI centered at end of referencemonth (geometric average of month indicated and subsequent month indices).


124

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


1996 Dec 1 024 - 20 645 21 669 - 21 669 - 2.9 - 14.9 - 14.9 1.6 - 22.1 - 22.1

1997 Dec 22 302 8 588 4 571 35 461 - 35 461 - 71.6 63.6 63.6 70.3 52.8 52.8

1998 Dec 15 311 107 763 1 596 124 670 - 124 670 - 21.5 251.6 251.6 20.2 245.2 245.2

1999 Dec 11 135 35 919 13 818 60 871 - 60 871 51 754 - 22.2 - 9.7 - 9.7 - 22.9 - 37.6 - 37.6

2000 Dec 33 453 87 197 1 817 122 466 1 246 123 713 - 10.9 9.8 9.8 10.2 21.6 21.6

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 Jan 25 414 111 409 49 920 186 743 1 554 188 297 - - 3.1 - 3.1 59.4 - 3.3 - 3.3 45.0

Feb 22 946 111 655 52 835 187 436 1 563 188 999 - 0.4 - 2.8 49.9 0.2 - 3.1 36.9

Mar 22 929 108 187 51 834 182 951 1 573 184 524 - - 2.4 - 5.1 40.6 - 2.8 - 5.8 29.1

Apr 54 274 39 161 89 834 183 269 1 584 184 854 - 0.2 - 4.9 33.3 - 0.7 - 6.4 22.2

May 48 839 46 945 93 546 189 331 1 595 190 926 - 3.3 - 1.8 32.0 1.8 - 4.7 20.5

Jun 47 339 50 253 88 855 186 446 1 605 188 051 - - 1.5 - 3.3 17.0 - 3.3 - 7.9 6.4

Jul 49 554 39 891 113 267 202 712 1 617 204 329 - 8.7 5.1 32.7 6.3 - 2.1 19.5

Aug 48 763 92 864 79 770 221 398 1 629 223 026 - 9.2 14.7 39.7 6.5 4.3 23.6

Sep 29 126 78 149 102 330 209 604 1 639 211 244 - - 5.3 8.7 17.2 - 8.4 - 4.5 1.2

Oct 23 648 86 920 94 027 204 595 1 652 206 246 - - 2.4 6.1 6.7 - 7.0 - 11.2 - 11.4

Nov 32 151 77 023 92 581 201 755 1 664 203 419 - - 1.4 4.6 5.0 - 5.4 - 16.0 - 15.9

Dec 21 037 90 366 89 700 201 103 1 678 202 781 - - 0.3 4.3 4.3 - 2.7 - 18.3 - 18.3

2003 Jan 19 458 93 717 89 165 202 340 1 694 204 034 - 0.6 0.6 8.4 - 1.2 - 1.2 - 16.5

Fev 9 342 113 128 90 323 212 793 1 709 214 502 - 5.1 5.8 13.5 3.4 2.2 - 13.8

Mar 35 735 96 155 84 404 216 294 1 723 218 017 - 1.6 7.5 18.2 0.6 2.8 - 10.9

Apr* 32 757 122 548 72 545 227 849 1 738 229 588 - 5.3 13.2 24.2 5.1 8.0 - 5.7

May* 37 872 124 624 73 868 236 364 1 755 238 118 - 3.7 17.4 24.7 3.7 12.0 - 4.0

Jun* 40 678 124 683 71 299 236 660 1 770 238 430 - 0.1 17.6 26.8 0.0 12.0 - 0.6


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).


125

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

1996 Dec 48 077 - - 54 44 975 93 106 - 93 106

1997 Dec 64 755 63 592 - 60 61 865 190 271 - 190 271

1998 Dec 5 438 157 171 4 237 64 52 241 219 151 - 219 151

1999 Dec 38 118 204 223 11 292 67 98 182 351 881 - 351 881

2000 Dec 75 399 262 301 14 280 64 46 233 398 276 26 735 425 011

2001 Dec 48 791 322 153 19 366 67 87 488 477 866 20 021 497 887

2002 Jan 48 063 326 384 19 538 70 93 440 487 495 20 162 507 657

Feb 47 382 324 799 15 712 69 99 973 487 934 24 390 512 324

Mar 56 834 312 144 15 697 64 103 864 488 602 23 278 511 880

Apr 61 901 317 193 14 705 65 108 842 502 705 23 330 526 035

May 60 985 320 400 14 987 69 113 099 509 540 22 673 532 214

Jun 56 190 322 366 15 430 76 122 521 516 584 22 804 539 388

Jul 51 737 350 553 17 434 102 131 965 551 791 22 996 574 787

Aug 48 168 340 178 17 020 90 119 196 524 653 23 523 548 175

Sep 43 026 341 118 17 998 109 139 284 541 534 23 555 565 090

Oct 41 048 336 413 18 206 102 129 011 524 781 22 237 547 018

Nov 27 873 357 789 18 851 103 128 512 533 128 22 566 555 694

Dec 13 596 372 584 19 214 100 127 399 532 893 23 172 556 066

2003 Jan 12 112 390 906 19 616 100 128 110 550 845 23 205 574 050

Feb 12 738 397 176 19 915 102 131 433 561 364 23 462 584 825

Mar 15 617 408 464 19 767 89 129 079 573 017 23 481 596 498

Apr* 12 258 429 151 19 435 77 117 222 578 143 23 746 601 889

May* 21 529 436 898 19 395 80 118 201 596 103 24 054 620 157

Jun* 29 924 442 677 19 118 78 116 575 608 373 24 049 632 421

(continues)


126

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


1996 Dec 32 789 50 316 - 83 105 176 211 0.6 62.4 62.4 - 0.6 48.7 48.7

1997 Dec 25 282 28 327 11 629 65 238 255 509 22.6 45.0 45.0 21.7 35.4 35.4

1998 Dec 22 537 48 372 33 800 104 709 323 860 1.2 26.8 26.8 0.2 24.4 24.4

1999 Dec 1 122 - 61 897 63 020 414 901 0.6 28.1 28.1 - 0.6 6.8 6.8

2000 Dec - - 85 686 85 686 510 698 - 0.8 24.4 24.4 - 1.4 13.6 13.6

2001 Dec - - 126 198 126 198 624 084 - 0.5 22.2 22.2 - 0.6 10.9 8.1

2002 Jan - - 127 453 127 453 635 110 1.8 1.8 23.8 1.6 1.6 8.2

Feb - - 119 312 119 312 631 636 - 0.5 1.2 21.8 - 0.7 0.9 8.9

Mar - - 114 441 114 441 626 321 - 0.8 0.4 16.7 - 1.2 - 0.4 6.9

Apr - - 107 251 107 251 633 286 1.1 1.5 15.4 0.2 - 0.2 7.4

May - - 107 177 107 177 639 391 1.0 2.5 15.3 - 0.5 - 0.6 6.7

Jun - - 114 360 114 360 653 748 2.2 4.8 12.6 0.3 - 0.3 7.7

Jul - - 99 614 99 614 674 401 3.2 8.1 12.9 0.9 0.6 5.1

Aug - - 74 619 74 619 622 794 - 7.7 - 0.2 2.7 - 9.9 - 9.3 - 2.2

Sep - - 93 688 93 688 658 778 5.8 5.6 4.7 2.3 - 7.3 0.6

Oct - - 85 086 85 086 632 104 - 4.0 1.3 - 0.8 - 8.6 - 15.3 - 7.2

Nov - - 75 767 75 767 631 461 - 0.1 1.2 0.7 - 4.2 - 18.8 - 7.8

Dec - - 67 125 67 125 623 191 - 1.3 - 0.1 - 0.1 - 3.7 - 21.8 - 10.5

2003 Jan - - 62 813 62 813 636 863 2.2 2.2 0.3 0.3 0.3 - 11.4

Feb - - 59 937 59 937 644 762 1.2 3.5 2.1 - 0.4 - 0.1 - 12.5

Mar - - 53 206 53 206 649 704 0.8 4.3 3.7 - 0.3 - 0.3 - 13.4

Apr* - - 42 518 42 518 644 407 - 0.8 3.4 1.8 - 1.0 - 1.3 - 17.1

May* - - 40 601 40 601 660 759 2.5 6.0 3.3 2.5 1.1 - 15.4

Jun* - - 37 002 37 002 669 423 1.3 7.4 2.4 1.2 2.3 - 16.5


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).


127

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

1996 Dec 176 211 9.4 7.9 1.8 18.6 - 61.0 1.4 - 100

1997 Dec 255 509 15.4 8.0 0.3 34.8 - 40.9 0.6 - 100

1998 Dec 323 860 21.0 5.4 0.3 69.1 0.1 3.5 0.2 0.5 100

1999 Dec 414 901 24.2 3.0 0.3 61.1 2.1 9.2 0.1 - 100

2000 Dec 510 698 22.3 4.7 1.6 52.2 4.4 14.8 0.0 0.0 100

2001 Dec 624 084 28.6 3.8 4.0 52.8 3.0 7.8 0.0 0.0 100

2002 Jan 635 110 29.4 2.4 3.9 52.6 2.9 7.6 0.0 1.3 100

Feb 631 636 28.7 2.5 4.4 52.7 2.8 7.5 0.0 1.3 100

Mar 626 321 28.7 2.4 4.5 51.2 2.7 9.1 0.0 1.4 100

Apr 633 286 27.8 2.4 4.8 51.2 2.7 9.8 0.0 1.4 100

May 639 391 28.1 2.3 4.9 51.2 2.6 9.6 0.0 1.4 100

Jun 653 748 29.9 2.2 4.9 50.4 2.6 8.6 0.0 1.4 100

Jul 674 401 28.5 1.8 4.9 53.0 2.7 7.7 0.0 1.4 100

Aug 622 794 24.6 2.0 5.6 55.8 2.8 7.8 0.0 1.5 100

Sep 658 778 29.0 1.9 5.5 52.9 2.7 6.6 0.0 1.4 100

Oct 632 104 26.6 2.0 6.4 54.2 2.8 6.5 0.0 1.5 100

Nov 631 461 23.6 2.0 7.9 57.7 2.9 4.4 0.0 1.5 100

Dec 623 191 22.4 2.1 7.9 60.8 3.1 2.2 0.0 1.6 100

2003 Jan 636 863 21.2 2.0 7.9 62.4 3.0 1.9 0.0 1.6 100

Feb 644 762 20.6 2.0 8.1 62.6 3.0 2.0 0.0 1.6 100

Mar 649 704 18.7 2.0 8.4 63.9 3.0 2.4 0.0 1.6 100

Apr* 644 407 15.1 2.0 8.6 67.7 3.0 1.9 0.0 1.6 100

May* 660 759 14.4 2.0 8.6 67.2 2.9 3.3 0.0 1.6 100

Jun* 669 423 13.5 2.0 8.4 67.2 2.8 4.5 0.0 1.6 100

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.


128

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

1997 302 578 317 350 14 772 19 543 26 638 7 095 322 122 343 988 21 867

National Treasury 132 620 125 725 - 11 328 10 399 23 289 12 890 147 452 149 014 1 562 Banco Central 169 958 191 625 26 100 9 144 3 349 - 5 795 174 669 194 974 20 305

1998 533 654 577 530 43 876 2 309 193 2 293 489 - 15 704 2 842 847 2 871 019 28 172 National Treasury 187 067 184 858 - 2 209 1 299 815 1 365 184 65 369 1 486 882 1 550 042 63 160

Banco Central 346 587 392 672 46 085 1 009 378 928 305 - 81 073 1 355 965 1 320 977 - 34 988

1999 314 261 389 407 75 146 1 610 939 1 571 082 - 39 856 1 925 207 1 960 496 35 289 National Treasury 269 415 231 094 - 38 321 373 774 381 259 7 485 643 189 612 353 - 30 836 Banco Central 44 846 158 313 113 467 1 237 164 1 189 823 - 47 341 1 282 010 1 348 136 66 126

2000 244 036 297 217 53 181 302 419 271 094 - 31 326 546 455 568 310 21 855 National Treasury 243 234 257 496 14 262 74 166 29 356 - 44 810 317 400 286 853 - 30 547 Banco Central 802 39 720 38 918 228 253 241 737 13 484 229 055 281 458 52 402

2001 183 029 266 391 83 362 1 135 279 1 093 899 - 41 380 1 318 308 1 360 290 41 982 National Treasury 183 029 203 369 20 340 760 699 790 262 29 563 943 728 993 631 49 903 Banco Central - 63 022 63 022 374 580 303 637 - 70 943 374 580 366 659 - 7 921

2002 200 504 290 288 89 784 5 793 078 5 794 966 1 887 5 993 582 6 085 254 91 672 National Treasury 200 504 214 693 14 189 5 424 266 5 396 679 - 27 587 5 624 770 5 611 372 - 13 398 Banco Central - 75 595 75 595 368 812 398 287 29 474 368 812 473 882 105 069

2003 Jan 15 405 12 307 - 3 098 1 286 944 1 272 246 - 14 698 1 302 349 1 284 554 - 17 796

Feb 25 032 27 722 2 691 380 227 388 305 8 078 405 258 416 027 10 769 Mar 31 545 21 568 - 9 977 234 218 246 887 12 669 265 762 268 455 2 693 Apr 39 021 32 480 - 6 541 242 933 269 911 26 978 281 954 302 391 20 437 May 40 243 25 792 - 14 451 133 509 148 992 15 483 173 752 174 784 1 032 Jun 33 377 26 502 - 6 875 114 103 120 001 5 899 147 480 146 504 - 976

BTN - - - - - - - - - LFT 25 322 23 225 - 2 097 71 471 85 057 13 586 96 793 108 282 11 489 LTN 7 934 - - 7 934 42 583 34 895 - 7 687 50 516 34 895 - 15 621

NTN 121 620 499 16 16 0 137 636 499 BBCA - - - - - - - - - LBC - - - - - - - - - LBCE - - - - - - - - -

NBCE - 2 657 2 657 33 33 0 33 2 690 2 657

NBCF - - - - - - - - -

Accumulated in year 184 622 146 372 - 38 250 2 391 933 2 446 342 54 409 2 576 555 2 592 714 16 159 National Treasury 184 622 124 004 - 60 618 2 385 867 2 440 574 54 707 2 570 489 2 564 578 - 5 911

Banco Central - 22 368 22 368 6 066 5 768 - 298 6 066 28 136 22 070


129

IV.13 - State and municipal domestic debt Securities issued

Balances in R$ millionEnd- State debt

of-

period São Paulo Minas Gerais Rio de Janeiro Rio Grande do Sul Other states Total

1996 Dec 18 723 8 773 5 935 6 543 5 175 45 149

1997 Dec - 10 912 7 383 8 143 6 442 32 880

1998 Dec - - 9 474 - 3 055 12 529

1999 Dec - - - - 2 059 2 059

2000 Dec - - - 49 1 720 1 769

2001 Dec - - - - 2 018 2 018

2002 Jan - - - - 2 049 2 049

Feb - - - - 2 074 2 074

Mar - - - - 2 103 2 103

Apr - - - - 2 134 2 134

May - - - - 2 164 2 164

Jun - - - - 2 193 2 193

Jul - - - - 2 227 2 227

Aug - - - - 2 259 2 259

Sep - - - - 1 500 1 500

Oct - - - - 1 254 1 254

Nov - - - - 1 270 1 270

Dec - - - - 1 254 1 254

2003 Jan - - - - 1 279 1 279

Feb - - - - 1 302 1 302

Mar - - - - 1 325 1 325

Apr* - - - - 1 350 1 350

May* - - - - 1 376 1 376

Jun* - - - - 1 402 1 402

(continues)


130

IV.13 - State and municipal domestic debt Securities issued

(concluded) Balances in R$ millionEnd- Municipal debt Total Securities Total Banco In the Total

of- in in Central Banco outside

period São Paulo Rio de Others1/ Total Balance Real percentage changes2/ treasury circulation portfolio Central the

Janeiro custodian Banco

In In In 12 account Central

month year months

1996 Dec 5 021 1 338 212 6 571 51 720 0.5 19.8 19.8 1 814 49 906 - 34 847 15 059

1997 Dec 6 242 1 658 256 8 156 41 036 - 34.9 - 25.9 - 25.9 1 625 39 411 - 26 648 12 763

1998 Dec 8 041 2 124 326 10 491 23 020 1.3 - 44.9 - 44.9 677 22 343 - 9 682 12 661

1999 Dec 10 102 - 409 10 511 12 569 - 49.5 - 54.5 - 54.5 434 12 135 - 700 11 435

2000 Dec - - 481 481 2 250 0.6 - 83.7 - 83.7 49 2 201 - - 2 201

2001 Dec - - 564 564 2 582 1.2 4.1 4.1 0 2 582 - - 2 582

2002 Jan - - 573 573 2 622 1.3 1.3 4.6 0 2 622 - - 2 622

Feb - - 580 580 2 655 1.1 2.5 5.3 0 2 655 - - 2 655

Mar - - 588 588 2 691 1.0 3.5 6.0 0 2 691 - - 2 691

Apr - - 597 597 2 731 0.6 4.0 6.2 0 2 731 - - 2 731

May - - 605 605 2 770 0.0 4.0 7.5 0 2 770 - - 2 770

Jun - - 613 613 2 806 - 0.6 3.5 7.2 0 2 806 - - 2 806

Jul - - 623 623 2 850 - 0.7 2.8 6.2 0 2 850 - - 2 850

Aug - - 632 632 2 891 - 1.0 1.7 4.1 0 2 891 - - 2 891

Sep - - 641 641 2 140 - 28.4 - 27.2 - 25.8 0 2 140 - - 2 140

Oct - - 651 651 1 905 - 15.3 - 38.3 - 37.4 0 1 905 - - 1 905

Nov - - 661 661 1 931 - 2.8 - 40.0 - 39.3 0 1 931 - - 1 931

Dec - - 672 672 1 926 - 2.6 - 41.6 - 41.6 0 1 926 - - 1 926

2003 Jan - - 684 684 1 962 0.0 0.0 - 42.3 0 1 962 - - 1 962

Feb - - 698 698 2 000 0.3 0.3 - 42.8 0 2 000 - - 2 000

Mar - - 711 711 2 036 0.7 1.0 - 42.9 0 2 036 - - 2 036

Apr* - - 724 724 2 074 1.7 2.7 - 42.3 0 2 074 - - 2 074

May* - - 738 738 2 114 1.9 4.7 - 41.2 0 2 114 - - 2 114

Jun* - - 752 752 2 154 1.8 6.5 - 39.8 0 2 154 - - 2 154

1/ Other: Campinas, Guarulhos and Osasco.

2/ Deflator: IGP-DI centered at end of month (geometric average month indicated and subsequent month).


131

IV.14 - Net public sector debt

R$ million

Itemization 2001 2002 2003*

December December April May June

Balances % Balances % Balances % Balances % Balances %

GDP GDP GDP GDP GDP

Fiscal net debt (G=E-F) 511 917 40.7 573 531 36.8 592 089 37.6 601 862 38.7 607 787 39.3Internal debt adjustment (F) 75 414 6.0 152 076 9.8 129 196 8.2 131 732 8.5 128 730 8.3Fiscal net debt with exchange devaluation (E=A-B-C-D) 587 331 46.7 725 606 46.6 721 285 45.8 733 593 47.2 736 517 47.6External debt adjustment (D) 55 273 4.4 126 590 8.1 88 888 5.6 95 136 6.1 89 543 5.8Inventory adjustment (C) 78 354 6.2 92 640 5.9 93 311 5.9 93 368 6.0 94 023 6.1Privatization asjustment (B) - 60 092 - 4.8 - 63 729 - 4.1 - 63 729 - 4.0 - 63 729 - 4.1 - 63 729 - 4.1Total net debt (A) 660 867 52.6 881 108 56.5 839 756 53.4 858 369 55.2 856 353 55.4

Federal government and the Bacen 419 121 33.3 566 734 36.4 529 736 33.7 547 834 35.2 550 408 35.6 Banco Central - 7 349 - 0.6 - 5 906 - 0.4 - 19 058 - 1.2 - 21 729 - 1.4 - 23 189 - 1.5 State governments 203 409 16.2 257 986 16.6 268 244 17.0 268 153 17.2 266 883 17.3 Local governments 26 156 2.1 34 992 2.2 36 759 2.3 37 213 2.4 37 178 2.4 State enterprises 19 530 1.6 27 302 1.8 24 074 1.5 26 897 1.7 25 073 1.6

Federal - 15 601 - 1.2 - 14 002 - 0.9 - 13 507 - 0.9 - 11 020 - 0.7 - 12 250 - 0.8 State 32 400 2.6 38 313 2.5 34 719 2.2 35 016 2.3 34 406 2.2 Local governments 2 732 0.2 2 990 0.2 2 863 0.2 2 901 0.2 2 916 0.2Internal net debt 530 022 42.2 654 312 42.0 652 348 41.5 663 781 42.7 668 733 43.3Federal government and the Bacen 254 499 20.2 310 003 19.9 322 829 20.5 331 113 21.3 340 024 22.0

Federal securities1/ 477 866 38.0 532 893 34.2 578 143 36.7 596 103 38.3 608 373 39.4

Privatization currencies 20 058 1.6 23 180 1.5 23 755 1.5 24 080 1.5 24 057 1.6 Bank debt 1 493 0.1 1 034 0.1 1 846 0.1 1 913 0.1 1 919 0.1 Tax collected (not transferred) - 767 - 0.1 - 776 0.0 - 8 650 - 0.5 - 4 861 - 0.3 - 3 414 - 0.2 Demand deposits - 1 880 - 0.1 - 567 0.0 - 599 0.0 - 551 0.0 - 526 0.0

Investment in funds2/ - 37 568 - 3.0 - 53 554 - 3.4 - 54 662 - 3.5 - 54 159 - 3.5 - 54 825 - 3.5

Laborer assistance fund (FAT) - 60 977 - 4.9 - 75 840 - 4.9 - 77 783 - 4.9 - 79 499 - 5.1 - 81 940 - 5.3 Social Security system - 1 287 - 0.1 - 866 - 0.1 - 1 077 - 0.1 - 986 - 0.1 - 986 - 0.1 Renegotiation (Law 9,496/1997 and Proes) - 174 502 - 13.9 - 217 439 - 14.0 - 234 760 - 14.9 - 235 729 - 15.2 - 235 114 - 15.2 Renegotiation (Law 8,727/1993) - 19 246 - 1.5 - 20 111 - 1.3 - 20 693 - 1.3 - 20 788 - 1.3 - 20 812 - 1.3

Restructured debt3/ - 26 640 - 2.1 - 36 724 - 2.4 - 29 627 - 1.9 - 30 321 - 1.9 - 29 096 - 1.9

Other federal government's credits4/ - 29 288 - 2.3 - 35 430 - 2.3 - 36 781 - 2.3 - 36 561 - 2.4 - 36 605 - 2.4

Relationship with Banco Central 107 236 8.5 194 203 12.5 183 717 11.7 172 471 11.1 168 993 10.9 Banco Central 54 021 4.3 53 235 3.4 26 086 1.7 29 120 1.9 26 598 1.7 Monetary base 53 247 4.2 73 302 4.7 68 229 4.3 65 114 4.2 63 838 4.1

Banco Central securities1/ 126 198 10.0 67 125 4.3 42 518 2.7 40 601 2.6 37 002 2.4

Repurchase agreement - 8 776 - 0.7 77 089 4.9 63 513 4.0 60 236 3.9 60 088 3.9 Other deposits 18 172 1.4 55 286 3.5 54 927 3.5 54 145 3.5 53 892 3.5 Bacen credit to financial institutions - 21 573 - 1.7 - 19 895 - 1.3 - 18 971 - 1.2 - 19 014 - 1.2 - 19 846 - 1.3 Other accounts in Bacen - 6 011 - 0.5 - 5 468 - 0.4 - 413 0.0 509 0.0 617 0.0 Relationship with Federal Government - 107 236 - 8.5 - 194 203 - 12.5 - 183 717 - 11.7 - 172 471 - 11.1 - 168 993 - 10.9State governments 192 154 15.3 239 578 15.4 252 970 16.1 252 354 16.2 251 493 16.3

Securities net debt5/ 2 018 0.2 1 254 0.1 1 350 0.1 1 376 0.1 1 402 0.1

Renegotiation (Law 9,496/1997 and Proes) 154 222 12.3 190 406 12.2 205 358 13.0 206 088 13.2 205 385 13.3 Renegotiation (Law 8,727/1993) 26 444 2.1 27 226 1.7 27 748 1.8 27 865 1.8 27 892 1.8

Restructured debt3/ 11 645 0.9 16 990 1.1 13 642 0.9 13 879 0.9 13 351 0.9

Bank debt 3 995 0.3 4 513 0.3 4 439 0.3 4 484 0.3 4 265 0.3

Other state debts6/ 18 616 1.5 22 737 1.5 23 615 1.5 23 287 1.5 23 315 1.5

Tax collected (not transferred) - 314 0.0 - 309 0.0 - 439 0.0 - 502 0.0 - 543 0.0 Demand deposits - 1 942 - 0.2 - 1 618 - 0.1 - 1 294 - 0.1 - 1 264 - 0.1 - 1 418 - 0.1

Other state credits7/ - 22 530 - 1.8 - 21 620 - 1.4 - 21 450 - 1.4 - 22 860 - 1.5 - 22 156 - 1.4

(continues)


132


(concluded) R$ million



Balances % Balances % Balances % Balances % Balances %

GDP GDP GDP GDP GDP

Local governments 24 374 1.9 32 092 2.1 34 323 2.2 34 679 2.2 34 732 2.2 Securities net debt5/

560 0.0 672 0.0 724 0.0 738 0.0 752 0.0

Renegotiation (MP 2,118/2000) 20 279 1.6 27 034 1.7 29 402 1.9 29 640 1.9 29 728 1.9 Renegotiation (Law 8,727/1993) 2 560 0.2 2 543 0.2 2 557 0.2 2 558 0.2 2 558 0.2

Restructured debt3/

1 386 0.1 1 933 0.1 1 544 0.1 1 577 0.1 1 523 0.1

Bank debt 1 964 0.2 2 312 0.1 2 362 0.2 2 444 0.2 2 478 0.2 Tax collected (not transferred) - 78 0.0 - 59 0.0 - 119 0.0 - 109 0.0 - 127 0.0 Demand deposits - 2 297 - 0.2 - 2 344 - 0.2 - 2 147 - 0.1 - 2 171 - 0.1 - 2 180 - 0.1 State enterprises 4 974 0.4 19 404 1.2 16 140 1.0 16 516 1.1 15 886 1.0 Federal - 23 185 - 1.8 - 12 146 - 0.8 - 13 532 - 0.9 - 13 438 - 0.9 - 13 756 - 0.9

Restructured debt3/ 3 546 0.3 5 654 0.4 4 603 0.3 4 761 0.3 4 513 0.3

Bank debt 2 562 0.2 2 477 0.2 2 422 0.2 2 359 0.2 2 339 0.2 Contractors and suppliers 27 639 2.2 28 638 1.8 28 620 1.8 28 678 1.8 29 197 1.9 Debentures - 275 0.0 - 363 0.0 - 412 0.0 - 419 0.0 - 421 0.0 Renegotiation (Law 8,727/1993) - 29 708 - 2.4 - 16 475 - 1.1 - 18 079 - 1.1 - 18 294 - 1.2 - 18 543 - 1.2 State enterprises portfolios - 529 0.0 - 980 - 0.1 - 663 0.0 - 624 0.0 - 885 - 0.1 Demand deposits - 26 421 - 2.1 - 31 098 - 2.0 - 30 023 - 1.9 - 29 898 - 1.9 - 29 956 - 1.9 States 25 427 2.0 28 560 1.8 26 809 1.7 27 053 1.7 26 726 1.7 Restructured debt3/

9 093 0.7 10 196 0.7 8 263 0.5 8 498 0.5 8 182 0.5

Banking debt 4 096 0.3 6 038 0.4 6 447 0.4 6 343 0.4 6 177 0.4 Debentures 873 0.1 1 454 0.1 1 493 0.1 1 495 0.1 1 497 0.1 Renegotiation (Law 8,727/1993) 11 970 1.0 11 645 0.7 11 741 0.7 11 766 0.8 11 783 0.0 Fed.security portfolio of state enterprises - 417 0.0 - 489 0.0 - 767 0.0 - 798 - 0.1 - 681 0.0 Demand deposit - 188 0.0 - 284 0.0 - 368 0.0 - 251 0.0 - 233 0.0 Local government 2 732 0.2 2 990 0.2 2 863 0.2 2 901 0.2 2 916 0.2 Restructured debt3/

139 0.0 203 0.0 163 0.0 167 0.0 161 0.0 Banking debt 127 0.0 183 0.0 78 0.0 78 0.0 78 0.0 Renegociation (Law 8,727/1993) 2 512 0.2 2 643 0.2 2 697 0.2 2 716 0.2 2 736 0.2 Demand deposit - 46 0.0 - 39 0.0 - 75 0.0 - 60 0.0 - 60 0.0 Foreign net debt 130 845 10.4 226 796 14.6 187 408 11.9 194 588 12.5 187 620 12.1 Federal government 164 622 13.1 256 732 16.5 206 907 13.1 216 721 13.9 210 384 13.6

Banco Central do Brasil8/

- 61 370 - 4.9 - 59 141 - 3.8 - 45 144 - 2.9 - 50 849 - 3.3 - 49 787 - 3.2

State governments 11 255 0.9 18 408 1.2 15 274 1.0 15 799 1.0 15 390 1.0 Local governments 1 781 0.1 2 900 0.2 2 435 0.2 2 535 0.2 2 446 0.2 State enterprises 14 556 1.2 7 897 0.5 7 935 0.5 10 382 0.7 9 187 0.6 Federal 7 584 0.6 - 1 856 - 0.1 24 0.0 2 418 0.2 1 506 0.1 State 6 973 0.6 9 753 0.6 7 910 0.5 7 963 0.5 7 680 0.5 Local government 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0

GDP9/

1 257 076 1 558 660 1 573 655 1 555 455 1 601 406

IMF - Basic path Total net debt 703 492 889 578 - - 957 182

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).


133


US$ million



Fiscal net debt (G=E-F) 220 692 162 358 204 946 203 002 211 684

Internal debt adjustment (F) 32 512 43 050 44 720 44 432 44 835

Fiscal net debt with exchange devaluation (E=A-B-C-D) 253 203 205 409 249 666 247 434 256 519

External debt adjustment (D) 23 829 35 836 30 768 32 089 31 186

Inventory adjustment (C) 33 779 26 225 32 299 31 492 32 747

Privatization adjustment (B) - 25 906 - 18 041 - 22 059 - 21 495 - 22 196

Total net debt (A) 284 906 249 429 290 673 289 520 298 256

Federal government and the Bacen 180 687 160 434 183 363 184 779 191 700

Banco Central - 3 168 - 1 672 - 6 597 - 7 329 - 8 076

State governments 87 691 73 032 92 850 90 446 92 952

Local governments 11 276 9 906 12 724 12 552 12 949

State enterprises 8 420 7 729 8 333 9 072 8 733

Federal - 6 726 - 3 964 - 4 675 - 3 717 - 4 266

State 13 968 10 846 12 018 11 811 11 983

Local governments 1 178 847 991 978 1 016

Internal net debt 228 497 185 226 225 804 223 887 232 911

Federal government and the Bacen 109 717 87 757 111 744 111 681 118 426

Federal securities1/ 206 012 150 854 200 119 201 060 211 888

Privatization currencies 8 647 6 562 8 222 8 122 8 379

Bank debt 644 293 639 645 668

Tax collected (not transferred) - 331 - 220 - 2 994 - 1 640 - 1 189

Demand deposits - 810 - 161 - 207 - 186 - 183

Investment in funds2/ - 16 196 - 15 160 - 18 921 - 18 267 - 19 095

Laborer assistance fund (FAT) - 26 288 - 21 469 - 26 924 - 26 814 - 28 539

Social Security system - 555 - 245 - 373 - 332 - 343

Renegotiation (Law 9,496/1997 and Proes) - 75 229 - 61 554 - 81 260 - 79 509 - 81 887

Renegotiation (Law 8,727/1993) - 8 297 - 5 693 - 7 163 - 7 012 - 7 248

Restructured debt3/ - 11 485 - 10 396 - 10 255 - 10 227 - 10 134

Other federal government's credits4/ - 12 626 - 10 030 - 12 731 - 12 332 - 12 749

Relationship with Banco Central 46 230 54 976 63 592 58 173 58 858

Banco Central 23 289 15 070 9 029 9 822 9 264

Monetary base 22 955 20 751 23 617 21 962 22 234

Banco Central securities1/

54 405 19 002 14 717 13 694 12 887

Repurchase agreement - 3 783 21 823 21 984 20 317 20 928

Other deposits 7 834 15 651 19 012 18 263 18 770

Bacen credit to financial institutions - 9 300 - 5 632 - 6 567 - 6 413 - 6 912

Other accounts in Bacen - 2 591 - 1 548 - 143 172 215

Relationship with Federal Government - 46 230 - 54 976 - 63 592 - 58 173 - 58 858

State governments 82 839 67 821 87 563 85 117 87 592

Securities net debt5/

870 355 467 464 488

Renegotiation (Law 9,496/1997 and Proes) 66 487 53 901 71 083 69 512 71 533

Renegotiation (Law 8,727/1993) 11 400 7 707 9 605 9 398 9 714

Restructured debt3/ 5 020 4 810 4 722 4 681 4 650

Bank debt 1 722 1 278 1 537 1 512 1 486

Other state debts6/

8 026 6 436 8 174 7 854 8 120

Tax collected (not transferred) - 135 - 87 - 152 - 169 - 189

Demand deposits - 837 - 458 - 448 - 426 - 494

Other state credits7/ - 9 713 - 6 120 - 7 425 - 7 710 - 7 717

(continues)


134


(concluded) US$ million



Local governments 10 508 9 085 11 881 11 697 12 097 Securities net debt5/

241 190 251 249 262

Renegotiation (MP 2,118/2000) 8 743 7 653 10 177 9 997 10 354 Renegotiation (Law 8,727/1993) 1 104 720 885 863 891 Restructured debt3/

598 547 534 532 530

Bank debt 847 655 818 824 863 Tax collected (not transferred) - 34 - 17 - 41 - 37 - 44

Demand deposits - 990 - 663 - 743 - 732 - 759 State enterprises 2 144 5 493 5 587 5 571 5 533 Federal - 9 995 - 3 438 - 4 684 - 4 532 - 4 791 Restructured debt

3/ 1 529 1 601 1 593 1 606 1 572

Bank debt 1 105 701 838 796 814 Contractors and suppliers 11 915 8 107 9 907 9 673 10 169 Debentures - 118 - 103 - 142 - 141 - 146

Renegociation (Law 8,727/1993) - 12 807 - 4 664 - 6 258 - 6 170 - 6 458 State enterprises portfolios - 228 - 278 - 230 - 211 - 308 Demand deposits - 11 390 - 8 803 - 10 392 - 10 084 - 10 433 States 10 962 8 085 9 280 9 125 9 308 Restructured debt

3/ 3 920 2 886 2 860 2 866 2 850

Banking debt 1 766 1 709 2 232 2 139 2 151 Debentures 376 412 517 504 521 Renegotiation (Law 8,727/1993) 5 160 3 297 4 064 3 969 4 104 Fed.security portfolio of state enterprises - 180 - 139 - 266 - 269 - 237

Demand deposit - 81 - 80 - 127 - 85 - 81 Local government 1 178 847 991 978 1 016 Restructured debt

3/ 60 57 56 56 56

Banking debt 55 52 27 26 27 Renegotiation (Law 8,727/1993) 1 083 748 934 916 953 Demand deposit - 20 - 11 - 26 - 20 - 21 Foreign net debt 56 408 64 203 64 869 65 633 65 346 Federal government 70 970 72 677 71 619 73 098 73 274 Banco Central do Brasil8/

- 26 457 - 16 742 - 15 626 - 17 151 - 17 340 State governments 4 852 5 211 5 287 5 329 5 360 Local governments 768 821 843 855 852 State enterprises 6 275 2 236 2 746 3 502 3 200 Federal 3 269 - 525 8 816 525 State 3 006 2 761 2 738 2 686 2 675 Local government 0 0 0 0 0GDP

9/ 541 936 441 234 544 706 524 641 557 748

IMF - Indicative targetTotal net debt 303 282 251 827 - - 333 374

Exchange rate (purchase) R$/US$ 2.3196 3.5325 2.8890 2.9648 2.8712

1/ Includes constitutional funds (as from June 1997).2/ Issued securities debt minus entreasured bonds.

3/ Debentures are included as from July 1999.

4/ Deducted of international reserves.

5/ Securities debt issued minus securities in treasury.

6/ Includes royalties, Fundef and others.

7/ Includes securitized credit, CFT, LFT, 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).


135

IV.16 - Public sector borrowing requirements

Accumulated in the year % of GDP

Itemization Current prices

2001 2002 2003*

Jan-Jun Year Jan-Jun Year Jan-Jun

Nominal 0.66 3.57 2.80 4.66 4.63

Central government 0.14 2.11 0.82 0.76 2.68

Federal government1/ -0.12 2.24 2.00 1.28 3.00

Bacen 0.26 -0.13 -1.18 -0.52 -0.32

Regional government 0.80 2.02 1.46 3.90 2.03

State government 0.89 1.92 1.29 3.31 1.67

Local government -0.09 0.10 0.17 0.58 0.36

State enterprises -0.29 -0.56 0.52 0.01 -0.08

Federal owner -0.39 -0.66 0.33 -0.30 0.18

States owner 0.10 0.10 0.18 0.29 -0.25

Local governments owner 0.00 0.01 0.01 0.02 -0.01

Nominal interest 4.70 7.20 7.46 8.63 10.03

Central government 2.58 3.94 4.18 3.17 6.65

Federal government1/ 2.36 4.13 5.41 3.75 6.97

Bacen 0.22 -0.19 -1.23 -0.58 -0.33

Regional government 1.69 2.89 2.59 4.70 3.25

State government 1.47 2.52 2.20 3.96 2.75

Local government 0.22 0.37 0.39 0.74 0.50

State enterprises 0.43 0.37 0.69 0.75 0.14

Federal owner 0.02 -0.03 0.10 0.17 0.14

States owner 0.40 0.39 0.58 0.56 -0.01

Local governments owner 0.01 0.02 0.02 0.02 0.01

Primary -4.04 -3.64 -4.66 -3.96 -5.41

Central government -2.44 -1.83 -3.36 -2.42 -3.97

Federal government -2.94 -2.96 -4.51 -3.76 -5.25

Bacen 0.04 0.06 0.05 0.06 0.01

INSS 0.46 1.07 1.10 1.29 1.27

Regional government -0.89 -0.87 -1.13 -0.80 -1.22

State government -0.58 -0.60 -0.91 -0.65 -1.08

Local government -0.30 -0.27 -0.22 -0.16 -0.14

State enterprises -0.71 -0.93 -0.17 -0.74 -0.22

Federal owner -0.40 -0.63 0.23 -0.48 0.04

States owner -0.30 -0.29 -0.40 -0.27 -0.24

Local governments owner -0.01 -0.01 0.00 0.00 -0.02

1/ Includes INSS.

(+) deficit (-) surplus


136


Flows in 12 months in R$ million



Total nominal 42 789 61 614 70 247 74 183 78 497

Federal government and Banco Central do Brasil 25 273 10 029 10 927 15 118 24 799

State and local governments 24 257 51 493 63 502 62 363 57 448

State enterprises - 6 742 92 - 4 182 - 3 298 - 3 751

Total operational1/ 12 572 - 34 733 - 41 467 - 29 159 - 17 036

Federal government and Banco Central do Brasil 13 371 - 31 210 - 37 470 - 29 806 - 17 005

State and local governments 5 565 - 3 556 462 4 191 3 950


Total primary - 43 655 - 52 390 - 64 553 - 65 869 - 63 499

Federal government and Banco Central do Brasil - 21 980 - 31 919 - 39 776 - 41 290 - 40 412

State and local governments - 10 471 - 10 633 - 12 002 - 12 465 - 12 671

State enterprises - 11 204 - 9 838 - 12 775 - 12 114 - 10 416

Total real interest 56 226 17 657 23 087 36 709 46 463

Federal government and Banco Central do Brasil 35 351 709 2 307 11 484 23 407



GDP (accumulated in the year)2/

1 200 060 1 321 490 1 391 697 1 417 020 1 441 707

In percentage of GDP3/

Total nominal 3.57 4.66 5.05 5.24 5.44

Federal government and Banco Central do Brasil 2.11 0.76 0.79 1.07 1.72

State and local governments 2.02 3.90 4.56 4.40 3.98

State enterprises -0.56 0.01 -0.30 -0.23 -0.26

Total operational 1.05 -2.63 -2.98 -2.06 -1.18

Federal government and Banco Central do Brasil 1.11 -2.36 -2.69 -2.10 -1.18

State and local governments 0.46 -0.27 0.03 0.30 0.27


Total primary -3.64 -3.96 -4.64 -4.65 -4.40

Federal government and Banco Central do Brasil -1.83 -2.42 -2.86 -2.91 -2.80

State and local governments -0.87 -0.80 -0.86 -0.88 -0.88


Total real interest 4.69 1.34 1.66 2.59 3.22




1/ Deflator = IGP-DI (centered).2/ GDP at current prices.

3/ Reflects ratio of flows to the GDP at current prices.


137


Flows in 12 months at prices of last month indicated in R$ million



Total nominal 43 871 68 026 77 873 79 534 82 858



State enterprises -6 825 770 -4 346 -3 818 -4 069

Total operational1/12 153 -39 300 -49 907 -37 541 -23 835

Federal government and Banco Central do Brasil 12 958 -35 063 -44 223 -36 418 -22 154

State and local governments 5 627 -4 951 -1 053 2 948 2 622


Total primary -46 444 -62 971 -72 606 -72 539 -68 209

Federal government and Banco Central do Brasil -23 692 -39 009 -43 832 -44 497 -42 828

State and local governments -11 114 -12 918 -13 618 -13 585 -13 446

State enterprises -11 637 -11 043 -15 156 -14 458 -11 935


Federal government and Banco Central do Brasil 36 651 3 946 - 391 8 079 20 674




1 255 883 1 542 019 1 578 954 1 560 928 1 544 407


Total nominal 3.49 4.41 4.93 5.10 5.37





Federal government and Banco Central do Brasil 1.03 -2.27 -2.80 -2.33 -1.43

State and local governments 0.45 -0.32 -0.07 0.19 0.17


Total primary -3.70 -4.08 -4.60 -4.65 -4.42





Federal government and Banco Central do Brasil 2.92 0.26 -0.02 0.52 1.34



1/ Deflator = IGP-DI (centered).2/ At prices of the last month of the period indicated (deflator: IGP-DI).

3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).


138


With exchange devaluation on domestic securities debt stock

Accumulated in the year % of GDP

Itemization Current prices Last month prices1/

2002 2003* 2002 2003*

Jan-Jun Year Jan-Jun Jan-Jun Year Jan-Jun

Nominal 8.91 10.46 1.47 8.81 10.43 1.54

Central government 6.93 6.56 -0.47 6.83 6.71 -0.42

Federal government2/ 4.46 3.89 1.23 4.41 3.99 1.26

Bacen 2.47 2.67 -1.70 2.43 2.72 -1.68

Regional government 1.46 3.90 2.03 1.45 3.67 2.03

State government 1.29 3.31 1.67 1.27 3.12 1.67

Local government 0.17 0.58 0.36 0.17 0.54 0.36

State enterprises 0.52 0.01 -0.08 0.53 0.05 -0.08

Federal owner 0.33 -0.30 0.18 0.34 -0.27 0.18

States owner 0.18 0.29 -0.25 0.18 0.30 -0.25

Local governments owner 0.01 0.02 -0.01 0.01 0.02 -0.01

Nominal interest 15.32 14.43 6.88 13.48 14.51 6.95

Central government 12.04 8.98 3.49 10.22 9.24 3.55

Federal government2/ 9.62 6.37 5.20 7.84 6.58 5.23

Bacen 2.42 2.61 -1.71 2.38 2.66 -1.69

Regional government 2.59 4.70 3.25 2.57 4.50 3.26

State government 2.20 3.96 2.75 2.18 3.80 2.76

Local government 0.39 0.74 0.50 0.39 0.70 0.50

State enterprises 0.69 0.75 0.14 0.69 0.77 0.14

Federal owner 0.10 0.17 0.14 0.09 0.17 0.14

States owner 0.58 0.56 -0.01 0.57 0.57 -0.01

Local governments owner 0.02 0.02 0.01 0.02 0.02 0.01

Primary -4.66 -3.96 -5.41 -4.66 -4.08 -5.41

Central government -3.36 -2.42 -3.97 -3.38 -2.53 -3.97

Federal government -4.51 -3.76 -5.25 -4.52 -3.85 -5.25

Bacen 0.05 0.06 0.01 0.05 0.06 0.01

INSS 1.10 1.29 1.27 1.09 1.26 1.27

Regional government -1.13 -0.80 -1.22 -1.13 -0.84 -1.22

State government -0.91 -0.65 -1.08 -0.91 -0.68 -1.09

Local government -0.22 -0.16 -0.14 -0.22 -0.16 -0.14

State enterprises -0.17 -0.74 -0.22 -0.15 -0.72 -0.22

Federal owner 0.23 -0.48 0.04 0.25 -0.45 0.04

States owner -0.40 -0.27 -0.24 -0.40 -0.27 -0.24

Local governments owner 0.00 0.00 -0.02 -0.01 0.00 -0.02

1/ Flows at prices of the last month of the period, based on the IGP-DI.

2/ Includes INSS.



139

IV.20 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock




Total nominal 61 970 138 276 121 098 115 877 93 937




Total operational1/ 16 724 - 108 - 35 683 - 29 465 - 40 053

Federal government and Banco Central do Brasil 17 523 3 414 - 31 686 - 30 112 - 40 022

State and local governments 5 565 - 3 556 462 4 191 3 950


Total primary - 43 655 - 52 390 - 64 553 - 65 869 - 63 499

Federal government and Banco Central do Brasil - 21 980 - 31 919 - 39 776 - 41 290 - 40 412

State and local governments - 10 471 - 10 633 - 12 002 - 12 465 - 12 671



Federal government and Banco Central do Brasil 39 503 35 333 8 090 11 178 390




1 200 060 1 321 490 1 391 697 1 417 020 1 441 707


Total nominal 5.16 10.46 8.70 8.18 6.52





Federal government and Banco Central do Brasil 1.46 0.26 -2.28 -2.13 -2.78

State and local governments 0.46 -0.27 0.03 0.30 0.27


Total primary -3.64 -3.96 -4.64 -4.65 -4.40











140

IV.21 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock




Total nominal 65 534 160 786 149 356 137 870 108 272




Total operational1/18 124 6 212 -30 709 -27 347 -41 793

Federal government and Banco Central do Brasil 18 929 10 449 -25 025 -26 224 -40 112

State and local governments 5 627 -4 951 -1 053 2 948 2 622


Total primary -46 444 -62 971 -72 606 -72 539 -68 209

Federal government and Banco Central do Brasil -23 692 -39 009 -43 832 -44 497 -42 828

State and local governments -11 114 -12 918 -13 618 -13 585 -13 446







1 255 883 1 542 019 1 578 954 1 560 928 1 544 407


Total nominal 5.22 10.43 9.46 8.83 7.01




Total operational 1.44 0.40 -1.94 -1.75 -2.71

Federal government and Banco Central do Brasil 1.51 0.68 -1.58 -1.68 -2.60

State and local governments 0.45 -0.32 -0.07 0.19 0.17


Total primary -3.70 -4.08 -4.60 -4.65 -4.42











141

IV.22 - Public sector borrowing requirements State enterprises




Total nominal -6 742 92 -4 182 -3 298 -3 751

Federal enterprises -7 971 -4 024 -6 660 -5 223 -4 711

State enterprises 1 149 3 857 2 344 1 813 865

Local governments enterprises 80 258 133 112 95

Total operational1/ -6 364 34 -4 459 -3 544 -3 981

Federal enterprises -5 821 593 -1 636 - 581 - 460

State enterprises - 374 - 146 -2 207 -2 383 -2 981

Local governments enterprises - 169 - 413 - 616 - 580 - 540

Total primary -11 204 -9 838 -12 775 -12 114 -10 416

Federal enterprises -7 571 -6 319 -9 824 -8 912 -7 418




Federal enterprises 1 749 6 912 8 189 8 331 6 959

State enterprises 3 130 3 358 605 660 - 146


GDP (accumulated in the year)2/ 1 200 060 1 321 490 1 391 697 1 417 020 1 441 707


Total nominal -0.56 0.01 -0.30 -0.23 -0.26

Federal enterprises -0.66 -0.30 -0.48 -0.37 -0.33


Local governments enterprises 0.01 0.02 0.01 0.01 0.01

Total operational -0.53 0.00 -0.32 -0.25 -0.28

Federal enterprises -0.49 0.04 -0.12 -0.04 -0.03


Local governments enterprises -0.01 -0.03 -0.04 -0.04 -0.04

Total primary -0.93 -0.74 -0.92 -0.85 -0.72



Local governments enterprises -0.01 0.00 -0.01 -0.01 -0.01


Federal enterprises 0.15 0.52 0.59 0.59 0.48

State enterprises 0.26 0.25 0.04 0.05 -0.01

Local governments enterprises 0.00 -0.03 -0.03 -0.03 -0.03




142

IV.23 - Public sector borrowing requirements State enterprises




Total nominal - 6 825 770 - 4 346 - 3 818 - 4 069

Federal enterprises - 8 191 - 4 189 - 8 030 - 6 693 - 5 784


Local governments enterprises 82 300 190 150 123

Total operational1/ - 6 432 714 - 4 631 - 4 071 - 4 303

Federal enterprises - 5 939 987 - 2 223 - 1 387 - 1 000

State enterprises - 313 179 - 1 735 - 2 045 - 2 714


Total primary - 11 637 - 11 043 - 15 156 - 14 458 - 11 935

Federal enterprises - 7 796 - 6 875 - 11 885 - 10 968 - 8 852




Federal enterprises 1 857 7 863 9 661 9 582 7 853

State enterprises 3 391 4 326 1 408 1 284 208


GDP (accumulated in the year)2/ 1 255 883 1 542 019 1 578 954 1 560 928 1 544 407


Total nominal -0.54 0.05 -0.28 -0.24 -0.26



Local governments enterprises 0.01 0.02 0.01 0.01 0.01

Total operational -0.51 0.05 -0.29 -0.26 -0.28

Federal enterprises -0.47 0.06 -0.14 -0.09 -0.06


Local governments enterprises -0.01 -0.03 -0.04 -0.04 -0.04

Total primary -0.93 -0.72 -0.96 -0.93 -0.77



Local governments enterprises -0.01 0.00 -0.01 -0.01 -0.01


Federal enterprises 0.15 0.51 0.61 0.61 0.51


Local governments enterprises 0.00 -0.03 -0.03 -0.03 -0.03




143

IV.24 - Public accounts - uses and sources




Uses (1+2+3) 42 789 61 614 70 247 74 183 78 497

1 - Primary result - 43 655 - 52 390 - 64 553 - 65 869 - 63 499

2 - Internal debt interest 72 112 96 975 116 216 121 696 123 554

Real interest 41 895 628 4 502 18 354 28 021

Monetary atualization 30 217 96 347 111 714 103 342 95 5333 - External debt interest 14 332 17 029 18 585 18 355 18 442

Sources (4+5) 42 789 61 614 70 247 74 183 78 497

4 - Internal borrowing 27 811 36 980 49 446 51 845 59 750

Securities debt 58 353 3 364 8 280 17 783 25 971

Banking debt - 26 938 14 692 19 340 19 272 19 113

Renegotiations - - - - -

States - - - - -

Local governments - - - - -

State Enterprises - - - - -

Others - 3 604 18 923 21 825 14 791 14 666

TN/Bacen relationship - - - - -

5 - External borrowing 14 978 24 634 20 802 22 338 18 747


1 200 060 1 321 490 1 391 697 1 417 020 1 441 707


Uses (1+2+3) 3.57 4.66 5.05 5.24 5.44

1 - Primary result -3.64 -3.96 -4.64 -4.65 -4.40

2 - Internal debt interest 6.01 7.34 8.35 8.59 8.57

Real interest 3.49 0.05 0.32 1.30 1.94

Monetary atualization 2.52 7.29 8.03 7.29 6.63

3 - External debt interest 1.19 1.29 1.34 1.30 1.28

Sources (4+5) 3.57 4.66 5.05 5.24 5.44

4 - Internal borrowing 2.32 2.80 3.55 3.66 4.14

Securities debt 4.86 0.25 0.59 1.25 1.80

Banking debt -2.24 1.11 1.39 1.36 1.33


States - - - - -



Others -0.30 1.43 1.57 1.04 1.02


5 - External borrowing 1.25 1.86 1.49 1.58 1.30

1/ GDP at current prices.



144

IV.25 - Public accounts - uses and sources




Uses (1+2+3) 43 871 68 026 77 873 79 534 82 858

1 - Primary result - 46 444 - 62 971 - 72 606 - 72 539 - 68 209

2 - Internal debt interest 75 358 111 074 129 387 131 739 131 145

Real interest 43 640 3 748 1 607 14 663 24 453

Monetary atualization 31 718 107 326 127 780 117 075 106 6933 - External debt interest 14 957 19 922 21 093 20 335 19 921

Sources (4+5) 43 871 68 026 77 873 79 534 82 858

4 - Internal borrowing 28 913 39 872 52 686 52 798 60 496

Securities debt 61 892 6 692 4 582 13 741 20 948

Banking debt - 28 522 13 909 22 481 21 919 22 451


States - - - - -



Others - 4 458 19 272 25 624 17 138 17 097


5 - External borrowing 14 959 28 154 25 187 26 737 22 362

GDP (flows in 12 months)1/

1 255 883 1 542 019 1 578 954 1 560 928 1 544 407


Uses (1+2+3) 3.49 4.41 4.93 5.10 5.37

1 - Primary result -3.70 -4.08 -4.60 -4.65 -4.42

2 - Internal debt interest 6.00 7.20 8.19 8.44 8.49

Real interest 3.47 0.24 0.10 0.94 1.58

Monetary atualization 2.53 6.96 8.09 7.50 6.91

3 - External debt interest 1.19 1.29 1.34 1.30 1.29

Sources (4+5) 3.49 4.41 4.93 5.10 5.37

4 - Internal borrowing 2.30 2.59 3.34 3.38 3.92

Securities debt 4.93 0.43 0.29 0.88 1.36

Banking debt -2.27 0.90 1.42 1.40 1.45


States - - - - -



Others -0.35 1.25 1.62 1.10 1.11


5 - External borrowing 1.19 1.83 1.60 1.71 1.45

1/ At prices of the last month of the period indicated (deflator: IGP-DI).



145

IV.26 - Public net debt harmonized

End- Public sector National government1/

of-

period R$ million % of GDP R$ million % of GDP

2002 Jan 635 562 50.6 368 309 29.3

Feb 632 104 50.4 367 307 29.3

Mar 631 854 50.4 366 271 29.2

Apr 637 892 50.5 371 605 29.4

May 656 941 51.3 386 848 30.2

Jun 699 565 53.4 421 884 32.2

Jul 766 943 57.2 475 616 35.5

Aug 729 071 53.2 438 022 31.9

Sep 824 421 58.2 513 717 36.3

Oct 805 572 54.4 493 762 33.3

Nov 808 914 52.7 490 319 32.0

Dec 807 806 51.8 473 525 30.4

2003 Jan 824 525 52.4 487 045 30.9

Feb 836 871 52.7 493 572 31.1

Mar 822 108 51.8 477 500 30.1

Apr* 771 527 49.0 428 942 27.3

May* 793 255 51.0 449 971 28.9

Jun* 792 515 51.3 452 362 29.3

1/ The Federal governments, the Banco Central and state owned enterprises are included.



146

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

2002 Jan 42 686 3.54 15 632 1.29

Feb 45 917 3.79 20 607 1.70

Mar 51 880 4.27 27 333 2.25

Apr 48 930 4.01 26 100 2.14

May 53 615 4.36 31 790 2.59

Jun 51 994 4.18 25 852 2.08

Jul 47 193 3.76 16 323 1.30

Aug 47 053 3.72 20 526 1.62

Sep 47 087 3.68 12 347 0.97

Oct 49 178 3.81 14 892 1.15

Nov 50 734 3.89 11 328 0.87

Dec 61 614 4.66 6 006 0.45

2003 Jan 68 178 5.10 10 865 0.81

Feb 69 896 5.16 7 127 0.53

Mar 71 751 5.24 6 654 0.49

Apr* 70 247 5.05 4 268 0.31

May* 74 183 5.24 9 895 0.70

Jun* 78 497 5.44 20 089 1.39

1/ The Federal governments, the Banco Central and state owned enterprises are included.


V - Balance of payments


148

V.1 - Balance of payments

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Trade balance (FOB) - 6 575 - 1 199 - 698 2 650 13 143

Exports 51 140 48 011 55 086 58 223 60 362

Imports 57 714 49 210 55 783 55 572 47 219

Services - 10 111 - 6 977 - 7 162 - 7 759 - 5 038

Credit 7 897 7 194 9 498 9 322 9 606

Debit 18 008 14 171 16 660 17 081 14 644

Income - 18 189 - 18 848 - 17 886 - 19 743 - 18 191

Credit 4 599 3 935 3 621 3 280 3 295

Debit 22 787 22 783 21 507 23 023 21 486

Unrequited current transfers 1 458 1 689 1 521 1 638 2 390

Credit 1 815 1 969 1 828 1 934 2 627

Debit 357 280 307 296 237

Current account - 33 416 - 25 335 - 24 225 - 23 215 - 7 696

Capital and financial account 29 702 17 319 19 326 27 052 8 811

Capital account1/ 320 338 273 - 36 433

Financial account 29 381 16 981 19 053 27 088 8 378

Direct investment 26 002 26 888 30 498 24 715 14 084

Abroad - 2 854 - 1 690 - 2 282 2 258 - 2 482

Equity capital - 2 854 - 1 110 - 1 755 1 752 - 2 402

Intercompany loans - - 580 - 527 505 - 81

In Brazil 28 856 28 578 32 779 22 457 16 566

Equity capital 25 479 29 983 30 016 18 765 17 094

Intercompany loans 3 377 - 1 405 2 763 3 692 - 528

Portfolio investment 18 125 3 802 6 955 77 - 5 119

Assets - 457 259 - 1 696 - 795 - 321

Equity securities 20 - 864 - 1 953 - 1 121 - 389

Debt securities - 477 1 123 258 326 67

Liabilities 18 582 3 542 8 651 872 - 4 797

Equity securities 995 2 572 3 076 2 481 1 981

Debt securities 17 587 971 5 575 - 1 609 - 6 778

Derivatives - 460 - 88 - 197 - 471 - 356

Assets 257 642 386 567 933

Liabilities - 717 - 730 - 583 - 1 038 - 1 289

Other investment2/ - 14 285 - 13 620 - 18 202 2 767 - 231

Assets - 11 392 - 4 397 - 2 989 - 6 586 - 3 211

Liabilities - 2 893 - 9 223 - 15 213 9 353 2 980

Errors and omissions - 4 256 194 2 637 - 531 - 813

Overall balance - 7 970 - 7 822 - 2 262 3 307 302

Memo:

Current account/GDP (%) - 4.24 - 4.72 - 4.02 - 4.55 - 1.71

Medium- and long-term amortizations3/ 29 790 42 440 31 977 35 151 31 084

(continues)


149

V.1 - Balance of payments


Itemization 2002* 2003*

Jun Jan-Jun Year Jun Jan-Jun

Trade balance (FOB) 679 2 587 13 146 2 357 10 397

Exports 4 079 25 052 60 362 5 875 33 002

Imports 3 400 22 465 47 216 3 517 22 606

Services - 457 - 2 678 - 5 038 - 572 - 2 288

Credit 745 4 777 9 606 774 5 031

Debit 1 203 7 455 14 644 1 346 7 318

Income - 1 683 - 9 267 - 18 191 - 1 501 - 8 801

Credit 164 1 401 3 295 218 1 574

Debit 1 847 10 668 21 486 1 719 10 375

Unrequited current transfers 163 923 2 390 194 1 227

Credit 184 1 053 2 627 222 1 365

Debit 20 130 237 27 138

Current account - 1 298 - 8 434 - 7 693 479 535

Capital and financial account 10 221 14 459 8 808 4 803 9 926

Capital account1/ 37 175 433 39 209

Financial account 10 184 14 284 8 375 4 764 9 718

Direct investment 1 438 8 584 14 084 211 2 844

Abroad - 93 - 1 033 - 2 482 26 - 656

Equity capital - 92 - 1 143 - 2 402 17 - 675

Intercompany loans - 110 - 81 9 19

In Brazil 1 530 9 617 16 566 186 3 500

Equity capital 2 367 9 101 17 094 167 3 315

Intercompany loans - 837 516 - 528 18 186

Portfolio investment - 1 633 904 - 5 119 1 792 3 901

Assets - 142 - 332 - 321 153 - 94

Equity securities - 71 - 276 - 389 - 11 - 167

Debt securities - 72 - 55 67 164 73

Liabilities - 1 491 1 236 - 4 797 1 639 3 995

Equity securities - 316 2 002 1 981 139 639

Debt securities - 1 174 - 765 - 6 778 1 499 3 357

Derivatives - 9 - 368 - 356 - 25 - 71

Assets 56 371 933 25 390

Liabilities - 65 - 739 - 1 289 - 49 - 461

Other investment2/ 10 388 5 164 - 234 2 786 3 043

Assets - 452 - 960 - 3 211 1 077 - 1 042

Liabilities 10 840 6 124 2 977 1 709 4 085

Errors and omissions - 246 - 656 - 813 - 303 - 1 492

Overall balance 8 677 5 368 302 4 978 8 969

Memo:

Current account/GDP (%) - - 3.82 - 1.71 - 0.24

Medium- and long-term amortizations3/ 2 772 14 810 31 084 3 052 11 737

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.


150

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 - 57 714 57 714 - - 6 575 - 6 575

1999* - 48 011 48 011 - 49 210 49 210 - - 1 199 - 1 199

2000* - 55 086 55 086 - 55 783 55 783 - - 698 - 698

2001* - 58 223 58 223 - 55 574 55 574 - 2 649 2 649

2002* Jan 3 972 3 972 57 657 3 798 3 798 54 356 174 174 3 300

Feb 3 658 7 630 57 232 3 400 7 198 53 751 259 432 3 481

Mar 4 260 11 891 56 325 3 666 10 864 51 970 594 1 026 4 355

Apr 4 641 16 532 56 237 4 160 15 024 51 520 481 1 508 4 716

May 4 441 20 973 55 311 4 018 19 042 50 381 423 1 931 4 930

Jun 4 079 25 052 54 347 3 404 22 446 49 022 675 2 606 5 325

Jul 6 223 31 275 55 606 5 026 27 473 49 191 1 197 3 803 6 416

Aug 5 751 37 026 55 630 4 176 31 648 48 267 1 575 5 378 7 363

Sep 6 492 43 518 57 367 4 012 35 660 48 122 2 480 7 858 9 245

Oct 6 474 49 993 58 839 4 270 39 930 47 635 2 205 10 063 11 204

Nov 5 127 55 119 59 465 3 863 43 793 47 284 1 264 11 327 12 181

Dec 5 242 60 362 60 362 3 442 47 231 47 231 1 800 13 131 13 131

2003* Jan 4 805 4 805 61 195 3 646 3 646 47 063 1 160 1 160 14 132

Feb 5 001 9 806 62 538 3 878 7 523 47 544 1 123 2 283 14 994

Mar 5 239 15 045 63 516 3 759 11 282 47 639 1 480 3 763 15 878

Apr 5 710 20 756 64 585 3 997 15 279 47 489 1 714 5 477 17 097

May 6 372 27 128 66 516 3 865 19 144 47 308 2 507 7 984 19 208

Jun 5 875 33 002 68 312 3 517 22 606 47 357 2 357 10 397 20 955

Source: MDIC/Secex


151

V.3 - Exports - FOB By aggregate factor and selected products

US$ million

Itemization 1997 1998 1999* 2000* 2001*

Total 52 994 51 140 48 011 55 086 58 223

Primary products 14 472 12 977 11 828 12 562 15 342 Iron ore and concentrates 2 846 3 253 2 746 3 048 2 932 Oil-cake and other residues from soybeans 2 681 1 750 1 504 1 651 2 065 Coffee, not roasted 2 746 2 332 2 230 1 559 1 208 Meat and edible offal of chicken, fresh, chilled or frozen 876 739 875 806 1 292 Soybeans, including grinded 2 452 2 178 1 593 2 188 2 726 Tobacco, unmanufactured; tobacco refuse 1 091 940 884 813 921 Meat of bovine animals, fresh, chilled or frozen 196 277 444 503 739 Meat of swine, fresh, chilled or frozen 142 148 115 163 346 Cashew nuts 157 143 142 165 112 Aluminum ore and concentrates 120 122 116 113 99 Others 1 164 1 095 1 179 1 553 2 903

Semimanufactured products 8 480 8 120 7 982 8 499 8 243 Chemical wood pulp 1 023 1 049 1 243 1 601 1 246 Cane sugar, raw 1 045 1 096 1 162 761 1 401 Iron or nonalloy steel semifinished products 1 384 1 255 1 096 1 360 1 081 Hides and skins 726 657 595 756 872 Aluminum, unwrought 1 089 871 863 946 676 Wood, sawn or chipped lengthwise, over 6mm thick 411 410 497 520 532 Ferroalloys 492 430 408 456 390 Pig iron and spigeleisen 384 458 322 446 428 Gold, nonmonetary in semimanufactured forms 507 387 348 375 336 Soybean oil, crude 532 724 564 300 415 Others 886 784 883 977 867

Manufactured products 29 199 29 387 27 330 32 528 32 901 Airplanes 681 1 159 1 772 3 054 2 839 Footwear, parts and components 1 594 1 387 1 342 1 617 1 684 Passenger motor vehicles 1 463 1 618 1 137 1 768 1 951 Transmission and reception apparatus, and components 580 609 760 1 635 1 762 Parts and accessories for motor cars and tractors 1 400 1 429 1 229 1 206 1 172 Passenger motor vehicles engines and parts thereof 1 095 1 119 1 043 1 064 1 112 Orange juice 1 003 1 262 1 235 1 019 813 Iron or nonalloy steel flat-rolled products 1 011 999 796 859 602 Pumps, compressors, fans and others 730 728 679 725 648 Paper and paperboard used for writing, printing etc. 649 592 537 518 521 Cane sugar, refined 727 847 748 438 878 Pneumatic rubber tires 491 503 511 525 468 Motor vehicles for the transport of goods 895 1 018 626 696 484 Polymers of ethylene, propylene and styrene 333 301 302 447 343 Chassis fitted with engines and bodies for motor vehicles 378 359 216 365 411 Furniture and parts thereof, except for medical-surgical use 364 337 384 488 483 Electric motors, generators, transformers; parts thereof 340 334 311 377 458 Plywood and similar laminated wood 264 199 345 374 360 Civil engineering and contractors' plant and equipment 451 402 312 301 344 Cigarette containing tobacco 566 608 49 6 3 Others 14 183 13 577 12 996 15 049 15 566

Special operations1/ 844 656 872 1 497 1 736

(continues)


152

V.3 - Exports - FOB By aggregate factor and selected products



May Jan-May Year May Jan-May

Total 4 441 20 973 60 362 6 372 27 128

Primary products 1 226 5 274 16 952 2 026 7 787 Iron ore and concentrates 189 1 112 3 049 291 1 411 Oil-cake and other residues from soybeans 109 548 2 199 235 808 Coffee, not roasted 72 378 1 195 98 519 Meat and edible offal of chicken, fresh, chilled or frozen 80 485 1 335 114 608 Soybeans, including grinded 217 657 3 032 690 1 643 Tobacco, unmanufactured; tobacco refuse 164 334 978 131 371 Meat of bovine animals, fresh, chilled or frozen 56 297 776 71 398 Meat of swine, fresh, chilled or frozen 38 173 469 51 189 Cashew nuts 9 40 106 12 52 Aluminum ore and concentrates 8 43 91 9 39 Others 286 1 207 3 722 322 1 751

Semimanufactured products 544 2 915 8 965 914 4 087 Chemical wood pulp 49 396 1 160 164 738 Cane sugar, raw 33 207 1 111 86 339 Iron or nonalloy steel semifinished products 43 470 1 410 150 662 Hides and skins 71 359 956 83 416 Aluminum, unwrought 91 310 813 60 340 Wood, sawn or chipped lengthwise, over 6mm thick 43 224 577 46 251 Ferroalloys 35 154 409 49 190 Pig iron and spigeleisen 20 164 473 48 207 Gold, nonmonetary in semimanufactured forms 36 148 349 27 129 Soybean oil, crude 37 116 675 102 349 Others 86 366 1 033 99 465

Manufactured products 2 580 12 022 33 000 3 332 14 679 Airplanes 141 864 2 335 188 769 Footwear, parts and components 121 623 1 516 124 645 Passenger motor vehicles 181 655 2 005 209 899 Transmission and reception apparatus, and components 146 694 1 782 146 632 Parts and accessories for motor cars and tractors 106 458 1 159 135 550 Passenger motor vehicles engines and parts thereof 106 479 1 341 164 677 Orange juice 54 335 869 64 367 Iron or nonalloy steel flat-rolled products 44 199 813 122 506 Pumps, compressors, fans and others 66 280 694 85 325 Paper and paperboard used for writing, printing etc. 37 185 445 43 207 Cane sugar, refined 57 276 982 40 183 Pneumatic rubber tires 44 197 489 54 240 Motor vehicles for the transport of goods 32 157 428 48 186 Polymers of ethylene, propylene and styrene 23 133 328 42 177 Chassis fitted with engines and bodies for motor vehicles 22 124 367 28 145 Furniture and parts thereof, except for medical-surgical use 46 198 535 54 239 Electric motors, generators, transformers; parts thereof 35 162 440 52 193 Plywood and similar laminated wood 35 148 439 45 203 Civil engineering and contractors' plant and equipment 23 152 359 35 160 Cigarette containing tobacco 1 2 9 2 7 Others 1 258 5 701 15 664 1 653 7 368

Special operations1/ 91 762 1 446 101 574

Source: MDIC/Secex

1/ Including special transactions, on-board consumption and reexports.


153

V.4 - Imports - FOB By end-use category and selected products

US$ million

Itemization 1997* 1998* 1999* 2000* 2001*

Total 59 747 57 763 49 295 55 839 55 572

Capital goods 16 098 16 093 13 555 13 591 14 808

Industrial machinery 6 041 5 581 4 813 3 923 4 862

Other fixed equipments 2 628 2 661 2 511 2 878 3 147

Machines and apparatuses for offices, scientific services 2 831 2 811 2 282 2 624 2 806

Parts for industrial capital goods 1 345 1 491 1 375 1 531 1 675

Moving equipment for transportation 1 719 1 911 1 321 1 261 837

Accessories for industrial machinery 1 014 1 004 843 947 1 017

Tools 291 282 188 211 231

Fixed equipment for transportation 75 135 72 131 146

Machines and tools 104 153 90 39 38

Capital goods - sundry 52 66 59 45 48

Consumer goods 11 185 10 742 7 400 7 435 7 147

Non-durable consumer goods 5 533 5 508 4 218 3 990 3 631

Foodstuffs 2 463 2 514 1 656 1 507 1 169

Pharmaceutical products 816 996 1 189 1 124 1 185

Beauty products 233 260 228 239 226

Apparel and other textil clothing 481 381 230 217 204

Beverage and tobacco 318 289 173 161 180

Non-durables - sundry 1 223 1 068 743 742 667

Durable consumer goods 5 652 5 234 3 182 3 445 3 516

Passenger vehicles 2 444 2 677 1 214 1 211 1 405

Articles of adornment - personal use and others 848 782 655 696 713

Machines and apparatuses for domestic use 926 681 424 550 465

Durable consumer goods parts and spares 820 554 505 503 425

Furniture and other house equipments 244 252 162 182 243

Household appliances 114 96 71 80 86

Durables - sundry 257 193 152 223 179

Fuels and lubricants 5 597 4 109 4 257 6 362 6 276

Intermediate products and raw materials 26 867 26 770 23 998 28 396 27 340

Chemical and pharmaceutical products 7 818 7 684 7 252 7 848 7 951

Intermediate products - parts and spares 3 678 3 563 3 408 4 881 4 654

Mineral products 4 327 3 945 3 729 4 943 4 436

Accessories for transportation equipment 3 649 3 869 3 623 4 026 4 229

Inedible farm products 3 056 2 756 2 123 2 401 1 894

Foodstuffs 2 000 2 286 1 735 1 638 1 599

Other raw materials for farming 1 223 1 322 1 231 1 617 1 606

Building materials 654 756 436 395 428

Transportation equipment - parts and spares 178 252 262 309 324

Animal feed 231 288 155 283 167

Intermediate products and raw material - sundry 53 49 44 55 54

(continues)


154

V.4 - Imports - FOB By end-use category and selected products



May Jan-May Year May Jan-May

Total 4 063 19 065 47 216 3 863 19 088

Capital goods 1 046 4 955 11 642 815 4 131

Industrial machinery 383 1 768 4 367 294 1 426

Other fixed equipments 174 862 1 912 127 675

Machines and apparatuses for offices, scientific services 196 958 2 258 161 820

Parts for industrial capital goods 100 508 1 199 106 533

Moving equipment for transportation 100 329 607 30 162

Accessories for industrial machinery 72 396 974 73 381

Tools 12 68 167 14 72

Fixed equipment for transportation 5 37 78 4 32

Machines and tools 1 8 19 1 7

Capital goods - sundry 4 21 62 5 23

Consumer goods 495 2 414 5 907 450 2 199

Non-durable consumer goods 271 1 409 3 400 247 1 212

Foodstuffs 91 492 1 085 75 384

Pharmaceutical products 87 479 1 211 94 473

Beauty products 13 75 184 18 76

Apparel and other textil clothing 10 67 136 8 51

Beverage and tobacco 12 55 163 13 48

Non-durables - sundry 58 241 620 38 180

Durable consumer goods 224 1 005 2 507 203 987

Passenger vehicles 80 322 730 44 274

Articles of adornment - personal use and others 56 264 684 58 275

Machines and apparatuses for domestic use 34 147 411 40 162

Durable consumer goods parts and spares 26 124 330 34 149

Furniture and other house equipments 11 68 154 12 54

Household appliances 8 30 66 4 25

Durables - sundry 10 51 134 11 48

Fuels and lubricants 620 2 331 6 222 440 2 727

Intermediate products and raw materials 1 903 9 365 23 445 2 158 10 031

Chemical and pharmaceutical products 596 3 000 7 297 655 3 038

Intermediate products - parts and spares 327 1 472 3 784 347 1 650

Mineral products 272 1 297 3 061 314 1 429

Accessories for transportation equipment 292 1 468 3 564 308 1 490

Inedible farm products 135 668 1 602 149 673

Foodstuffs 108 689 1 680 167 867

Other raw materials for farming 100 436 1 616 148 569

Building materials 38 166 442 40 184

Transportation equipment - parts and spares 13 71 171 11 48

Animal feed 13 73 178 14 68

Intermediate products and raw material - sundry 9 25 49 4 15

Source: MDIC/Secex


155

V.5 - Trade by area - FOB

US$ million

Itemization 1997* 1998* 1999* 2000*

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 52 994 59 747 - 6 753 51 140 57 714 - 6 575 48 011 49 210 - 1 199 55 086 55 783 - 698

Efta1/ 378 1 120 - 742 360 1 150 - 789 389 966 - 577 756 1 039 - 284

Africa2/ 1 520 1 995 - 475 1 651 1 819 - 168 1 336 2 222 - 886 1 347 2 908 - 1 561

Laia 13 602 13 022 579 13 327 12 363 964 10 560 9 450 1 110 12 902 11 660 1 242 Mercosur 9 047 9 426 - 380 8 878 9 428 - 549 6 778 6 719 59 7 733 7 796 - 63

Argentina 6 770 7 941 - 1 171 6 748 8 034 - 1 286 5 364 5 812 - 448 6 233 6 843 - 611 Paraguay 1 407 518 889 1 249 351 898 744 260 484 832 351 481

Uruguay 870 967 - 97 881 1 042 - 162 670 647 23 669 602 67 Chile 1 197 974 223 1 024 817 208 896 714 182 1 246 974 272

Mexico 828 1 173 - 344 1 002 983 19 1 068 618 451 1 711 754 958

Others3/ 2 530 1 450 1 080 2 422 1 136 1 286 1 818 1 400 419 2 211 2 135 76

Asia2/ 7 730 9 040 - 1 310 5 616 7 881 - 2 266 5 732 6 475 - 743 6 324 8 593 - 2 269 China 1 088 1 166 - 78 905 1 034 - 129 676 865 - 189 1 085 1 222 - 137

Korea, Republic of 737 1 355 - 618 467 988 - 521 628 1 019 - 391 581 1 429 - 849 Japan 3 068 3 534 - 466 2 205 3 274 - 1 069 2 193 2 576 - 383 2 472 2 960 - 487

Others 2 837 2 984 - 147 2 039 2 585 - 546 2 236 2 016 220 2 186 2 982 - 796

Canada 584 1 416 - 833 544 1 338 - 794 513 972 - 459 566 1 086 - 520

USA4/ 9 408 13 901 - 4 494 9 872 13 688 - 3 816 10 849 11 869 - 1 020 13 366 13 002 364

Eastern Europe5/ 1 314 838 475 1 163 810 353 1 175 704 471 972 1 162 - 189Middle East 1 455 1 925 - 470 1 614 1 245 369 1 496 1 078 419 1 338 1 560 - 222

European Union 14 514 15 874 - 1 359 14 748 16 833 - 2 085 13 736 14 987 - 1 251 14 784 14 048 736 Germany 2 608 4 958 - 2 350 3 006 5 236 - 2 230 2 544 4 713 - 2 169 2 526 4 421 - 1 895

Belgium-Luxembourg 1 483 638 845 2 195 718 1 477 1 817 493 1 324 1 867 570 1 297

Spain6/ 1 057 1 141 - 84 1 056 1 195 - 139 1 169 1 179 - 10 1 008 1 113 - 105

France7/ 1 113 1 640 - 527 1 231 1 977 - 746 1 200 1 991 - 792 1 732 1 887 - 155

Italy8/ 1 709 3 400 - 1 691 1 931 3 222 - 1 291 1 845 2 600 - 755 2 146 2 170 - 25

Netherlands 3 998 576 3 422 2 745 697 2 048 2 594 594 2 000 2 796 698 2 098 United Kingdom 1 259 1 451 - 192 1 339 1 487 - 148 1 437 1 222 215 1 498 1 233 266

Others9/ 1 286 2 069 - 783 1 245 2 302 - 1 057 1 129 2 195 - 1 066 1 211 1 956 - 746Others 2 491 615 1 875 2 245 587 1 658 2 224 486 1 738 2 731 726 2 005

Memo:

Opec10/ 2 479 4 048 - 1 569 2 549 3 118 - 569 2 269 3 743 - 1 474 2 324 4 986 - 2 662

(continues)


156

V.5 - Trade by area - FOB


Itemization 2001* 2002* 2002* 2003*

Jan-May Jan-May

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 58 223 55 572 2 650 60 362 47 216 13 146 20 973 19 065 1 908 27 128 19 088 8 040

Efta1/ 629 1 227 - 598 618 1 118 - 499 306 411 - 105 211 494 - 282

Africa2/ 1 988 3 331 - 1 343 2 362 2 672 - 310 723 1 011 - 287 932 1 327 - 396

Laia 12 225 10 001 2 223 9 866 8 216 1 651 3 727 3 572 156 4 412 3 305 1 107 Mercosur 6 364 7 009 - 646 3 311 5 612 - 2 301 1 248 2 463 - 1 215 1 834 2 390 - 556

Argentina 5 002 6 206 - 1 204 2 342 4 744 - 2 402 803 2 100 - 1 297 1 471 2 005 - 535 Paraguay 720 300 420 558 383 175 248 153 95 225 181 44

Uruguay 641 503 138 410 485 - 74 197 210 - 13 138 203 - 65 Chile 1 352 845 506 1 461 648 813 538 278 260 710 292 418

Mexico 1 868 695 1 173 2 342 580 1 762 834 234 599 978 204 774

Others3/ 2 641 1 451 1 190 2 752 1 375 1 377 1 108 596 512 890 419 471

Asia2/ 6 949 8 926 - 1 976 8 791 7 996 795 2 518 3 104 - 586 4 337 3 431 906

China 1 902 1 328 574 2 520 1 554 966 538 530 8 1 774 737 1 037 Korea, Republic of 736 1 574 - 838 852 1 067 - 214 287 452 - 165 439 473 - 35

Japan 1 986 3 064 - 1 077 2 098 2 348 - 250 766 1 005 - 239 817 946 - 129 Others 2 325 2 959 - 635 3 320 3 028 292 927 1 118 - 191 1 307 1 275 32

Canada 555 927 - 371 782 740 42 254 318 - 64 346 290 56

USA4/ 14 378 13 043 1 335 15 535 10 435 5 100 5 800 4 358 1 442 6 894 3 780 3 115

Eastern Europe5/ 1 699 1 113 587 1 755 919 836 546 275 271 742 364 378Middle East 2 041 1 472 569 2 342 1 436 905 720 434 286 986 594 391

European Union 14 865 14 822 43 15 113 13 123 1 991 5 277 5 319 - 41 6 759 5 269 1 490 Germany 2 502 4 812 - 2 310 2 537 4 419 - 1 883 856 1 777 - 921 1 237 1 763 - 525

Belgium-Luxembourg 1 812 585 1 228 1 892 535 1 357 711 197 514 764 236 528

Spain6/ 1 042 1 225 - 183 1 120 975 145 356 411 - 55 532 414 118

France7/ 1 648 2 084 - 436 1 525 1 777 - 252 520 758 - 238 667 741 - 73

Italy8/ 1 809 2 184 - 375 1 817 1 762 55 670 728 - 58 853 736 117

Netherlands 2 863 533 2 330 3 182 535 2 647 1 066 210 857 1 477 194 1 283 United Kingdom 1 705 1 235 470 1 769 1 343 426 638 521 117 703 497 206

Others9/ 1 484 2 165 - 680 1 272 1 776 - 503 460 717 - 257 525 688 - 163Others 2 892 709 2 183 3 197 562 2 635 1 101 263 838 1 509 233 1 275

Memo:

Opec10/ 3 354 4 464 - 1 110 3 536 4 124 - 588 1 189 1 466 - 277 1 338 1 785 - 447

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.

6/ Includes Canary Islands.

7/ Includes Monaco (Principality of).

8/ Includes San Marino (Republic of).9/ Austria, Denmark, Finland, Greece, Ireland, Portugal and Sweden.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.


157

V.6 - Services

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Total - 10 111 - 6 977 - 7 162 - 7 759 - 5 038

Credit 7 897 7 194 9 498 9 322 9 606

Debit 18 008 14 171 16 660 17 081 14 644

Transportation - 3 261 - 3 071 - 2 896 - 2 966 - 2 040

Credit 1 456 1 141 1 409 1 422 1 590

Debit 4 717 4 212 4 305 4 388 3 630

Travel - 4 146 - 1 457 - 2 084 - 1 468 - 398

Credit 1 586 1 628 1 810 1 731 1 998

Debit 5 732 3 085 3 894 3 199 2 396

Communication 81 14 4 29 14

Credit 159 30 36 242 135 Debit 79 16 32 213 122 Construction 52 16 227 17 12

Credit 59 16 228 18 12

Debit 7 - 0 - -

Insurance 81 - 128 - 4 - 275 - 420

Credit 390 165 312 180 206

Debit 309 293 317 455 626

Financial - 527 - 269 - 294 - 307 - 232

Credit 333 305 376 317 390

Debit 859 574 670 624 623 Computer and information - 789 - 1 010 - 1 111 - 1 106 - 1 118 Credit 12 15 34 27 36

Debit 801 1 026 1 145 1 133 1 155

Royalties and license fees - 1 329 - 1 150 - 1 289 - 1 132 - 1 129

Credit 150 133 125 112 100

Debit 1 479 1 283 1 415 1 244 1 229

Merchanting and trade-related - 31 251 194 - 23 - 12

Credit 408 626 589 413 421

Debit 439 375 395 436 433

Operational leasing - 634 - 599 - 1 311 - 1 867 - 1 672

Credit 14 6 91 278 49

Debit 648 605 1 401 2 146 1 721

Misc. business, professional and technical 1 071 1 259 2 251 2 300 2 460

Credit 2 748 2 771 3 888 3 921 3 848

Debit 1 676 1 512 1 637 1 622 1 388

Personal, cultural and recreational - 292 - 335 - 300 - 307 - 251

Credit 36 39 63 58 58

Debit 328 374 363 365 309

Government services - 385 - 498 - 549 - 652 - 252

Credit 548 318 537 604 761

Debit 933 816 1 087 1 256 1 013

(continues)


158

V.6 - Services




Total - 457 - 2 678 - 5 038 - 572 - 2 288

Credit 745 4 777 9 606 774 5 031

Debit 1 203 7 455 14 644 1 346 7 318

Transportation - 150 - 1 068 - 2 040 - 143 - 797

Credit 129 702 1 590 145 880

Debit 279 1 770 3 630 289 1 677

Travel - 98 - 550 - 398 - 49 65

Credit 131 874 1 998 169 1 111

Debit 229 1 424 2 396 217 1 046

Communication - 1 12 14 - 76

Credit - 128 135 2 427 Debit 1 116 122 2 351 Construction 2 8 12 1 7

Credit 2 8 12 1 7

Debit - - - - -

Insurance - 31 - 152 - 420 - 2 - 201

Credit 15 137 206 30 56

Debit 46 289 626 32 257

Financial - 52 - 100 - 232 - 59 - 197

Credit 28 195 390 25 162

Debit 80 296 623 84 358 Computer and information - 94 - 596 - 1 118 - 72 - 463 Credit 12 23 36 2 13

Debit 107 619 1 155 75 475

Royalties and license fees - 68 - 561 - 1 129 - 92 - 527

Credit 7 47 100 9 46

Debit 75 608 1 229 100 574

Merchanting and trade-related - 17 - 12 - 12 - 4 - 14

Credit 21 193 421 36 211

Debit 39 205 433 40 225

Operational leasing - 181 - 815 - 1 672 - 224 - 946

Credit 3 37 49 0 13

Debit 184 852 1 721 225 959

Misc. business, professional and technical 242 1 390 2 460 152 946

Credit 340 2 055 3 848 258 1 682

Debit 99 665 1 388 106 736

Personal, cultural and recreational - 11 - 136 - 251 - 24 - 150

Credit 5 32 58 4 23

Debit 15 168 309 28 172

Government services 2 - 100 - 252 - 55 - 87

Credit 52 345 761 94 400

Debit 50 444 1 013 149 487


159

V.7 - Income

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Balance on income - 18 189 - 18 848 - 17 886 - 19 743 - 18 191

Credit 4 599 3 935 3 621 3 280 3 295

Debit 22 787 22 783 21 507 23 023 21 486

Compensation of employees 103 142 79 95 102

Credit 282 310 237 270 293

Debit 179 168 158 175 191

Investment income - 18 292 - 18 990 - 17 965 - 19 838 - 18 292

Credit 4 316 3 625 3 383 3 009 3 002

Debit 22 608 22 615 21 348 22 847 21 295

Direct investment income - 5 585 - 3 664 - 3 239 - 4 638 - 4 983

Credit 444 1 487 999 367 967

Debit 6 029 5 151 4 238 5 005 5 950

Income on equity (profits and dividends) - 4 797 - 2 832 - 2 173 - 3 438 - 4 034

Credit 421 1 389 932 264 857

Debit 5 217 4 221 3 105 3 702 4 891

Income on intercompany loans (interest) - 788 - 832 - 1 066 - 1 201 - 949

Credit 24 97 67 103 109

Debit 812 929 1 133 1 303 1 058

Paid in cash 799 821 1 092 1 092 802

Converted to FDI 13 108 42 211 256

Portfolio investment income - 6 950 - 7 710 - 8 545 - 9 621 - 8 384

Credit 1 497 773 859 1 463 1 383

Debit 8 447 8 483 9 404 11 084 9 767

Income on equity (profits and dividends) - 2 059 - 1 283 - 1 143 - 1 523 - 1 128

Credit 11 11 5 1 1

Debit 2 070 1 294 1 148 1 524 1 129

Income on debt securities (interest) - 4 891 - 6 427 - 7 402 - 8 097 - 7 256

Credit 1 486 762 854 1 462 1 382

Debit 6 377 7 189 8 256 9 560 8 638

Other investment income 1/ - 5 758 - 7 617 - 6 181 - 5 579 - 4 925

Credit 2 374 1 365 1 525 1 179 653

Debit 8 132 8 982 7 707 6 758 5 578

Memo:

Interests - 11 437 - 14 876 - 14 649 - 14 877 - 13 130

Credit 3 884 2 224 2 447 2 744 2 144

Debit 15 321 17 100 17 096 17 621 15 275

Profits and dividends - 6 855 - 4 115 - 3 316 - 4 961 - 5 162

Credit 432 1 400 937 265 858

Debit 7 287 5 515 4 253 5 226 6 020

(continues)


160

V.7 - Income




Balance on income - 1 683 - 9 267 - 18 191 - 1 501 - 8 801

Credit 164 1 401 3 295 218 1 574

Debit 1 847 10 668 21 486 1 719 10 375

Compensation of employees 12 24 102 8 48

Credit 26 126 293 19 125

Debit 14 102 191 11 76

Investment income - 1 695 - 9 291 - 18 292 - 1 509 - 8 850

Credit 137 1 275 3 002 199 1 449

Debit 1 833 10 566 21 295 1 708 10 299

Direct investment income - 703 - 2 559 - 4 983 - 399 - 1 993

Credit 22 350 967 25 297

Debit 725 2 908 5 950 424 2 290

Income on equity (profits and dividends) - 601 - 2 118 - 4 034 - 294 - 1 600

Credit 14 297 857 20 234

Debit 616 2 415 4 891 314 1 834

Income on intercompany loans (interest) - 102 - 441 - 949 - 105 - 393

Credit 7 52 109 5 62

Debit 109 493 1 058 110 456

Paid in cash 61 356 802 102 376

Converted to FDI 48 137 256 8 80

Portfolio investment income - 557 - 4 436 - 8 384 - 562 - 4 344

Credit 78 585 1 383 124 835

Debit 635 5 021 9 767 686 5 179

Income on equity (profits and dividends) - 98 - 653 - 1 128 - 87 - 929

Credit - - 1 - 1

Debit 98 653 1 129 87 930

Income on debt securities (interest) - 459 - 3 784 - 7 256 - 475 - 3 415

Credit 77 584 1 382 124 834

Debit 536 4 368 8 638 599 4 249

Other investment income1/ - 435 - 2 296 - 4 925 - 547 - 2 513

Credit 38 340 653 51 317

Debit 473 2 636 5 578 598 2 830

Memo:

Interests - 996 - 6 521 - 13 130 - 1 127 - 6 321

Credit 123 977 2 144 180 1 213

Debit 1 119 7 497 15 275 1 307 7 534

Profits and dividends - 699 - 2 771 - 5 162 - 382 - 2 529

Credit 14 298 858 20 235

Debit 714 3 068 6 020 401 2 764

1/ Includes interests on trade credits, loans, deposits and other assets and liabilities.


161

V.8 - Unrequited current transfers

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Total 1 458 1 689 1 521 1 638 2 390

Credit 1 815 1 969 1 828 1 934 2 627

Debit 357 280 307 296 237

General government transfers - 16 - 39 - 31 9 - 1

Credit 84 42 42 73 57

Debit 100 81 74 64 58

Other sectors transfers 1 474 1 728 1 552 1 629 2 391

Credit 1 732 1 927 1 785 1 860 2 570

Debit 257 199 233 232 179

Workers' remittances 805 1 052 932 1 009 1 573

Credit 987 1 191 1 112 1 178 1 711

United States 432 538 664 555 897

Japan 379 476 294 444 532

Remaining countries 176 178 154 180 282

Debit 182 139 180 169 138

Other transfers 669 676 620 620 818

Credit 744 736 673 682 859

Debit 75 60 53 62 41

(continues)


162

V.8 - Unrequited current transfers




Total 163 923 2 390 194 1 227

Credit 184 1 053 2 627 222 1 365

Debit 20 130 237 27 138

General government transfers 3 - 2 - 1 - 5 - 14

Credit 6 26 57 5 20

Debit 3 28 58 10 34

Other sectors transfers 160 926 2 391 199 1 241

Credit 177 1 027 2 570 216 1 345

Debit 17 102 179 18 104

Workers' remittances 105 511 1 573 135 857

Credit 116 591 1 711 147 923

United States 52 275 897 85 377

Japan 47 215 532 39 193

Remaining countries 17 102 282 23 354

Debit 12 80 138 12 67

Other transfers 55 414 818 64 385

Credit 61 436 859 69 422

Debit 5 22 41 5 37


163

V.9 - Direct investment

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Total direct investment 26 002 26 888 30 498 24 715 14 084

Credit 35 153 36 968 41 243 35 123 27 021

Debit 9 152 10 080 10 745 10 408 12 937

Abroad - 2 854 - 1 690 - 2 282 2 258 - 2 482

Credit 171 713 953 5 106 585

Debit 3 025 2 404 3 234 2 849 3 067

Equity capital - 2 854 - 1 110 - 1 755 1 752 - 2 402

Credit 171 388 840 4 236 417

Debit 3 025 1 498 2 595 2 483 2 818

Intercompany loans ... - 580 - 527 505 - 81

Credit ... 325 112 871 168

Debit ... 905 639 365 249

Loans from headquarters in Brazil to affiliates abroad ... - 385 - 547 - 268 - 79

Credit ... 254 64 93 165

Debit ... 638 611 360 243

Loans from affiliates abroad to headquarters in Brazil ... - 195 20 773 - 2

Credit ... 71 48 778 4

Debit ... 267 28 5 6

Foreign direct investment in Brazil 28 856 28 578 32 779 22 457 16 566

Credit 34 982 36 254 40 290 30 017 26 436

Debit 6 127 7 676 7 511 7 559 9 870

Equity capital 25 479 29 983 30 016 18 765 17 094

Credit 28 480 31 372 33 403 21 093 18 936

Currency 26 346 26 947 31 610 16 817 10 376

Autonomous 20 226 18 162 24 934 15 738 10 096

Privatization related 6 121 8 786 6 677 1 079 280

Conversions 1 932 4 298 1 710 4 215 8 484

Autonomous 1 932 4 298 1 336 4 215 8 484

Privatization related - - 374 - -

Merchandise 78 127 83 61 76

Reinvested earnings 124 ... - ... -

Debit 3 002 1 389 3 387 2 328 1 842

Intercompany loans 3 377 - 1 405 2 763 3 692 - 528

Credit 6 502 4 882 6 888 8 924 7 500

Debit 3 125 6 287 4 125 5 232 8 028

Loans from headquarters abroad to affiliates in Brazil 3 377 - 1 402 2 959 3 688 - 529

Credit 6 502 4 846 6 777 8 911 7 495

Debit 3 125 6 248 3 819 5 223 8 024

Paid in cash 1 206 2 059 2 272 4 134 5 796

Converted to FDI equity capital 1 919 4 189 1 547 1 089 2 229

Loans from affiliates in Brazil to headquarters abroad ... - 3 - 196 4 2

Credit ... 36 110 13 5

Debit ... 39 306 9 4

(continues)


164

V.9 - Direct investment




Total direct investment 1 438 8 584 14 084 211 2 844

Credit 3 186 13 745 27 021 1 513 8 268

Debit 1 749 5 161 12 937 1 301 5 424

Abroad - 93 - 1 033 - 2 482 26 - 656

Credit 11 302 585 115 465

Debit 104 1 335 3 067 89 1 122

Equity capital - 92 - 1 143 - 2 402 17 - 675

Credit 9 166 417 106 437

Debit 101 1 310 2 818 89 1 112

Intercompany loans - 110 - 81 9 19

Credit 2 136 168 9 28

Debit 2 26 249 - 9

Loans from headquarters in Brazil to affiliates abroad 1 109 - 79 9 18

Credit 2 133 165 9 28

Debit 1 24 243 - 9

Loans from affiliates abroad to headquarters in Brazil - 1 1 - 2 - 1

Credit 0 2 4 - 1

Debit 1 1 6 - -

Foreign direct investment in Brazil 1 530 9 617 16 566 186 3 500

Credit 3 175 13 442 26 436 1 398 7 802

Debit 1 645 3 825 9 870 1 212 4 302

Equity capital 2 367 9 101 17 094 167 3 315

Credit 2 629 9 945 18 936 973 5 020

Currency 766 5 870 10 376 728 3 102

Autonomous 766 5 590 10 096 728 3 102

Privatization related - 280 280 - -

Conversions 1 862 4 059 8 484 241 1 905

Autonomous 1 862 4 059 8 484 241 1 905

Privatization related - - - - -

Merchandise 1 16 76 4 13

Reinvested earnings ... ... ... ... ...

Debit 261 844 1 842 806 1 706

Intercompany loans - 837 516 - 528 18 186

Credit 546 3 497 7 500 424 2 782

Debit 1 383 2 982 8 028 406 2 596

Loans from headquarters abroad to affiliates in Brazil - 837 516 - 529 17 185

Credit 546 3 496 7 495 423 2 781

Debit 1 383 2 980 8 024 406 2 596

Paid in cash 1 241 2 441 5 796 367 2 081

Converted to FDI equity capital 142 539 2 229 40 514

Loans from affiliates in Brazil to headquarters abroad - - 2 1 1

Credit - 2 5 1 1

Debit - 2 4 - 1


165

V.10 - Portfolio investment - assets

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Total - 457 259 - 1 696 - 795 - 321

Credit 2 089 4 220 2 888 1 626 1 016

Debit 2 546 3 961 4 583 2 421 1 337

Equity securities 20 - 864 - 1 953 - 1 121 - 389

Credit 94 371 1 970 170 320

Debit 74 1 235 3 923 1 291 709

Brazilian Depositary Receipts (BDR) 72 6 - 945 150 106

Credit 72 7 1 669 153 113

Debit - 1 2 614 3 7

Other equities - 52 - 871 - 1 008 - 1 271 - 495

Credit 21 364 301 17 207

Debit 74 1 234 1 309 1 288 702

Debt securities - 477 1 123 258 326 67

Credit 1 996 3 849 918 1 456 696

Debit 2 473 2 725 660 1 130 629

Bonds and notes - 477 1 123 258 326 67

Credit 1 996 3 849 918 1 456 696

Colateral release 60 423 245 326 -

Other 1 935 3 425 673 1 130 696

Debit 2 473 2 725 660 1 130 629

(continues)


166

V.10 - Portfolio investment - assets




Total - 142 - 332 - 321 153 - 94

Credit 14 426 1 016 205 615

Debit 156 758 1 337 52 710

Equity securities - 71 - 276 - 389 - 11 - 167

Credit 8 80 320 9 35

Debit 79 356 709 20 202

Brazilian Depositary Receipts (BDR) - 6 106 - 1 - 8

Credit - 6 113 0 1

Debit - - 7 1 9

Other equities - 71 - 282 - 495 - 10 - 160

Credit 8 74 207 9 34

Debit 79 356 702 19 193

Debt securities - 72 - 55 67 164 73

Credit 6 346 696 196 580

Debit 78 402 629 32 507

Bonds and notes - 72 - 55 67 164 73

Credit 6 346 696 196 580

Colateral release - - - - -

Other 6 346 696 196 580

Debit 78 402 629 32 507


167

V.11 - Portfolio investment - liabilities

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Total 18 582 3 542 8 651 872 - 4 797

Credit 59 740 38 875 38 816 29 497 18 352

Debit 41 158 35 332 30 165 28 625 23 150

Equity securities 995 2 572 3 076 2 481 1 981

Credit 27 786 15 533 18 346 10 494 10 055

Debit 26 791 12 962 15 270 8 013 8 074

Issued in the country - 2 785 1 490 - 3 262 - 545 - 723

Credit 21 989 12 580 10 425 7 015 7 103

Debit 24 774 11 090 13 687 7 560 7 826

Issued abroad (Annex V - ADR) 3 780 1 081 6 338 3 026 2 704

Credit 5 797 2 953 7 921 3 478 2 952

Debit 2 017 1 872 1 583 452 248

Debt securities 17 587 971 5 575 - 1 609 - 6 778

Credit 31 955 23 342 20 470 19 003 8 297

Debit 14 367 22 371 14 895 20 612 15 076

Issued in the country - 2 932 - 1 378 - 199 - 274 - 223

Medium and long-term - 3 017 - 1 223 - 258 - 246 - 218

Credit 3 986 2 760 980 532 538

Debit 7 004 3 983 1 238 778 756

Short-term 85 - 155 59 - 28 - 5

Credit 91 104 469 356 383

Debit 6 259 410 384 388

Issued abroad 20 520 2 349 5 774 - 1 335 - 6 556

Bonds - 169 3 300 3 707 1 160 1 597

Disbursements 2 698 7 708 12 222 9 699 4 101

New issues 2 698 4 708 6 086 7 549 4 070

Bond swaps - 3 000 6 136 2 150 30

Amortizations 2 867 4 408 8 515 8 539 2 504

Paid in cash 2 867 1 410 2 370 6 389 2 473

Bond swaps 0 2 997 6 145 2 150 30

Face value - 4 197 6 521 2 150 30

Discounts - 0 1 200 376 - - 1

Notes and commercial papers 20 629 - 1 388 1 886 - 3 118 - 7 338

Disbursements 24 940 11 976 6 496 7 350 2 093

Amortizations 4 311 13 364 4 610 10 468 9 432

Money market instruments 60 437 181 623 - 815

Disbursements 240 794 304 1 066 1 182

Amortizations 180 357 123 442 1 996

(continues)


168

V.11 - Portfolio investment - liabilities




Total - 1 491 1 236 - 4 797 1 639 3 995

Credit 782 11 905 18 352 3 247 11 770

Debit 2 273 10 669 23 150 1 608 7 775

Equity securities - 316 2 002 1 981 139 639

Credit 553 5 588 10 055 735 4 021

Debit 869 3 586 8 074 596 3 382

Issued in the country - 447 - 113 - 723 82 403

Credit 399 3 339 7 103 663 3 681

Debit 846 3 451 7 826 581 3 278

Issued abroad (Annex V - ADR) 131 2 114 2 704 57 236

Credit 154 2 250 2 952 72 340

Debit 23 135 248 15 104

Debt securities - 1 174 - 765 - 6 778 1 499 3 357

Credit 229 6 317 8 297 2 512 7 749

Debit 1 403 7 082 15 076 1 012 4 393

Issued in the country - 57 - 17 - 223 13 57

Medium and long-term - 34 - 12 - 218 8 34

Credit 30 253 538 50 278

Debit 64 265 756 42 244

Short-term - 23 - 4 - 5 5 23

Credit 20 170 383 33 186

Debit 43 174 388 28 163

Issued abroad - 1 118 - 749 - 6 556 1 486 3 300

Bonds - 3 197 1 597 1 550 1 406

Disbursements - 4 101 4 101 1 550 2 875

New issues - 4 070 4 070 1 550 2 875

Bond swaps - 30 30 - -

Amortizations - 904 2 504 - 1 469

Paid in cash - 873 2 473 - 1 469

Bond swaps - 30 30 - -

Face value - 30 30 - -

Discounts - - 1 - 1 - -

Notes and commercial papers - 940 - 3 274 - 7 338 451 222

Disbursements 116 1 557 2 093 853 1 871

Amortizations 1 056 4 831 9 432 402 1 649

Money market instruments - 178 - 673 - 815 - 515 1 672

Disbursements 63 236 1 182 25 2 539

Amortizations 240 908 1 996 540 867


169

V.12 - Portfolio of foreign investors1/

US$ million

Period Stock of Portfolio composition (%) Effective flows2/

assets

(end of Stocks Derivatives Debentures Fixed Privatization Others Inflow Outflow Net

period) income currencies

1997 32 047 96.5 1.4 2.1 - - 0.0 32 191 30 576 1 615

1998 17 365 94.8 4.2 1.0 - - 0.0 21 887 24 349 - 2 462

1999 23 110 99.0 0.0 0.8 - - 0.1 12 396 11 296 1 100

2000 18 528 91.9 0.1 0.9 7.0 - 0.1 10 831 12 666 - 1 835

2001 15 532 88.5 0.3 0.7 9.3 - 1.2 9 348 10 076 - 728

2002 Jan 14 588 87.4 0.8 0.7 9.7 - 1.4 610 453 157

Feb 16 571 89.1 2.0 0.3 8.4 - 0.2 234 233 1

Mar 16 337 90.2 0.4 0.6 8.5 - 0.2 325 227 98

Apr 16 778 89.6 1.5 0.6 8.3 - 0.1 672 514 158

May 15 021 89.7 1.4 0.6 8.2 - 0.1 983 784 199

Jun 12 308 87.5 2.0 0.7 9.7 - 0.1 524 906 - 382

Jul 9 184 83.2 4.2 0.6 11.9 - 0.1 618 783 - 165

Aug 10 223 85.6 3.6 0.4 10.2 - 0.2 579 1 185 - 606

Sep 9 961 77.3 5.2 0.4 16.9 - 0.2 401 755 - 354

Oct 8 947 80.0 3.1 1.0 15.7 - 0.2 610 1 050 - 441

Nov 9 061 78.7 3.0 1.1 16.9 - 0.2 760 558 202

Dec 10 373 74.7 2.3 1.2 21.5 - 0.2 1 249 452 797

Year 10 373 74.7 2.3 1.2 21.5 - 0.2 7 565 7 901 - 336

2003 Jan 10 043 73.8 1.9 1.2 22.7 - 0.3 659 544 115

Feb 9 851 72.1 3.3 1.3 23.0 - 0.3 489 428 61

Mar 10 677 76.4 2.9 1.5 18.9 - 0.3 507 670 - 163

Apr 12 479 78.1 2.7 1.4 17.4 - 0.4 963 661 301

May 12 640 80.0 1.7 1.4 16.5 - 0.4 778 799 - 21

Jun 12 838 80.3 1.2 1.4 9.9 - 7.2 741 566 175

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.


170

V.13 - Other investment - assets

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Total - 11 392 - 4 397 - 2 989 - 6 586 - 3 211

Loans - 5 181 - 1 278 - 282 - 1 050 - 1 740

Long-term - 2 765 - 724 - 375 - 1 358 - 1 724

Credit 1 229 814 594 1 417 1 739

Debit 3 994 1 537 969 2 775 3 462

Short-term (net) - 2 416 - 554 93 309 - 16

Currency and deposits - 3 234 - 2 301 - 1 774 - 8 001 - 1 300

Banks 1 800 345 1 321 - 3 857 4 341

Remaining domestic sectors - 5 033 - 2 647 - 3 095 - 4 144 - 5 641

Colateral release - - 166 - -

Other - 5 033 - 2 647 - 3 261 - 4 144 - 5 641

Other assets - 2 978 - 817 - 933 2 465 - 172

Long-term - 94 - 53 - 105 2 424 - 122

Credit 1 1 822 3 2 564 3

Debit 96 1 876 108 140 126

Short-term (net) - 2 884 - 764 - 828 41 - 49

(continues)


171

V.13 - Other investment - assets




Total - 452 - 960 - 3 211 1 077 - 1 042

Loans 14 - 484 - 1 740 139 - 22

Long-term - 30 - 551 - 1 724 134 - 96

Credit 251 777 1 739 330 1 089

Debit 281 1 329 3 462 197 1 185

Short-term (net) 45 68 - 16 5 74

Currency and deposits - 438 - 475 - 1 300 919 - 856

Banks - 10 1 338 4 341 959 - 45

Remaining domestic sectors - 428 - 1 813 - 5 641 - 40 - 811

Colateral release - - - - -

Other - 428 - 1 813 - 5 641 - 40 - 811

Other assets - 28 - 2 - 172 20 - 164

Long-term - - 53 - 122 - - 41

Credit - 2 3 - -

Debit - 54 126 - 41

Short-term (net) - 28 51 - 49 20 - 123


172

V.14 - Other investment - liabilities

US$ million

Itemization 1998 1999 2000* 2001* 2002*

Total - 2 893 - 9 223 - 15 213 9 353 2 980

Trade credit (suppliers credit) 2 740 - 7 284 - 6 409 4 233 2 571

Long-term 4 307 - 4 783 - 2 987 480 - 1 370

Credit 9 355 3 374 2 675 3 293 1 284

Debit 5 047 8 157 5 663 2 813 2 654

Short-term (net) - 1 567 - 2 501 - 3 422 3 753 3 941

Loans 4 031 1 342 - 8 774 5 714 1 031

Monetary Authority 8 944 2 803 - 10 434 6 639 11 363

Exceptional financing 9 329 2 966 - 10 323 6 757 11 480

IMF credit facitlities 4 789 4 059 - 6 876 6 757 11 480

Credit 4 810 6 031 - 6 757 16 045

Debit 21 1 972 6 876 - 4 564

Other1/ 4 540 - 1 094 - 3 446 - -

Credit 4 540 4 924 - - -

Debit - 6 017 3 446 - -

Other long-term loans - 384 - 163 - 111 - 118 - 118

Credit - - - - -

Debit 384 163 111 118 118

Multilateral 37 11 - - -

Other 347 152 111 118 118

Short-term loans - - - - -

Remaining sectors - 4 914 - 1 461 1 660 - 925 - 10 332

Long-term loans 6 490 - 2 009 2 736 951 - 5 321

Credit 24 055 17 499 15 926 14 281 11 115

Multilateral 4 170 4 584 4 674 3 083 3 872

Agencies 1 144 1 119 1 034 1 739 1 519

Buyers credit 10 233 7 593 3 252 4 443 3 438

Direct loans 8 509 4 203 6 967 5 017 2 286

Debit 17 565 19 508 13 190 13 331 16 436

Multilateral 1 422 1 599 1 477 1 643 2 511

Agencies 1 907 1 692 988 1 879 2 030

Buyers credit 8 181 9 092 6 321 6 164 8 239

Direct loans 6 056 7 126 4 403 3 645 3 655

Short-term loans - 11 404 548 - 1 077 - 1 875 - 5 011

Currency and deposits - 9 665 - 3 249 - 33 - 596 - 621

Other liabilities 1 - 32 4 2 -

Long-term 15 6 4 3 -

Short-term - 14 - 38 - - 1 -

(continues)


173

V.14 - Other investment - liabilities




Total 10 840 6 124 2 977 1 709 4 085

Trade credit (suppliers credit) 1 413 2 239 2 568 - 442 - 104

Long-term - 78 - 889 - 1 370 - 85 - 427

Credit 105 639 1 284 88 488

Debit 183 1 527 2 654 173 916

Short-term (net) 1 491 3 128 3 938 - 358 324

Loans 9 467 3 858 1 031 2 201 4 149

Monetary Authority 9 884 5 529 11 363 4 333 8 157

Exceptional financing 9 884 5 588 11 480 4 333 8 220

IMF credit facitlities 9 884 5 588 11 480 4 333 8 220

Credit 9 972 9 972 16 045 9 290 13 411

Debit 87 4 384 4 564 4 957 5 191

Other1/ - - - - -

Credit - - - - -

Debit - - - - -

Other long-term loans - - 59 - 118 - - 62

Credit - - - - -

Debit - 59 118 - 62

Multilateral - - - - -

Other - 59 118 - 62

Short-term loans - - - - -

Remaining sectors - 417 - 1 671 - 10 332 - 2 133 - 4 009

Long-term loans - 799 - 3 454 - 5 321 - 1 710 - 2 775

Credit 734 4 035 11 115 766 4 870

Multilateral 140 910 3 872 339 1 495

Agencies 53 547 1 519 35 1 142

Buyers credit 352 1 519 3 438 257 1 287

Direct loans 188 1 060 2 286 135 946

Debit 1 533 7 490 16 436 2 477 7 644

Multilateral 81 723 2 511 844 1 799

Agencies 97 673 2 030 702 1 147

Buyers credit 1 030 4 239 8 239 703 2 881

Direct loans 325 1 855 3 655 228 1 817

Short-term loans 382 1 784 - 5 011 - 422 - 1 234

Currency and deposits - 40 27 - 621 - 51 39

Other liabilities - - - 1 1

Long-term - - - 1 1

Short-term - - - - -

1/ Includes loans provided by BIS and Bank of Japan.


174

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 Jan 36 167 301 8

Feb 35 906 - 261 8

Mar 36 721 815 8

Apr 33 008 - 3 713 8

May 32 889 - 119 8

Jun 41 999 9 110 10

Jul 39 060 - 2 939 10

Aug 37 643 - 1 417 9

Sep 38 381 738 10

Oct 35 855 - 2 526 9

Nov 35 592 - 263 9

Dec 37 823 2 231 10

Year 37 823 1 957 10

2003 Jan 38 772 948 10

Feb 38 530 - 242 10

Mar 42 335 3 805 11

Apr 41 500 - 836 10

May 43 373 1 873 11

Jun 47 956 4 583 12


175

V.16 - Statement of international reserves changes International liquidity concept

US$ millionItemization 2002 2003


I - Stock - end of previous period 32 889 35 866 35 866 43 373 37 823

II - Overall balance of payments (a + b) 8 677 5 368 302 4 978 8 969

a. Sales to/purchases from resident banks - 1 100 - 1 100 - 9 113 - 1 591

b. Banco Central external operations 9 777 6 468 9 415 4 978 7 378

Colateral release (capital and interests accrued) - 48 48 - -

Income earned on international reserves 97 692 1 609 142 930

Exceptional financing (capital and interests accrued) 9 834 5 362 10 576 4 333 7 748

Other - 155 366 - 2 818 503 - 1 300

III - Balance on export-related loans (Finex) changes - - - - -

IV - Change in market prices of international reserves 433 764 1 655 - 395 1 164

V - Change in international reserves (II + III + IV) 9 110 6 132 1 957 4 583 10 133

VI - Stock-end-of-period (I + V) 41 999 41 999 37 823 47 956 47 956


176

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 Dec 2 666 48 12 833 35 935 247 51 729 - 74 451 52 106

1998 Dec 2 691 98 14 112 26 854 216 43 971 - 9 371 - 238 34 362

1999 Dec 1 063 45 12 472 22 055 90 35 725 - 12 245 382 23 861

2000 Dec 578 16 14 394 17 962 62 33 011 - 1 764 293 31 541

2001 Dec 303 22 19 986 15 526 29 35 866 - 8 313 244 27 797

2002 Jan 310 32 19 990 15 816 19 36 167 - 8 223 115 28 060

Feb 326 37 19 771 15 745 27 35 906 - 8 220 15 27 701

Mar 325 36 19 235 17 087 38 36 721 - 8 170 223 28 774

Apr 339 115 19 275 13 228 52 33 008 - 4 111 - 14 28 883

May 359 21 20 011 12 481 17 32 889 - 4 185 - 247 28 456

Jun 350 40 22 406 19 186 16 41 999 - 14 461 - 248 27 290

Jul 332 34 22 541 16 129 25 39 060 - 14 453 269 24 875

Aug 340 37 22 742 14 429 95 37 643 - 14 487 - 442 22 713

Sep 348 293 23 601 14 188 - 49 38 381 - 17 369 72 21 084

Oct 342 292 23 865 11 419 - 63 35 855 - 17 355 - 398 18 102

Nov 343 99 24 229 10 956 - 34 35 592 - 17 397 - 332 17 864

Dec 375 629 24 323 12 476 21 37 823 - 20 793 - 692 16 339

2003 Jan 392 292 25 649 12 460 - 21 38 772 - 21 130 102 17 743

Feb 379 351 25 788 12 007 4 38 530 - 21 043 - 197 17 291

Mar 362 1 435 25 756 14 760 23 42 335 - 25 042 - 223 17 071

Apr 364 573 25 112 15 441 9 41 500 - 25 226 - 359 15 914

May 391 778 25 451 16 783 - 30 43 373 - 25 883 - 414 17 076

Jun 376 1 088 25 525 20 993 - 25 47 956 - 29 836 - 425 17 694

1/ Does not include export-related loans (Finex).

2/ Includes metalic gold and deposit gold. Until September 1999, market prices valued through 40-day London PMFixing average; as of October 1999,

prices valued at the closing date prices.

3/ Includes SDR, sight 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 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.


177

V.18 - Foreign exchange operations

US$ millionPeriod Operations with clients in Brazil Operations with Balance

banks abroad

Commercial Financial Balance (net)1/

Exports Imports Balance Purchases Sales Balance

(A) (B) C=A+B (D) E=C+D

1996 50 209 41 478 8 731 77 146 62 050 15 096 23 827 - 13 038 10 789

1997 55 887 58 545 - 2 658 107 750 90 739 17 011 14 353 - 21 203 - 6 850

1998 47 735 43 903 3 833 126 563 120 094 6 469 10 302 - 24 817 - 14 515

1999 41 641 32 905 8 736 92 401 107 118 - 14 717 - 5 981 - 10 201 - 16 182

2000 51 699 46 069 5 629 99 290 92 971 6 319 11 948 - 7 269 4 680

2001 58 036 47 248 10 789 85 710 93 350 - 7 640 3 149 - 6 110 - 2 962

2002 Jan 4 513 4 200 313 5 240 5 893 - 652 - 339 - 402 - 741

Feb 3 817 3 290 527 4 222 6 395 - 2 173 - 1 646 - 218 - 1 864

Mar 4 381 3 428 953 8 669 8 129 540 1 493 - 344 1 148

Apr 4 924 3 380 1 544 6 511 7 633 - 1 122 422 - 396 26

May 5 042 3 229 1 813 4 781 7 291 - 2 510 - 697 - 616 - 1 313

Jun 6 118 2 817 3 301 5 838 9 995 - 4 157 - 856 - 605 - 1 461

Jul 6 027 3 105 2 922 6 108 9 090 - 2 983 - 61 - 1 249 - 1 309

Aug 5 126 3 471 1 655 5 307 7 091 - 1 785 - 130 - 1 633 - 1 763

Sep 5 416 2 658 2 759 5 154 7 540 - 2 386 372 - 1 386 - 1 014

Oct 5 309 3 405 1 904 5 235 8 157 - 2 922 - 1 018 - 1 725 - 2 743

Nov 4 797 3 229 1 568 4 459 6 363 - 1 905 - 337 - 158 - 495

Dec 4 613 3 544 1 069 8 257 10 412 - 2 155 - 1 086 - 374 - 1 460

Year 60 083 39 756 20 327 69 780 93 990 - 24 209 - 3 882 - 9 107 - 12 989

2003 Jan 5 031 3 786 1 245 5 753 5 850 - 97 1 149 - 175 973

Feb 4 420 3 340 1 080 4 430 5 402 - 972 108 - 392 - 284

Mar 4 592 3 650 943 5 067 6 856 - 1 789 - 846 - 389 - 1 234

Apr 6 908 3 991 2 917 5 545 6 365 - 820 2 097 - 272 1 825

May 6 692 3 524 3 168 5 129 7 757 - 2 628 540 74 614

Jun 5 635 3 661 1 973 6 572 9 495 - 2 923 - 950 - 5 - 955

Memo:

2002 Jan-Jun 28 795 20 344 8 451 35 262 45 336 - 10 074 - 1 623 - 2 581 - 4 204

2003 Jan-Jun 33 278 21 952 11 327 32 495 41 724 - 9 229 2 098 - 1 160 938

1/ Transactions related to international flows in reais, including non-residents' deposits held in Brazil.


178

V.19 - Total external debt

US$ million

Itemization 2000 2001 2002 2003

Mar Jun Sep Dec Mar

Registered debt 196 179 192 720 193 070 199 623 196 806 195 587 199 067

Nonfinancial public sector 89 883 92 818 95 436 104 552 106 909 110 355 114 297

Banks 6 163 5 398 5 323 5 316 5 246 5 388 5 301

Brazilian 1 042 1 052 1 136 1 148 1 189 1 161 1 176

Foreign 5 120 4 346 4 187 4 168 4 056 4 228 4 125

Multilateral 18 019 25 261 25 087 32 115 35 784 39 244 43 163

Bilateral (Paris Club included) 10 351 8 188 8 311 8 902 8 553 8 240 8 432

Debt bond from banks 26 474 19 330 18 958 18 577 18 577 18 226 18 226

Others 28 877 34 641 37 757 39 640 38 748 39 257 39 175

Private sector1/106 296 99 903 97 633 95 071 89 897 85 232 84 770

Banks 86 329 82 695 80 733 77 555 72 117 67 891 65 401

Brazilian 11 493 10 670 10 402 9 838 9 564 8 503 8 911

Foreign 74 835 72 025 70 331 67 717 62 552 59 388 56 490

Multilateral 5 256 5 526 5 546 5 501 6 029 5 925 6 057

Bilateral 3 896 4 230 4 057 4 332 4 118 4 491 5 139

Others 10 814 7 452 7 297 7 684 7 634 6 924 8 173

Nonregistered debt 20 742 17 214 17 707 19 415 16 067 15 124 16 227

Nonfinancial public sector 2 578 364 287 80 65 65 50

Credit lines 2 572 364 287 80 65 65 50

Banco Central do Brasil 6 - - - - - -

Private sector1/18 164 16 850 17 420 19 335 16 002 15 059 16 177

Commercial banks (liabilities) 18 164 16 850 17 420 19 335 16 002 15 059 16 177

Total external debt2/216 921 209 934 210 777 219 038 212 873 210 711 215 294

Nonfinancial public sector 92 461 93 182 95 723 104 632 106 974 110 420 114 347

Private sector1/124 460 116 753 115 054 114 407 105 899 100 291 100 947

International reserves 33 011 35 866 36 721 41 999 38 381 37 823 42 335

Brazilian credit abroad 6 801 3 050 2 847 2 845 2 912 2 958 2 756

Commercial banks assets 6 028 8 313 7 811 7 463 6 401 5 090 4 974

Net total external debt 171 081 162 704 163 398 166 732 165 179 164 839 165 228

Intercompany loans 19 236 16 133 16 185 16 777 16 356 16 978 18 398

Total external debt, includes intercompany loans 236 157 226 067 226 962 235 815 229 228 227 689 233 692

Memo:

Foreign banks 98 597 91 842 90 431 89 334 81 048 77 208 75 197

Registered 79 956 76 371 74 518 71 885 66 609 63 616 60 615

Nonregistered 18 642 15 470 15 913 17 449 14 439 13 592 14 583

Brazilian banks 14 636 13 466 13 332 12 953 12 381 11 196 11 731

Registered 12 536 11 722 11 538 10 986 10 754 9 664 10 087

Nonregistered 2 101 1 744 1 794 1 967 1 628 1 532 1 644

1/ Includes financial public sector.2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.


179

V.20 - Registered external debt Distribution by interest rate category1/


Mar Jun Sep Dec Mar

US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share

Floating rates 77 335 40.1 76 761 39.8 83 014 41.6 83 905 42.6 84 311 43.1 87 125 43.8

Libor 48 047 24.9 47 353 24.5 46 394 23.2 43 319 22.0 39 921 20.4 38 765 19.5

Prime 2 055 1.1 2 166 1.1 2 373 1.2 2 272 1.2 2 392 1.2 2 393 1.2

New York 34 0.0 178 0.1 172 0.1 170 0.1 36 0.0 26 0.0

Others 2 020 1.0 1 988 1.0 2 201 1.1 2 102 1.1 2 356 1.2 2 366 1.2

IMF 8 346 4.3 8 203 4.2 14 519 7.3 17 369 8.8 20 793 10.6 25 042 12.6

IBRD 7 400 3.8 7 375 3.8 7 563 3.8 8 069 4.1 8 065 4.1 7 720 3.9

IDB 11 215 5.8 11 394 5.9 11 847 5.9 12 558 6.4 12 653 6.5 12 710 6.4

Others 272 0.1 270 0.1 318 0.2 318 0.2 487 0.2 496 0.2

Fixed rates 115 385 59.9 116 308 60.2 116 609 58.4 112 901 57.4 111 276 56.9 111 943 56.2

IBRD 563 0.3 558 0.3 541 0.3 534 0.3 519 0.3 511 0.3

IDB 1 195 0.6 1 148 0.6 1 158 0.6 1 115 0.6 1 092 0.6 1 061 0.5

Others 113 627 59.0 114 602 59.4 114 910 57.6 111 252 56.5 109 665 56.1 110 371 55.4

Total 192 720 100.0 193 069 100.0 199 623 100.0 196 806 100.0 195 587 100.0 199 067 100.0

1/ Excludes debt related to intercompany loans and as of March, 2001, includes revision of debt position.

Note: Until March 2001, distribution by interest rate category is estimated.


180

V.21 - Registered external debt Distribution by currency1/


Mar Jun Sep Dec Mar

US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share

US dollar2/152 099 78.9 151 733 78.6 149 386 74.8 147 873 75.1 142 623 72.9 140 421 70.5

Yen 15 202 7.9 15 620 8.1 16 317 8.2 14 984 7.6 15 041 7.7 16 021 8.0

Deutsche mark 3 266 1.7 3 138 1.6 3 527 1.8 3 348 1.7 3 358 1.7 3 441 1.7

Special Drawing Right 8 361 4.3 8 216 4.3 14 533 7.3 17 382 8.8 20 807 10.6 25 055 12.6

French franc 1 546 0.8 1 503 0.8 1 533 0.8 1 404 0.7 1 353 0.7 1 405 0.7

Sterling pound 777 0.4 764 0.4 817 0.4 795 0.4 764 0.4 751 0.4

Italian lira 634 0.3 389 0.2 445 0.2 442 0.2 465 0.2 464 0.2

Euro 9 622 5.0 10 457 5.4 12 002 6.0 9 594 4.9 10 159 5.2 10 455 5.3

Swiss franc 362 0.2 352 0.2 393 0.2 401 0.2 413 0.2 423 0.2

Austrian schilling 292 0.2 286 0.1 180 0.1 177 0.1 187 0.1 194 0.1

Portuguese escudo 124 0.1 121 0.1 138 0.1 137 0.1 144 0.1 150 0.1

Canadian dollar 121 0.1 139 0.1 134 0.1 118 0.1 124 0.1 134 0.1

Dutch guilder 175 0.1 170 0.1 13 0.0 11 0.0 10 0.0 10 0.0

Belgian franc 83 0.0 81 0.0 92 0.0 90 0.0 94 0.0 97 0.0

Others 57 0.0 101 0.1 113 0.1 47 0.0 47 0.0 46 0.0

Total 192 720 100.0 193 070 100.0 199 623 100.0 196 806 100.0 195 587 100.0 199 067 100.0

Memo:

IDB 12 410 6.4 12 542 6.5 13 005 6.5 13 673 6.9 13 744 7.0 13 771 6.9

IBRD 7 963 4.1 7 933 4.1 8 104 4.1 8 603 4.4 8 584 4.4 8 231 4.1

1/ Excludes debt related to intercompany loans and as of March, 2001, includes revision of debt position.

2/ Includes World Bank and IDB.

Note: Until March 2001, distribution by currency is estimated.


181

V.22 - Medium and long-term registered external debt Principal amortization schedule

US$ million

Itemization Outstanding 2003 2003 2004 2005 2006 2007 2008 2009 2010

3.31.2003 I Q (Apr-Dec)

Paid

IMF loans1/25 042 234 12 016 4 047 5 926 2 791 262 - - -

Import financing 50 997 3 064 10 072 9 609 6 027 5 067 3 077 2 469 2 218 1 934

International entities 24 179 591 3 453 3 825 2 175 1 677 1 569 1 454 1 293 1 167

World Bank 8 231 1 054 1 122 1 491 925 655 625 554 463 397

IDB 13 771 1 143 2 022 1 951 768 762 749 742 728 699

IFC 1 539 301 264 331 283 220 157 110 62 33

Others 638 -1 907 44 51 198 40 38 48 40 38

Government agencies 13 571 304 1 997 2 517 2 578 2 562 860 624 517 513

USAID - project loans 204 39 29 39 33 25 20 15 12 10

Eximbank - USA 124 57 6 11 4 10 11 11 11 11

Eximbank - Japan 1 792 374 161 188 174 171 168 171 129 100

KFW 2 023 236 222 302 301 264 331 147 106 222

Paris Club 5 617 1 126 1 169 1 318 1 478 1 651 - - - -

Others 3 811 -1 528 410 660 588 441 331 279 260 170

Other financing sources 13 247 2 168 4 622 3 267 1 274 827 648 391 408 254

Foreign commercial banks 4 953 1 046 1 998 1 578 417 282 189 139 125 43

Brazilian banks 2 580 545 1 046 337 206 127 111 102 97 97

Nonfinancial institutions 5 714 578 1 578 1 352 650 418 347 150 186 114

Currency loans 57 788 1 742 6 780 15 144 10 423 8 294 6 712 4 020 1 952 1 250

Foreign commercial banks 51 896 1 601 5 999 13 410 9 330 6 710 6 250 3 921 1 915 1 242

Brazilian banks 4 587 142 666 1 634 1 037 641 381 97 35 8

Nonbanks 1 305 - 115 100 56 942 81 3 2 0

Program loans (IDA) - - - - - - - - - -

Bonds 57 849 575 3 010 5 681 4 696 4 408 5 194 4 320 3 798 2 920

Other loans - - - - - - - - - -

Total medium and long-term debts2/191 676 5 616 31 878 34 480 27 071 20 560 15 245 10 810 7 968 6 104

Intercompany loans - m.l.t 14 007 708 2 833 2 925 1 614 1 361 1 259 576 562 416

Total medium and long-term debts,

includes intercompany loans 205 683 6 324 34 711 37 406 28 685 21 922 16 505 11 385 8 529 6 521

(continues)


182

V.22 - Medium and long-term registered external debt Principal amortization schedule


Itemization 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Due and

postponed

IMF loans1/- - - - - - - - - - -

Import financing 1 604 2 405 1 207 886 796 645 534 402 283 194 1 569

International entities 1 058 1 988 893 592 565 491 428 321 230 153 846

World Bank 328 1 292 254 41 20 8 1 - - - 54

IDB 665 630 601 540 534 473 416 321 230 153 784

IFC 28 34 7 - - - - - - - 8

Others 36 32 30 11 11 11 11 - - - -

Government agencies 287 248 172 157 147 121 75 56 44 34 61

USAID - project loans 7 7 5 1 - - - - - - -

Eximbank - USA 11 11 11 11 8 - - - - - -

Eximbank - Japan 100 99 80 74 74 59 28 9 - - 8

KFW 65 40 3 2 2 2 - - - - 12

Paris Club - - - - - - - - - - -

Others 104 91 72 69 63 60 47 47 44 34 41

Other financing sources 259 169 142 137 84 32 32 24 8 7 662

Foreign commercial banks 28 22 10 5 - - - - - - 116

Brazilian banks 97 97 97 97 49 - - - - - 20

Nonfinancial institutions 134 50 35 35 35 32 32 24 8 7 526

Currency loans 264 533 328 1 379 11 11 234 3 20 - 430

Foreign commercial banks 242 527 327 1 379 11 11 234 3 20 - 364

Brazilian banks 21 4 1 - - - - - - - 61

Nonbanks 0 2 - - - - - - - - 5

Program loans (IDA) - - - - - - - - - - -

Bonds 2 693 2 127 654 311 - - 424 - - 1 000 16 613

Other loans - - - - - - - - - - -

Total medium and long-term debts2/4 561 5 065 2 188 2 576 807 655 1 192 405 303 1 194 18 611

Intercompany loans 292 922 84 48 56 33 5 13 3 37 967

Total medium and long-term debts,

includes intercompany loans 4 854 5 987 2 272 2 624 863 689 1 197 418 306 1 231 19 578

1/ Repurchases of reais by Brazil in IMF are included as reduction of liabilities in balance of payments.

2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.


183

V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 3.31.2003

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 loans1/25 042 25 042 25 042 - 25 042 -

Import financing 50 997 33 142 25 900 18 293 3 098 4 509

International entities 24 179 21 522 15 294 10 197 1 697 3 400

World Bank 8 231 8 191 6 222 5 859 259 104

IDB 13 771 12 756 8 579 4 303 1 080 3 196

IFC 1 539 - - - - -

Others 638 575 493 35 358 100

Government agencies 13 571 9 212 8 466 6 626 1 061 779

USAID - project loans 204 204 204 184 4 16

Eximbank - USA 124 - - - - -

Eximbank - Japan 1 792 1 597 1 538 610 652 276

KFW 2 023 293 251 11 67 173

Opic - - - - - -

PL-480 (USA Government) - - - - - -

Paris Club 5 617 5 617 5 617 5 617 - -

Others 3 811 1 501 856 205 338 313

Other financing sources 13 247 2 408 2 140 1 470 341 330

Foreign commercial banks 4 953 544 305 65 206 34

Brazilian banks 2 580 1 214 1 214 998 - 216

Nonfinancial institutions 5 714 650 622 408 134 80

Currency loans 57 788 8 397 6 883 52 2 230 4 600

Foreign commercial banks 51 896 7 361 6 024 52 2 225 3 746

Brazilian banks 4 587 269 93 - 0 93

Nonbanks 1 305 767 767 - 5 761

Program loans (IDA) - - - - - -

Bonds 57 849 57 099 56 949 56 653 23 273

Other loans - - - - - -

Total medium and long-term debts 191 676 123 679 114 774 74 998 30 393 9 383

Total short term debts 7 391 1 818 1 818 2 - 1 816

Foreign commercial banks 3 766 - - - - -

Brazilian banks 2 920 1 818 1 818 2 - 1 816

Nonfinancial institutions 705 - - - 0 -

Total2/

199 067 125 498 116 592 75 000 30 393 11 199

Intercompany loans 18 398 161 161 - 161 -

Total external debt,

includes intercompany loans 217 465 125 658 116 752 75 000 30 554 11 199

(continues)


184

V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 3.31.2003(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 7 242 6 181 1 060 - 17 855 14 199 3 656

International entities 6 228 5 688 540 - 2 657 2 516 141

World Bank 1 969 1 943 26 - 40 40 -

IDB 4 177 3 663 514 - 1 015 1 015 -

IFC - - - - 1 539 1 443 96

Others 82 82 - - 63 18 45

Government agencies 747 439 307 - 4 359 4 106 253

USAID - project loans - - - - - - -

Eximbank - USA - - - - 124 124 -

Eximbank - Japan 59 59 - - 195 193 1

KFW 42 25 17 - 1 730 1 727 3

Opic - - - - - - -

PL-480 (USA Government) - - - - - - -

Paris Club - - - - - - -

Others 645 355 291 - 2 310 2 062 248

Other financing sources 268 54 213 - 10 839 7 576 3 263

Foreign commercial banks 239 51 188 - 4 409 2 107 2 302

Brazilian banks 0 - - - 1 366 456 911

Nonfinancial institutions 28 3 25 - 5 064 5 014 51

Currency loans 1 514 - 1 514 - 49 391 38 188 11 204

Foreign commercial banks 1 337 - 1 337 - 44 535 36 789 7 746

Brazilian banks 176 - 176 - 4 318 1 355 2 963

Nonbanks - - - - 539 44 495

Program loans (IDA) - - - - - - -

Bonds 150 - 150 - 750 600 150

Other loans - - - - - - -

Total medium and long-term debts 8 906 6 181 2 724 - 67 997 52 987 15 010

Total short term debts - - - - 5 573 1 655 3 918

Foreign commercial banks - - - - 3 766 947 2 819

Brazilian banks - - - - 1 102 288 814

Nonfinancial institutions - - - - 705 420 285

Total2/

8 906 6 181 2 724 - 73 569 54 642 18 928

Intercompany loans - - - - 18 238 18 238 -


includes intercompany loans 8 906 6 181 2 724 - 91 807 72 879 18 928

1/ "Reais" repurchases by Brazil in IMF are included as reduction of liabilities in the balance of payments.2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.


185

V.24 - Total external debt by debtor

US$ million

Itemization 1999 2000 2001 2002 2003

Mar Jun Sep1/ Dec

1/Mar

1/ Apr1/

Medium and long-term debt2/

199 000 189 501 182 276 181 364 188 809 187 940 187 316 191 676 191 977

Nonfinancial public sector 97 363 89 780 92 755 95 341 104 458 106 854 110 310 114 295 114 453

Private sector and financial public sector 101 637 99 721 89 521 86 023 84 351 81 086 77 005 77 381 77 525

Short-term debt 26 609 27 420 27 658 29 412 30 229 24 933 23 395 23 618 22 995

Nonfinancial public sector 3 318 2 578 427 382 173 120 110 52 45

Banco Central (liabilities) - 6 - - - - - - -

Credit lines 3 318 2 572 364 287 80 65 65 50 43 Short-term registered debt2/

- - 63 95 93 55 45 2 2

Private sector and financial public sector 23 291 24 842 27 231 29 031 30 056 24 813 23 285 23 565 22 950

Commercial banks (liabilities) 18 954 18 164 16 850 17 420 19 335 16 002 15 059 16 177 15 303

Short-term registered debt2/

4 337 6 678 10 381 11 610 10 720 8 811 8 226 7 389 7 646

Resolution 2,483 - Rural financing 542 319 - - - - - - -

Import financing 2 616 3 850 6 058 5 957 6 071 5 709 4 715 1 689 1 759

Others3/1 179 2 509 4 323 5 653 4 650 3 102 3 512 5 699 5 888

Total external debt4/

225 609 216 921 209 934 210 777 219 038 212 873 210 711 215 294 214 972

Intercompany loans 15 859 19 236 16 133 16 185 16 777 16 356 16 978 18 398 18 608


includes intercompany loans 241 468 236 157 226 067 226 962 235 815 229 228 227 689 233 692 233 580

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.


186

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 -

Jan 2.4175 4.22 2.4183 4.22 2.3771 0.64 2.3779 0.64 0.64 21.66

Feb 2.3474 - 2.90 2.3482 - 2.90 2.4188 1.75 2.4196 1.75 2.41 20.87

Mar 2.3228 - 1.05 2.3236 - 1.05 2.3458 - 3.02 2.3466 - 3.02 - 0.68 12.33

Apr 2.3617 1.67 2.3625 1.67 2.3196 - 1.12 2.3204 - 1.12 - 1.79 5.84

May 2.5212 6.75 2.5220 6.75 2.4796 6.90 2.4804 6.89 4.98 7.97

Jun 2.8436 12.79 2.8444 12.78 2.7132 9.42 2.7140 9.42 14.87 14.23

Jul 3.4277 20.54 3.4285 20.54 2.9338 8.13 2.9346 8.13 24.21 19.00

Aug 3.0215 - 11.85 3.0223 - 11.85 3.1093 5.98 3.1101 5.98 31.63 23.88

Sep 3.8941 28.88 3.8949 28.87 3.3412 7.46 3.3420 7.46 41.45 25.09

Oct 3.6442 - 6.42 3.6450 - 6.42 3.8051 13.88 3.8059 13.88 61.08 38.89

Nov 3.6357 - 0.23 3.6365 - 0.23 3.5756 - 6.03 3.5764 - 6.03 51.37 40.63

Dec 3.5325 - 2.84 3.5333 - 2.84 3.6251 1.38 3.6259 1.38 53.47 53.47

2003

Jan 3.5250 - 0.21 3.5258 - 0.21 3.4376 - 5.17 3.4384 - 5.17 - 5.17 44.60

Feb 3.5624 1.06 3.5632 1.06 3.5900 4.43 3.5908 4.43 - 0.97 48.40

Mar 3.3523 - 5.90 3.3531 - 5.90 3.4461 - 4.01 3.4469 - 4.01 - 4.94 46.89

Apr 2.8890 - 13.82 2.8898 - 13.82 3.1179 - 9.52 3.1187 - 9.52 - 13.99 34.40

May 2.9648 2.62 2.9656 2.62 2.9549 - 5.23 2.9557 - 5.22 - 18.48 19.17

Jun 2.8712 - 3.16 2.8720 - 3.16 2.8806 - 2.52 2.8832 - 2.45 - 20.48 6.23

1/ Rates for accounting purpose.

VI - The international economy


189

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

2002 Jan 4.75 1.93 0.10 3.34 4.15

Feb 4.75 2.04 0.10 3.40 4.19

Mar 4.75 2.23 0.11 3.49 4.33

Apr 4.75 2.21 0.09 3.54 4.37

May 4.75 2.10 0.09 3.62 4.37

Jun 4.75 2.01 0.08 3.59 4.39

Jan-Jun 4.75 2.09 0.10 3.50 4.30

Jul 4.75 1.91 0.08 3.48 4.19

Aug 4.75 1.77 0.08 3.38 4.01

Sep 4.75 1.78 0.07 3.27 4.00

Oct 4.75 1.74 0.08 3.16 3.96

Nov 4.35 1.46 0.08 3.03 3.99

Dez 4.25 1.42 0.08 2.89 4.03

Jul-Dec 4.60 1.68 0.08 3.20 4.03

Year 4.68 1.88 0.09 3.35 4.17

2003 Jan 4.25 1.37 0.08 2.76 3.79

Feb 4.25 1.34 0.07 2.57 3.70

Mar 4.25 1.26 0.07 2.45 3.59

Apr 4.25 1.28 0.07 2.46 3.58

May 4.25 1.23 0.07 2.32 3.58

Jun 4.23 1.08 0.07 2.08 3.57

Jan-Jun 4.25 1.26 0.07 2.44 3.64

1/ Rates in accordance with daily interest bulletin of Banco Central do Brasil.


190

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

2002 Jan 1.1 -1.4 2.0 1.3 -4.6 -10.6 -3.8 -5.8 5.6 5.3 10.4 5.1

Feb 1.1 -1.6 1.7 1.0 -3.9 -10.3 -4.3 -5.5 5.5 5.3 10.4 5.1

Mar 1.5 -1.2 1.8 1.3 -3.1 -8.0 -1.9 -5.6 5.7 5.2 10.0 5.1

Apr 1.6 -1.1 1.3 1.5 -2.1 -7.9 -1.1 -3.9 6.0 5.2 9.7 5.2

May 1.2 -0.9 1.0 1.1 -1.3 -1.8 -3.2 -1.9 5.8 5.4 9.5 5.2

Jun 1.1 -0.7 0.8 1.0 -0.3 -1.7 -1.3 -6.2 5.9 5.4 9.5 5.1

Jul 1.5 -0.8 1.1 1.5 0.5 0.7 -0.3 -2.7 5.9 5.4 9.7 5.2

Aug 1.8 -0.9 1.1 1.4 0.5 2.2 -0.8 -3.4 5.7 5.4 9.6 5.2

Sep 1.5 -0.7 1.0 1.7 1.2 5.2 -0.8 -2.4 5.6 5.4 9.5 5.3

Oct 2.0 -0.9 1.1 2.1 1.0 5.4 0.1 -1.2 5.7 5.5 9.4 5.2

Nov 2.2 -0.4 1.0 2.7 1.8 6.7 3.3 -1.2 6.0 5.3 9.7 5.2

Dez 2.4 -0.3 1.9 2.9 1.5 5.5 -0.8 -1.3 6.0 5.5 10.1 5.1

2003 Jan 2.6 -0.4 1.1 2.9 1.6 8.1 1.0 -0.6 5.7 5.5 11.1 5.0

Feb 3.0 -0.2 1.3 3.2 1.4 4.8 0.7 0.1 5.8 5.2 11.3 5.1

Mar 3.0 -0.1 1.2 3.1 0.5 4.1 0.5 ... 5.8 5.4 11.1 5.1

Apr 2.2 -0.1 1.0 3.1 -0.4 3.4 -0.3 ... 6.0 5.4 10.8 5.1

May 2.1 ... 0.7 3.0 ... ... ... ... 6.1 5.4 10.4 5.0

Jun ... ... ... ... ... ... ... ... 6.4 5.3 10.2 ...

Source: International Financial Statistics (IMF) except for the unemployment rate.

Unemployment rate: Bureau of Labour Statistics (USA); Statistics Bureau & Statistics Center (Japan); Statistisches Bundesamt Deutschland (Germany) ;

Official National Statistics (United Kingdom).

1/ Percentage change in 12 months.


191

VI.3 - International reserves1/

US$ billion

End of Germany Argentina Brazil Canada Singapore United France Italy Japan Mexico United Taiwan

period States Kingdom

2002 Jan 58 14 36 33 75 68 35 27 395 47 36 124

Feb 58 14 36 34 75 68 34 27 397 47 37 126

Mar 57 13 37 34 76 68 34 27 395 46 37 129

Apr 56 12 33 35 76 68 31 28 400 45 38 134

May 55 10 33 35 78 70 32 27 413 45 38 140

Jun 56 10 42 37 80 76 34 28 440 46 41 149

Jul 57 9 39 36 80 76 35 28 447 55 41 156

Aug 57 9 38 37 81 77 35 28 450 46 41 157

Sep 57 9 38 36 81 77 34 30 454 47 41 158

Oct 56 10 36 37 81 77 33 31 454 46 42 158

Nov 57 10 35 36 80 77 34 31 454 47 42 160

Dez 56 10 38 37 82 80 33 32 462 51 40 162

2003 Jan 56 9 39 37 84 80 32 36 471 52 37 165

Feb 57 10 38 36 83 80 33 36 478 52 38 167

Mar 58 11 42 36 83 82 32 36 489 54 39 ...

Apr 57 11 41 36 83 82 32 37 493 55 38 ...

May ... ... ... ... ... ... ... ... ... ... ... ...

Jun ... ... ... ... ... ... ... ... ... ... ... ...

Source: International Financial Statistics (IMF)

1/ Gold reserves at SDR 35 per ounce-troy.


192

VI.4 - Currencies per US dollar1/

End of ¥ Sw.Fr. £ Can$ US$/SDR US$/EUR

period

2002 Jan 134.48 1.7204 1.4141 1.5884 1.24452 0.86113

Feb 133.82 1.6999 1.4187 1.6059 1.24411 0.87054

Mar 132.86 1.6870 1.4269 1.5952 1.24931 0.87194

Apr 128.80 1.6198 1.4596 1.5710 1.27025 0.90135

May 124.48 1.5718 1.4591 1.5304 1.29324 0.93567

Jun 119.80 1.4809 1.5346 1.5206 1.33312 0.99300

Jul 120.04 1.4872 1.5664 1.5859 1.32512 0.97939

Aug 118.55 1.4996 1.5529 1.5610 1.33017 0.98389

Sep 121.87 1.4784 1.5713 1.5894 1.32534 0.98939

Oct 122.77 1.4793 1.5674 1.5601 1.32427 0.99160

Nov 122.77 1.4851 1.5588 1.5668 1.32746 0.99600

Dez 118.87 1.3902 1.6115 1.5806 1.35729 1.04752

2003 Jan 120.05 1.3668 1.6479 1.5235 1.37929 1.07714

Feb 118.31 1.3550 1.5759 1.4867 1.37359 1.08154

Mar 118.20 1.3536 1.5844 1.4705 1.37654 1.09345

Apr 119.16 1.3575 1.5998 1.4341 1.38668 1.11926

May 119.55 1.3002 1.6376 1.3689 1.42279 1.17979

Jun 119.94 1.3529 1.6571 1.3489 1.40366 1.15288

Source: International Financial Statistics (IMF) and Bacen

1/ Up to December 1998, rates released by the IMF. They normally indicate average buying and selling market rates of each country considered. After that period, data refer to

rates utilized by the Banco Central do Brasil in its accounts.


193

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


195

Members of the National Monetary Council (June 30, 2003)

Antonio Palocci FilhoMinister of Finance - President

Guido MantegaMinister of Planning and Budget

Henrique de Campos MeirellesPresident of the Banco Central do Brasil


196

Banco Central do Brasil Management (June 30, 2003)

Board of Directors

Henrique de Campos MeirellesPresident

Antonio Gustavo Matos do ValeDirector

Beny ParnesDirector

Ilan GoldfajnDirector

João Antônio Fleury TeixeiraDirector

Luiz Augusto de Oliveira CandiotaDirector

Paulo Sérgio CavalheiroDirector

Sérgio Darcy da Silva AlvesDirector

Board of Directors Executive Secretariat

Antônio Carlos MonteiroExecutive Secretary

Sérgio Albuquerque de Abreu e LimaSecretary for the Board of Directors and forthe National Monetary Council

Gerson BonaniSecretary for Institutional Relations

Hélio José FerreiraSecretary for Projects


197

Banco Central do Brasil Management (June 30, 2003)

Board of Director Consultants

Office of the President

Alexandre Pundek Rocha

Alvir Alberto HoffmannSenior Advisor

Anthero de Moraes MeirellesSenior Advisor

Antonio José Barreto de PaivaSenior Advisor

Cláudio JalorettoSenior Advisor

Dalmir Sérgio LouzadaSenior Advisor

Fernando Antônio GomesSenior Advisor

Flávio Pinheiro de MeloSenior Advisor

Katherine HenningsSenior Advisor

Luiz do Couto NetoSenior Advisor

Marco Antonio Belém da SilvaSenior Advisor


198

Central units of the Banco Central do Brasil (June 30, 2003)

Financial Administration Department (Deafi) Edifício-Sede – 2º subsoloSBS Quadra 3 Zona Central

Head: Jefferson Moreira 70.074-900 Brasília (DF)

Department of Human Resources Administration and Organization (Depes) Edifício-Sede – 18º andarSBS Quadra 3 Zona Central

Head: Miriam de Oliveira 70.074-900 Brasília (DF)

Department of Material Resources Administration (Demap) Edifício-Sede – 9º andarSBS Quadra 3 Zona Central

Head: Dimas Luís Rodrigues da Costa 70.074-900 Brasília (DF)

Internal Auditing Department (Deaud) Edifício-Sede – 15º andarSBS Quadra 3 Zona Central

Head: Eduardo de Lima Rocha 70.074-900 Brasília (DF)

Department of Records and Information (Defin) Edifício-Sede – 14º andarSBS Quadra 3 Zona Central

Head: Sérgio Almeida de Souza Lima 70.074-900 Brasília (DF)

Foreign Capital and Exchange Department (Decec) Edifício-Sede – 7º andarSBS Quadra 3 Zona Central

Head: José Maria Ferreira de Carvalho 70.074-900 Brasília (DF)

Department of Bank Liquidation (Deliq) Edifício-Sede – 13º andarSBS Quadra 3 Zona Central

Head: José Irenaldo Leite de Ataíde 70.074-900 Brasília (DF)

Department of Economics (Depec) Edifício-Sede – 10º andarSBS Quadra 3 Zona Central

Head: Altamir Lopes 70.074-900 Brasília (DF)

Off site Supervision Department (Desin) Edifício-Sede – 12º andarSBS Quadra 3 Zona Central

Head: Vânio César Pickler Aguiar 70.074-900 Brasília (DF)

On site Supervision Department (Desup) Av. Paulista, 1804 – 14º andarCerqueira César

Head: Osvaldo Watanabe 01310-922 São Paulo (SP)

Department of Information Systems Management (Deinf) Edifício-Sede – 2º andarSBS Quadra 3 Zona Central

Head: Fernando de Abreu Faria

Legal Department (Dejur) Edifício-Sede – 11º andarSBS Quadra 3 Zona Central

General Attorney: Francisco José de Siqueira 70.0074-900 Brasília (DF)


199

Currency Management Department (Mecir) Av. Rio Branco, 3020.071-001 Rio de Janeiro (RJ)

Head: José dos Santos Barbosa

Department of Financial System Regulation (Denor) Edifício-Sede – 15º andarSBS Quadra 3 Zona Central

Head: Clarence Joseph Hillerman Junior 70.074-900 Brasília (DF)

Department of Banking Operations and Payments System (Deban) Edifício-Sede – 18º andarSBS Quadra 3 Zona Central

Head: José Antônio Marciano 70.074-900 Brasília (DF)

Department of Open Market Operations (Demab) Av. Pres. Vargas, 730 – 6º andar20.071-001 Rio de Janeiro (RJ)

Head: Sérgio Goldenstein

Department of International Reserves Operations (Depin) Edifício-Sede – 5º andarSBS Quadra 3 Zona Central

Head: Daso Maranhão Coimbra 70.074-900 Brasília (DF)

Department of External Debt and International Relations (Derin) Edifício-Sede – 4º andarSBS Quadra 3 Zona Central

Head: José Linaldo Gomes de Aguiar 70.074-900 Brasília (DF)

Department of Financial System Organization (Deorf) Edifício-Sede – 16º andarSBS Quadra 3 Zona Central

Head: Luiz Edson Feltrim 70.074-900 Brasília (DF)

Department of Planning and Organization (Depla) Edifício-Sede – 13º andarSBS Quadra 3 Zona Central

Head: José Clóvis Batista Dattoli 70.074-900 Brasília (DF)

Research Department (Depep) Edifício-Sede – 9º andarSBS Quadra 3 Zona Central

Head: Marcelo Kfoury Muinhos 70.074-900 Brasília (DF)

Enforcement Against Illegal Foreign Exchange and Edifício-Sede – 18º andarFinancial Activities Department (Decif) SBS Quadra 3 Zona CentralHead: Ricardo Liao 70.074-900 Brasília (DF)


200

Regional offices of the Banco Central do Brasil (June 30, 2003)

1st Region - Regional Office in Belém (ADBEL) Boulevard Castilhos França, 708 – ComércioRegional Delegate: Maria de Fátima Moraes de Lima Caixa Postal 651Jurisdiction: Acre, Amapá, Amazonas, Pará, 66.010-020 Belém (PA)

Rondônia and Roraima

2nd Region - Regional Office in Fortaleza (ADFOR) Av. Heráclito Graça, 273 – CentroRegional Delegate: Luiz Edivam Carvalho Caixa Postal 891Jurisdiction: Ceará, Maranhão and Piauí 60.140-061 Fortaleza (CE)

3rd Region - Regional Office in Recife (ADREC) Rua Siqueira Campos, 368 – Santo AntônioRegional Delegate: Pedro Rafael Lapa Caixa Postal 1445Jurisdiction: Alagoas, Paraíba, 50.010-010 Recife (PE)

Pernambuco and Rio Grande do Norte

4th Region - Regional Office in Salvador (ADSAL) Av. Anita Garibaldi, 1211 – OndinaRegional Delegate: Godofredo Massarra dos Santos Caixa Postal 44Jurisdiction: Bahia and Sergipe 40.176-900 Salvador (BA)

5th Region - Regional Office in Belo Horizonte (ADBHO) Av. Álvares Cabral, 1605 – Santo AgostinhoRegional Delegate: José Roberto de Oliveira Caixa Postal 887Jurisdiction: Minas Gerais, Goiás and Tocantins 30.170-001 Belo Horizonte (MG)

6th Region - Regional Office in Rio de Janeiro (ADRJA) Av. Presidente Vargas, 730 – CentroRegional Delegate: Paulo dos Santos Caixa Postal 495Jurisdiction: Espírito Santo and Rio de Janeiro 20.071-001 Rio de Janeiro (RJ)

7th Region - Regional Office in São Paulo (ADSPA) Av. Paulista, 1804 – Cerqueira CésarRegional Delegate: Fernando Roberto Medeiros Caixa Postal 8984Jurisdiction: São Paulo 01.310-922 São Paulo (SP)

8th Region - Regional Office in Curitiba (ADCUR) Rua Marechal Deodoro, 568 – CentroRegional Delegate: Salim Cafruni Sobrinho Caixa Postal 1408Jurisdiction: Paraná, Mato Grosso and 80.010-010 Curitiba (PR)

Mato Grosso do Sul

9th Region - Regional Office in Porto Alegre (ADPAL) Travessa Araújo Ribeiro, 305 – CentroRegional Delegate: José Afonso Nedel Caixa Postal 919Jurisdiction: Rio Grande do Sul and Santa Catarina 90.010-010 Porto Alegre (RS)

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Boletim do Banco Central do Brasilto the Boletim includes twelve monthly issues and the Annual...

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