banco central do brasil( ˘ ˙ -ˇ./ ( 0 1 +(˛0", ) " 2 +2 ,ˇ* .ˇ3/ ˝ * ˇ( 4ˇ3/˙...

ISSN 1517-7270

January 2003

Volume 39 – Number 1

Boletim do Banco Central do Brasil

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120

125

130

135

140

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

2000 2001 2002

Index: 1992 = 100

Source: IBGE


100

125

150

175

200

225

Jan2000

Mar May Jul Sep Nov Jan2001


Mar May Jul Sep Nov

Capital goods Intermediate goodsDurable consumer goods Semi and nondurable goods

Index: 1992 = 100

Source: IBGE

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150

160

170

180

190

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2000 2001 2002

Index: 1992 = 100

Source: Fecomercio SP

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70

85

100

115

130

Jan2000



Mar May Jul Sep Nov

IIC IIF IIA

Index: average 1996 = 100

Source: Fecomercio SP

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Mar May Jul Sep Nov

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Monthly 12 month averageSource: IBGE


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110

115

120

125

130

Dec1999

Feb2000

Apr Jun Aug Oct Dec Feb2001

Apr Jun Aug Oct Dec Feb2002

Apr Jun Aug Oct

12 month average Monthly

Index: 1993 = 100

Source: IBGE

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20

25

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Jan2000



Mar May Jul Sep Nov

IPCA (IBGE) IPA-DI (FGV)

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Jan2000



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General index TradablesNon-tradables Monitored prices

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Jan2000



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10

15

20

25

30

35

40

Jan2000



Mar May Jul Sep Nov

Direct investment Current account deficit

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3000

4000

5000

6000

7000

Jan2000



Mar May Jul Sep Nov

-1000

-500

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500

1000

1500

2000

2500

Exports Imports Balance

Export and import

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36

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Brent WTI

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Jan2000



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Fed funds target T.Bonds 30 yearsT.Bills 3 monthsSource: FR and Bloomberg

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I - Economic activity

Boletim do Banco Central do Brasil January 2003

34

I.1 - National accounts

Itemization 1998 1999 2000 2001

GDP at market prices (R$ thousand) 914 187 877 973 845 966 1 101 255 078 1 200 060 364

Real GDP change rate (%) 0.1 0.8 4.4 1.4

Implicit GDP deflator (%) 4.9 5.7 8.4 7.5

Nominal GDP change rate (%) 5.0 6.5 13.1 9.0

Net income/payments abroad (R$ thousand)1/ 21 241 283 34 106 815 32 810 075 46 468 006

GNP at market prices (R$ thousand) 892 946 594 939 739 151 1 068 445 003 1 153 592 358

Other current transfers (R$ thousand) 1 661 137 3 026 999 2 798 562 3 929 739

Gross national disposable income (R$ thousand) 894 607 731 942 766 150 1 071 243 565 1 157 522 097

Final consumption (R$ thousand) 741 038 299 792 528 541 880 655 448 957 835 912

Gross savings (R$ thousand) 153 569 432 150 237 609 190 588 117 199 686 185

Gross capital formation (R$ thousand) 193 055 958 196 335 889 237 254 899 254 126 356

Capital transfers (R$ thousand) 32 687 47 690 - 7 922 - 63 192

Balance of payments deficit in current account (R$ thousand) - 39 453 839 - 46 050 590 - 46 674 704 - 54 503 363

GDP (US$ billion)2/ 787.9 536.6 602.2 510.4

Source: Bacen and IBGE

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


35

I.2 - Gross Domestic Product (GDP)

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

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

(%) Agricul- Industry Services GDP 2001=100 At constant Real change Real index

ture and 2001 prices rate (%) 2001=100

livestock (R$)

1986 1 274 149.2 - 8.0 11.7 8.1 7.5 74.4 134 653 6 627.79 5.4 95.2

1987 4 038 206.2 15.0 1.0 3.1 3.5 77.0 137 268 6 731.03 1.6 96.7

1988 29 376 628.0 0.8 - 2.6 2.3 - 0.1 76.9 139 819 6 604.26 - 1.9 94.9

1989 425 595 1 304.4 2.8 2.9 3.5 3.2 79.4 142 307 6 693.84 1.4 96.2

1990 11 548 795 2 737.0 - 3.7 - 8.2 - 0.8 - 4.3 75.9 147 594 6 173.30 - 7.8 88.7

1991 60 285 999 416.7 1.4 0.3 2.0 1.0 76.7 149 926 6 139.88 - 0.5 88.2

1992 640 958 768 969.0 4.9 - 4.2 1.5 - 0.5 76.3 152 227 6 014.20 - 2.0 86.4

1993 14 097 114 182 1 996.2 - 0.1 7.0 3.2 4.9 80.0 154 513 6 217.02 3.4 89.3

1994 349 204 679 000 2 240.2 5.5 6.7 4.7 5.9 84.7 156 775 6 485.95 4.3 93.2

1995 646 191 517 000 77.5 4.1 1.9 1.3 4.2 88.3 159 016 6 664.63 2.8 95.7

1996 778 886 727 000 17.4 3.1 3.3 2.3 2.7 90.7 161 247 6 747.16 1.2 96.9

1997 870 743 034 000 8.3 - 0.8 4.6 2.6 3.3 93.6 163 471 6 873.08 1.9 98.7

1998 914 187 877 000 4.9 1.3 - 1.0 0.9 0.1 93.7 165 688 6 790.06 - 1.2 97.5

1999 973 845 966 000 4.6 8.3 - 2.2 2.0 0.8 94.5 167 910 6 752.84 - 0.5 97.0

2000 1 101 255 078 000 8.0 2.1 4.8 3.8 4.4 98.6 170 143 6 954.82 3.0 99.9

2001 1 200 060 364 000 7.5 5.7 - 0.3 1.9 1.4 100.0 172 386 6 961.47 0.1 100.0

Source: IBGE


36

I.3 - Economic indicators

1992 average=100

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

Activity in manufacturing in production

Total Manufacturing Mineral Indicator industry1/ in manufacturing

industry extraction (INA) industry

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

1992 100.00 100.00 100.00 100.00 70.69 72.29 100.00 100.00 100.00 100.00

1993 107.51 108.07 100.63 108.56 74.69 75.23 108.72 106.65 100.51 98.19

1994 115.68 116.53 105.38 118.01 77.44 77.13 124.26 116.25 99.39 98.24

1995 117.80 118.54 108.85 120.02 78.78 78.05 141.64 127.37 98.67 98.01

1996 119.84 119.87 119.46 118.45 78.44 78.19 150.65 134.92 89.35 89.17

1997 124.50 124.20 128.10 124.12 79.21 78.71 168.60 146.69 86.10 86.12

1998 121.97 120.15 144.04 121.07 78.84 78.24 168.84 144.38 79.79 79.77

1999 121.18 118.22 157.14 115.98 78.03 78.23 168.33 146.00 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 131.08 126.89 181.98 126.71 80.76 80.32 217.49 180.78 74.45 77.16

2001 Jan 123.66 118.26 189.25 112.69 80.60 80.35 190.95 160.29 72.98 74.35

Feb 119.34 114.88 173.42 111.94 81.40 80.43 189.44 156.92 71.80 73.38

Mar 135.35 131.53 181.70 128.75 82.30 81.88 227.62 185.78 77.74 80.06

Apr 127.18 123.15 176.12 119.91 82.08 81.06 212.12 173.88 74.03 76.38

May 137.97 134.92 174.89 136.29 83.10 81.81 236.63 195.60 78.30 81.24

Jun 131.60 127.66 179.38 131.02 81.30 80.48 224.81 186.63 75.19 78.10

Jul 137.30 133.26 186.29 135.23 81.10 80.22 226.49 191.08 75.43 79.05

Aug 141.30 137.77 184.28 143.50 80.90 80.39 233.52 193.38 77.09 80.46

Sep 132.14 128.10 181.11 134.28 79.70 79.93 222.10 186.10 72.94 75.70

Oct 137.15 134.31 171.45 134.57 80.20 80.38 231.18 194.10 75.96 79.58

Nov 133.23 128.88 185.95 127.34 80.00 79.94 221.66 183.48 73.13 76.47

Dec 116.75 109.90 199.99 105.02 76.40 76.92 193.41 162.14 68.84 71.09

2002 Jan 122.20 115.56 202.78 110.67 79.00 78.70 198.37 163.35 71.98 74.87

Feb 117.81 112.50 182.29 110.29 79.90 79.10 193.23 157.19 70.51 73.16

Mar 130.42 124.21 205.76 118.52 81.60 80.78 209.44 175.45 74.07 77.71

Apr 134.97 129.60 200.26 124.40 82.20 81.53 220.98 182.30 75.90 80.56

May 136.64 130.78 207.72 128.74 81.59 81.16 216.72 181.29 75.01 80.33

Jun 132.49 126.64 203.43 126.37 80.17 80.10 207.87 179.26 73.36 78.58

Jul 141.68 136.41 205.70 133.81 81.39 81.13 226.61 194.68 74.41 81.83

Aug 142.47 136.81 211.30 134.02 82.43 81.66 228.85 197.86 74.40 81.65

Sep 139.26 134.12 201.84 132.10 81.71 81.38 233.22 200.46 72.89 79.43

Oct 149.19 144.21 209.67 135.49 83.30 82.46 248.91 216.46 76.14 82.93

Nov 139.29 134.76 194.21 ... ... 80.99 ... 188.67 ... 79.32

(continues)


37

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 126.67 165.26 158.28 220.47 76.92 78.83 153.64 118.26 111.18 150.51

1999 125.37 171.43 157.34 207.37 72.24 74.20 151.18 109.86 100.85 162.30

2000 135.83 179.59 173.75 223.57 72.94 74.78 155.22 113.98 103.67 165.43

2001 121.71 178.89 164.13 230.26 73.37 75.65 164.72 121.24 106.97 164.42

2001 Jan 138.12 181.19 163.29 213.98 73.50 75.32 163.88 121.22 106.75 159.11

Feb 137.33 164.42 156.85 200.96 73.75 75.62 163.07 121.05 105.87 156.62

Mar 145.55 188.72 171.94 230.79 73.80 75.69 163.43 121.39 106.87 164.39

Apr 141.01 181.49 165.21 206.34 73.90 75.93 166.22 123.64 108.57 161.37

May 130.91 183.48 163.62 245.26 74.04 76.39 168.57 125.00 109.47 166.20

Jun 107.08 172.92 150.26 233.18 73.88 76.37 164.12 121.45 107.44 163.60

Jul 104.43 175.33 151.88 236.23 73.64 76.20 164.57 121.38 107.82 168.71

Aug 107.93 181.08 152.85 240.43 73.28 75.73 163.73 120.16 106.50 171.35

Sep 108.07 170.93 151.04 214.45 72.99 75.62 159.53 116.62 104.51 169.34

Oct 115.28 192.41 162.64 221.53 72.92 75.33 160.81 117.42 104.72 168.92

Nov 114.38 188.24 164.12 229.59 72.56 74.95 167.30 121.58 107.53 168.68

Dec 110.49 166.46 215.81 290.35 72.23 74.58 171.41 124.01 107.59 154.74

2002 Jan 115.50 176.63 154.39 218.55 72.17 74.61 171.66 124.08 105.84 154.41

Feb 121.34 163.10 145.52 203.51 72.02 74.64 171.39 123.62 104.77 153.85

Mar 127.93 188.20 169.40 216.99 72.02 75.06 173.78 125.34 106.22 159.91

Apr 131.75 195.08 157.28 226.48 72.08 75.59 176.55 127.45 107.62 160.95

May 125.57 190.83 173.92 248.39 72.01 75.93 177.18 127.76 108.66 162.86

Jun 121.34 170.82 157.09 240.68 71.87 76.01 174.09 125.31 107.24 161.23

Jul 123.90 180.90 159.72 267.91 71.72 75.94 175.78 126.27 107.44 166.77

Aug 128.10 202.26 178.10 263.83 71.39 75.92 173.50 124.06 106.09 167.61

Sep 127.56 193.23 171.60 245.09 71.36 75.97 172.15 123.03 105.54 168.93

Oct 138.03 204.57 182.94 249.53 71.42 76.07 172.13 123.11 105.77 173.97

Nov 134.33 198.64 180.89 245.00 ... 75.69 ... ... 106.41 169.96

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.


38

I.4 - Economic indicators - seasonally adjusted

1992 average=100

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

Activity in manufacturing in production

Total Manufacturing Mineral Indicator industry1/ in manufacturing

industry extraction (INA) industry

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

1992 100.00 100.00 100.00 100.00 70.74 72.29 100.00 100.00 100.00 100.00

1993 107.63 108.19 100.58 108.56 74.74 75.23 109.05 106.87 100.73 98.41

1994 115.87 116.72 105.37 118.01 77.48 77.10 124.44 116.44 99.73 98.56

1995 118.26 119.03 108.88 120.02 78.80 78.06 142.12 128.02 98.90 98.35

1996 119.41 119.41 119.44 118.45 78.44 78.18 150.29 134.71 89.19 89.09

1997 124.49 124.15 128.01 124.12 79.21 78.71 168.46 146.98 86.22 86.33

1998 121.99 120.19 143.89 121.07 78.85 78.25 169.01 144.85 79.91 79.99

1999 121.22 118.22 157.04 115.98 78.05 78.25 168.42 146.25 70.57 72.96

2000 129.20 125.38 175.70 123.56 81.66 80.71 191.51 162.12 73.77 75.84

2001 131.29 127.09 181.94 126.71 80.77 80.33 217.59 181.14 74.61 77.38

2001 Jan 134.88 131.01 182.51 128.21 82.69 81.74 205.15 173.82 75.97 78.06

Feb 134.79 130.53 186.42 128.09 82.55 81.61 211.47 177.09 75.64 78.26

Mar 135.15 131.28 178.98 134.03 81.57 81.30 221.02 181.76 76.51 78.86

Apr 132.54 128.55 181.25 130.61 81.71 81.10 221.30 183.23 75.00 77.94

May 131.88 128.49 177.33 135.69 81.60 80.94 225.84 187.32 75.73 78.44

Jun 130.13 125.75 184.11 125.48 80.69 80.40 225.99 186.04 74.62 77.25

Jul 129.70 125.16 186.64 123.01 80.32 79.92 222.25 186.56 73.85 76.68

Aug 130.18 125.87 182.03 127.41 79.83 79.70 217.75 181.83 74.19 76.75

Sep 129.71 125.37 183.65 122.54 79.51 79.67 217.33 183.76 73.38 76.35

Oct 126.75 123.29 168.57 121.63 79.53 79.53 214.35 179.88 73.71 76.75

Nov 129.22 124.71 184.58 124.32 79.82 79.35 216.15 178.48 73.09 76.27

Dec 130.60 125.02 187.23 119.51 79.48 78.63 212.54 173.87 73.57 76.90

2002 Jan 132.39 127.30 195.62 126.19 80.97 80.03 213.07 177.92 74.74 78.69

Feb 132.52 127.27 195.87 126.44 80.84 80.19 215.33 177.08 74.11 77.84

Mar 131.74 125.16 202.84 123.80 80.83 80.17 206.17 174.47 73.11 77.16

Apr 138.57 133.27 206.10 135.10 81.80 81.54 226.03 187.89 76.08 81.00

May 131.24 124.97 211.23 128.15 80.10 80.28 207.71 173.49 72.71 77.66

Jun 132.54 126.41 208.62 120.83 79.67 80.08 211.76 182.88 73.35 78.66

Jul 132.79 126.95 206.42 121.58 80.69 80.88 217.43 185.81 72.63 78.58

Aug 133.41 127.36 208.92 117.93 81.37 80.98 219.63 190.21 72.42 78.78

Sep 134.87 129.35 204.33 120.37 81.65 81.18 225.33 193.57 72.90 79.30

Oct 137.33 132.02 205.84 122.54 82.67 81.63 230.02 202.38 73.92 80.24

Nov 137.99 133.07 192.88 ... ... 80.41 ... 186.29 ... 80.11

(continues)


39

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 104.78 120.56 112.97 102.02 96.28 96.71 111.42 107.40 102.88 109.92

1994 109.25 132.73 138.39 103.96 93.94 95.40 121.44 114.10 107.46 118.34

1995 113.73 138.36 162.11 122.90 92.53 94.37 131.99 122.18 118.14 121.24

1996 116.52 150.01 156.72 151.98 84.48 87.38 139.19 117.66 115.52 134.29

1997 124.50 162.08 154.30 199.47 81.11 83.80 146.75 119.10 116.90 144.06

1998 127.00 165.02 159.18 221.56 76.89 78.81 153.52 118.08 111.18 150.57

1999 125.68 171.05 157.78 207.93 72.22 74.19 151.10 109.71 100.87 162.31

2000 136.01 179.09 174.20 223.89 72.93 74.77 155.11 113.81 103.67 165.52

2001 121.73 178.75 165.42 231.34 73.35 75.64 164.60 121.07 106.98 164.53

2001 Jan 138.59 186.60 175.86 236.48 73.71 75.80 162.58 120.68 107.52 168.06

Feb 135.20 181.20 180.33 239.99 73.95 76.22 163.16 121.39 107.79 166.85

Mar 137.94 183.42 171.88 242.01 73.90 76.16 162.73 121.00 107.77 167.18

Apr 137.11 182.51 175.24 230.97 73.86 76.08 164.65 122.31 108.56 164.70

May 129.72 178.22 161.39 235.78 73.82 76.05 165.59 122.54 107.94 164.79

Jun 109.47 175.97 161.63 229.69 73.61 75.90 165.09 121.23 107.08 163.24

Jul 108.01 176.64 159.00 230.39 73.39 75.79 164.83 121.24 107.42 164.41

Aug 109.73 173.05 153.37 226.64 73.16 75.39 164.91 120.87 106.72 165.15

Sep 111.76 171.87 158.16 224.86 72.88 75.29 163.61 119.42 105.99 163.85

Oct 113.80 179.43 161.51 215.35 72.80 75.07 164.56 119.96 105.60 160.11

Nov 114.76 179.22 164.01 228.39 72.57 74.87 166.29 120.79 105.89 163.85

Dec 114.64 176.90 162.65 235.53 72.52 75.05 167.17 121.37 105.51 161.35

2002 Jan 115.83 182.09 165.25 240.56 72.40 75.12 170.16 123.37 106.57 162.97

Feb 119.17 180.09 166.24 240.38 72.20 75.24 171.20 123.69 106.50 163.58

Mar 121.68 183.29 170.86 233.52 72.11 75.52 173.08 124.91 107.03 162.65

Apr 126.14 193.29 165.27 245.81 72.00 75.73 174.59 125.85 107.42 164.39

May 124.15 185.36 171.57 239.69 71.77 75.55 173.88 125.10 106.99 161.98

Jun 126.12 176.44 171.68 242.88 71.60 75.52 175.01 125.04 106.75 161.47

Jul 128.29 180.47 166.04 250.87 71.49 75.55 176.12 126.20 107.04 162.54

Aug 131.35 196.92 179.60 248.78 71.32 75.64 175.02 125.02 106.40 161.67

Sep 131.75 192.18 180.84 259.13 71.29 75.69 176.91 126.28 107.17 163.56

Oct 136.14 191.37 180.18 244.38 71.32 75.76 176.46 126.05 106.82 164.94

Nov 135.15 191.00 180.79 242.66 ... 75.66 ... ... 105.15 164.88

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.


40

I.5 - Industrial production indicators

Annual change (%)

Itemization 1995 1996 1997 1998 1999 2000 2001 20021/

Total 1.8 1.7 3.9 - 2.0 - 0.7 6.6 1.5 2.1

Mineral extraction 3.3 9.8 7.2 12.4 9.1 11.9 3.5 12.2

Manufacturing industry 1.7 1.1 3.6 - 3.3 - 1.6 6.1 1.2 0.9

By segment

Nonmetallic minerals 4.1 6.3 7.4 - 0.4 - 3.1 1.8 - 1.8 - 0.8

Metallurgy - 1.8 1.6 6.0 - 3.8 - 1.1 7.6 0.7 2.2

Mechanics - 4.5 - 12.8 7.2 - 4.0 - 7.2 18.0 5.2 7.9

Electric and communications equipment 14.6 4.7 - 1.8 - 9.8 - 11.4 12.1 6.9 - 12.4

Transportation equipment 4.1 - 0.3 10.7 - 14.2 - 5.1 18.8 5.2 0.2

Wood - 3.4 2.1 3.9 - 6.2 7.0 3.1 - 0.3 - 2.3

Furniture 6.2 13.7 - 1.5 - 8.2 - 2.2 7.7 - 1.1 0.8

Paper and cardboard 0.4 2.9 2.9 0.3 6.3 4.1 0.1 1.8

Rubber - 0.3 - 0.5 4.1 - 7.6 4.6 11.8 - 4.5 1.3

Leather and hides - 16.7 - 1.9 - 1.7 - 13.6 - 3.6 - 7.8 - 9.4 - 4.8

Chemicals - 0.5 5.0 5.1 4.0 0.9 1.7 - 0.7 1.4

Pharmaceuticals 18.1 - 8.6 11.4 4.0 - 0.4 - 2.0 - 1.0 3.6

Perfumes, soaps and candles 5.3 4.1 5.2 3.2 7.2 2.6 - 1.1 1.3

Plastics 9.7 11.3 3.6 - 2.4 - 6.3 - 2.6 - 5.0 - 1.8

Textiles - 5.8 - 5.8 - 6.5 - 6.8 2.1 6.0 - 5.5 - 1.2

Clothing, footwear and cloth goods - 6.9 - 2.5 - 6.7 - 4.6 - 3.3 6.7 - 6.8 - 2.1

Food products 7.7 5.3 1.0 1.3 3.1 - 2.1 5.1 4.0

Beverages 17.2 - 3.3 - 0.3 - 2.2 0.0 4.0 0.3 0.4

Tobacco - 5.1 12.5 22.2 - 22.7 - 7.1 - 7.8 - 4.7 23.5

By category of use

Capital goods 0.3 - 14.1 4.8 - 1.6 - 9.1 13.1 12.7 - 1.3

Intermediate goods 0.2 2.9 4.6 - 0.7 1.9 6.8 - 0.2 2.7

Consumer goods 6.2 5.3 1.2 - 5.4 - 2.8 3.5 1.3 0.5

Durable 14.5 11.2 3.5 - 19.6 - 9.3 20.8 - 0.6 2.2

Semidurable and nondurable 4.2 3.7 0.5 - 1.1 - 1.2 - 0.4 1.8 0.1

Source: IBGE

1/ Production in the period January-November/2002 compared to that of the same period of the previous year.


41

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 151 010 1 812 119 118 583 1 422 998 32 366 388 394 150 949 1 811 392 15 809 189 709

Monthly Monthly Monthly Monthly Monthly

2001 Jan 122 286 122 286 103 137 103 137 18 397 18 397 121 534 121 534 17 325 17 325

Feb 143 598 265 884 115 957 219 094 23 635 42 032 139 592 261 126 15 538 32 863

Mar 181 504 447 388 147 031 366 125 34 070 76 102 181 101 442 227 18 634 51 497

Apr 168 774 616 162 136 735 502 860 35 600 111 702 172 335 614 562 22 612 74 109

May 198 354 814 516 144 430 647 290 41 875 153 577 186 305 800 867 18 395 92 504

Jun 168 665 983 181 124 294 771 584 39 016 192 593 163 310 964 177 19 720 112 224

Jul 157 791 1 140 972 111 411 882 995 35 003 227 596 146 414 1 110 591 17 083 129 307

Aug 155 167 1 296 139 118 153 1 001 148 31 175 258 771 149 328 1 259 919 15 343 144 650

Sep 139 950 1 436 089 88 877 1 090 025 36 931 295 702 125 808 1 385 727 13 229 157 879

Oct 130 560 1 566 649 99 821 1 189 846 38 957 334 659 138 778 1 524 505 11 704 169 583

Nov 136 485 1 703 134 118 164 1 308 010 31 237 365 896 149 401 1 673 906 11 052 180 635

Dec 108 985 1 812 119 114 988 1 422 998 22 498 388 394 137 486 1 811 392 9 074 189 709

2002 Jan 124 112 124 112 98 375 98 375 16 623 16 623 114 998 114 998 8 261 8 261

Feb 123 886 247 998 100 734 199 109 22 014 38 637 122 748 237 746 6 665 14 926

Mar 154 055 402 053 122 682 321 791 29 431 68 068 152 113 389 859 9 965 24 891

Apr 167 659 569 712 125 010 446 801 34 756 102 824 159 766 549 625 10 216 35 107

May 160 845 730 557 108 938 555 739 42 396 145 220 151 334 700 959 12 752 47 859

Jun 140 092 870 649 103 452 659 191 33 323 178 543 136 775 837 734 9 892 57 751

Jul 141 521 1 012 170 104 270 763 461 37 540 216 083 141 810 979 544 11 008 68 759

Aug 139 284 1 151 454 119 541 883 002 34 226 250 309 153 767 1 133 311 11 007 79 766

Sep 154 407 1 305 861 121 103 1 004 105 38 219 288 528 159 322 1 292 633 7 725 87 491

Oct 172 670 1 478 531 141 604 1 145 709 40 636 329 164 182 240 1 474 873 12 060 99 551

Nov 158 020 1 636 551 116 894 1 262 603 37 868 367 032 154 762 1 629 635 10 866 110 417

Source: Anfavea and MDIC/Secex


42

I.7 - Crop production (major crops)

1000 t

Itemization 1993 1994 1995 1996 1997 1998 1999 2000 2001 20021/

Grain production 68 953 75 174 79 376 73 611 77 517 75 178 82 356 83 250 98 544 97 156

Cotton (seed) 795 957 1 016 708 585 824 990 1 307 1 718 1 409

Rice (in husk) 10 143 10 499 11 226 9 990 9 293 7 744 11 710 11 135 10 195 10 495

Beans 2 480 3 368 2 946 2 822 2 990 2 200 2 831 3 056 2 436 3 056

Corn 30 004 32 487 36 275 32 185 34 602 29 494 32 239 32 321 41 439 35 468

Soybeans 22 558 24 912 25 651 23 562 26 431 31 374 30 987 32 821 37 683 41 937

Wheat 2 153 2 092 1 534 3 359 2 441 2 232 2 462 1 726 3 261 3 105

Others 820 859 728 985 1 175 1 310 1 137 884 1 812 1 686

Other crops

Bananas (millions of bunches) 559 572 568 562 595 533 547 566 5 959 6 418

White potatoes 2 360 2 480 2 677 2 703 2 757 2 675 2 905 2 607 2 787 2 863

Cocoa (beans) 340 330 296 257 285 280 205 197 184 173

Coffee (beans) 2 555 2 613 1 858 2 686 2 343 3 450 3 263 3 807 1 918 2 432

Sugarcane 244 303 292 070 303 557 325 929 337 255 338 972 333 848 326 121 345 941 373 540

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

Oranges (millions of fruits) 93 855 87 091 98 066 109 325 114 891 103 659 114 398 106 651 16 844 18 904

Cassava 21 865 24 452 25 316 24 584 24 310 19 661 20 864 23 041 22 479 22 878

Tomatoes 2 340 2 678 2 700 2 675 2 602 2 755 3 305 3 005 3 043 3 578

Real output change of crop sector (%) - 2.4 6.4 0.0 3.4 - 0.1 1.3 8.3 2.8 ... ...

Source: IBGE

1/ Refers to the November/2002 Systematic Survey of Agricultural Production.


43

I.8 - Formal employment level index - Brazil

December 2001 = 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 109.20 108.53 128.17 127.65 98.14 98.03 97.66 97.46 145.66 144.09

1990 Dec 104.85 104.30 117.87 117.54 95.98 96.01 95.55 95.37 133.79 132.64

1991 Dec 102.23 101.79 112.64 112.48 91.55 91.71 94.44 94.30 131.38 130.52

1992 Dec 99.33 99.00 106.81 106.77 88.56 88.83 92.80 92.72 125.46 124.85

1993 Dec 100.01 99.74 107.61 107.63 90.20 90.53 93.70 93.66 123.04 122.52

1994 Dec 101.25 101.01 109.28 109.30 92.30 92.66 94.95 94.93 121.11 120.62

1995 Dec 99.51 99.28 104.40 104.40 91.88 92.21 94.56 94.54 117.48 117.03

1996 Dec 98.30 98.09 101.78 101.77 91.51 91.79 94.01 93.99 115.76 115.38

1997 Dec 97.90 97.72 99.74 99.75 92.57 92.79 93.94 93.92 116.44 116.16

1998 Dec 95.29 95.16 94.03 94.04 91.29 91.44 93.10 93.08 111.57 111.41

1999 Dec 94.43 94.35 94.30 94.30 91.60 91.68 93.26 93.23 102.67 102.60

2000 Dec 97.38 97.29 98.01 97.95 95.45 95.43 96.50 96.43 102.73 102.64

2001 Jan 97.59 97.59 98.48 98.41 95.25 95.61 96.65 96.71 103.21 102.57

Feb 97.96 97.89 98.72 98.71 95.36 95.96 97.16 97.06 103.44 102.69

Mar 98.11 98.04 98.73 98.72 95.31 96.16 97.54 97.40 103.62 102.65

Apr 98.72 98.26 99.28 98.90 95.90 96.59 98.14 97.68 104.78 102.80

May 99.44 98.48 99.89 98.97 96.30 96.93 98.47 97.92 104.95 102.68

Jun 99.92 98.62 100.07 99.03 96.68 97.19 98.66 98.00 104.92 102.23

Jul 100.24 98.83 100.03 99.00 96.99 97.51 99.09 98.40 104.86 101.83

Aug 100.46 98.94 100.05 98.95 97.40 97.88 99.55 98.69 104.49 101.25

Sep 100.82 99.08 100.68 98.95 98.04 98.31 99.96 98.94 104.17 100.68

Oct 101.16 99.47 101.18 99.21 98.85 98.84 100.29 99.30 103.85 100.42

Nov 101.14 99.81 101.20 99.59 99.99 99.52 100.52 99.69 102.83 100.29

Dec 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

2002 Jan 100.21 100.27 100.29 100.25 100.05 100.45 100.22 100.33 100.16 99.63

Feb 100.59 100.55 100.46 100.46 100.31 100.93 100.67 100.59 100.33 99.62

Mar 101.01 100.96 100.92 100.91 100.56 101.44 101.11 100.96 100.61 99.66

Apr 101.83 101.35 101.79 101.38 100.99 101.72 101.73 101.25 101.46 99.48

May 102.55 101.56 102.29 101.34 101.42 102.11 102.12 101.55 101.23 99.01

Jun 103.17 101.84 102.49 101.46 102.04 102.61 102.51 101.83 101.34 98.75

Jul 103.45 102.00 102.51 101.49 102.48 103.09 102.66 101.97 101.50 98.60

Aug 103.81 102.25 102.85 101.76 103.09 103.65 103.12 102.25 101.71 98.59

Sep 104.58 102.77 104.29 102.51 104.19 104.49 103.72 102.67 102.17 98.77

Oct 104.75 102.99 104.61 102.58 105.04 105.03 103.97 102.94 102.05 98.69

Nov 104.70 103.22 104.39 102.67 106.36 105.70 104.08 103.11 101.19 98.61

Source: Ministério do Trabalho e Emprego


44

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

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.


45

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 127.93 116.80 136.31 133.99 132.07 132.83 115.83 133.05 154.74 152.28

1998 127.45 116.52 128.78 127.50 133.38 136.41 115.85 133.80 148.39 157.83

1999 120.53 107.89 120.07 118.97 126.96 132.12 111.02 132.12 137.64 140.82

2000 119.85 105.87 122.39 122.15 125.74 129.83 109.88 132.98 136.58 141.18

2001 Jan 118.21 104.39 120.19 117.75 125.48 127.76 109.48 131.71 138.17 139.03

Feb 119.21 102.66 119.19 116.35 126.19 129.38 108.89 131.03 138.91 145.49

Mar 118.76 104.12 122.61 119.74 124.54 128.61 108.33 130.82 140.46 145.00

Apr 118.14 103.11 119.82 122.98 124.41 129.38 107.94 131.11 137.67 143.15

May 115.71 101.30 117.20 114.79 122.67 128.04 105.78 129.99 134.96 134.74

Jun 115.72 102.28 123.87 115.33 121.62 125.20 105.21 128.65 135.14 140.21

Jul 115.84 101.66 119.02 120.05 121.14 128.63 105.40 131.91 131.98 139.39

Aug 114.23 97.76 114.82 112.93 121.28 127.34 102.76 129.69 133.49 138.80

Sep 113.20 98.73 109.43 112.31 119.68 127.61 102.09 131.97 132.15 128.80

Oct 112.87 99.86 111.42 112.48 118.27 127.34 103.60 129.99 131.15 129.86

Nov 111.33 97.53 107.49 109.00 116.85 125.24 100.28 127.21 131.97 131.70

Dec 110.05 93.11 106.66 108.69 116.77 125.87 96.31 127.77 130.61 133.13

2002 Jan 112.30 99.45 105.38 108.36 118.81 129.50 101.79 129.40 129.47 136.01

Feb 111.92 100.16 105.90 109.74 115.54 131.25 102.02 129.81 124.59 130.12

Mar 112.44 98.41 108.27 106.18 118.63 130.78 103.15 130.64 128.24 124.87

Apr 113.07 102.27 113.66 103.99 120.13 131.02 102.53 132.24 132.93 126.54

May 113.47 99.71 111.56 107.15 119.67 136.39 102.25 134.93 135.41 128.03

Jun 112.03 95.77 107.73 104.45 119.42 136.08 101.88 131.30 131.65 125.42

Jul 112.02 99.39 109.38 104.31 117.88 140.43 101.66 130.68 132.48 128.10

Aug 111.22 99.34 109.30 105.73 115.61 136.30 101.57 130.27 128.03 124.01

Sep 110.78 98.36 108.52 106.37 115.58 134.40 100.40 128.43 126.58 131.12

Oct 108.75 95.18 106.63 101.15 114.04 133.02 98.55 126.57 126.12 127.64

Source: IBGE

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


46

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

Monthly Monthly Monthly Monthly

2001 Jan 0.49 9.23 0.40 11.37 0.58 7.14 0.64 5.82

Feb 0.34 9.38 0.31 11.52 0.34 6.68 0.40 6.19

Mar 0.80 10.06 1.01 12.71 0.27 6.38 0.56 6.24

Apr 1.13 11.16 1.39 14.30 0.36 6.13 0.86 6.89

May 0.44 10.90 0.18 13.72 2.11 6.93 0.41 6.89

Jun 1.46 11.49 1.96 14.29 1.16 7.39 0.52 7.46

Jul 1.62 10.78 1.93 13.33 0.52 7.62 1.36 6.88

Aug 0.90 9.79 1.13 11.74 0.62 7.87 0.54 6.55

Sep 0.38 9.46 0.48 11.07 0.55 8.19 0.12 6.64

Oct 1.45 10.62 1.88 12.53 0.93 8.83 0.71 7.38

Nov 0.76 11.04 0.73 12.93 0.74 9.18 0.85 7.86

Dec 0.18 10.40 - 0.09 11.87 0.34 8.85 0.70 7.94

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

(continues)


47

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

Monthly Monthly Monthly Monthly

2001 Jan 0.62 9.29 0.38 4.18 0.57 5.92 0.77 5.44

Feb 0.23 9.15 0.11 4.54 0.46 6.27 0.49 5.90

Mar 0.56 9.60 0.51 4.83 0.38 6.44 0.48 6.27

Apr 1.00 10.44 0.61 5.37 0.58 6.61 0.84 7.07

May 0.86 11.05 0.17 5.52 0.41 7.04 0.57 7.73

Jun 0.98 11.19 0.85 6.23 0.52 7.35 0.60 8.06

Jul 1.48 11.09 1.21 6.03 1.33 7.05 1.11 7.76

Aug 1.38 10.01 1.15 5.61 0.70 6.41 0.79 7.31

Sep 0.31 9.08 0.32 5.66 0.28 6.46 0.44 7.32

Oct 1.18 9.95 0.74 6.43 0.83 7.19 0.94 8.16

Nov 1.10 10.84 0.61 7.14 0.71 7.61 1.29 9.24

Dec 0.22 10.38 0.25 7.13 0.65 7.67 0.74 9.44

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

Source: FGV, Fipe and IBGE

1/ General Price Index - (Domestic Supply).

2/ Wholesale Price Index - (Domestic Supply).

3/ National Index of Building Costs.

4/ Consumer Price Index - Brazil.

5/ General Price Index (Market).6/ Consumer Price Index - (Fipe).

7/ Broad National Consumer Price Index.

8/ National Consumer Price Index.

II - Money and credit


50

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

As of August, 2000

The National Monetary Council (CMN), through Resolution 2,682, dated 12.21.1999, revised the procedures utilized for

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

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

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

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

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

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

compared to the previous three classification levels.

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

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

operations.

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

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

2000 a new series on credit assets was initiated.

Further details on the alterations defined by Resolution 2,682 may be found at the Banco Central’s homepage

(http:\\www.bcb.gov.br). Please search for the Monetary Policy Press Release May 2000, following Economic Information,

Press Releases and Previous Editions.

As of November, 2001

With regard to the Banco Central and financial institutions’ analytical accounts (tables II.12 to II.17), changes are

consequent upon a sector-by-sector distribution of committed operations as of December 2000.

Previously, the result of committed operations had been included under the heading “other items (net)”. As data have

been broken down, the amounts were reclassified as credit, reserves (financial institutions’ available funds), deposits,

money market instruments and liabilities among financial institutions or among financial institutions and the Banco

Central.

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

As of June, 2002

In the tables II.13 to II.17, the following series have changed data since September, 2001:

a) Other claims on monetary authority, Claims on central government and Claims on private sector (tables II.13, II.15

and II.17);

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

The review was consequent upon changes in the Accounting Plan of National Financial System Institutions (Cosif).

The revised amounts for months prior to September 2001 may be found at the Banco Central do Brasil web site:

www.bcb.gov.br; Economic and Financial Information; Time Series.


51

II.1 - Factors affecting the monetary base

Flows in R$ million

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

Treasury1/ with federal sector rediscount derivative ac-

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

institutions3/ funds Adjustments issued reserves

1997 Dec - 1 614 9 732 - 653 2 148 - 572 209 - 364 - - 392 3 581 5 274 8 856

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 Jan 4 587 - 11 417 1 961 - - 217 - - 217 - - 235 - 5 214 - 109 - 5 322

Feb - 3 091 8 639 2 - 68 - 68 - - 91 733 4 794 5 527

Mar - 2 641 - 3 198 - 668 - 206 - 206 - - 222 - 1 421 - 5 102 - 6 523

Apr - 5 374 6 282 11 - 215 - 215 - - 1 592 323 - 780 - 457

May - 4 920 6 360 - 554 - - 8 - - 8 - - 337 - 209 751 542

Jun - 329 4 305 - 3 150 - - 253 - - 253 - - 52 905 - 383 521

Jul 2 029 423 - 2 370 - - 277 - - 277 - - 185 - 64 - 316 - 380

Aug - 6 008 10 210 - 2 886 - - 159 - - 159 - - 123 319 716 1 035

Sep - 2 085 8 763 - 3 130 - - 472 - - 472 - - 223 807 2 046 2 853

Oct 461 399 - 2 999 - - 128 - - 128 - - 141 - 203 - 2 204 - 2 407

Nov - 2 973 9 016 - 2 557 - - 168 - - 168 - - 159 1 457 1 702 3 159

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 - 908 - - 908 - 517 9 1 717 836 2 553

Sep - 3 052 8 997 - 3 004 3 - 309 - - 309 8 943 - 146 1 423 4 361 5 784

Oct - 296 20 565 - 5 535 - 3 - 280 - - 280 - 157 22 1 369 - 1 499 - 130

Nov - 2 175 3 788 - 629 1 295 - 295 - 1 484 89 1 883 - 1 964 - 81

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, and Earnings on voluntary deposits (as from December 1998).


52

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

R$ million

Period Monetary base Money supply

End of period Daily average1/ End of period Daily average

1/

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

issued reserves issued reserves outside deposits outside deposits

banks banks

1997 Dec 20 251 11 578 31 828 19 972 12 311 32 283 18 079 29 284 47 363 17 538 28 073 45 612

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 Jan 27 419 14 944 42 364 29 850 16 609 46 459 23 686 42 863 66 549 25 852 43 717 69 569

Feb 28 152 19 739 47 891 28 548 15 753 44 300 23 430 44 880 68 310 24 689 42 777 67 466

Mar 26 731 14 637 41 368 27 646 15 660 43 306 23 305 42 728 66 033 23 909 42 828 66 737

Apr 27 054 13 857 40 911 27 704 15 840 43 543 23 020 42 792 65 812 23 903 42 396 66 299

May 26 845 14 608 41 453 27 748 15 888 43 636 23 097 42 365 65 462 23 982 42 185 66 167

Jun 27 750 14 225 41 974 28 284 15 652 43 936 24 002 42 394 66 396 24 437 42 633 67 070

Jul 27 685 13 909 41 594 28 871 16 133 45 004 23 628 43 700 67 329 24 933 43 738 68 672

Aug 28 005 14 624 42 629 28 842 16 169 45 010 24 158 43 414 67 572 24 795 42 997 67 792

Sep 28 812 16 670 45 482 29 272 15 860 45 133 24 704 43 782 68 486 25 021 43 384 68 405

Oct 28 610 14 465 43 075 29 598 15 832 45 430 24 223 43 301 67 524 25 276 43 068 68 344

Nov 30 067 16 168 46 234 29 963 15 624 45 587 25 877 44 366 70 243 25 442 43 142 68 584

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 28 372 51 302 79 675 28 232 50 118 78 351

Jul 34 680 17 753 52 433 35 473 18 747 54 220 29 000 53 806 82 806 29 406 52 621 82 026

Aug 36 397 18 588 54 985 36 739 19 527 56 266 30 350 53 789 84 139 30 614 53 888 84 501

Sep 37 820 22 950 60 770 37 828 20 337 58 165 31 534 56 531 88 065 32 094 54 911 87 005

Oct 39 189 21 451 60 640 39 666 20 941 60 607 33 115 55 976 89 090 33 822 56 200 90 023

Nov 41 072 19 487 60 559 40 749 20 596 61 344 34 775 57 305 92 079 34 518 56 810 91 328

1/ Based on working days of the month indicated.

Note: Monetary programming for the fourth quarter 2002 (Base): R$65 billion - R$87.9 billion (average point of forecasts: 46.6% in 12 months).

Monetary programming for the fourth quarter 2002 (M1): R$93.5 billion - R$126.5 billion (average point of forecasts: 39.4% in 12 months).


53

II.3 - Monetary behavior factors1/

Working day average in month

Period Individual behavior Bank behavior Multiplier

1997 Dec 0.38 0.62 0.09 0.44 1.41

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 Jan 0.37 0.63 0.09 0.38 1.50

Feb 0.37 0.63 0.09 0.37 1.52

Mar 0.36 0.64 0.09 0.37 1.54

Apr 0.36 0.64 0.09 0.37 1.52

May 0.36 0.64 0.09 0.38 1.52

Jun 0.36 0.64 0.09 0.37 1.53

Jul 0.36 0.64 0.09 0.37 1.53

Aug 0.37 0.63 0.09 0.38 1.51

Sep 0.37 0.63 0.10 0.37 1.52

Oct 0.37 0.63 0.10 0.37 1.50

Nov 0.37 0.63 0.10 0.36 1.50

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

1/ Where (based on average daily balance):

C - Individual preference for currency PMPP - Currency outside banks

M1 - Money supply

D - Individual preference for demand deposits

DV - Demand deposits

R1 - Bank deposit ratio in currency CX - Bank currency reserves

R2 - Banking reserves ratio

RB - Banking reserves

K - Monetary base multiplier

B - Monetary base

CPMPP

M=

1D

DV

M=

1R

CX

DV1 = R

RB

DV2 = B

M

RRDCK 1

)21(

1=

++=


54

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

R$ million

Period Monetary Reserve Federal securities2/ Total Percentage

base requirements extended change

monetary in

Bacen securities National Treasury securities Total base month

securities

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

earnings position3/ position

1997 Dec 31 828 30 267 4 065 39 956 - 484 39 472 178 009 - 3 571 174 438 213 910 280 070 27.40

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 Jan 42 364 15 099 123 88 480 - 88 480 405 398 - 563 404 835 493 315 550 901 2.27

Feb 47 891 15 026 131 94 594 - 94 594 396 099 3 061 399 160 493 754 556 802 1.07

Mar 41 368 15 031 128 103 355 - 1 322 102 033 402 761 3 951 406 712 508 745 565 272 1.52

Apr 40 911 14 948 117 111 629 - 1 744 109 885 405 010 - 2 806 402 204 512 089 568 065 0.49

May 41 453 15 023 161 124 296 - 2 096 122 200 394 786 2 592 397 378 519 578 576 215 1.43

Jun 41 974 15 351 185 129 599 - 3 816 125 783 415 044 - 4 522 410 522 536 305 593 815 3.05

Jul 41 594 15 736 209 137 258 - 884 136 374 431 025 5 627 436 652 573 026 630 565 6.19

Aug 42 629 16 064 164 145 480 - 896 144 584 433 409 1 237 434 646 579 230 638 087 1.19

Sep 45 482 16 286 222 157 724 - 5 250 152 474 443 920 - 12 161 431 759 584 233 646 223 1.28

Oct 43 075 16 565 209 155 517 - 6 216 149 301 456 695 - 11 727 444 968 594 269 654 118 1.22

Nov 46 234 16 914 152 139 383 - 7 653 131 730 463 405 - 15 109 448 296 580 026 643 326 -1.65

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 74 682 - 74 682 524 677 61 665 586 342 661 024 775 683 0.03

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 fourth quarter of 2002 (extended base): R$669.8 billion - R$906.1 billion (average point of forecasts: 21.8% in 12 months).


55

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 Financing

4/ Total Portfolio Financing4/ Total

earnings position3/ position

1997 Dec 32 283 29 373 4 058 44 169 - 454 43 715 135 049 - 4 273 130 776 174 491 240 205 9.07

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 Jan 46 459 15 070 143 85 572 - 55 85 516 393 910 2 531 396 441 481 957 543 629 0.32

Feb 44 300 15 060 125 92 508 5 92 513 398 191 3 269 401 459 493 973 553 459 1.81

Mar 43 306 15 045 126 98 681 - 105 98 575 400 378 3 275 403 653 502 229 560 706 1.31

Apr 43 543 14 974 127 106 991 - 1 113 105 878 402 786 - 186 402 600 508 478 567 122 1.14

May 43 636 14 980 136 115 954 - 1 674 114 281 397 687 616 398 303 512 584 571 336 0.74

Jun 43 936 15 202 150 126 717 - 2 030 124 687 394 566 2 188 396 754 521 441 580 730 1.64

Jul 45 004 15 542 196 138 052 - 2 467 135 585 425 779 211 425 990 561 575 622 317 7.16

Aug 45 010 15 927 181 142 574 - 1 080 141 495 430 823 894 431 717 573 211 634 329 1.93

Sep 45 133 16 691 173 151 608 - 3 466 148 142 439 897 - 4 284 435 613 583 755 645 752 1.80

Oct 45 430 16 460 193 159 792 - 6 311 153 482 447 728 - 10 796 436 931 590 413 652 497 1.04

Nov 45 587 16 774 171 143 604 - 6 605 136 999 455 338 - 11 167 444 171 581 169 643 700 -1.35

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 78 080 - 78 080 523 671 55 231 578 901 656 981 772 389 -0.74

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.


56

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/

1997 Dec 47 363 98 211 94 201 239 775 100 637 - 340 412 62 019 3 608 406 039

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 Jan 66 549 112 272 97 676 276 498 265 605 20 812 562 915 92 552 1 901 657 368

Feb 68 310 112 832 98 621 279 763 269 485 20 964 570 211 94 331 1 910 666 453

Mar 66 033 112 399 99 947 278 378 273 123 19 647 571 148 101 650 1 905 674 703

Apr 65 812 112 749 101 038 279 599 273 839 20 340 573 778 103 902 1 866 679 546

May 65 462 113 892 104 125 283 478 278 253 20 152 581 884 105 174 2 163 689 220

Jun 66 396 114 874 107 789 289 059 275 268 26 612 590 939 100 150 2 332 693 420

Jul 67 329 115 509 107 629 290 466 282 022 28 521 601 009 113 526 2 376 716 912

Aug 67 572 116 061 111 987 295 619 287 257 24 152 607 028 121 631 2 372 731 031

Sep 68 486 116 738 111 351 296 575 291 071 22 582 610 227 133 913 2 457 746 598

Oct 67 524 116 399 111 977 295 901 293 544 23 019 612 464 135 843 2 496 750 803

Nov 70 243 117 676 114 031 301 951 289 598 22 875 614 424 140 903 2 532 757 858

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 79 675 126 974 135 389 342 037 285 348 11 137 638 523 128 269 2 795 769 586

Jul 82 806 131 993 138 747 353 546 276 541 10 800 640 887 127 695 2 839 771 421

Aug 84 139 136 872 146 820 367 831 267 922 11 526 647 280 113 802 2 881 763 962

Sep 88 065 138 716 149 001 375 782 272 009 10 714 658 505 115 982 2 130 776 618

Oct 89 090 139 522 153 843 382 456 272 107 11 663 666 225 118 299 1 896 786 420

Nov* 92 079 140 313 153 253 385 645 279 707 13 009 678 361 117 202 1 891 797 454

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 fourth quarter 2002 (M4): R$698.8 billion - R$945.4 billion (average point of forecasts: 8.7% in 12 months).


57

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/

1997 Dec 11.7 24.2 23.2 59.1 24.8 0.0 83.8 15.3 0.9 100.0

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 Jan 10.1 17.1 14.9 42.1 40.4 3.2 85.6 14.1 0.3 100.0

Feb 10.2 16.9 14.8 42.0 40.4 3.1 85.6 14.2 0.3 100.0

Mar 9.8 16.7 14.8 41.3 40.5 2.9 84.7 15.1 0.3 100.0

Apr 9.7 16.6 14.9 41.1 40.3 3.0 84.4 15.3 0.3 100.0

May 9.5 16.5 15.1 41.1 40.4 2.9 84.4 15.3 0.3 100.0

Jun 9.6 16.6 15.5 41.7 39.7 3.8 85.2 14.4 0.3 100.0

Jul 9.4 16.1 15.0 40.5 39.3 4.0 83.8 15.8 0.3 100.0

Aug 9.2 15.9 15.3 40.4 39.3 3.3 83.0 16.6 0.3 100.0

Sep 9.2 15.6 14.9 39.7 39.0 3.0 81.7 17.9 0.3 100.0

Oct 9.0 15.5 14.9 39.4 39.1 3.1 81.6 18.1 0.3 100.0

Nov 9.3 15.5 15.0 39.8 38.2 3.0 81.1 18.6 0.3 100.0

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 11.0 17.9 19.2 48.1 35.1 1.5 84.7 14.9 0.4 100.0

Sep 11.3 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 19.2 48.4 35.1 1.6 85.1 14.7 0.2 100.0

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

2/ Excludes guaranties issued primarily by financial institutions.




58

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

1997 Dec 2.3 1.3 3.5 2.0 3.3 5.3 10.9

1998 Dec 2.6 1.6 4.2 2.3 3.2 5.5 11.7

1999 Dec 2.8 1.8 4.6 2.5 3.5 6.0 10.6

2000 Dec 2.9 1.3 4.2 2.5 4.0 6.5 9.8

2001 Jan 2.4 1.3 3.7 2.1 3.7 5.8 9.8

Feb 2.4 1.7 4.2 2.0 3.9 5.9 9.8

Mar 2.3 1.3 3.5 2.0 3.7 5.7 9.6

Apr 2.3 1.2 3.5 2.0 3.6 5.6 9.6

May 2.3 1.2 3.5 1.9 3.6 5.5 9.6

Jun 2.3 1.2 3.5 2.0 3.5 5.5 9.6

Jul 2.3 1.1 3.4 2.0 3.6 5.6 9.5

Aug 2.3 1.2 3.5 2.0 3.6 5.6 9.6

Sep 2.4 1.4 3.7 2.0 3.6 5.6 9.5

Oct 2.3 1.2 3.5 2.0 3.5 5.5 9.4

Nov 2.4 1.3 3.7 2.1 3.6 5.7 9.5

Dec 3.0 1.3 4.3 2.6 4.1 6.7 9.7

2002 Jan 2.6 1.4 4.0 2.2 3.8 6.0 9.7

Feb 2.6 1.3 3.9 2.2 3.8 6.0 9.7

Mar 2.6 1.3 3.9 2.2 3.7 5.9 9.7

Apr 2.5 1.2 3.7 2.1 3.9 6.0 9.6

May 2.6 1.5 4.1 2.1 3.7 5.8 9.5

Jun 2.6 1.3 3.9 2.2 4.0 6.2 9.8

Jul 2.6 1.3 4.0 2.2 4.1 6.3 10.0

Aug 2.7 1.4 4.1 2.3 4.0 6.2 10.2

Sep 2.7 1.6 4.4 2.3 4.1 6.3 10.0

Oct 2.7 1.5 4.2 2.3 3.8 6.1 9.6

Nov* 2.7 1.3 4.0 2.3 3.8 6.1 9.3

(continues)


59

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

(concluded) Percentage share

Period Private M2 Quotas of Operations M3 Federal State and M4

securities2/ fixed-income committed securities municipal


securities4/

1997 Dec 10.5 26.7 11.2 0.0 37.9 6.9 0.4 45.2

1998 Dec 10.4 27.6 13.1 0.0 40.6 8.8 0.2 49.7

1999 Dec 9.6 26.2 17.6 0.9 44.6 7.7 0.1 52.5

2000 Dec 8.6 24.9 22.3 1.7 48.9 8.2 0.2 57.2

2001 Jan 8.5 24.1 23.2 1.8 49.2 8.1 0.2 57.4

Feb 8.6 24.3 23.4 1.8 49.5 8.2 0.2 57.9

Mar 8.6 23.9 23.4 1.7 48.9 8.7 0.2 57.8

Apr 8.6 23.7 23.2 1.7 48.6 8.8 0.2 57.6

May 8.7 23.8 23.4 1.7 48.9 8.8 0.2 57.9

Jun 9.0 24.1 22.9 2.2 49.3 8.3 0.2 57.8

Jul 8.9 24.0 23.3 2.4 49.7 9.4 0.2 59.2

Aug 9.2 24.3 23.6 2.0 50.0 10.0 0.2 60.2

Sep 9.1 24.2 23.8 1.8 49.9 10.9 0.2 61.0

Oct 9.1 24.0 23.8 1.9 49.6 11.0 0.2 60.8

Nov 9.2 24.4 23.4 1.8 49.6 11.4 0.2 61.1

Dec 9.5 25.9 23.0 1.5 50.4 10.4 0.2 60.9

2002 Jan 9.6 25.3 23.8 1.2 50.4 10.5 0.2 61.0

Feb 9.8 25.5 24.1 1.0 50.6 10.2 0.2 61.1

Mar 10.5 26.1 24.1 1.3 51.5 9.7 0.2 61.3

Apr 10.2 25.8 24.3 1.0 51.0 9.9 0.2 61.1

May 10.3 25.6 23.9 0.9 50.4 9.8 0.2 60.4

Jun 10.5 26.4 22.0 0.9 49.3 9.9 0.2 59.5

Jul 10.5 26.8 21.0 0.8 48.6 9.7 0.2 58.5

Aug 10.9 27.3 19.9 0.9 48.0 8.4 0.2 56.7

Sep 10.7 27.0 19.5 0.8 47.3 8.3 0.2 55.8

Oct 10.6 26.2 18.7 0.8 45.7 8.1 0.1 53.9

Nov* 10.1 25.5 18.5 0.9 44.9 7.8 0.1 52.8

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.




60

II.9 - Income-velocity of money1/

End-of- M1 M2 M3 M4

period

1997 Dec 19.0 3.7 2.6 2.2

1998 Dec 18.2 3.6 2.5 2.0

1999 Dec 16.7 3.8 2.2 1.9

2000 Dec 15.3 4.0 2.0 1.7

2001 Jan 17.2 4.1 2.0 1.7

Feb 16.9 4.1 2.0 1.7

Mar 17.7 4.2 2.0 1.7

Apr 17.9 4.2 2.1 1.7

May 18.2 4.2 2.0 1.7

Jun 18.1 4.2 2.0 1.7

Jul 18.0 4.2 2.0 1.7

Aug 18.0 4.1 2.0 1.7

Sep 17.9 4.1 2.0 1.6

Oct 18.3 4.2 2.0 1.6

Nov 17.6 4.1 2.0 1.6

Dec 14.8 3.9 2.0 1.6

2002 Jan 16.6 3.9 2.0 1.6

Feb 16.8 3.9 2.0 1.6

Mar 17.0 3.8 1.9 1.6

Apr 16.7 3.9 2.0 1.6

May 17.2 3.9 2.0 1.7

Jun 16.2 3.8 2.0 1.7

Jul 15.9 3.7 2.1 1.7

Aug 16.0 3.7 2.1 1.8

Sep 15.8 3.7 2.1 1.8

Oct 16.4 3.8 2.2 1.9

Nov* 16.4 3.9 2.2 1.9

Source: Bacen and IBGE

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

based on the series published by the IBGE.


61

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

Accumulated flows in R$ million

Itemization 2001 2002

March June September December March June September November

A - Currency outside banks1/ - 2 769 - 2 241 - 1 657 3 962 - 2 922 - 2 408 1 454 3 878

B - Net adjusted international reserves2/ 3 124 6 243 - 303 - 8 841 2 291 - 1 377 - 22 429 - 35 518

C - Net domestic assets (A-B) - 5 893 - 8 484 - 1 354 12 803 - 5 213 - 1 031 23 883 39 396

1/ Working day average balance.

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


62

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

R$ million

End-of- Credits to financial institutions1/ Memorandum

period

Liquidity loans2/ Special Others

3/ Total Banking Total

transactions

Government Private

1997 Dec 14 544 1 225 53 151 68 920 41 934 26 986 68 920

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 Jan 8 402 - 23 614 32 016 9 982 22 034 32 016

Feb 8 470 - 23 252 31 722 10 342 21 380 31 722

Mar 8 710 - 23 740 32 450 10 463 21 987 32 450

Apr 8 798 - 21 801 30 599 10 523 20 076 30 599

May 8 889 - 20 140 29 029 10 583 18 446 29 029

Jun - - 20 829 20 829 1 660 19 169 20 829

Jul - - 20 834 20 834 1 624 19 210 20 834

Aug - - 20 877 20 877 1 600 19 277 20 877

Sep - - 21 715 21 715 1 566 20 149 21 715

Oct - - 21 741 21 741 1 534 20 207 21 741

Nov - - 21 751 21 751 1 504 20 247 21 751

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

(continues)


63


(continued) R$ million

End-of- Securities Open-market operations

period

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

securities market value commitments) (repurchase

Not Earmarked Earmarked to reduction5/ commitments)

earmarked to foreign liability

repurchase (NTN-L)4/

1997 Dec 25 009 10 094 1 982 5 - 261 36 829 1 051 - 2 104 - 1 053

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 Jan 114 924 20 638 - 1 828 1 260 138 650 - - 21 369 - 21 369

Feb 122 956 14 493 - 1 906 995 140 350 - - 15 254 - 15 254

Mar 127 810 13 713 - 1 804 431 143 758 1 570 - 14 524 - 12 954

Apr 130 925 10 898 - 1 882 - 280 143 425 5 555 - 11 436 - 5 881

May 139 541 9 616 - 2 012 - 916 150 253 2 144 - 9 979 - 7 835

Jun 150 359 9 403 - 2 865 - 1 157 161 470 10 244 - 9 528 716

Jul 151 249 11 749 - 2 996 - 2 714 163 280 - - 11 876 - 11 876

Aug 156 531 9 137 - 3 126 - 2 269 166 525 - - 9 174 - 9 174

Sep 163 369 9 416 - 3 022 - 2 768 173 039 17 755 - 9 438 8 317

Oct 177 206 9 871 - 3 072 - 3 094 187 055 18 293 - 9 874 8 419

Nov 175 763 10 209 - 2 948 - 1 222 187 698 22 514 - 10 129 12 385

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

(continues)


64



End-of- Foreign assets Funds and Other Total assets

period program accounts (net

Foreign currency Stocks and Gold SDR Total operations balance)

quotas of (IMF)

Available funds Agreements Others Total international

and short-term organizations

investment

1997 Dec 41 460 574 18 633 60 667 4 936 996 1 66 600 2 628 13 708 187 632

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 Jan 38 719 108 37 045 75 872 7 819 919 64 84 674 5 068 7 197 246 235

Feb 36 279 200 43 829 80 308 8 080 759 6 89 153 5 621 7 895 259 487

Mar 33 340 192 47 635 81 167 8 331 589 6 90 093 5 897 8 138 267 381

Apr 32 876 265 50 445 83 586 8 454 413 62 92 515 6 017 8 106 274 780

May 39 251 92 52 794 92 137 9 050 461 7 101 655 6 224 8 167 287 493

Jun 44 125 156 52 077 96 358 8 779 457 12 105 606 3 269 11 619 303 510

Jul 42 509 208 55 325 98 042 9 357 470 89 107 958 3 578 11 773 295 547

Aug 48 665 268 59 107 108 040 10 049 487 16 118 592 3 949 11 708 312 477

Sep 59 499 70 62 965 122 534 10 526 372 99 133 531 4 332 12 272 353 206

Oct 48 703 115 57 002 105 820 10 578 363 203 116 964 4 549 11 806 350 534

Nov 45 365 119 55 997 101 481 9 788 339 27 111 635 4 723 12 521 350 713

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

(continues)


65

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


End-of- Currency and security liabilities

period

Monetary base Securities issued by the Bacen Total

Currency Banking reserves Total Banco Banco Banco Earnings Total

issued Central Central Central appropriation

Government Private Total bills bonds notes

(LBC) (BBC) (NBC)

1997 Dec 20 251 7 352 4 225 11 577 31 828 25 766 28 329 11 629 - 65 724 97 552

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 Jan 27 419 7 358 7 586 14 944 42 363 - - 88 562 56 88 618 130 981

Feb 28 152 10 578 9 161 19 739 47 891 - - 94 612 54 94 666 142 557

Mar 26 731 8 139 6 498 14 637 41 368 - - 103 464 52 103 516 144 884

Apr 27 054 7 399 6 458 13 857 40 911 - - 110 471 50 110 521 151 432

May 26 845 8 380 6 228 14 608 41 453 - - 122 483 48 122 531 163 984

Jun 27 750 7 947 6 278 14 225 41 975 - - 128 970 46 129 016 170 991

Jul 27 685 7 897 6 012 13 909 41 594 - - 136 713 44 136 757 178 351

Aug 28 005 7 930 6 694 14 624 42 629 - - 145 109 42 145 151 187 780

Sep 28 812 9 539 7 131 16 670 45 482 - - 157 543 40 157 583 203 065

Oct 28 610 7 285 7 180 14 465 43 075 - - 155 420 38 155 458 198 533

Nov 30 067 8 525 7 642 16 167 46 234 - - 140 165 37 140 202 186 436

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

(continues)


66



End-of- Deposits

period

Foreign Brazilian Financial Short- Asset and Others7/ Total

currency savings investment term liabilities

deposits and loan funds financial operations

system investment

funds6/

1997 Dec 12 13 614 407 3 319 337 17 131 34 820

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 Jan 13 15 064 - - 122 138 15 337

Feb 14 15 001 - - 130 206 15 351

Mar 14 15 010 - - 128 284 15 436

Apr 15 14 936 - - 116 283 15 350

May 16 15 015 - - 160 292 15 483

Jun 15 15 342 - - 185 713 16 255

Jul 16 15 709 - - 208 3 301 19 234

Aug 17 16 052 - - 163 6 366 22 598

Sep 18 16 275 - - 220 4 079 20 592

Oct 18 16 555 - - 208 1 966 18 747

Nov 17 16 902 - - 151 2 780 19 850

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

(continues)


67



End-of- National Treasury operations

period

Non-earmarked resources Earmarked resources Total

Fiscal Non-fiscal Total Compulsory on From the Total

vehicles and fuels Bacen to the

National Treasury

1997 Dec 32 189 - 32 189 8 946 - 8 946 41 135

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 Jan 72 953 - 72 953 - 1 165 1 165 74 118

Feb 72 447 - 72 447 - 1 113 1 113 73 560

Mar 79 133 389 79 522 - 1 132 1 132 80 654

Apr 83 726 294 84 020 - - - 84 020

May 83 599 572 84 171 - - - 84 171

Jun 84 467 26 84 493 - - - 84 493

Jul 68 058 614 68 672 - - - 68 672

Aug 70 659 355 71 014 - - - 71 014

Sep 82 399 165 82 564 - - - 82 564

Oct 88 123 450 88 573 - - - 88 573

Nov 93 258 625 93 883 - - - 93 883

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

(continues)


68



End-of- Funds and Foreign liabilities

period programs

resources Deposits earmarked to foreign debt

Brazilian Paris Club Under Other deposits Total

Financing Resolution 1,564

Plan dated 1.16.1989

1997 Dec 2 715 1 598 525 18 64 2 205

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 Jan 5 068 1 830 78 - 65 3 539 5 382

Feb 5 621 1 911 3 - 3 616 5 530

Mar 5 897 1 830 4 - 3 743 5 577

Apr 6 017 1 859 4 - 3 815 5 678

May 6 224 2 018 4 - 4 050 6 072

Jun 3 269 1 980 4 - 8 536 10 520

Jul 3 578 2 099 4 - 9 143 11 246

Aug 3 949 2 214 4 - 9 777 11 995

Sep 4 332 2 105 4 - 20 582 22 691

Oct 4 549 2 140 4 - 23 060 25 204

Nov 4 723 2 005 4 - 21 372 23 381

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

(continues)


69


(concluded) R$ million

End-of- Foreign liabilities Own resources Total liabilities

period

Liabilities based on International Others Total

agreements organizations

1997 Dec 692 4 584 271 7 752 3 658 187 632

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 Jan 167 9 078 1 527 16 154 4 577 246 235

Feb 230 9 383 3 216 18 359 4 039 259 487

Mar 255 9 693 1 473 16 998 3 512 267 381

Apr 331 9 840 2 396 18 245 - 284 274 780

May 124 10 660 2 791 19 647 - 2 016 287 493

Jun 191 10 147 4 152 25 010 3 492 303 510

Jul 226 10 823 2 659 24 954 758 295 547

Aug 249 11 606 3 067 26 917 219 312 477

Sep 105 12 167 12 211 47 174 - 4 521 353 206

Oct 129 12 230 3 338 40 901 - 769 350 534

Nov 141 11 330 5 343 40 195 5 626 350 713

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

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.


70

II.12 - Monetary authority

R$ million

Itemization 2002

May Jun Jul Aug Sep Oct Nov

Assets 293 622 339 777 376 155 372 196 427 550 408 060 407 964

Foreign assets 84 472 119 103 142 172 118 441 150 074 130 638 127 744

Claims on central governmment (includes securities debt) 204 734 215 518 229 658 248 245 271 100 272 206 275 557

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

Claims on private sector - - - - - - -

Claims on deposit money banks 1 286 2 154 3 142 4 385 5 035 3 923 3 481

Claims on other banking institutions 1 939 1 628 - - - 44 -

Claims on nonbanking financial institutions 1 191 1 374 1 183 1 125 1 341 1 249 1 182

Liabilities 293 622 339 777 376 155 372 196 427 550 408 060 407 964

Reserve money (IMF) 81 122 93 954 107 643 136 186 156 560 173 662 180 171

of which: currency outside deposit money banks 27 043 28 336 28 937 30 834 31 521 33 139 34 782

Money market instruments 7 743 7 882 7 994 8 313 8 599 9 208 9 396

Liabilities for Banco Central securities 107 118 114 236 99 540 74 553 93 574 85 031 75 677

Foreign currency deposits 16 18 22 20 25 24 23

Foreign liabilities 10 653 41 297 49 466 43 771 67 617 63 229 63 201

Long-term foreign liabilities 5 200 9 034 21 725 19 358 17 410 17 900 15 017

Central government deposits 106 170 104 583 122 735 120 724 119 207 97 323 96 957

Capital accounts 2 697 - 4 291 - 4 755 - 6 700 - 11 591 - 13 092 - 12 245

Other items (net) - 27 097 - 26 936 - 28 214 - 24 028 - 23 851 - 25 225 - 20 232


71

II.13 - Deposit money banks1/

R$ million

Itemization 2002


Assets 720 431 752 229 776 236 785 469 837 992 834 150 837 153

Reserves 54 013 64 644 74 888 104 896 123 559 139 114 144 663

Other claims on monetary authority 48 015 48 540 43 714 38 448 45 497 44 042 38 791

Foreign assets 39 585 43 625 52 584 42 357 53 640 50 543 47 386


Claims on state and local governments (includes securities debt) 2 883 2 898 3 233 3 110 3 411 2 406 2 424

Claims on nonfinancial public enterprises 1 835 2 046 2 301 2 227 2 601 2 425 2 344

Claims on private sector 357 106 364 787 369 108 365 586 381 949 379 902 384 512

Claims on other banking institutions 3 722 3 175 2 715 2 089 2 319 1 598 1 503


Liabilities 720 431 752 229 776 236 785 469 837 992 834 150 837 153

Demand deposits 46 410 50 933 53 156 54 098 56 614 55 463 56 904

Time, savings and other deposits 282 670 293 410 302 571 315 982 321 639 327 768 328 111


Restricted deposits - - - - - - -

Foreign liabilities 68 942 80 470 94 960 76 976 96 556 89 627 84 894



Credit from monetary authority 1 162 4 044 3 538 4 727 5 628 4 443 4 037

Liabilities to other banking institutions 41 984 42 064 43 439 46 572 48 856 48 848 50 667

Liabilities to nonbanking financial institutions 69 335 65 757 65 354 79 992 82 146 88 307 89 132

Capital accounts 176 110 179 014 178 114 180 698 183 833 184 655 188 301

Other items (net) - 31 671 - 33 290 - 37 179 - 38 387 - 30 640 - 31 804 - 29 010

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


72

II.14 - Monetary survey1/

R$ million

Itemization 2002


Assets 713 850 738 455 748 613 757 022 794 719 792 696 802 109

Foreign assets (net) 44 463 40 961 50 330 40 051 39 542 28 325 27 036

Domestic credit 669 388 697 494 698 283 716 970 755 177 764 370 775 074

Claims on central government (net) - includes securities debt 299 603 319 019 317 808 341 333 361 917 374 743 381 428




Claims on other banking institutions 5 661 4 803 2 715 2 089 2 319 1 642 1 503


Liabilities 713 850 738 455 748 613 757 022 794 719 792 696 802 109

Money 73 950 79 740 85 200 84 992 88 201 88 664 91 837

Quasi-money 282 670 293 410 302 571 315 982 321 639 327 768 328 111


Liabilities for Banco Central securities 59 103 65 696 55 826 36 105 48 077 40 989 36 886

Restricted deposits 16 18 22 20 25 24 23


Liabilities to other banking institutions 41 984 42 064 43 439 46 572 48 856 48 848 50 667



Other items (net) - 59 323 - 57 833 - 64 287 - 61 677 - 52 484 - 55 162 - 48 112

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


73

II.15 - Other banking institutions1/

R$ million

Itemization 2002


Assets 147 528 151 889 161 058 160 286 177 586 178 074 179 764

Reserves 596 607 3 175 375 761 376 458

Other claims on monetary authority 851 706 620 632 721 558 598

Foreign assets 344 321 354 373 843 1 431 721






Claims on nonbanking financial institutions 156 17 - - - 2 -

Liabilities 147 528 151 889 161 058 160 286 177 586 178 074 179 764

Demand deposits - - - - - - -

Time, savings and other deposits 4 849 4 600 4 843 5 378 5 371 4 952 4 904

Money market instruments 824 939 1 152 979 1 043 780 842


Foreign liabilities 1 056 1 521 1 645 928 1 378 1 025 970



Credit from monetary authority 317 306 280 283 285 314 289

Credit from deposit money banks 2 005 1 774 1 995 1 255 1 568 1 283 1 485

Liabilities to nonbanking financial institutions 433 367 566 358 558 694 735


Other items (net) 20 937 20 408 20 709 21 948 25 339 26 943 26 993

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

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


74

II.16 - Banking survey1/

R$ million

Itemization 2002


Assets 759 908 786 371 800 426 810 107 852 360 852 569 861 329

Foreign assets (net) 43 751 39 761 49 039 39 496 39 007 28 731 26 787

Domestic credit 716 157 746 610 751 387 770 611 813 353 823 838 834 542






Liabilities 759 908 786 371 800 426 810 107 852 360 852 569 861 329

Liquidity liabilities 360 873 377 143 389 439 405 977 414 450 421 008 424 393


Liabilities for Central Bank securities 58 253 64 990 55 206 35 474 47 356 40 431 36 288

Restricted deposits 16 18 22 20 25 24 23




Other items (net) - 66 265 - 67 934 - 74 808 - 67 644 - 63 239 - 62 374 - 55 322

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


75

II.17 - Nonbanking financial institutions1/

R$ million

Itemization 2002


Assets 20 154 22 376 22 531 22 004 22 288 23 209 22 047

Reserves 6 5 6 15 19 20 5

Other claims on monetary authority 1 007 1 055 1 144 1 114 1 302 1 241 1 213

Foreign assets 28 32 35 30 39 35 34


Claims on state and local governments (includes securities debt) 15 10 10 10 7 4 3

Claims on nonfinancial public enterprises 63 77 82 88 95 111 94



Claims on other banking institutions 19 13 71 8 14 10 40

Liabilities 20 154 22 376 22 531 22 004 22 288 23 209 22 047



Foreign liabilities 889 610 724 637 828 769 775


Central government deposits 4 4 5 - 2 - -

Credit from monetary authority - 461 63 35 269 182 190

Credit from deposit money banks 1 136 1 083 1 373 1 292 1 000 1 184 575

Liabilities to other banking institutions 970 803 763 696 740 754 736


Other items (net) - 12 645 - 12 586 - 13 261 - 13 275 - 13 530 - 13 781 - 13 943

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


76

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

End-of-period balances

R$ million

Period Public sector2/ Private sector Total

Federal State and Public Industry Housing Rural Commerce Individuals Other Private

government municipal sector services sector

governments total total

2000 Dec 3 584 8 979 12 563 85 787 55 966 27 082 31 747 60 725 46 153 307 460 320 023

2001 Jan 3 174 9 073 12 247 84 182 53 930 27 151 31 695 63 431 47 172 307 561 319 808

Feb 3 173 8 979 12 152 87 916 53 553 27 830 32 775 65 036 49 027 316 137 328 289

Mar 3 406 9 667 13 073 90 672 53 547 27 927 33 474 67 666 50 447 323 733 336 806

Apr 3 666 9 835 13 501 91 429 53 170 28 213 34 027 75 705 51 755 334 299 347 800

May 3 756 9 943 13 699 94 340 52 952 28 376 34 476 77 366 52 735 340 245 353 944

Jun 3 783 5 447 9 230 94 781 22 750 23 435 35 460 72 347 53 909 302 682 311 912

Jul 3 898 5 551 9 449 97 960 22 968 23 506 35 556 73 002 54 428 307 420 316 869

Aug 3 911 5 621 9 532 100 986 23 153 23 988 35 874 74 024 56 801 314 826 324 358

Sep 3 939 5 730 9 669 103 778 23 581 25 046 36 673 74 703 59 061 322 842 332 511

Oct 4 003 5 754 9 757 103 207 23 756 25 981 36 734 76 098 59 740 325 516 335 273

Nov 3 864 5 715 9 579 101 236 23 897 26 741 37 009 77 282 60 872 327 037 336 616

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 7 168 11 166 119 871 24 236 29 162 40 510 83 233 67 620 364 632 375 798

Oct* 3 490 6 367 9 857 117 636 24 280 30 890 39 954 84 165 65 716 362 641 372 498

Nov* 3 376 6 596 9 972 118 827 24 383 31 860 40 631 84 354 66 340 366 395 376 367

1/ Leasing operations included.

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


77

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


R$ million





2000 Dec 1 035 688 1 723 53 013 9 967 7 994 25 748 46 202 34 925 177 849 179 572

2001 Jan 994 672 1 666 51 883 9 842 7 816 25 585 48 637 35 742 179 505 181 171

Feb 1 049 680 1 729 54 610 9 807 8 025 26 492 49 753 37 141 185 828 187 557

Mar 1 130 639 1 769 57 293 9 660 8 146 27 136 51 751 38 277 192 263 194 032

Apr 1 187 640 1 827 59 374 9 563 8 423 27 519 53 773 39 660 198 312 200 139

May 1 236 646 1 882 61 506 9 548 8 549 27 847 54 978 40 439 202 867 204 749

Jun 1 182 650 1 832 61 655 9 508 8 872 28 712 56 091 41 110 205 948 207 780

Jul 1 235 654 1 889 64 276 9 533 9 060 28 530 56 619 41 737 209 755 211 644

Aug 1 287 637 1 924 66 041 9 533 9 316 28 629 57 316 42 834 213 669 215 593

Sep 1 328 651 1 979 68 199 9 492 9 710 29 222 57 845 44 171 218 639 220 618

Oct 1 408 651 2 059 67 640 9 483 9 987 29 072 58 678 44 576 219 436 221 495

Nov 1 329 653 1 982 65 145 9 457 10 217 28 962 59 536 44 651 217 968 219 950

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 69 403 8 841 11 049 31 737 64 216 48 514 233 760 236 485

Oct* 1 956 712 2 668 67 652 8 760 11 677 31 231 64 280 46 933 230 533 233 201 Nov* 1 855 770 2 625 68 134 8 684 12 135 31 839 64 226 47 226 232 244 234 869




78

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


R$ million





2000 Dec 2 549 8 291 10 840 32 774 45 999 19 088 5 999 14 523 11 228 129 611 140 451

2001 Jan 2 180 8 401 10 581 32 299 44 088 19 335 6 110 14 794 11 430 128 056 138 637

Feb 2 124 8 299 10 423 33 306 43 746 19 805 6 283 15 283 11 886 130 309 140 732

Mar 2 276 9 028 11 304 33 379 43 887 19 781 6 338 15 915 12 170 131 470 142 774

Apr 2 479 9 195 11 674 32 055 43 607 19 790 6 508 21 932 12 095 135 987 147 661

May 2 520 9 297 11 817 32 834 43 404 19 827 6 629 22 388 12 296 137 378 149 195

Jun 2 601 4 797 7 398 33 126 13 242 14 563 6 748 16 256 12 799 96 734 104 132

Jul 2 663 4 897 7 560 33 684 13 435 14 446 7 026 16 383 12 691 97 665 105 225

Aug 2 624 4 984 7 608 34 945 13 620 14 672 7 245 16 708 13 967 101 157 108 765

Sep 2 611 5 079 7 690 35 579 14 089 15 336 7 451 16 858 14 890 104 203 111 893

Oct 2 595 5 103 7 698 35 567 14 273 15 994 7 662 17 420 15 164 106 080 113 778

Nov 2 535 5 062 7 597 36 091 14 440 16 524 8 047 17 746 16 221 109 069 116 666

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 6 444 8 441 50 468 15 395 18 113 8 773 19 017 19 106 130 872 139 313

Oct* 1 534 5 655 7 189 49 984 15 520 19 213 8 723 19 885 18 783 132 108 139 297 Nov* 1 521 5 826 7 347 50 693 15 699 19 725 8 792 20 128 19 114 134 151 141 498




79

II.21 - Credit operations in the financial system1/

Balances in R$ million and % participation on total

Segment November 2002*

Total Risk level

AA A B C D E F G H

Public sector2/ 9 972 2 894 2 123 3 812 142 587 111 3 2 298

100.0 29.0 21.3 38.2 1.4 5.9 1.1 0.0 0.0 3.0

Federal government 3 376 2 189 565 611 0 0 0 0 0 11

100.0 64.8 16.7 18.1 0.0 0.0 0.0 0.0 0.0 0.3

State and municipal governments 6 596 705 1 558 3 201 142 587 111 3 2 287

100.0 10.7 23.6 48.5 2.2 8.9 1.7 0.0 0.0 4.4

Private sector 366 395 97 132 122 439 63 704 36 914 19 828 5 443 5 003 2 771 13 161

100.0 26.5 33.4 17.4 10.1 5.4 1.5 1.4 0.8 3.6

Industry 118 827 45 115 25 905 24 147 12 691 5 610 1 261 1 122 340 2 636

100.0 38.0 21.8 20.3 10.7 4.7 1.1 0.9 0.3 2.2

Housing 24 383 2 240 7 936 3 385 3 457 4 573 535 327 241 1 689

100.0 9.2 32.5 13.9 14.2 18.8 2.2 1.3 1.0 6.9

Rural 31 860 8 151 11 425 5 662 3 806 799 492 300 436 789

100.0 25.6 35.9 17.8 11.9 2.5 1.5 0.9 1.4 2.5

Commerce 40 631 11 231 13 358 6 975 4 753 1 530 630 408 405 1 341

100.0 27.6 32.9 17.2 11.7 3.8 1.6 1.0 1.0 3.3

Individuals 84 354 6 724 46 697 11 003 5 896 4 742 1 760 1 308 979 5 245

100.0 8.0 55.4 13.0 7.0 5.6 2.1 1.6 1.2 6.2

Other services 66 340 23 671 17 118 12 532 6 311 2 574 765 1 538 370 1 461

100.0 35.7 25.8 18.9 9.5 3.9 1.2 2.3 0.6 2.2

Total 376 367 100 026 124 562 67 516 37 056 20 415 5 554 5 006 2 773 13 459

100.0 26.6 33.1 17.9 9.8 5.4 1.5 1.3 0.7 3.6

(continues)


80

II.21 - Credit operations in the financial system1/

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

Segment October 2002*

Total Risk level

AA A B C D E F G H

Public sector2/ 9 857 2 720 2 146 3 716 162 756 82 3 2 270

100.0 27.6 21.8 37.7 1.6 7.7 0.8 0.0 0.0 2.7


100.0 62.2 16.4 17.9 0.2 2.9 0.0 0.0 0.0 0.3


100.0 8.6 24.7 48.5 2.4 10.3 1.3 0.0 0.0 4.1

Private sector 362 641 97 186 121 654 63 706 34 678 19 015 5 487 5 183 2 656 13 076

100.0 26.8 33.5 17.6 9.6 5.2 1.5 1.4 0.7 3.6

Industry 117 636 45 540 25 895 24 551 10 958 5 175 1 430 1 099 340 2 648

100.0 38.7 22.0 20.9 9.3 4.4 1.2 0.9 0.3 2.3

Housing 24 280 2 241 7 741 3 503 3 511 4 449 550 365 223 1 697

100.0 9.2 31.9 14.4 14.5 18.3 2.3 1.5 0.9 7.0

Rural 30 890 7 864 11 257 5 546 3 430 847 445 296 436 769

100.0 25.5 36.4 18.0 11.1 2.7 1.4 1.0 1.4 2.5

Commerce 39 954 11 201 13 016 6 877 4 688 1 395 551 405 417 1 404

100.0 28.0 32.6 17.2 11.7 3.5 1.4 1.0 1.0 3.5

Individuals 84 165 6 549 47 279 10 667 5 808 4 631 1 734 1 357 902 5 238

100.0 7.8 56.2 12.7 6.9 5.5 2.1 1.6 1.1 6.2

Other services 65 716 23 791 16 466 12 562 6 283 2 518 777 1 661 338 1 320

100.0 36.2 25.1 19.1 9.6 3.8 1.2 2.5 0.5 2.0

Total 372 498 99 906 123 800 67 422 34 840 19 771 5 569 5 186 2 658 13 346

100.0 26.8 33.2 18.1 9.4 5.3 1.5 1.4 0.7 3.6



Note: As far as the debtor is concerned, financial institutions credit ratings must take into account the following factors, among others: financial economic situation, degree of indebtedness, economic activity sector, credit limit, type of credit operation, type of guaranties and amount of credit, as well as income status, wealth and

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

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

b) between 31 and 60 days: at least risk level C; c) between 61 and 90 days: at least risk level D;

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

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

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

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


81

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



Total Risk level

AA A B C D E F G H

Public sector2/ 2 625 1 981 59 56 29 495 0 3 2 0

100.0 75.5 2.2 2.1 1.1 18.9 0.0 0.1 0.1 0.0


100.0 97.6 2.1 0.3 0.0 0.0 0.0 0.0 0.0 0.0

State and municipal governments 770 171 20 50 29 495 0 3 2 0

100.0 22.2 2.6 6.5 3.8 64.3 0.0 0.4 0.3 0.0

Private sector 232 244 68 076 85 621 34 008 23 055 6 548 3 418 2 297 1 911 7 310

100.0 29.3 36.9 14.6 9.9 2.8 1.5 1.0 0.8 3.1

Industry 68 134 29 082 18 243 9 866 7 120 1 438 731 418 244 992

100.0 42.7 26.8 14.5 10.4 2.1 1.1 0.6 0.4 1.5

Housing 8 684 1 934 2 839 1 657 890 536 126 108 75 519

100.0 22.3 32.7 19.1 10.2 6.2 1.5 1.2 0.9 6.0

Rural 12 135 3 541 3 956 1 283 2 295 235 268 58 320 179

100.0 29.2 32.6 10.6 18.9 1.9 2.2 0.5 2.6 1.5

Commerce 31 839 9 350 10 083 5 431 4 122 949 475 279 275 875

100.0 29.4 31.7 17.1 12.9 3.0 1.5 0.9 0.9 2.7

Individuals 64 226 5 735 37 126 8 923 3 279 2 263 1 353 971 697 3 879

100.0 8.9 57.8 13.9 5.1 3.5 2.1 1.5 1.1 6.0

Other services 47 226 18 434 13 374 6 848 5 349 1 127 465 463 300 866

100.0 39.0 28.3 14.5 11.3 2.4 1.0 1.0 0.6 1.8

Total 234 869 70 057 85 680 34 064 23 084 7 043 3 418 2 300 1 913 7 310

100.0 29.8 36.5 14.5 9.8 3.0 1.5 1.0 0.8 3.1

(continues)


82

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



Total Risk level

AA A B C D E F G H

Public sector2/ 2 668 1 922 65 58 30 588 0 3 2 0

100.0 72.0 2.4 2.2 1.1 22.0 0.0 0.1 0.1 0.0


100.0 91.6 2.4 0.5 0.4 5.2 0.0 0.0 0.0 0.0

State and municipal governments 712 130 18 49 23 487 0 3 2 0

100.0 18.3 2.5 6.9 3.2 68.4 0.0 0.4 0.3 0.0

Private sector 230 533 68 868 84 538 34 559 21 341 6 190 3 225 2 515 1 834 7 463

100.0 29.9 36.7 15.0 9.3 2.7 1.4 1.1 0.8 3.2

Industry 67 652 29 847 18 000 10 399 5 743 1 287 657 434 226 1 059

100.0 44.1 26.6 15.4 8.5 1.9 1.0 0.6 0.3 1.6

Housing 8 760 1 929 2 872 1 685 889 545 119 117 73 531

100.0 22.0 32.8 19.2 10.1 6.2 1.4 1.3 0.8 6.1

Rural 11 677 3 317 3 907 1 307 2 117 227 244 63 328 167

100.0 28.4 33.5 11.2 18.1 1.9 2.1 0.5 2.8 1.4

Commerce 31 231 9 334 9 746 5 404 3 984 859 419 279 290 916

100.0 29.9 31.2 17.3 12.8 2.8 1.3 0.9 0.9 2.9

Individuals 64 280 5 580 37 364 8 842 3 278 2 185 1 319 1 013 683 4 016

100.0 8.7 58.1 13.8 5.1 3.4 2.1 1.6 1.1 6.2

Other services 46 933 18 861 12 649 6 922 5 330 1 087 467 609 234 774

100.0 40.2 27.0 14.7 11.4 2.3 1.0 1.3 0.5 1.6

Total 233 201 70 790 84 603 34 617 21 371 6 778 3 225 2 518 1 836 7 463

100.0 30.4 36.3 14.8 9.2 2.9 1.4 1.1 0.8 3.2












83

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



Total Risk level

AA A B C D E F G H

Public sector2/ 7 347 913 2 064 3 756 113 92 111 0 0 298

100.0 12.4 28.1 51.1 1.5 1.3 1.5 0.0 0.0 4.1

Federal government 1 521 379 526 605 0 0 0 0 0 11

100.0 24.9 34.6 39.8 0.0 0.0 0.0 0.0 0.0 0.7


100.0 9.2 26.4 54.1 1.9 1.6 1.9 0.0 0.0 4.9

Private sector 134 151 29 056 36 818 29 696 13 859 13 280 2 025 2 706 860 5 851

100.0 21.7 27.4 22.1 10.3 9.9 1.5 2.0 0.6 4.4

Industry 50 693 16 033 7 662 14 281 5 571 4 172 530 704 96 1 644

100.0 31.6 15.1 28.2 11.0 8.2 1.0 1.4 0.2 3.2

Housing 15 699 306 5 097 1 728 2 567 4 037 409 219 166 1 170

100.0 1.9 32.5 11.0 16.4 25.7 2.6 1.4 1.1 7.5

Rural 19 725 4 610 7 469 4 379 1 511 564 224 242 116 610

100.0 23.4 37.9 22.2 7.7 2.9 1.1 1.2 0.6 3.1

Commerce 8 792 1 881 3 275 1 544 631 581 155 129 130 466

100.0 21.4 37.2 17.6 7.2 6.6 1.8 1.5 1.5 5.3

Individuals 20 128 989 9 571 2 080 2 617 2 479 407 337 282 1 366

100.0 4.9 47.6 10.3 13.0 12.3 2.0 1.7 1.4 6.8

Other services 19 114 5 237 3 744 5 684 962 1 447 300 1 075 70 595

100.0 27.4 19.6 29.7 5.0 7.6 1.6 5.6 0.4 3.1

Total 141 498 29 969 38 882 33 452 13 972 13 372 2 136 2 706 860 6 149

100.0 21.2 27.5 23.6 9.9 9.5 1.5 1.9 0.6 4.3

(continues)


84

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



Total Risk level

AA A B C D E F G H

Public sector2/ 7 189 798 2 081 3 658 132 168 82 0 0 270

100.0 11.1 28.9 50.9 1.8 2.3 1.1 0.0 0.0 3.8

Federal government 1 534 379 525 617 1 1 0 0 0 11

100.0 24.7 34.2 40.2 0.1 0.1 0.0 0.0 0.0 0.7


100.0 7.4 27.5 53.8 2.3 3.0 1.5 0.0 0.0 4.6

Private sector 132 108 28 318 37 116 29 147 13 337 12 825 2 262 2 668 822 5 613

100.0 21.4 28.1 22.1 10.1 9.7 1.7 2.0 0.6 4.2

Industry 49 984 15 693 7 895 14 152 5 215 3 888 773 665 114 1 589

100.0 31.4 15.8 28.3 10.4 7.8 1.5 1.3 0.2 3.2

Housing 15 520 312 4 869 1 818 2 622 3 904 431 248 150 1 166

100.0 2.0 31.4 11.7 16.9 25.2 2.8 1.6 1.0 7.5

Rural 19 213 4 547 7 350 4 239 1 313 620 201 233 108 602

100.0 23.7 38.3 22.1 6.8 3.2 1.0 1.2 0.6 3.1

Commerce 8 723 1 867 3 270 1 473 704 536 132 126 127 488

100.0 21.4 37.5 16.9 8.1 6.1 1.5 1.4 1.5 5.6

Individuals 19 885 969 9 915 1 825 2 530 2 446 415 344 219 1 222

100.0 4.9 49.9 9.2 12.7 12.3 2.1 1.7 1.1 6.1

Other services 18 783 4 930 3 817 5 640 953 1 431 310 1 052 104 546

100.0 26.2 20.3 30.0 5.1 7.6 1.7 5.6 0.6 2.9

Total 139 297 29 116 39 197 32 805 13 469 12 993 2 344 2 668 822 5 883

100.0 20.9 28.1 23.6 9.7 9.3 1.7 1.9 0.6 4.2












85

II.24 - Credit operations in the financial system Provisions

R$ million

Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total

2000 Dec 138 605 643 881 1 132 1 252 1 456 1 881 12 829 20 817

2001 Jan 84 556 576 728 983 1 346 1 483 1 625 12 923 20 304

Feb 133 505 487 786 1 127 1 293 1 592 1 650 13 270 20 843

Mar 146 540 586 910 1 277 1 296 1 758 1 718 12 909 21 140

Apr 135 585 618 847 1 206 1 347 1 732 1 654 13 454 21 578

May 129 594 631 852 1 211 1 427 1 637 1 727 13 869 22 077

Jun 186 573 656 1 013 1 562 1 360 1 780 1 599 12 782 21 511

Jul 162 581 709 1 032 1 816 1 318 1 708 1 820 12 212 21 358

Aug 166 595 726 1 035 1 823 1 382 1 712 1 740 12 540 21 719

Sep 162 683 711 1 082 1 900 1 513 1 766 1 731 12 115 21 663

Oct 229 657 749 995 1 796 1 588 2 219 1 736 12 787 22 756

Nov 220 660 742 1 004 1 787 1 574 2 254 1 924 12 784 22 949

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* 190 756 868 1 309 2 702 1 905 2 800 2 104 13 151 25 785

Oct* 185 754 893 1 491 2 750 1 979 2 867 2 018 13 247 26 184

Nov* 186 745 879 1 439 2 824 1 952 2 779 2 096 13 343 26 243

Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits. Provisions cannot be lower than the amounts obtained when applying the following percentuals:

I - 0.5% on the value of operations classified as risk level A;

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

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

IV - 10% on the value of operations classified as risk level D; V - 30% on the value of operations classified as risk level E;

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

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

VIII - 100% on the value of operations classified as risk level H.


86

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

R$ million


2000 Dec 125 518 326 725 746 610 868 1 233 6 280 11 431

2001 Jan 75 405 252 566 573 656 858 1 235 6 300 10 920

Feb 126 350 246 616 636 641 894 1 254 6 321 11 084

Mar 143 381 349 725 806 679 945 1 308 5 674 11 010

Apr 129 394 382 666 812 701 913 1 198 5 988 11 183

May 129 418 388 669 806 744 987 1 169 6 181 11 491

Jun 173 423 397 682 862 684 1 040 1 276 5 942 11 479

Jul 148 432 415 691 892 749 1 010 1 355 6 064 11 756

Aug 147 434 418 702 867 766 1 101 1 270 6 208 11 913

Sep 147 527 431 749 892 781 1 095 1 299 6 225 12 146

Oct 219 493 446 759 913 804 1 200 1 244 6 394 12 472

Nov 211 486 438 763 931 845 1 165 1 296 6 345 12 480

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 1 203 1 369 1 557 7 574 14 909

Oct* 185 556 547 1 019 1 165 1 245 1 495 1 387 7 462 15 061

Nov* 186 548 527 942 1 195 1 284 1 386 1 444 7 287 14 799

Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits.

Provisions cannot be lower than the amounts obtained when applying the following percentuals:


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


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



87

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

R$ million


2000 Dec 13 87 317 156 386 642 588 648 6 549 9 386

2001 Jan 9 151 324 162 410 690 625 390 6 623 9 384

Feb 7 155 241 170 491 652 698 396 6 949 9 759

Mar 3 159 237 185 471 617 813 410 7 235 10 130

Apr 6 191 236 181 394 646 819 456 7 466 10 395

May 0 176 243 183 405 683 650 558 7 688 10 586

Jun 13 150 259 331 700 676 740 323 6 840 10 032

Jul 14 149 294 341 924 569 698 465 6 148 9 602

Aug 19 161 308 333 956 616 611 470 6 332 9 806

Sep 15 156 280 333 1 008 732 671 432 5 890 9 517

Oct 10 164 303 236 883 784 1 019 492 6 393 10 284

Nov 9 174 304 241 856 729 1 089 628 6 439 10 469

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* 1 199 332 468 1 619 702 1 431 547 5 577 10 876

Oct* 0 198 346 472 1 585 734 1 372 631 5 785 11 123

Nov* 0 197 352 497 1 629 668 1 393 652 6 056 11 444

Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits.

Provisions cannot be lower than the amounts obtained when applying the following percentuals:


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


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


III - Capital and financial markets


91

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.

1998 Dec 2.40 31.24 2.38 30.89 0.74 8.85 2.20 28.37 1.39 18.06

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 Jan 1.27 15.49 1.26 15.40 0.14 1.58 1.23 15.01 0.74 9.25

Feb 1.02 15.20 1.01 15.10 0.04 0.52 0.97 14.42 0.74 9.25Mar 1.26 15.39 1.25 15.29 0.17 1.99 1.20 14.70 0.74 9.25

Apr 1.19 16.02 1.18 15.93 0.15 1.97 1.17 15.73 0.74 9.25May 1.34 16.43 1.33 16.40 0.18 2.11 1.32 16.27 0.74 9.25

Jun 1.27 17.28 1.27 17.28 0.15 1.85 1.24 16.76 0.74 9.25Jul 1.50 18.57 1.50 18.61 0.24 2.83 1.44 17.75 0.76 9.50

Aug 1.60 19.00 1.60 19.01 0.34 3.83 1.63 19.36 0.76 9.50Sep 1.32 19.06 1.32 19.04 0.16 2.18 1.27 18.29 0.76 9.50

Oct 1.53 19.06 1.53 19.05 0.29 3.39 1.53 19.06 0.80 10.00Nov 1.39 19.05 1.39 19.05 0.19 2.46 1.34 18.27 0.80 10.00

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 10.00

Mar 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 10.00Aug 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 10.00Oct 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

1/ Refers to the first day of the month. Rate annualized according to base 252 (252 working days).2/ Fixed for the quarter.


92

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

1998 Dec 5.2 0.3 0.4 149 229 28 517 27 686 107 156 37 381 90 3541999 Dec 4.4 0.4 0.5 154 754 35 459 42 772 111 309 42 727 94 002

2000 Dec 3.5 0.3 0.4 152 545 43 697 37 497 110 531 32 927 93 259

2001 Jan 3.8 0.3 0.3 164 108 43 717 35 736 112 365 31 305 91 339Feb 3.1 0.3 0.3 134 614 42 777 30 095 112 178 25 515 91 909

Mar 3.9 0.3 0.4 167 395 42 828 34 270 111 925 34 075 92 491Apr 3.6 0.3 0.4 150 554 42 396 33 944 111 778 35 375 93 936

May 3.8 0.3 0.3 161 131 42 185 35 265 111 898 31 986 95 648Jun 3.5 0.3 0.3 150 933 42 633 34 599 113 001 30 766 97 012

Jul 3.8 0.3 0.3 164 426 43 738 37 617 113 814 35 025 100 329Aug 3.8 0.3 0.3 162 120 42 997 37 592 114 178 28 595 104 795

Sep 3.3 0.3 0.3 144 716 43 384 33 817 114 457 29 986 105 372Oct 3.9 0.3 0.4 166 538 43 068 38 426 114 689 38 957 107 382

Nov 3.6 0.3 0.3 156 360 43 130 37 342 115 392 29 931 107 658Dec 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 34 117 110 073

Feb 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 36 809 115 726

Apr 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 52 621 42 973 128 480 38 493 126 444Aug 2.5 0.3 0.2 137 232 53 888 42 085 133 923 32 437 133 422Sep 2.5 0.3 0.2 135 594 54 911 42 617 136 687 32 270 137 237Oct 2.6 0.3 0.3 147 272 56 200 46 105 138 192 38 298 141 360Nov 1.9 0.3 0.2 108 066 56 810 44 026 138 349 27 517 143 427

1/ Relation redemptions/balances.

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


93

III.3 - Investment funds - portfolio destination1/

####R$ million

Period Destination Financial Investment fund Stocks Mutual Total

investment of state funds privatization

funds2/companies funds

2002 Sep Federal securities 199 806 643 1 563 15 202 027State and municipal securities - - - - -

Private securities 19 316 - 62 - 19 378Debenture 15 935 - 161 - 16 095

Commercial papers 5 - - - 5Fund quotas - - 311 - 311

Repurchase agreements 62 238 10 420 76 - 72 734Stocks 1 940 - 17 027 2 967 21 933

Deposits with the Bacen - - - - - Other 6 008 - - 284 6 292

Portfolio total 305 247 11 063 19 199 3 265 338 775

Oct Federal securities 199 210 1 268 1 680 19 202 177State and municipal securities - - - - - Private securities 20 275 - 80 - 20 355Debenture 16 133 - 168 - 16 301Commercial papers 3 - - - 3Fund quotas - - 373 - 373Repurchase agreements 65 873 10 504 80 - 76 457Stocks 2 139 - 19 503 3 396 25 038Deposits with the Bacen - - - - - Other 6 550 - 40 316 6 906Portfolio total 310 183 11 772 21 924 3 732 347 612

Nov Federal securities 198 947 1 499 1 676 23 202 144State and municipal securities - - - - - Private securities 20 445 - 91 - 20 536Debenture 16 857 - 156 - 17 013Commercial papers 3 - - - 3Fund quotas - - 387 - 387Repurchase agreements 71 172 11 095 91 - 82 358Stocks 2 147 - 19 645 3 420 25 212Deposits with the Bacen - - - - - Other 6 370 - - 409 6 779Portfolio total 315 940 12 593 22 046 3 852 354 431

1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.


94

III.4 - Investment funds - portfolio destination1/

Relative participation %

Period Destination Financial Investment fund Stocks Mutual Total

investment of state funds privatization

funds2/companies funds

2002 Sep Federal securities 65.5 5.8 8.1 0.4 59.6

State and municipal securities - - - - -

Private securities 6.3 - 0.3 - 5.7

Debenture 5.2 - 0.8 - 4.8

Commercial papers 0.0 - - - 0.0

Fund quotas - - 1.6 - 0.1

Repurchase agreements 20.4 94.2 0.4 - 21.5

Stocks 0.6 - 88.7 90.9 6.5

Deposits with the Bacen - - - - -

Other 2.0 - - 8.7 1.9

Portfolio total 100.0 100.0 100.0 100.0 100.0

Oct Federal securities 64.2 10.8 7.7 0.5 58.2



Debenture 5.2 - 0.8 - 4.7




Stocks 0.7 - 89.0 91.0 7.2


Other 2.1 - 0.2 8.5 2.0

Portfolio total 100.0 100.0 100.0 100.0 100.0

Nov Federal securities 63.0 11.9 7.6 0.6 57.0



Debenture 5.3 - 0.7 - 4.8




Stocks 0.7 - 89.1 88.8 7.1


Other 2.0 - - 10.6 1.9

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.


95

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)

1998 Dec 134 808 1 550 5 021 - 222 13 412 1371999 Dec 198 663 2 525 10 383 -1 504 20 778 3892000 Dec 271 538 - 938 10 407 -2 169 24 466 - 439

2001 Jan 283 148 7 764 10 218 - 309 27 112 - 324Feb 287 191 1 100 11 212 889 25 907 - 227Mar 291 896 1 318 10 359 - 988 25 650 1 244Apr 292 056 -3 411 11 074 590 27 185 103May 295 944 - 887 11 863 638 27 752 26Jun 298 475 - 254 13 048 1 031 26 772 - 527Jul 304 972 1 099 15 168 1 926 25 772 - 487Aug 311 915 1 102 11 860 -3 511 25 041 - 177Sep 317 320 251 12 905 890 23 148 - 70Oct 320 346 -1 623 13 279 176 23 578 20Nov 320 164 -2 130 12 791 - 672 24 548 - 164Dec 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 998Apr 334 603 -5 410 13 280 673 26 304 - 184May 335 927 -1 344 12 479 - 984 26 106 - 445Jun 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 - 50

1/ Since October, 2000, include Privatization Funds with resources from Severance Fund Contribuition (FMP-FGTS).


96

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

1998 Dec 89 072 -3 215 88 538 410 18 883 - 233 107 422 177

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 Jan 90 146 210 91 452 - 500 20 574 151 112 026 - 349

Feb 90 527 380 91 700 - 290 20 621 - 80 112 321 - 370

Mar 91 955 1 428 91 069 -1 116 20 609 - 121 111 678 -1 237

Apr 92 959 1 005 90 932 - 701 20 766 26 111 698 - 675

May 95 815 2 856 91 738 242 20 846 - 52 112 583 190

Jun 97 865 2 050 92 586 261 20 908 - 76 113 494 185

Jul 99 775 1 910 92 771 - 386 21 078 38 113 849 - 348

Aug 103 581 3 806 92 978 - 503 21 215 - 28 114 193 - 531

Sep 104 691 1 111 93 365 - 306 21 338 - 36 114 703 - 343

Oct 104 364 - 327 93 733 - 259 21 279 - 211 115 012 - 469

Nov 106 919 2 555 95 065 673 21 294 - 137 116 359 536

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

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.


97

III.7 - Nominal income of major financial investments

#% p.m.

Period Savings1/ Banking Investment funds3/ Gold4/ Commercial Ibovespa4/

certificates exchange

of deposits2/ Investment Stocks rate4/

funds of state

companies

1998 Dec 1.25 2.29 2.32 -8.41 -3.51 0.62 -21.401999 Dec 0.80 1.59 1.47 11.21 -8.45 -6.95 24.052000 Dec 0.60 1.17 1.15 5.96 1.15 -0.21 14.84

2001 Jan 0.64 1.22 1.22 10.62 -3.33 0.80 15.81Feb 0.54 0.99 0.97 -3.46 3.45 3.76 -10.08Mar 0.67 1.28 1.20 -5.86 0.56 5.69 -9.14Apr 0.66 1.28 1.14 5.39 6.08 1.07 3.32May 0.68 1.38 1.28 0.85 9.90 8.02 -1.80Jun 0.65 1.30 1.22 -1.67 -0.47 -2.33 -0.61Jul 0.75 1.67 1.44 -2.14 0.00 5.48 -5.53Aug 0.85 1.65 1.53 -2.12 4.05 4.95 -6.65Sep 0.66 1.34 1.27 -6.99 14.87 4.69 -17.17Oct 0.79 1.57 1.47 2.59 -5.58 1.34 6.85Nov 0.69 1.37 1.34 4.88 -7.17 -6.59 13.79Dec 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 -1.28May 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 -13.39Jul 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 3.35

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.


98

III.8 - Futures market - BM&F Interest rates, exchange devaluation and exchange coupon#####

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

1998 Dec 29.83 29.98 29.69 30.15 - 7.90 17.41 22.80 20.33 10.70 5.61

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 Jan 15.16 15.05 14.91 14.91 - 6.87 7.34 7.78 7.76 7.18 6.61

Feb 15.16 15.25 15.42 15.65 16.02 67.41 7.53 6.30 -31.21 7.18 8.58Mar 15.74 16.62 19.31 20.69 - 89.93 4.76 23.26 -39.06 11.32 -3.21

Apr 16.33 18.02 20.23 21.26 - 13.87 23.74 3.45 2.16 -4.63 16.22May 16.92 17.61 18.69 20.70 24.05 140.91 27.55 3.39 -51.47 -7.80 14.81

Jun 18.10 19.16 21.12 23.23 24.35 -25.30 22.37 2.84 58.10 -2.62 17.78Jul 19.00 20.99 24.31 25.70 - 84.07 55.53 3.73 -35.35 -22.21 19.84

Aug 19.30 19.58 20.87 22.70 24.37 70.04 30.67 - -29.84 -8.49 -Sep 19.30 20.03 21.84 23.20 - 83.31 20.58 - -34.92 -0.46 -

Oct 19.30 19.68 21.41 22.59 - 16.42 2.83 - 2.47 16.39 -Nov 19.30 19.38 20.13 20.89 22.36 -57.37 0.50 34.89 179.82 18.79 -10.94

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 3.06Jun 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 50.89


99

III.9 - Futures market - BM&F One day Interbank Deposit (DI) futures contracts interest rate - daily average#####

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

1998 Dec 30.13 29.67 28.60 28.14 29.02 -0.46 -1.54 -1.99 -1.11

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 Jan 15.49 15.30 15.31 15.51 - -0.19 -0.19 0.02 -

Feb 15.13 15.17 15.21 15.37 15.67 0.04 0.08 0.24 0.54Mar 15.67 16.54 17.31 17.94 - 0.87 1.64 2.27 -

Apr 16.81 18.74 20.36 20.88 - 1.93 3.55 4.07 -May 17.04 18.58 20.01 21.89 23.43 1.54 2.98 4.85 6.39

Jun 17.76 18.62 19.99 21.54 22.53 0.87 2.23 3.78 4.77Jul 20.47 23.08 25.57 25.84 - 2.61 5.10 5.37 -

Aug 19.74 21.50 23.07 24.56 25.00 1.76 3.33 4.82 5.26Sep 19.51 20.75 22.52 24.25 - 1.23 3.01 4.73 -

Oct 19.63 21.20 22.92 24.12 - 1.58 3.30 4.49 -Nov 19.16 19.44 19.98 21.00 21.08 0.28 0.82 1.84 1.92

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 0.48Jun 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 6.34


100

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

1998 Dec 6 784 9 275 2 193 -21.40 1.73 12.47 455 50 1 779 1 4411999 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 1 083

2001 Jan 17 672 10 887 2 773 15.81 0.93 12.23 726 0 254 633Feb 15 891 10 495 2 152 -10.08 -3.60 -22.39 675 500 450 267Mar 14 438 9 879 1 840 -9.14 -5.87 -14.48 606 401 3 736 475Apr 14 917 10 735 2 116 3.32 8.67 15.00 784 0 320 742May 14 649 10 912 2 110 -1.80 1.65 -0.27 556 0 69 1 365Jun 14 559 10 502 2 161 -0.61 -3.75 2.37 629 9 941 97Jul 13 754 10 523 2 027 -5.53 0.19 -6.17 495 0 2 800 552Aug 12 840 9 950 1 805 -6.65 -5.45 -10.94 477 315 0 44Sep 10 635 8 848 1 499 -17.17 -11.08 -16.98 483 0 324 260Oct 11 364 9 075 1 690 6.85 2.57 12.77 536 0 370 295

Nov 12 931 9 852 1 931 13.79 8.56 14.22 683 0 642 460Dec 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 0 1 790 44Mar 13 254 10 404 1 845 -5.55 2.95 6.58 640 0 0 0

Apr 13 085 10 060 1 678 -1.28 -3.31 -9.09 588 0 0 1 160May 12 861 9 925 1 616 -1.71 -1.34 -3.68 523 0 2 380 100

Jun 11 139 9 243 1 463 -13.39 -6.87 -9.44 586 0 450 106Jul 9 762 8 737 1 328 -12.36 -5.48 -9.22 487 0 0 2

Aug 10 382 8 664 1 315 6.35 -0.84 -1.01 633 597 750 0Sep 8 622 7 592 1 172 -16.95 -12.37 -10.86 485 96 1 245 400

Oct 10 167 8 397 1 330 17.92 10.60 13.45 544 0 775 2 010Nov 10 508 8 896 1 479 3.35 5.94 11.21 484 6 500 40

Source: Bacen and Securities and Exchange Commission (CVM)

1/ Daily average.2/ Flows in month.


101

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$ billion1/ Variation % Number of

companies

1998 Dec 119.1 -18.55 98.6 -19.06 194.4 -11.56 160.8 -12.11 527

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 8.17 459

2001 Jan 339.7 13.35 172.4 12.45 494.2 12.07 250.7 11.18 455

Feb 317.7 -6.49 155.3 -9.88 467.6 -5.40 228.6 -8.82 453

Mar 295.8 -6.89 136.8 -11.91 443.5 -5.15 205.2 -10.25 450

Apr 306.2 3.53 140.2 2.44 455.5 2.70 208.5 1.61 446

May 352.4 15.07 149.3 6.52 457.3 0.40 193.8 -7.06 445

Jun 305.9 -13.19 132.7 -11.12 448.2 -1.98 194.5 0.36 440

Jul 297.6 -2.70 122.4 -7.76 437.6 -2.37 180.0 -7.44 441

Aug 286.3 -3.81 112.2 -8.35 424.8 -2.93 166.5 -7.51 439

Sep 256.2 -10.51 95.9 -14.52 381.5 -10.19 142.8 -14.22 435

Oct 271.2 5.88 100.2 4.48 400.8 5.06 148.0 3.67 435

Nov 283.9 4.67 112.3 12.05 419.0 4.54 165.7 11.92 433

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 424Feb 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

Source: São Paulo Stock Exchange (Bovespa)

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

IV - Public finance

Boletim do Banco Central do Brasil January 2003January 2003

104

Explanatory note to the tables in Chapter IV of theBoletim do Banco Central do Brasil

As of March 2001, the Boletim do Banco Central do Brasil will no longer divulge the tables referringto the Public sector borrowing requirements without exchange devaluation.

However, two tables concerning harmonized fiscal data for Mercosul1 were added. The first onepresents data on the Harmonized public net debt, which contrasts from the traditional methodologyfor not considering the monetary base. The other table presents the Variation of the harmonized netfiscal debt or, in other words, the consolidated public sector borrowing requirements, with a conceptsimilar to the methodology without exchange devaluation.

1/ Further information may be found at https://gmm.mecon.gov.ar.


105

IV.1 - Central government primary result Above the line concept

Flows in R$ million

End- Revenues Expenditures

of-

period National Treasury Social Security Total National Treasury Social Security Total

(a) (b) c = (a+b) (d) (e) f = (d+e)

1997 115 990 44 260 160 250 110 746 47 051 157 797

1998 138 251 46 283 184 534 123 626 53 375 177 001

1999 161 838 49 068 210 906 131 365 58 541 189 906

2000 180 801 55 717 236 518 149 118 65 786 214 904

2001 209 403 62 491 271 894 173 834 75 329 249 163

Jan 18 052 4 620 22 672 14 840 5 260 20 100

Feb 13 671 4 780 18 451 12 520 5 301 17 821

Mar 16 974 4 647 21 621 12 546 5 448 17 994

Apr 19 863 4 782 24 645 12 521 5 465 17 986

May 18 466 4 918 23 384 14 049 5 798 19 847

Jun 15 867 5 042 20 909 13 473 5 836 19 309

Jul 16 965 4 984 21 949 14 604 6 121 20 725

Aug 17 497 5 052 22 549 14 026 6 093 20 119

Sep 16 260 4 912 21 172 13 523 6 019 19 542

Oct 18 414 5 072 23 486 15 024 6 027 21 051

Nov 17 149 5 086 22 235 14 712 6 677 21 389

Dec 20 225 8 596 28 821 21 996 11 284 33 280

2002

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 21 443 5 371 26 814 14 623 6 414 21 037

May 19 374 5 537 24 911 16 447 6 608 23 055

Jun 17 044 5 289 22 333 13 766 6 734 20 500

Jul 21 363 5 777 27 140 18 083 7 091 25 174

Aug 18 327 5 806 24 133 15 628 7 117 22 745

Sep 23 268 5 756 29 024 14 844 7 167 22 011

Oct 23 876 6 091 29 967 18 917 7 230 26 147

Nov 21 146 5 832 26 978 18 090 7 865 25 955

(continues)


106

IV.1 - Central government primary result Above the line concept

(concluded) Flows in R$ million

End- Federal government result Banco Central result Central government result1/

of-

period National Treasury Social Security Total

g = (a-d) h = (b-e) i = (g+h) (j) k = (i+j)

1997 5 244 - 2 791 2 453 - 695 1 758

1998 14 625 - 7 092 7 533 - 152 7 381

1999 30 473 - 9 473 21 000 - 742 20 258

2000 31 683 - 10 069 21 614 - 477 21 137

2001 35 569 - 12 838 22 731 - 690 22 041

Jan 3 212 - 640 2 572 - 30 2 542

Feb 1 151 - 521 630 - 73 557

Mar 4 428 - 801 3 627 - 43 3 584

Apr 7 342 - 683 6 659 - 76 6 583

May 4 417 - 880 3 537 - 57 3 480

Jun 2 394 - 794 1 600 - 35 1 565

Jul 2 361 - 1 137 1 224 - 46 1 178

Aug 3 471 - 1 041 2 430 - 51 2 379

Sep 2 737 - 1 107 1 630 - 83 1 547

Oct 3 390 - 955 2 435 - 55 2 380

Nov 2 437 - 1 591 846 - 61 785

Dec - 1 771 - 2 688 - 4 459 - 80 - 4 539

2002

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 6 820 - 1 043 5 777 - 57 5 720

May 2 927 - 1 071 1 856 - 44 1 812

Jun 3 278 - 1 445 1 833 - 71 1 762

Jul 3 280 - 1 314 1 966 - 60 1 906

Aug 2 699 - 1 311 1 388 - 78 1 310

Sep 8 424 - 1 411 7 013 - 87 6 926

Oct 4 959 - 1 139 3 820 - 58 3 762

Nov 3 056 - 2 033 1 023 - 119 904

Source: STN

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


107

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 1 138 - 6 225 0 - 18 325 38 264

Jan 19 256 23 315 - 4 059 - 315 977 0 - 787 0 - 1 644 - 5 828

Feb 21 657 19 942 1 715 2 591 1 209 0 - 256 0 - 643 4 616

Mar 19 627 17 750 1 877 8 951 1 120 0 - 229 0 - 1 075 10 644

Apr 22 349 23 464 - 1 115 1 932 1 480 1 138 - 264 0 - 1 288 1 883

May 23 342 23 967 - 625 26 519 1 536 0 - 500 0 - 381 26 549

Jun 21 405 25 053 - 3 648 2 036 2 469 0 - 281 0 - 1 716 - 1 140

Jul 21 565 26 428 - 4 863 - 8 844 1 840 0 - 470 0 - 2 531 - 14 868

Aug 23 879 21 770 2 109 - 2 136 2 091 0 - 805 0 - 785 474

Sep 21 716 21 201 515 8 982 3 223 0 - 258 0 284 12 746

Oct 22 715 24 622 - 1 907 12 237 902 0 - 818 0 - 4 974 5 440

Nov 24 046 22 603 1 443 3 112 1 0 - 617 0 - 1 761 2 178

Dec 30 555 33 640 - 3 085 2 288 - 882 0 - 940 0 - 1 811 - 4 430

2002

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 1 516 448 0 - 101 0 - 311 2 997

Apr 26 414 26 268 146 306 1 357 0 - 1 233 0 - 755 - 179

May 31 036 24 157 6 879 9 566 3 858 0 - 431 0 - 1 258 18 614

Jun 29 322 26 688 2 634 - 6 619 7 043 0 - 1 112 0 - 1 877 69

Jul 27 995 25 321 2 674 19 960 3 068 0 - 1 736 0 - 2 680 21 286

Aug 35 339 28 930 6 409 - 759 5 671 0 - 572 0 - 1 074 9 675

Sep 33 925 26 458 7 467 - 11 521 7 159 0 - 1 260 0 - 583 1 262

Oct 38 880 33 958 4 922 - 16 829 5 243 0 - 674 0 - 3 850 - 11 188

Nov 30 048 31 126 - 1 078 1 453 - 2 266 0 - 1 230 0 - 1 019 - 4 140

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.


108

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

Jan 13 193 1 160 4 903 19 256

Feb 15 843 779 5 035 21 657

Mar 13 708 1 024 4 895 19 627

Apr 15 948 1 391 5 010 22 349

May 17 216 937 5 189 23 342

Jun 15 084 973 5 348 21 405

Jul 15 272 1 022 5 271 21 565

Aug 17 134 1 392 5 353 23 879

Sep 15 487 933 5 296 21 716

Oct 15 806 1 590 5 319 22 715

Nov 17 699 981 5 366 24 046

Dec 20 406 1 140 9 009 30 555

2002

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 1 199 6 552 30 048

Source: STN

1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.


109

IV.4 - National Treasury expenditures1/

Cash basis

Flows in R$ 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

Jan 5 703 4 323 1 045 2 975 349 641 2 587 5 692 23 315

Feb 4 742 3 795 768 1 668 347 1 044 2 429 5 149 19 942

Mar 4 845 3 181 699 - 229 377 438 3 310 5 129 17 750

Apr 4 872 3 667 737 1 286 197 3 645 3 307 5 753 23 464

May 5 180 4 210 741 3 305 394 367 3 754 6 016 23 967

Jun 6 518 3 622 823 3 796 202 815 3 509 5 768 25 053

Jul 4 720 3 341 796 3 862 218 3 911 3 518 6 062 26 428

Aug 4 781 3 704 780 1 072 632 933 3 870 5 998 21 770

Sep 4 677 3 717 742 161 237 778 4 438 6 451 21 201

Oct 4 145 3 642 726 1 014 311 4 122 4 280 6 382 24 622

Nov 5 256 3 962 61 866 263 922 4 861 6 412 22 603

Dec 7 908 4 331 1 335 1 742 926 - 723 7 509 10 612 33 640

2002

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 5 554 5 395 221 2 623 738 6 206 6 336 6 885 33 958

Nov 8 344 5 284 978 2 766 249 520 5 016 7 969 31 126

Source: STN

1/ As of January 2000, Social Security benefits were also included.

2/ Excludes charges on Banco Central's portfolio.


110

IV.5 - Social SecurityCash basis

R$ millionEnd- Revenues Expenditures Operating Social

of- balance Security

period Inflow1/ Other National Federal Total Benefits Other Transfer Total balance

5/

reve- Treasury govern- expen- to third

nues2/ revenue ment Social Other ditures

3/parties

4/

antici- transfer Security

pation

(a) (b) (c) (d) e=(a+b+c+d) (f) (g) (h) (i) j=(f+g+h+i) k=(e-j)

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 59 605 533 1 760 15 283 77 181 65 785 2 721 4 072 3 889 76 467 714 - 10 069

2001 66 996 635 - 3 20 543 88 171 75 330 3 368 4 830 4 506 88 034 137 - 12 840

Jan 5 233 13 - 474 2 112 6 884 5 260 244 442 614 6 560 324 - 641

Feb 5 103 16 - 598 1 533 6 054 5 302 260 349 323 6 234 - 180 - 522

Mar 5 000 17 - 528 1 528 6 017 5 448 247 324 353 6 372 - 355 - 801

Apr 5 152 13 12 2 383 7 560 5 465 247 307 370 6 389 1 171 - 683

May 5 249 17 116 730 6 112 5 798 284 304 331 6 717 - 605 - 880

Jun 5 387 12 - 154 1 651 6 896 5 836 287 424 345 6 892 4 - 794

Jul 5 356 15 113 1 570 7 054 6 121 287 418 372 7 198 - 144 - 1 137

Aug 5 428 29 - 75 1 593 6 975 6 093 289 324 375 7 081 - 106 - 1 040

Sep 5 257 16 511 1 596 7 380 6 019 292 305 346 6 962 418 - 1 108

Oct 5 422 16 - 264 2 196 7 370 6 027 301 314 350 6 992 378 - 955

Nov 5 443 22 654 1 344 7 463 6 677 291 340 357 7 665 - 202 - 1 591

Dec 8 966 449 684 2 307 12 406 11 284 339 979 370 12 972 - 566 - 2 688

2002

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 5 536 14 - 478 1 932 7 004 6 317 344 355 354 7 370 - 366 - 1 135

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

Source: Ministério da Previdência e Assistência Social

1/ Includes: banking inflow, Simples, judicial deposits and inflow reimbursements.2/ Includes financial earnings and other own payments.3/ Includes personnel and current expenditures.

4/ Includes transfers to Sesi, Senac, Senai, etc.

5/ Includes banking inflow + Simples + judicial deposits - transfers to third parties reimbursements - social security benefits.


111

IV.6 - Circulation of Goods and Services Tax (ICMS)

Flows in R$ thousand1/

End- North regionof-

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

Jan 9 989 128 997 117 458 50 730 10 425 9 060 25 771 352 430

Feb 12 060 125 657 100 734 43 227 9 641 8 537 25 176 325 032

Mar 9 869 108 933 106 169 39 394 8 894 8 885 24 056 306 200

Apr 11 045 145 776 124 847 41 253 11 148 9 956 25 399 369 424

May 10 956 144 998 114 305 44 281 11 627 9 370 27 242 362 779

Jun 12 108 137 109 128 697 47 328 10 730 10 025 28 247 374 244

Jul 12 108 144 391 118 812 43 739 9 384 9 649 28 634 366 717

Aug 10 730 150 069 142 223 51 231 10 499 10 256 32 685 407 693

Sep 10 730 142 175 156 631 48 487 7 448 10 836 32 151 408 458

Oct 10 730 140 313 126 623 50 809 10 011 11 058 32 656 382 200

Nov 10 730 146 439 133 241 51 413 9 352 10 300 32 052 393 527

Dec 11 781 141 079 110 262 45 829 9 625 10 468 29 346 358 390

2002

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

(continues)


112


(continued) Flows in R$ thousand1/

End- Northeast regionof-

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

Jan 73 978 43 021 178 404 74 668 86 614 205 642 56 585 46 896 342 473 1 108 281

Feb 57 396 34 646 172 010 72 120 70 394 193 976 51 240 46 510 342 203 1 040 495

Mar 57 603 34 061 160 249 68 892 73 216 185 467 48 111 45 419 321 598 994 616

Apr 62 930 40 785 170 027 70 215 71 831 199 163 45 500 47 105 362 737 1 070 293

May 61 354 40 881 179 406 74 232 73 350 200 207 52 078 46 995 336 890 1 065 393

Jun 73 268 39 350 179 935 78 715 76 843 200 686 45 373 48 539 363 984 1 106 693

Jul 63 123 39 488 177 070 74 258 74 870 193 888 46 522 47 788 379 148 1 096 155

Aug 76 851 39 488 189 290 73 581 75 464 192 951 50 020 47 622 335 031 1 080 298

Sep 63 357 42 021 160 821 79 432 72 116 191 753 44 137 58 702 352 026 1 064 365

Oct 80 105 39 242 182 240 74 933 73 814 199 520 48 909 45 509 372 700 1 116 972

Nov 65 168 39 238 172 824 79 088 76 881 214 929 53 109 46 894 361 266 1 109 397

Dec 70 295 35 709 199 139 91 216 85 030 216 435 51 089 50 025 372 481 1 171 419

2002

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 49 184 447 044 1 296 387

Sep* 90 199 46 546 219 906 88 502 93 001 240 258 53 757 49 184 474 851 1 356 204

Oct* 90 199 51 987 222 586 95 783 76 260 245 937 53 757 49 184 474 851 1 360 544

(continues)


113


(continued) Flows in R$ thousand1/

End- Southeast region South regionof-

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

Jan 692 802 255 968 813 430 2 752 051 4 514 251 281 858 296 769 592 415 1 171 042

Feb 676 833 192 013 770 920 2 246 979 3 886 745 367 098 246 415 515 388 1 128 901

Mar 694 217 264 660 778 415 2 919 511 4 656 803 363 666 259 082 471 675 1 094 423

Apr 735 875 164 442 818 207 2 790 139 4 508 663 415 732 284 113 573 031 1 272 876

May 738 047 167 610 807 808 2 895 853 4 609 318 400 771 270 197 538 544 1 209 512

Jun 744 139 253 532 827 367 2 899 082 4 724 120 397 297 277 071 524 049 1 198 417

Jul 755 697 195 181 781 522 2 926 065 4 658 465 407 913 275 305 566 246 1 249 464

Aug 772 332 198 374 752 809 2 820 179 4 543 694 389 274 259 244 530 290 1 178 808

Sep 757 086 200 328 771 803 2 798 641 4 527 858 522 191 269 352 585 460 1 377 003

Oct 752 069 186 353 747 416 2 956 981 4 642 819 440 110 280 926 566 770 1 287 806

Nov 822 556 210 728 775 686 2 825 169 4 634 139 430 492 288 681 560 548 1 279 721

Dec 1 082 168 201 329 723 497 2 862 642 4 869 636 586 177 283 201 681 938 1 551 316

2002

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

Oct* 843 614 184 653 812 577 3 971 389 5 812 233 536 932 325 116 624 671 1 486 719

(continues)


114


(concluded) Flows in R$ thousand1/

End- Central-west region Total - Brazilof-

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

Jan 139 125 206 288 118 234 93 117 556 764 7 702 768

Feb 119 564 201 163 118 234 90 118 529 079 6 910 254

Mar 120 692 195 145 107 439 96 472 519 748 7 571 189

Apr 131 264 205 092 114 674 101 135 552 165 7 771 804

May 132 092 208 648 115 637 104 700 561 077 7 808 168

Jun 133 505 216 881 131 360 104 912 586 658 7 990 132

Jul 134 460 214 908 143 429 106 370 599 167 7 969 968

Aug 132 180 230 228 134 232 106 696 603 336 7 800 101

Sep 133 490 224 935 139 919 106 704 605 048 7 969 387

Oct 128 682 219 974 143 478 109 956 602 090 8 016 016

Nov 135 737 228 623 143 088 111 150 618 598 8 030 614

Dec 157 548 263 209 133 528 112 600 666 885 8 616 595

2002

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 8 935 574

Sep* 165 907 259 601 181 426 110 520 717 454 9 198 449

Oct* 160 074 254 319 177 426 114 879 706 698 9 833 158

Source: MF/Cotepe

1/ Values prior to July 1994 were converted by the URV dated 6.30.1994.


115

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

Jan 66 527 75 921 185 135 63 313 48 148 64 370 98 697 602 111

Feb 54 339 63 020 160 709 52 085 39 281 52 696 80 374 502 504

Mar 47 646 55 854 149 935 45 623 34 427 46 330 70 491 450 306

Apr 55 916 65 085 165 639 53 642 40 390 54 210 82 801 517 683

May 62 764 72 214 182 850 59 794 45 393 60 800 93 175 576 990

Jun 54 494 64 219 157 560 52 035 39 403 52 973 80 801 501 485

Jul 49 649 58 289 161 229 47 425 35 905 48 315 73 606 474 418

Aug 52 213 61 053 158 987 49 879 37 754 50 799 77 440 488 125

Sep 56 400 65 718 162 600 53 784 41 944 54 770 83 654 518 870

Oct 53 963 63 272 157 185 51 752 40 139 52 468 80 505 499 284

Nov 56 018 65 321 165 698 53 402 41 662 54 369 83 055 519 525

Dec 67 860 77 936 198 038 64 669 51 860 65 662 100 822 626 847

2002

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

(continues)


116


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

Jan 196 842 115 730 215 414 113 692 136 560 206 847 112 785 94 727 332 410 1 525 007

Feb 171 775 97 005 179 199 92 880 111 458 169 441 92 849 77 324 287 244 1 279 175

Mar 162 710 87 703 160 102 81 588 97 841 149 282 82 192 67 892 268 375 1 157 685

Apr 176 882 99 820 185 762 95 626 114 783 175 217 95 568 79 665 295 710 1 319 033

May 196 626 111 598 207 113 107 362 128 924 196 352 106 987 89 468 328 361 1 472 791

Jun 163 268 94 933 179 133 93 464 112 076 171 259 92 707 77 745 277 512 1 262 097

Jul 177 842 91 063 166 752 85 085 102 052 156 128 83 322 70 835 299 707 1 232 786

Aug 170 757 93 275 173 210 89 466 107 328 164 033 88 895 74 487 288 506 1 249 957

Sep 179 011 98 824 184 750 96 576 115 918 176 852 95 872 80 444 296 379 1 324 626

Oct 172 411 94 939 177 160 92 510 111 009 169 563 91 928 77 061 286 451 1 273 032

Nov 189 291 98 137 183 519 95 934 115 131 175 679 95 227 79 902 304 495 1 337 315

Dec 234 275 119 329 221 193 116 048 139 391 212 088 114 983 96 728 372 975 1 627 010

2002

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

(continues)


117


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

Jan 361 953 76 266 103 456 371 547 913 222 210 890 115 141 213 174 539 205

Feb 305 184 65 704 88 690 323 545 783 123 179 036 98 055 182 571 459 662

Mar 274 094 59 787 80 444 297 312 711 637 161 722 88 379 165 533 415 634

Apr 315 085 67 955 91 294 332 003 806 337 184 423 101 518 188 623 474 564

May 347 068 73 771 99 469 358 232 878 540 201 996 111 030 205 432 518 458

Jun 313 496 68 221 91 161 333 013 805 891 183 849 102 576 190 737 477 162

Jul 285 742 62 219 83 566 307 699 739 226 167 987 92 455 172 855 433 297

Aug 297 980 64 654 86 734 317 806 767 174 174 752 96 357 179 495 450 604

Sep 316 287 67 933 91 386 332 522 808 128 184 798 101 490 188 655 474 943

Oct 311 410 67 697 89 282 334 516 802 905 184 256 99 582 188 098 471 936

Nov 314 366 67 591 90 917 330 886 803 760 183 661 100 926 187 492 472 079

Dec 370 525 77 894 105 247 378 989 932 655 215 443 117 622 218 516 551 581

2002

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

(continues)


118


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

Jan 17 410 117 008 79 420 53 704 267 542 3 847 087

Feb 14 627 95 777 65 369 43 761 219 534 3 243 998

Mar 13 203 84 521 58 043 38 856 194 623 2 929 885

Apr 15 610 98 844 67 160 45 038 226 652 3 344 269

May 17 167 110 782 75 407 50 485 253 841 3 700 620

Jun 15 211 96 804 66 400 44 248 222 663 3 269 298

Jul 14 086 88 292 60 663 40 573 203 614 3 083 341

Aug 14 670 92 810 63 605 42 511 213 596 3 169 456

Sep 15 636 99 866 68 119 45 506 229 127 3 355 694

Oct 15 094 99 013 68 494 47 519 230 120 3 277 277

Nov 15 541 98 998 67 440 45 116 227 095 3 359 774

Dec 18 318 120 205 81 776 56 139 276 438 4 014 531

2002

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

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 Jan/1997.


119

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 Jan 344 857 91 575 65 64 524 14 635 515 655 26 884 542 539 1.3 1.3 35.0 0.9 0.9 23.5

Feb 346 883 96 603 67 65 924 14 492 523 968 26 304 550 272 0.3 1.6 35.0 - 0.3 0.6 23.0

Mar 351 532 103 321 65 68 284 14 594 537 796 26 521 564 318 2.3 3.9 34.5 1.3 1.9 21.6

Apr 366 748 97 174 66 69 935 14 559 548 483 28 404 576 886 0.9 4.8 25.1 0.1 2.0 12.6

May 366 052 93 645 70 73 526 15 011 548 304 28 606 576 910 0.3 5.1 13.4 - 0.6 1.4 2.0

Jun 387 463 97 360 69 84 325 14 838 584 056 28 735 612 790 5.0 10.4 16.3 3.4 4.8 4.7

Jul 399 399 91 537 73 86 653 15 493 593 154 21 780 614 935 2.1 12.7 15.1 0.9 5.7 4.4

Aug 405 328 88 495 76 89 752 15 775 599 427 21 816 621 242 0.6 13.4 15.0 0.0 5.6 4.9

Sep 418 198 88 706 74 107 860 15 961 630 798 21 506 652 305 2.8 16.5 16.9 1.8 7.6 6.3

Oct 420 618 83 359 75 136 115 15 959 656 126 19 570 675 696 3.8 20.9 21.4 2.6 10.4 9.6

Nov 429 228 78 519 72 137 558 15 836 661 213 19 701 680 914 0.5 21.6 23.1 0.1 10.5 11.2

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 - 2.9 - 2.8 - 1.3

Source: Bacen and STN

1/ Deflator: IGP-DI centered at end of referencemonth (geometric average of month indicated and subsequent month indices).


120

IV.9 - Federal domestic securitiesBanco Central do Brasil portfolio

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 - 36.0 - 36.0

2000 Dec 33 453 87 197 1 817 122 466 1 246 123 713 - 10.9 9.8 9.8 10.2 18.7 18.7

2001 Jan 17 492 84 768 14 579 116 839 1 261 118 100 - - 4.5 - 4.5 17.2 - 4.9 - 4.9 29.6

Feb 24 725 85 012 15 083 124 820 1 260 126 079 - 6.8 1.9 36.0 6.2 0.9 48.1

Mar 27 852 85 972 16 137 129 961 1 243 131 204 - 4.1 6.1 31.1 3.1 4.0 39.7

Apr 29 177 91 732 16 631 137 539 1 159 138 699 - 5.7 12.1 37.8 4.9 9.1 46.3

May 30 479 95 484 17 517 143 481 1 176 144 657 - 4.3 16.9 69.1 3.3 12.7 52.1

Jun 34 458 99 105 25 998 159 561 1 186 160 746 - 11.1 29.9 74.8 9.4 23.4 57.3

Jul 30 875 95 103 26 787 152 765 1 265 154 030 - - 4.2 24.5 42.8 - 5.4 16.7 29.5

Aug 30 364 99 635 28 150 158 148 1 502 159 650 - 3.6 29.0 40.7 3.0 20.2 28.4

Sep 31 507 111 581 35 576 178 664 1 511 180 175 - 12.9 45.6 56.8 11.8 34.4 42.5

Oct 30 463 112 574 48 815 191 852 1 523 193 375 - 7.3 56.3 74.0 6.2 42.7 57.0

Nov 27 328 116 235 48 580 192 143 1 533 193 676 - 0.2 56.6 73.6 - 0.3 42.3 56.8

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 - 5.6 - 16.2 - 16.0


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).


121

IV.10 - Federal domestic securitiesOutside the Banco Central do Brasil

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 Jan 74 082 260 089 14 635 65 49 945 398 816 25 623 424 439

Feb 71 878 261 871 14 492 67 50 841 399 148 25 045 424 193

Mar 75 470 265 559 14 594 65 52 147 407 836 25 278 433 114

Apr 67 998 275 016 14 559 66 53 305 410 943 27 245 438 188

May 63 166 270 568 15 011 70 56 009 404 824 27 430 432 254

Jun 62 902 288 358 14 838 69 58 327 424 495 27 549 452 044

Jul 60 662 304 295 15 493 73 59 867 440 389 20 516 460 905

Aug 58 131 305 694 15 775 76 61 602 441 278 20 314 461 592

Sep 57 199 306 617 15 961 74 72 283 452 134 19 995 472 129

Oct 52 896 308 044 15 959 75 87 300 464 273 18 048 482 321

Nov 51 191 312 993 15 836 72 88 978 469 070 18 168 487 238

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

(continues)


122

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 Jan - - 88 480 88 480 512 919 0.4 0.4 22.6 0.0 0.0 13.0

Feb - - 94 594 94 594 518 787 1.1 1.6 22.8 0.6 0.6 11.8

Mar - - 103 362 103 362 536 476 3.4 5.0 24.7 2.4 3.0 13.0

Apr - - 110 405 110 405 548 593 2.3 7.4 16.0 1.5 4.5 4.4

May - - 122 304 122 304 554 557 1.1 8.6 13.8 0.1 4.7 1.4

Jun - - 128 781 128 781 580 825 4.7 13.7 18.1 3.1 8.0 3.2

Jul - - 136 373 136 373 597 279 2.8 17.0 20.6 1.6 9.7 9.1

Aug - - 144 584 144 584 606 176 1.5 18.7 22.7 0.8 10.6 10.9

Sep - - 156 961 156 961 629 090 3.8 23.2 25.2 2.8 13.7 10.1

Oct - - 154 756 154 756 637 077 1.3 24.7 25.7 0.2 13.9 9.0

Nov - - 139 693 139 693 626 932 - 1.6 22.8 23.7 - 2.1 11.6 6.6

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 - 4.4 - 19.0 - 8.0


1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).


123

IV.11 - Federal domestic securities Percentage share of index numbers

End- Balances Index numbers 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 Jan 512 919 22.5 4.7 2.5 51.4 4.4 14.4 0.0 0.0 100

Feb 518 787 23.1 4.7 3.0 51.1 4.2 13.9 0.0 0.0 100

Mar 536 476 24.1 4.5 3.1 50.1 4.1 14.1 0.0 0.0 100

Apr 548 593 24.8 4.9 3.2 50.8 3.9 12.4 0.0 0.0 100

May 554 557 26.9 4.9 3.5 49.4 3.9 11.4 0.0 0.0 100

Jun 580 825 26.8 5.0 3.7 50.2 3.5 10.8 0.0 0.0 100

Jul 597 279 27.8 3.8 3.5 51.5 3.2 10.2 0.0 0.0 100

Aug 606 176 28.8 3.7 3.6 51.0 3.2 9.6 0.0 0.0 100

Sep 629 090 31.4 3.6 3.6 49.3 3.0 9.1 0.0 0.0 100

Oct 637 077 32.9 3.4 3.7 48.8 3.0 8.3 0.0 0.0 100

Nov 626 932 31.1 3.4 3.9 50.3 3.1 8.2 0.0 0.0 100

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

Source: STN and Bacen

1/ Portfolio position as of Jan/2000.2/ Including National Treasury Notes series J for having their yield linked to the National Treasury Bills.


124

IV.12 - Monetary impact from federal securities operations National Treasury and Banco Central do Brasil

R$ 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 Jan 13 152 13 620 468 144 467 140 368 - 4 099 157 619 153 987 - 3 631 Feb 16 866 21 862 4 996 109 139 104 591 - 4 549 126 005 126 452 447 Mar 13 116 22 501 9 385 81 504 74 065 - 7 439 94 621 96 566 1 946

Apr 19 821 22 454 2 633 147 351 144 950 - 2 401 167 172 167 405 232 May 11 445 21 601 10 157 223 499 221 884 - 1 615 234 944 243 485 8 541 Jun 6 401 20 483 14 082 273 405 261 352 - 12 053 279 806 281 836 2 029 Jul 22 586 21 009 - 1 577 311 874 328 392 16 519 334 459 349 401 14 941 Aug 10 824 18 358 7 535 492 700 502 396 9 696 503 524 520 754 17 231 Sep* 13 275 17 019 3 743 773 953 779 209 5 256 787 228 796 228 9 000 Oct* 17 831 34 886 17 056 924 156 928 157 4 002 941 986 963 043 21 057 Nov* 34 549 41 905 7 355 1 028 134 1 024 694 - 3 439 1 062 683 1 066 599 3 916

BTN -'' -'' -'' -'' -'' -'' -'' -'' -''

LFT 28 053 11 686 - 16 367 659 553 635 218 - 24 335 687 606 646 904 - 40 702 LTN 0 13 594 13 594 362 642 381 327 18 685 362 642 394 921 32 280 NTN 6 496 9 643 3 147 1 881 1 834 - 47 8 377 11 477 3 100 BBCA -'' -'' -'' -'' -'' -'' -'' -'' -''

LBC -'' -'' -'' -'' -'' -'' -'' -'' -''LBCE -'' -'' -'' -'' -'' -'' -'' -'' -''

NBCE -'' 6 981 6 981 4 058 6 315 2 257 4 058 13 296 9 238

NBCF -'' -'' -'' -'' -'' -'' -'' -'' -''

Accumulated in year 179 866 255 698 75 832 4 510 181 4 510 059 - 122 4 690 047 4 765 756 75 710 National Treasury 179 866 187 769 7 903 4 145 001 4 115 543 - 29 458 4 324 867 4 303 313 - 21 554

Banco Central - 67 928 67 928 365 180 394 516 29 336 365 180 462 444 97 264


125

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 Jan - - - 50 1 742 1 792

Feb - - - 50 1 760 1 810

Mar - - - 51 1 782 1 833

Apr - - - 51 1 803 1 854

May - - - 14 1 827 1 841

Jun - - - 15 1 850 1 865

Jul - - - 15 1 878 1 893

Aug - - - 15 1 908 1 923

Sep - - - 15 1 933 1 948

Oct - - - 16 1 963 1 978

Nov - - - - 1 990 1 990

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

(continues)


126

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 changes

2/ 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 Jan - - 487 487 2 279 0.8 0.8 - 83.7 50 2 229 - - 2 229

Feb - - 492 492 2 302 0.4 1.3 - 83.8 50 2 252 - - 2 252

Mar - - 498 498 2 331 0.3 1.6 - 83.7 51 2 280 - - 2 280

Apr - - 504 504 2 359 0.4 2.0 - 83.8 51 2 307 - - 2 307

May - - 511 511 2 352 - 1.2 0.8 - 14.6 14 2 338 - - 2 338

Jun - - 517 517 2 382 - 0.3 0.5 2.8 15 2 368 - - 2 368

Jul - - 525 525 2 418 0.2 0.7 3.7 15 2 403 - - 2 403

Aug - - 534 534 2 457 1.0 1.7 4.6 15 2 441 - - 2 441

Sep - - 541 541 2 489 0.4 2.1 4.3 15 2 474 - - 2 474

Oct - - 549 549 2 527 0.4 2.5 3.8 16 2 512 - - 2 512

Nov - - 557 557 2 547 0.3 2.8 3.4 0 2 547 - - 2 547

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 - 2.9 - 40.1 - 39.4 0 1 931 - - 1 931

1/ Other: Campinas, Guarulhos and Osasco.

2/ Deflator: IGP-DI centered at end of month (geometric average month indicated and subsequent month).


127

IV.14 - Net public sector debt

R$ million

Itemization 2000 2001 2002*

December December September October November

Balances % Balances % Balances % Balances % Balances %

GDP GDP GDP GDP GDP

Fiscal net debt (G=E-F) 471 823 41.4 522 817 42.1 547 645 39.4 555 930 38.1 562 353 37.2Internal debt adjustment (F) 53 613 4.7 72 795 5.9 166 042 11.9 154 245 10.6 153 546 10.2

Fiscal net debt with exchange devaluation (E=A-B-C-D) 525 436 46.1 595 612 48.0 713 686 51.3 710 175 48.7 715 899 47.4External debt adjustment (D) 42 794 3.8 52 838 4.3 150 465 10.8 135 252 9.3 132 949 8.8Inventory adjustment (C) 54 794 4.8 73 259 5.9 85 519 6.1 85 265 5.8 85 104 5.6Privatization asjustment (B) - 59 861 - 5.3 - 60 842 - 4.9 - 64 479 - 4.6 - 64 479 - 4.4 - 64 479 - 4.3Total net debt (A) 563 164 49.4 660 867 53.3 885 191 63.6 866 212 59.4 869 473 57.5 Federal government and the Bacen 344 258 30.2 419 121 33.8 592 219 42.6 568 153 39.0 574 932 38.0 Banco Central 8 709 0.8 - 7 349 - 0.6 - 4 557 - 0.3 463 0.0 - 9 672 - 0.6 State governments 161 184 14.1 203 409 16.4 235 918 17.0 238 223 16.3 244 647 16.2 Local governments 24 139 2.1 26 156 2.1 30 902 2.2 31 228 2.1 32 023 2.1 State enterprises 24 873 2.2 19 530 1.6 30 709 2.2 28 145 1.9 27 542 1.8 Federal - 4 220 - 0.4 - 15 601 - 1.3 - 13 175 - 0.9 - 14 214 - 1.0 - 14 383 - 1.0

State 26 538 2.3 32 400 2.6 40 912 2.9 39 413 2.7 38 955 2.6 Local governments 2 555 0.2 2 732 0.2 2 972 0.2 2 947 0.2 2 970 0.2Internal net debt 451 841 39.7 530 022 42.7 639 947 46.0 631 351 43.3 634 753 42.0Federal government and the Bacen 200 687 17.6 254 499 20.5 307 396 22.1 302 910 20.8 308 039 20.4

Federal securities1/ 397 481 34.9 477 866 38.5 541 534 38.9 524 781 36.0 533 128 35.3

Privatization currencies 28 077 2.5 20 058 1.6 23 563 1.7 22 245 1.5 22 574 1.5 Bank debt 889 0.1 1 493 0.1 952 0.1 989 0.1 1 012 0.1 Tax collected (not transferred) - 292 0.0 - 767 - 0.1 - 6 579 - 0.5 - 5 521 - 0.4 - 3 993 - 0.3 Demand deposits - 1 409 - 0.1 - 1 880 - 0.2 - 579 0.0 - 563 0.0 - 610 0.0

Investment in funds2/

- 33 776 - 3.0 - 37 568 - 3.0 - 48 635 - 3.5 - 50 784 - 3.5 - 51 919 - 3.4

Laborer assistance fund (FAT) - 51 092 - 4.5 - 60 977 - 4.9 - 75 885 - 5.5 - 75 095 - 5.2 - 75 948 - 5.0 Social Security system - 870 - 0.1 - 1 287 - 0.1 - 692 0.0 - 606 0.0 - 1 358 - 0.1 Renegotiation (Law 9,496/1997 and Proes) - 154 830 - 13.6 - 174 502 - 14.1 - 191 107 - 13.7 - 196 824 - 13.5 - 203 740 - 13.5

Renegotiation (Law 8,727/1993) - 4 755 - 0.4 - 19 246 - 1.6 - 19 490 - 1.4 - 19 655 - 1.3 - 19 857 - 1.3

Restructured debt3/ - 7 849 - 0.7 - 26 640 - 2.1 - 43 503 - 3.1 - 40 525 - 2.8 - 40 089 - 2.7

Other federal government's credits4/ - 12 209 - 1.1 - 29 288 - 2.4 - 32 557 - 2.3 - 33 927 - 2.3 - 34 112 - 2.3

Relationship with Banco Central 41 323 3.6 107 236 8.6 160 373 11.5 178 396 12.2 182 951 12.1 Banco Central 66 885 5.9 54 021 4.4 70 720 5.1 61 704 4.2 53 913 3.6 Monetary base 47 679 4.2 53 247 4.3 60 770 4.4 60 640 4.2 60 559 4.0

Banco Central securities1/ 85 680 7.5 126 198 10.2 93 688 6.7 85 086 5.8 75 767 5.0

Repurchase agreement 6 049 0.5 - 8 776 - 0.7 62 482 4.5 66 850 4.6 74 377 4.9 Other deposits 14 965 1.3 18 172 1.5 38 783 2.8 53 889 3.7 54 291 3.6 Bacen credit to financial institutions - 37 341 - 3.3 - 21 573 - 1.7 - 21 460 - 1.5 - 21 374 - 1.5 - 21 392 - 1.4 Other accounts in Bacen - 8 824 - 0.8 - 6 011 - 0.5 - 3 171 - 0.2 - 4 991 - 0.3 - 6 738 - 0.4 Relationship with Federal Government - 41 323 - 3.6 - 107 236 - 8.6 - 160 373 - 11.5 - 178 396 - 12.2 - 182 951 - 12.1State governments 151 558 13.3 192 154 15.5 216 120 15.5 219 678 15.1 226 025 15.0

Securities net debt5/ 1 720 0.2 2 018 0.2 1 500 0.1 1 254 0.1 1 270 0.1

Renegotiation (Law 9,496/1997 and Proes) 136 731 12.0 154 222 12.4 168 341 12.1 173 562 11.9 179 532 11.9

Renegotiation (Law 8,727/1993) 25 692 2.3 26 444 2.1 27 016 1.9 26 792 1.8 26 994 1.8

Restructured debt3/ 3 148 0.3 11 645 0.9 19 048 1.4 17 817 1.2 17 526 1.2

Bank debt 4 039 0.4 3 995 0.3 4 048 0.3 4 059 0.3 3 643 0.2

Other state debts6/ 12 603 1.1 18 616 1.5 21 083 1.5 21 345 1.5 21 874 1.4

Tax collected (not transferred) - 228 0.0 - 314 0.0 - 516 0.0 - 709 0.0 - 540 0.0 Demand deposits - 1 897 - 0.2 - 1 942 - 0.2 - 1 258 - 0.1 - 1 261 - 0.1 - 1 325 - 0.1

Other state credits7/ - 30 250 - 2.7 - 22 530 - 1.8 - 23 143 - 1.7 - 23 182 - 1.6 - 22 950 - 1.5

(continues)


128


(concluded) R$ million



Balances % Balances % Balances % Balances % Balances %

GDP GDP GDP GDP GDP

Local governments 22 706 2.0 24 374 2.0 27 709 2.0 28 229 1.9 29 053 1.9

Securities net debt5/ 481 0.0 560 0.0 641 0.0 651 0.0 661 0.0

Renegotiation (MP 2,118/2000) 18 100 1.6 20 279 1.6 22 765 1.6 23 262 1.6 24 208 1.6 Renegotiation (Law 8,727/1993) 2 598 0.2 2 560 0.2 2 532 0.2 2 531 0.2 2 535 0.2

Restructured debt3/

828 0.1 1 386 0.1 2 158 0.2 2 011 0.1 1 991 0.1

Bank debt 2 228 0.2 1 964 0.2 2 038 0.1 2 088 0.1 2 103 0.1 Tax collected (not transferred) - 49 0.0 - 78 0.0 - 93 0.0 - 83 0.0 - 87 0.0 Demand deposits - 1 479 - 0.1 - 2 297 - 0.2 - 2 331 - 0.2 - 2 231 - 0.2 - 2 358 - 0.2 State enterprises 10 004 0.9 4 974 0.4 18 001 1.3 18 831 1.3 17 723 1.2 Federal - 12 520 - 1.1 - 23 185 - 1.9 - 14 688 - 1.1 - 13 088 - 0.9 - 14 051 - 0.9 Restructured debt3/

0 0.0 3 546 0.3 6 315 0.5 5 860 0.4 5 847 0.4 Bank debt 10 492 0.9 2 562 0.2 3 335 0.2 2 990 0.2 2 888 0.2 Contractors and suppliers 2 361 0.2 27 639 2.2 26 743 1.9 27 540 1.9 28 396 1.9 Debentures - 1 268 - 0.1 - 275 0.0 - 319 0.0 - 325 0.0 - 342 0.0 Renegotiation (Law 8,727/1993) - 23 817 - 2.1 - 29 708 - 2.4 - 19 412 - 1.4 - 17 380 - 1.2 - 18 796 - 1.2 State enterprises portfolios - 288 0.0 - 529 0.0 - 573 0.0 - 687 0.0 - 947 - 0.1 Demand deposits 0 0.0 - 26 421 - 2.1 - 30 777 - 2.2 - 31 085 - 2.1 - 31 098 - 2.1 States 19 975 1.8 25 427 2.0 29 717 2.1 28 972 2.0 28 804 1.9

Restructured debt3/

3 862 0.3 9 093 0.7 13 771 1.0 12 795 0.9 12 686 0.8

Banking debt 4 215 0.4 4 096 0.3 3 791 0.3 3 991 0.3 4 001 0.3 Debentures 638 0.1 873 0.1 1 420 0.1 1 420 0.1 1 434 0.1 Renegotiation (Law 8,727/1993) 11 849 1.0 11 970 1.0 11 606 0.8 11 621 0.8 11 638 0.8 Fed.security portfolio of state enterprises - 374 0.0 - 417 0.0 - 601 0.0 - 592 0.0 - 696 0.0 Demand deposit - 215 0.0 - 188 0.0 - 270 0.0 - 263 0.0 - 259 0.0 Local government 2 549 0.2 2 732 0.2 2 972 0.2 2 947 0.2 2 970 0.2

Restructured debt3/

11 0.0 139 0.0 228 0.0 211 0.0 210 0.0 Banking debt 122 0.0 127 0.0 190 0.0 172 0.0 173 0.0 Renegociation (Law 8,727/1993) 2 450 0.2 2 512 0.2 2 603 0.2 2 615 0.2 2 629 0.2 Demand deposit - 35 0.0 - 46 0.0 - 50 0.0 - 51 0.0 - 42 0.0 Foreign net debt 111 322 9.8 130 845 10.5 245 244 17.6 234 861 16.1 234 719 15.5 Federal government 143 571 12.6 164 622 13.3 284 822 20.5 265 243 18.2 266 893 17.7

Banco Central do Brasil8/

- 58 177 - 5.1 - 61 370 - 4.9 - 75 277 - 5.4 - 61 241 - 4.2 - 63 585 - 4.2

State governments 9 626 0.8 11 255 0.9 19 798 1.4 18 545 1.3 18 622 1.2 Local governments 1 433 0.1 1 781 0.1 3 193 0.2 2 999 0.2 2 970 0.2 State enterprises 14 869 1.3 14 556 1.2 12 708 0.9 9 314 0.6 9 819 0.6 Federal 8 299 0.7 7 584 0.6 1 512 0.1 - 1 126 - 0.1 - 332 0.0 State 6 564 0.6 6 973 0.6 11 196 0.8 10 441 0.7 10 151 0.7 Local government 6 0.0 0 0.0 0 0.0 0 0.0 0 0.0

GDP9/

1 139 269 1 240 998 1 391 399 1 458 148 1 511 157IMF - Basic path Total net debt 568 186 - 703 492 - 806 030 - - - - -

1/ Portfolio valuation.2/ Includes constitutional funds and other funds and general programs.

3/ Includes MF30, BIB, and others.4/ Includes royalties, agricultural debt and others.5/ Securities debt issued minus securities in treasury.6/ Includes royalties, Fundef and others.7/ Includes securitized credit, CFTs, LFTs, and other financial accounts. 8/ Excludes international reserves.9/ Last 12 month GDP at prices of month indicated. Deflator: centered IGP (geometric average of IGP-DI growth in the month and the subsequent month).


129


US$ million



Fiscal net debt (G=E-F) 241 391 225 391 140 634 152 552 154 675

Internal debt adjustment (F) 27 429 31 383 42 639 42 326 42 233

Fiscal net debt with exchange devaluation (E=A-B-C-D) 268 820 256 773 183 274 194 878 196 908

External debt adjustment (D) 21 894 22 779 38 639 37 114 36 568

Inventory adjustment (C) 28 034 31 583 21 961 23 398 23 408

Privatization adjustment (B) - 30 626 - 26 229 - 16 558 - 17 694 - 17 735

Total net debt (A) 288 122 284 906 227 316 237 696 239 149

Federal government and the Bacen 176 127 180 687 152 081 155 906 158 135

Banco Central 4 455 - 3 168 - 1 170 127 - 2 660

State governments 82 464 87 691 60 583 65 370 67 290

Local governments 12 350 11 276 7 936 8 569 8 808

State enterprises 12 725 8 420 7 886 7 723 7 575

Federal - 2 159 - 6 726 - 3 383 - 3 901 - 3 956

State 13 577 13 968 10 506 10 815 10 715

Local governments 1 307 1 178 763 809 817

Internal net debt 231 168 228 497 164 338 173 248 174 589

Federal government and the Bacen 102 674 109 717 78 939 83 121 84 726

Federal securities1/ 203 357 206 012 139 065 144 005 146 637

Privatization currencies 14 364 8 647 6 051 6 104 6 209

Bank debt 455 644 245 271 278

Tax collected (not transferred) - 149 - 331 - 1 689 - 1 515 - 1 098

Demand deposits - 721 - 810 - 149 - 154 - 168

Investment in funds2/ - 17 280 - 16 196 - 12 489 - 13 936 - 14 280

Laborer assistance fund (FAT) - 26 139 - 26 288 - 19 487 - 20 607 - 20 889

Social Security system - 445 - 555 - 178 - 166 - 373

Renegotiation (Law 9,496/1997 and Proes) - 79 213 - 75 229 - 49 076 - 54 010 - 56 039

Renegotiation (Law 8,727/1993) - 2 433 - 8 297 - 5 005 - 5 393 - 5 462

Restructured debt3/

- 4 016 - 11 485 - 11 171 - 11 121 - 11 026

Other federal government's credits4/

- 6 246 - 12 626 - 8 361 - 9 310 - 9 383

Relationship with Banco Central 21 141 46 230 41 183 48 953 50 321

Banco Central 34 219 23 289 18 161 16 932 14 829

Monetary base 24 393 22 955 15 606 16 640 16 657

Banco Central securities1/

43 835 54 405 24 059 23 348 20 840

Repurchase agreement 3 095 - 3 783 16 045 18 344 20 457

Other deposits 7 656 7 834 9 959 14 788 14 933

Bacen credit to financial institutions - 19 104 - 9 300 - 5 511 - 5 865 - 5 884

Other accounts in Bacen - 4 514 - 2 591 - 814 - 1 370 - 1 853

Relationship with Federal Government - 21 141 - 46 230 - 41 183 - 48 953 - 50 321

State governments 77 539 82 839 55 499 60 281 62 168

Securities net debt5/ 880 870 385 344 349

Renegotiation (Law 9,496/1997 and Proes) 69 953 66 487 43 230 47 627 49 380

Renegotiation (Law 8,727/1993) 13 144 11 400 6 938 7 352 7 425

Restructured debt3/

1 610 5 020 4 891 4 889 4 821

Bank debt 2 066 1 722 1 040 1 114 1 002

Other state debts6/ 6 448 8 026 5 414 5 857 6 017

Tax collected (not transferred) - 117 - 135 - 132 - 195 - 148

Demand deposits - 970 - 837 - 323 - 346 - 365

Other state credits7/

- 15 476 - 9 713 - 5 943 - 6 361 - 6 313

(continues)


130


(concluded) US$ million



Local governments 11 617 10 508 7 116 7 746 7 991 Securities net debt

5/ 246 241 164 179 182

Renegotiation (MP 2,118/2000) 9 260 8 743 5 846 6 383 6 293 Renegotiation (Law 8,727/1993) 1 329 1 104 650 695 739 Restructured debt

3/ 424 598 554 552 558

Bank debt 1 140 847 523 573 611 Tax collected (not transferred) - 25 - 34 - 24 - 23 - 24 Demand deposits - 757 - 990 - 599 - 612 - 778

State enterprises 5 118 2 144 4 623 5 167 5 239 Federal - 6 405 - 9 995 - 3 772 - 3 591 - 3 755 Restructured debt

3/ 0 1 529 1 622 1 608 1 698

Bank debt 5 368 1 105 856 821 - 490 Contractors and suppliers 1 208 11 915 6 868 7 557 203 Debentures - 649 - 118 - 82 - 89 198

Renegociation (Law 8,727/1993) - 12 185 - 12 807 - 4 985 - 4 769 - 88 State enterprises portfolios - 147 - 228 - 147 - 189 - 5 120 Demand deposits 0 - 11 390 - 7 904 - 8 530 - 156 States 10 219 10 962 7 631 7 950 8 161 Restructured debt3/

1 976 3 920 3 536 3 511 3 557

Banking debt 2 157 1 766 974 1 095 1 093

Debentures 326 376 365 390 377 Renegotiation (Law 8,727/1993) 6 062 5 160 2 980 3 189 3 389 Fed.security portfolio of state enterprises - 191 - 180 - 154 - 162 - 167 Demand deposit - 110 - 81 - 69 - 72 - 88

Local government 1 304 1 178 763 809 833 Restructured debt3/

6 60 59 58 59

Banking debt 63 55 49 47 39

Renegotiation (Law 8,727/1993) 1 254 1 083 669 718 752 Demand deposit - 18 - 20 - 13 - 14 - 17 Foreign net debt 56 954 56 408 62 978 64 448 57 984 Federal government 73 453 70 970 73 142 72 785 71 503 Banco Central do Brasil8/

- 29 764 - 26 457 - 19 331 - 16 805 - 23 459 State governments 4 925 4 852 5 084 5 089 4 823 Local governments 733 768 820 823 773 State enterprises 7 607 6 275 3 263 2 556 4 344 Federal 4 246 3 269 388 - 309 1 532 State 3 358 3 006 2 875 2 865 2 812 Local government 3 0 0 0 0GDP9/

582 865 535 005 357 310 400 128 386 021IMF - Indicative targetTotal net debt 290 692 303 281 206 987 ... '' ... ''

Exchange rate (purchase) R$/US$ 1.9546 2.3196 3.8941 3.6442 3.6357

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).


131

IV.16 - Public sector borrowing requirements

Accumulated in the year % of GDP

Itemization Current prices Last month prices1/

2001 2002* 2001 2002*

Jan-Nov Year Jan-Nov Jan-Nov Year Jan-Nov

Nominal 2.93 3.61 3.33 2.88 3.54 3.27

Central government 1.08 2.13 0.31 1.04 2.05 0.31

Federal government2/ 1.21 2.27 1.35 1.17 2.18 1.36

Bacen -0.13 -0.13 -1.04 -0.13 -0.13 -1.04

Regional government 2.11 2.05 2.92 2.09 2.03 2.83

State government 1.98 1.95 2.52 1.97 1.94 2.44

Local government 0.13 0.10 0.40 0.13 0.10 0.39

State enterprises -0.26 -0.57 0.09 -0.26 -0.55 0.13

Federal owner -0.49 -0.67 -0.28 -0.48 -0.66 -0.25

States owner 0.22 0.10 0.35 0.22 0.10 0.36

Local governments owner 0.01 0.01 0.02 0.01 0.01 0.02

Nominal interest 7.25 7.30 8.14 7.24 7.28 8.09



Bacen -0.19 -0.19 -1.10 -0.18 -0.19 -1.10




State enterprises 0.51 0.38 0.82 0.51 0.39 0.83

Federal owner -0.03 -0.03 0.18 -0.03 -0.03 0.18

States owner 0.52 0.39 0.61 0.52 0.40 0.62


Primary -4.32 -3.68 -4.81 -4.35 -3.75 -4.82

Central government -2.59 -1.86 -3.06 -2.61 -1.91 -3.09

Federal government -3.58 -3.00 -4.30 -3.60 -3.04 -4.32

Bacen 0.06 0.06 0.06 0.06 0.06 0.06

INSS 0.94 1.08 1.18 0.93 1.07 1.17

Regional government -0.96 -0.88 -1.03 -0.97 -0.90 -1.03

State government -0.70 -0.61 -0.86 -0.71 -0.62 -0.86

Local government -0.26 -0.28 -0.17 -0.26 -0.28 -0.17

State enterprises -0.77 -0.95 -0.72 -0.77 -0.94 -0.70

Federal owner -0.46 -0.64 -0.46 -0.46 -0.63 -0.43

States owner -0.30 -0.30 -0.26 -0.30 -0.30 -0.27

Local governments owner -0.01 -0.01 0.00 -0.01 -0.01 0.00

1/ Flows at prices of the last month of the period, based on the IGP-DI.

2/ Includes INSS.

(+) deficit (-) surplus


132


Flows in 12 months in R$ million

Itemization 2000 2001 2002


Total nominal 39 806 42 788 47 087 49 178 50 734

Federal government and Banco Central do Brasil 25 016 25 273 19 043 22 712 17 335

State and local governments 22 921 24 257 30 922 31 702 36 177

State enterprises - 8 132 - 6 742 - 2 878 - 5 236 - 2 778

Total operational1/ 12 888 12 571 - 5 600 - 20 512 - 36 357

Federal government and Banco Central do Brasil 14 371 13 371 - 2 156 - 6 363 - 19 825

State and local governments 7 558 5 565 - 674 - 8 972 - 13 766


Total primary - 38 157 - 43 655 - 50 071 - 53 325 - 54 127

Federal government and Banco Central do Brasil - 20 431 - 21 980 - 27 219 - 29 641 - 30 356

State and local governments - 6 026 - 10 471 - 10 770 - 11 755 - 12 309


Total real interest 51 044 56 226 44 470 32 813 17 770


State and local governments 13 584 16 036 10 096 2 783 - 1 457


GDP (accumulated in the year)2/

1 086 700 1 184 769 1 255 462 1 270 504 1 292 480

In percentage of GDP3/

Total nominal 3.66 3.61 3.75 3.87 3.93

Federal government and Banco Central do Brasil 2.30 2.13 1.52 1.79 1.34

State and local governments 2.11 2.05 2.46 2.50 2.80

State enterprises -0.75 -0.57 -0.23 -0.41 -0.21

Total operational 1.19 1.06 -0.45 -1.61 -2.81

Federal government and Banco Central do Brasil 1.32 1.13 -0.17 -0.50 -1.53

State and local governments 0.70 0.47 -0.05 -0.71 -1.07


Total primary -3.51 -3.68 -3.99 -4.20 -4.19

Federal government and Banco Central do Brasil -1.88 -1.86 -2.17 -2.33 -2.35

State and local governments -0.55 -0.88 -0.86 -0.93 -0.95


Total real interest 4.70 4.75 3.54 2.58 1.37


State and local governments 1.25 1.35 0.80 0.22 -0.11

State enterprises 0.24 0.41 0.74 0.53 0.67

1/ Deflator = IGP-DI (centered).

2/ GDP at current prices.

3/ Reflects ratio of flows to the GDP at current prices.


133


Flows in 12 months at prices of last month indicated in R$ million

Itemization 2000 2001 2002


Total nominal 41 390 43 871 51 711 54 903 58 530



State enterprises -8 366 -6 825 -3 108 -5 698 -3 040

Total operational1/13 299 12 153 -3 765 -19 343 -37 128

Federal government and Banco Central do Brasil 14 848 12 958 - 225 -4 807 -19 611

State and local governments 7 769 5 626 - 551 -8 902 -14 493


Total primary -40 368 -46 444 -53 588 -58 572 -62 242

Federal government and Banco Central do Brasil -21 818 -23 692 -29 198 -32 520 -34 937

State and local governments -6 460 -11 114 -11 683 -13 085 -14 236




State and local governments 14 229 16 741 11 132 4 183 - 256



1 136 488 1 239 820 1 363 004 1 417 348 1 497 002


Total nominal 3.64 3.54 3.79 3.87 3.91




Total operational 1.17 0.98 -0.28 -1.36 -2.48

Federal government and Banco Central do Brasil 1.31 1.05 -0.02 -0.34 -1.31



Total primary -3.55 -3.75 -3.93 -4.13 -4.16









2/ At prices of the last month of the period indicated (deflator: IGP-DI).

3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).


134


With exchange devaluation on domestic securities debt stock

Accumulated in the year % of GDP

Itemization Current prices Last month prices1/

2001 2002* 2001 2002*

Jan-Nov Year Jan-Nov Jan-Nov Year Jan-Nov

Nominal 6.13 5.23 10.13 6.14 5.29 10.17



Bacen 2.57 1.41 2.68 2.62 1.51 2.73




State enterprises -0.26 -0.57 0.09 -0.26 -0.55 0.13

Federal owner -0.49 -0.67 -0.28 -0.48 -0.66 -0.25

States owner 0.22 0.10 0.35 0.22 0.10 0.36


Nominal interest 10.44 8.92 14.94 10.50 9.03 14.99



Bacen 2.52 1.35 2.62 2.56 1.45 2.68




State enterprises 0.51 0.38 0.82 0.51 0.39 0.83

Federal owner -0.03 -0.03 0.18 -0.03 -0.03 0.18

States owner 0.52 0.39 0.61 0.52 0.40 0.62


Primary -4.32 -3.68 -4.81 -4.35 -3.75 -4.82

Central government -2.59 -1.86 -3.06 -2.61 -1.91 -3.09

Federal government -3.58 -3.00 -4.30 -3.60 -3.04 -4.32

Bacen 0.06 0.06 0.06 0.06 0.06 0.06

INSS 0.94 1.08 1.18 0.93 1.07 1.17

Regional government -0.96 -0.88 -1.03 -0.97 -0.90 -1.03

State government -0.70 -0.61 -0.86 -0.71 -0.62 -0.86

Local government -0.26 -0.28 -0.17 -0.26 -0.28 -0.17

State enterprises -0.77 -0.95 -0.72 -0.77 -0.94 -0.70

Federal owner -0.46 -0.64 -0.46 -0.46 -0.63 -0.43

States owner -0.30 -0.30 -0.26 -0.30 -0.30 -0.27

Local governments owner -0.01 -0.01 0.00 -0.01 -0.01 0.00

1/ Flows at prices of the last month of the period, based on the IGP-DI.

2/ Includes INSS.



135

IV.20 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock




Total nominal 49 285 61 970 114 187 101 994 116 156




Total operational1/ 12 895 16 724 35 623 - 726 - 10 083


State and local governments 7 558 5 565 - 674 - 8 972 - 13 766


Total primary - 38 157 - 43 655 - 50 071 - 53 325 - 54 127

Federal government and Banco Central do Brasil - 20 431 - 21 980 - 27 219 - 29 641 - 30 356

State and local governments - 6 026 - 10 471 - 10 770 - 11 755 - 12 309




State and local governments 13 584 16 036 10 096 2 783 - 1 457



1 086 700 1 184 769 1 255 462 1 270 504 1 292 480


Total nominal 4.54 5.23 9.10 8.03 8.99




Total operational 1.19 1.41 2.84 -0.06 -0.78




Total primary -3.51 -3.68 -3.99 -4.20 -4.19












136

IV.21 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock




Total nominal 51 014 65 534 119 986 111 334 133 964




Total operational1/13 034 18 124 37 110 1 760 -4 984


State and local governments 7 769 5 626 - 551 -8 902 -14 493


Total primary -40 368 -46 444 -53 588 -58 572 -62 242

Federal government and Banco Central do Brasil -21 818 -23 692 -29 198 -32 520 -34 937

State and local governments -6 460 -11 114 -11 683 -13 085 -14 236




State and local governments 14 229 16 741 11 132 4 183 - 256



1 136 488 1 239 820 1 363 004 1 417 348 1 497 002


Total nominal 4.49 5.29 8.80 7.86 8.95




Total operational 1.15 1.46 2.72 0.12 -0.33




Total primary -3.55 -3.75 -3.93 -4.13 -4.16












137

IV.22 - Public sector borrowing requirements State enterprises




Total nominal -8 132 -6 742 -2 878 -5 236 -2 778

Federal enterprises -9 276 -7 971 -6 695 -7 820 -6 007


Local governments enterprises 130 80 260 225 257

Total operational1/ -9 042 -6 364 -2 770 -5 177 -2 765


State enterprises - 336 - 374 1 183 - 645 - 674

Local governments enterprises - 84 - 169 - 137 - 280 - 358

Total primary -11 700 -11 204 -12 081 -11 929 -11 461





Federal enterprises 1 553 1 749 4 864 4 455 6 342



GDP (accumulated in the year)2/ 1 086 700 1 184 769 1 255 462 1 270 504 1 292 480


Total nominal -0.75 -0.57 -0.23 -0.41 -0.21

Federal enterprises -0.85 -0.67 -0.53 -0.62 -0.46


Local governments enterprises 0.01 0.01 0.02 0.02 0.02

Total operational -0.83 -0.54 -0.22 -0.41 -0.21


State enterprises -0.03 -0.03 0.09 -0.05 -0.05

Local governments enterprises -0.01 -0.01 -0.01 -0.02 -0.03

Total primary -1.08 -0.95 -0.96 -0.94 -0.89



Local governments enterprises 0.00 -0.01 0.00 0.00 0.00


Federal enterprises 0.14 0.15 0.39 0.35 0.49


Local governments enterprises 0.00 0.00 -0.01 -0.02 -0.03





138

IV.23 - Public sector borrowing requirements State enterprises




Total nominal - 8 366 - 6 825 - 3 108 - 5 698 - 3 040

Federal enterprises - 9 538 - 8 191 - 6 939 - 8 371 - 6 696


Local governments enterprises 134 82 272 247 296

Total operational1/ - 9 317 - 6 432 - 2 989 - 5 633 - 3 024


State enterprises - 370 - 313 1 051 - 788 - 664


Total primary - 12 091 - 11 637 - 12 708 - 12 968 - 13 069





Federal enterprises 1 617 1 857 5 075 4 758 7 092



GDP (accumulated in the year)2/ 1 136 488 1 239 820 1 363 004 1 417 348 1 497 002


Total nominal -0.74 -0.55 -0.23 -0.40 -0.20



Local governments enterprises 0.01 0.01 0.02 0.02 0.02

Total operational -0.82 -0.52 -0.22 -0.40 -0.20


State enterprises -0.03 -0.03 0.08 -0.06 -0.04

Local governments enterprises -0.01 -0.01 -0.01 -0.02 -0.03

Total primary -1.06 -0.94 -0.93 -0.91 -0.87



Local governments enterprises 0.00 -0.01 0.00 0.00 0.00


Federal enterprises 0.14 0.15 0.37 0.34 0.47


Local governments enterprises 0.00 0.00 -0.01 -0.02 -0.02





139

IV.24 - Public accounts - uses and sources




Uses (1+2+3) 39 806 42 788 47 087 49 178 50 734

1 - Primary result - 38 157 - 43 655 - 50 071 - 53 325 - 54 127

2 - Internal debt interest 68 415 72 112 80 333 85 018 87 267

Real interest 41 496 41 895 27 645 15 327 176

Monetary atualization 26 918 30 217 52 687 69 691 87 091

3 - External debt interest 9 548 14 332 16 825 17 486 17 594

Sources (4+5) 39 806 42 788 47 087 49 178 50 734

4 - Internal borrowing 40 278 27 810 21 149 21 473 24 397

Securities debt 58 625 58 353 15 268 - 2 371 5 594

Banking debt - 17 008 - 26 939 - 5 946 9 612 4 783

Renegotiations - - - - -

States - - - - -

Local governments - - - - -

State Enterprises - - - - -

Others - 1 339 - 3 604 11 827 14 233 14 020

TN/Bacen relationship - - - - -

5 - External borrowing - 472 14 978 25 938 27 705 26 338

GDP (accumulated in the year)1/1 086 700 1 184 769 1 255 462 1 270 504 1 292 480


Uses (1+2+3) 3.66 3.61 3.75 3.87 3.93

1 - Primary result -3.51 -3.68 -3.99 -4.20 -4.19

2 - Internal debt interest 6.30 6.09 6.40 6.69 6.75

Real interest 3.82 3.54 2.20 1.21 0.01

Monetary atualization 2.48 2.55 4.20 5.49 6.74

3 - External debt interest 0.88 1.21 1.34 1.38 1.36

Sources (4+5) 3.66 3.61 3.75 3.87 3.93

4 - Internal borrowing 3.71 2.35 1.68 1.69 1.89

Securities debt 5.39 4.93 1.22 -0.19 0.43

Banking debt -1.57 -2.27 -0.47 0.76 0.37


States - - - - -



Others -0.12 -0.30 0.94 1.12 1.08


5 - External borrowing -0.04 1.26 2.07 2.18 2.04




140

IV.25 - Public accounts - uses and sources




Uses (1+2+3) 41 390 43 871 51 711 54 903 58 530

1 - Primary result - 40 368 - 46 444 - 53 588 - 58 572 - 62 242

2 - Internal debt interest 71 731 75 358 87 094 94 057 100 488

Real interest 43 641 43 640 31 617 19 812 4 830

Monetary atualization 28 090 31 718 55 477 74 245 95 6583 - External debt interest 10 027 14 957 18 206 19 417 20 284

Sources (4+5) 41 390 43 871 51 711 54 902 58 530

4 - Internal borrowing 41 778 28 912 23 952 24 740 28 796

Securities debt 62 402 61 892 18 377 571 8 652

Banking debt - 18 209 - 28 522 - 6 614 8 665 4 251


States - - - - -



Others - 2 415 - 4 458 12 189 15 505 15 893


5 - External borrowing - 388 14 959 27 760 30 162 29 734

GDP (flows in 12 months)1/1 136 488 1 239 820 1 363 004 1 417 348 1 497 002


Uses (1+2+3) 3.64 3.54 3.79 3.87 3.91

1 - Primary result -3.55 -3.75 -3.93 -4.13 -4.16

2 - Internal debt interest 6.31 6.08 6.39 6.64 6.71

Real interest 3.84 3.52 2.32 1.40 0.32

Monetary atualization 2.47 2.56 4.07 5.24 6.39

3 - External debt interest 0.88 1.21 1.34 1.37 1.36

Sources (4+5) 3.64 3.54 3.79 3.87 3.91

4 - Internal borrowing 3.68 2.33 1.76 1.75 1.92

Securities debt 5.49 4.99 1.35 0.04 0.58

Banking debt -1.60 -2.30 -0.49 0.61 0.28


States - - - - -



Others -0.21 -0.36 0.89 1.09 1.06


5 - External borrowing -0.03 1.21 2.04 2.13 1.99




141

IV.26 - Public net debt harmonized

End- Public sector National government1/

of-

period With international reserves Without international reserves With international reserves Without international reserves

R$ million % of GDP R$ million % of GDP R$ million % of GDP R$ million % of GDP

2001 Jan 522 083 45.6 592 222 51.7 286 896 25.1 357 034 31.2

Feb 527 444 45.8 599 842 52.1 290 187 25.2 362 585 31.5

Mar 547 350 46.9 621 696 53.3 305 038 26.1 379 384 32.5

Apr 555 811 47.1 631 489 53.5 311 048 26.4 386 727 32.8

May 577 061 48.4 660 716 55.5 326 813 27.4 410 468 34.5

Jun 577 467 48.1 663 452 55.3 328 169 27.4 414 154 34.5

Jul 599 698 49.5 686 107 56.7 345 609 28.6 432 018 35.7

Aug 615 655 50.7 708 250 58.3 356 249 29.3 448 844 37.0

Sep 626 449 51.2 733 413 60.0 362 703 29.6 469 667 38.4

Oct 631 880 51.2 733 345 59.4 365 724 29.6 467 189 37.8

Nov 614 164 49.5 708 288 57.1 347 349 28.0 441 473 35.6

Dec 607 620 49.0 690 815 55.7 342 924 27.6 426 119 34.3

2002 Jan 635 562 51.2 722 996 58.2 368 309 29.6 455 743 36.7

Feb 632 104 50.9 716 390 57.7 367 307 29.6 451 592 36.4

Mar 631 854 50.9 717 149 57.7 366 271 29.5 451 566 36.4

Apr 637 892 51.0 715 847 57.2 371 605 29.7 449 560 35.9

May 656 941 51.9 739 861 58.4 386 848 30.5 469 767 37.1

Jun 699 565 54.1 818 994 63.3 421 884 32.6 541 312 41.8

Jul 766 943 58.1 900 828 68.3 475 616 36.0 609 502 46.2

Aug 729 071 54.1 842 810 62.6 438 022 32.5 551 760 41.0

Sep* 824 421 59.3 973 880 70.0 513 717 36.9 663 176 47.7

Oct* 805 572 55.2 936 235 64.2 493 762 33.9 624 424 42.8

Nov* 808 914 53.5 938 316 62.1 490 319 32.4 619 720 41.0

1/ The Federal governments, the Banco Central and state owned enterprises are included.



142

IV.27 - Variation of the harmonized net fiscal debtFlows in 12 months

End- Public sector National government1/

of-

period R$ million % of GDP R$ million % of GDP

2001 Jan 40 577 3.69 17 913 1.63

Feb 37 476 3.38 15 746 1.42

Mar 35 612 3.21 13 358 1.22

Apr 34 722 3.10 11 879 1.08

May 33 331 2.96 7 314 0.68

Jun 32 288 2.86 6 510 0.59

Jul 32 729 2.85 5 238 0.45

Aug 35 945 3.11 8 890 0.78

Sep 35 195 3.04 8 435 0.75

Oct 35 335 3.01 7 292 0.62

Nov 40 172 3.40 11 258 0.95

Dec 42 788 3.54 17 302 1.39

2002 Jan 42 686 3.51 15 632 1.24

Feb 45 917 3.76 20 607 1.64

Mar 51 880 4.27 27 333 2.21

Apr 48 930 4.04 26 100 2.13

May 53 615 4.41 31 790 2.60

Jun 51 994 4.24 25 852 2.11

Jul 47 432 3.86 16 562 1.39

Aug 47 053 3.80 20 526 1.69

Sep* 47 087 3.79 12 347 1.11

Oct* 49 178 3.87 14 892 1.25

Nov* 50 734 3.91 11 328 0.96

1/ The Federal governments, the Banco Central and state owned enterprises are included.


V - Balance of payments


144

V.1 - Balance of payments

US$ million

Itemization 1997 1998 1999 2000* 2001*

Trade balance (FOB) - 6 753 - 6 575 - 1 199 - 698 2 642

Exports 52 994 51 140 48 011 55 086 58 223

Imports 59 747 57 714 49 210 55 783 55 581

Services - 10 646 - 10 111 - 6 977 - 7 162 - 7 749

Credit 6 876 7 897 7 194 9 498 9 322

Debit 17 522 18 008 14 171 16 660 17 071

Income - 14 876 - 18 189 - 18 848 - 17 886 - 19 743

Credit 5 159 4 599 3 935 3 621 3 280

Debit 20 035 22 787 22 783 21 507 23 023

Unrequited current transfers 1 823 1 458 1 689 1 521 1 638

Credit 2 135 1 815 1 969 1 828 1 934

Debit 313 357 280 307 296

Current account - 30 452 - 33 416 - 25 335 - 24 225 - 23 213

Capital and financial account 25 800 29 702 17 319 19 326 27 925

Capital account1/ 393 320 338 273 - 36

Financial account 25 408 29 381 16 981 19 053 27 961

Direct investment 17 877 26 002 26 888 30 498 24 715

Abroad - 1 116 - 2 854 - 1 690 - 2 282 2 258

Equity capital - 1 116 - 2 854 - 1 110 - 1 755 1 752

Intercompany loans - - - 580 - 527 505

In Brazil 18 993 28 856 28 578 32 779 22 457

Equity capital 16 817 25 479 29 983 30 016 18 765

Intercompany loans 2 176 3 377 - 1 405 2 763 3 692

Portfolio investment 12 616 18 125 3 802 6 955 77

Assets 1 708 - 457 259 - 1 696 - 795

Equity securities - 361 20 - 864 - 1 953 - 1 121

Debt securities 2 069 - 477 1 123 258 326

Liabilities 10 908 18 582 3 542 8 651 872

Equity securities 6 871 995 2 572 3 076 2 481

Debt securities 4 037 17 587 971 5 575 - 1 609

Derivatives - 253 - 460 - 88 - 197 - 471

Assets 164 257 642 386 567

Liabilities - 416 - 717 - 730 - 583 - 1 038

Other investment2/ - 4 833 - 14 285 - 13 620 - 18 202 3 640

Assets - 1 987 - 11 392 - 4 397 - 2 989 - 6 586

Liabilities - 2 846 - 2 893 - 9 223 - 15 213 10 225

Errors and omissions - 3 255 - 4 256 194 2 637 - 1 405

Overall balance - 7 907 - 7 970 - 7 822 - 2 262 3 307

Memo:

Current account/GDP (%) - 3.77 - 4.24 - 4.77 - 4.08 - 4.61

Medium- and long-term amortizations3/ 25 275 29 790 42 440 31 977 35 151

(continues)


145

V.1 - Balance of payments


Itemization 2001* 2002*

Nov Jan-Nov Year Nov Jan-Nov

Trade balance (FOB) 288 1 785 2 642 1 264 11 326

Exports 4 500 53 877 58 223 5 127 55 119

Imports 4 213 52 092 55 581 3 863 43 793

Services - 520 - 7 089 - 7 749 - 306 - 4 331

Credit 712 8 249 9 322 754 8 657

Debit 1 232 15 338 17 071 1 060 12 988

Income - 1 477 - 17 618 - 19 743 - 1 360 - 16 642

Credit 240 3 036 3 280 224 2 808

Debit 1 717 20 654 23 023 1 584 19 450

Unrequited current transfers 158 1 492 1 638 228 2 151

Credit 180 1 761 1 934 244 2 364

Debit 22 269 296 16 214

Current account - 1 552 - 21 430 - 23 213 - 174 - 7 497

Capital and financial account 1 946 27 244 27 925 - 842 7 116

Capital account1/ 21 265 - 36 37 403

Financial account 1 925 26 980 27 961 - 879 6 713

Direct investment 1 766 20 263 24 715 1 117 12 673

Abroad - 416 1 465 2 258 - 37 - 2 390

Equity capital - 324 1 739 1 752 - 32 - 2 333

Intercompany loans - 92 - 274 505 - 4 - 57

In Brazil 2 182 18 798 22 457 1 154 15 064

Equity capital 1 600 15 094 18 765 972 15 479

Intercompany loans 582 3 705 3 692 183 - 415

Portfolio investment - 1 444 1 003 77 - 140 - 4 564

Assets 40 - 769 - 795 66 - 349

Equity securities - 59 - 1 026 - 1 121 - 10 - 406

Debt securities 99 256 326 76 57

Liabilities - 1 484 1 772 872 - 205 - 4 216

Equity securities 87 2 545 2 481 241 1 235

Debt securities - 1 571 - 773 - 1 609 - 447 - 5 451

Derivatives - 18 - 397 - 471 - 7 - 335

Assets 29 545 567 30 835

Liabilities - 47 - 942 - 1 038 - 37 - 1 169

Other investment2/ 1 622 6 111 3 640 - 1 850 - 1 062

Assets 1 503 - 3 050 - 6 586 - 227 - 3 949

Liabilities 118 9 161 10 225 - 1 623 2 887

Errors and omissions - 392 - 1 419 - 1 405 778 - 732

Overall balance 2 4 395 3 307 - 238 - 1 112

Memo:

Current account/GDP (%) - - 4.56 - 4.55 - - 1.75

Medium- and long-term amortizations3/ 2 923 31 179 35 151 1 770 26 218

1/ Includes migrants transfers.2/ Includes trade credits, loans, currency and deposits, other assets and liabilities and IMF credit facilities.3/ Includes long-term trade credit repayments, long-term loan repayments, long-term issued abroad debt instrument redemptions (net of bond swaps and discounts). Excludes Monetary Authority loan repayments and intercompany loan repayments.


146

V.2 - Trade balance - FOB

US$ million

Period Exports Imports Balance

Monthly Accumulated 12 months Monthly Accumulated 12 months Monthly Accumulated 12 months

1987 - 26 224 26 224 - 15 051 15 051 - 11 173 11 173

1988 - 33 789 33 789 - 14 605 14 605 - 19 184 19 184

1989 - 34 383 34 383 - 18 263 18 263 - 16 119 16 119

1990 - 31 414 31 414 - 20 661 20 661 - 10 752 10 752

1991 - 31 620 31 620 - 21 040 21 040 - 10 580 10 580

1992 - 35 793 35 793 - 20 554 20 554 - 15 239 15 239

1993 - 38 555 38 555 - 25 256 25 256 - 13 299 13 299

1994 - 43 545 43 545 - 33 079 33 079 - 10 466 10 466

1995 - 46 506 46 506 - 49 972 49 972 - - 3 466 - 3 466

1996 - 47 747 47 747 - 53 346 53 346 - - 5 599 - 5 599

1997* - 52 994 52 994 - 59 747 59 747 - - 6 753 - 6 753

1998* - 51 140 51 140 - 57 714 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* Jan 4 538 4 538 56 171 5 016 5 016 57 231 - 478 - 478 - 1 060

Feb 4 083 8 621 56 130 4 005 9 021 57 188 78 - 400 - 1 058

Mar 5 167 13 788 56 826 5 447 14 469 58 185 - 280 - 680 - 1 359

Apr 4 730 18 518 57 374 4 609 19 078 58 799 120 - 560 - 1 425

May 5 367 23 885 57 678 5 157 24 235 59 256 210 - 350 - 1 578

Jun 5 042 28 927 57 860 4 763 28 998 59 414 279 - 71 - 1 554

Jul 4 964 33 892 57 821 4 858 33 856 59 385 107 36 - 1 564

Aug 5 727 39 619 58 030 5 099 38 955 59 062 628 664 - 1 032

Sep 4 755 44 374 58 061 4 160 43 115 58 175 595 1 259 - 115

Oct 5 003 49 377 58 426 4 754 47 869 57 764 248 1 508 662

Nov 4 500 53 877 58 535 4 214 52 083 56 955 286 1 794 1 581

Dec 4 346 58 223 58 223 3 491 55 574 55 574 855 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

Source : MDIC/Secex


147

V.3 - Exports - FOB By aggregate factor and selected products

US$ million

Itemization 1996 1997 1998 1999* 2000*

Total 47 747 52 994 51 140 48 011 55 086

Primary products 11 900 14 475 12 977 11 828 12 562 Iron ore and concentrates 2 695 2 846 3 253 2 746 3 048 Oil-cake and other residues from soybeans 2 731 2 681 1 750 1 504 1 651 Coffee, not roasted 1 719 2 746 2 332 2 230 1 559 Meat and edible offal of chicken, fresh, chilled or frozen 840 876 739 875 806 Soybeans, including grinded 1 018 2 452 2 178 1 593 2 188 Tobacco, unmanufactured; tobacco refuse 1 029 1 091 940 884 813 Meat of bovine animals, fresh, chilled or frozen 194 196 277 444 503 Meat of swine, fresh, chilled or frozen 122 142 148 115 163 Cashew nuts 168 157 143 142 165 Aluminum ore and concentrates 130 120 122 116 113 Others 1 255 1 167 1 095 1 179 1 553

Semimanufactured products 8 615 8 480 8 120 7 982 8 499 Chemical wood pulp 998 1 023 1 049 1 243 1 601 Cane sugar, raw 1 191 1 045 1 096 1 162 761 Iron or nonalloy steel semifinished products 1 330 1 384 1 255 1 096 1 360 Hides and skins 659 726 657 595 756 Aluminum, unwrought 1 068 1 089 871 863 946 Wood, sawn or chipped lengthwise, over 6mm thick 345 411 410 497 520 Ferroalloys 481 492 430 408 456 Pig iron and spigeleisen 390 384 458 322 446 Gold, nonmonetary in semimanufactured forms 583 507 387 348 375 Soybean oil, crude 685 532 724 564 300 Others 886 886 784 883 977

Manufactured products 26 410 29 196 29 387 27 330 32 528 Airplanes 284 681 1 159 1 772 3 054 Footwear, parts and components 1 650 1 594 1 387 1 342 1 617 Passenger motor vehicles 619 1 463 1 619 1 139 1 768 Transmission and reception apparatus, and components 464 580 609 760 1 635 Parts and accessories for motor cars and tractors 1 306 1 400 1 429 1 229 1 206 Passenger motor vehicles engines and parts thereof 988 1 095 1 119 1 043 1 064 Orange juice 1 393 1 003 1 262 1 235 1 019 Iron or nonalloy steel flat-rolled products 1 411 1 011 999 796 859 Pumps, compressors, fans and others 706 730 728 679 725 Paper and paperboard used for writing, printing etc. 597 649 592 537 518 Cane sugar, refined 418 727 847 748 438 Pneumatic rubber tires 478 491 503 511 525 Motor vehicles for the transport of goods 558 895 1 018 626 696 Polymers of ethylene, propylene and styrene 265 333 301 302 447 Chassis fitted with engines and bodies for motor vehicles 257 378 359 216 365 Furniture and parts thereof, except for medical-surgical use 328 364 337 384 488 Electric motors, generators, transformers; parts thereof 361 340 334 311 377 Plywood and similar laminated wood 248 264 199 345 374 Civil engineering and contractors' plant and equipment 323 451 402 312 301 Cigarette containing tobacco 481 566 608 49 6 Others 13 276 14 180 13 575 12 994 15 048

Special operations1/ 822 844 656 872 1 497

(continues)


148

V.3 - Exports - FOB By aggregate factor and selected products



Oct Jan-Oct Year Oct Jan-Oct

Total 5 003 49 377 58 223 6 474 49 993

Primary products 1 361 13 254 15 342 1 913 14 325 Iron ore and concentrates 277 2 522 2 932 262 2 553 Oil-cake and other residues from soybeans 217 1 738 2 065 304 1 851 Coffee, not roasted 111 1 017 1 208 135 931 Meat and edible offal of chicken, fresh, chilled or frozen 116 1 079 1 292 141 1 127 Soybeans, including grinded 157 2 648 2 726 353 2 812 Tobacco, unmanufactured; tobacco refuse 58 834 921 84 846 Meat of bovine animals, fresh, chilled or frozen 84 606 739 83 620 Meat of swine, fresh, chilled or frozen 35 289 346 53 394 Cashew nuts 10 94 112 10 86 Aluminum ore and concentrates 14 83 99 7 78 Others 281 2 345 2 903 481 3 027

Semimanufactured products 783 6 868 8 243 1 077 7 322 Chemical wood pulp 104 1 071 1 246 159 947 Cane sugar, raw 170 1 143 1 401 158 878 Iron or nonalloy steel semifinished products 108 835 1 081 176 1 138 Hides and skins 85 725 872 99 767 Aluminum, unwrought 48 612 676 62 687 Wood, sawn or chipped lengthwise, over 6mm thick 51 444 532 51 466 Ferroalloys 30 331 390 37 353 Pig iron and spigeleisen 41 350 428 84 389 Gold, nonmonetary in semimanufactured forms 38 285 336 39 292 Soybean oil, crude 35 345 415 130 590 Others 72 727 867 83 815

Manufactured products 2 776 27 670 32 901 3 374 27 070 Airplanes 164 2 406 2 839 257 1 857 Footwear, parts and components 140 1 445 1 684 124 1 283 Passenger motor vehicles 178 1 675 1 951 229 1 611 Transmission and reception apparatus, and components 166 1 403 1 762 176 1 494 Parts and accessories for motor cars and tractors 101 1 001 1 172 106 967 Passenger motor vehicles engines and parts thereof 99 914 1 112 131 1 116 Orange juice 75 673 813 93 722 Iron or nonalloy steel flat-rolled products 41 509 602 109 608 Pumps, compressors, fans and others 51 554 648 58 582 Paper and paperboard used for writing, printing etc. 44 451 521 35 376 Cane sugar, refined 122 702 878 111 840 Pneumatic rubber tires 42 398 468 49 406 Motor vehicles for the transport of goods 38 420 484 36 347 Polymers of ethylene, propylene and styrene 31 299 343 25 266 Chassis fitted with engines and bodies for motor vehicles 38 320 411 63 300 Furniture and parts thereof, except for medical-surgical use 48 403 483 53 439 Electric motors, generators, transformers; parts thereof 41 371 458 38 353 Plywood and similar laminated wood 33 299 360 46 354 Civil engineering and contractors' plant and equipment 34 274 344 40 287 Cigarette containing tobacco 0 2 3 1 7 Others 1 290 13 153 15 566 1 593 12 854

Special operations1/ 83 1 585 1 736 111 1 275

Source: MDIC/Secex

1/ Including special transactions, on-board consumption and reexports.


149

V.4 - Imports - FOB By end-use category and selected products

US$ million

Itemization 1996 1997* 1998* 1999* 2000*

Total 53 346 59 747 57 714 49 210 55 783

Capital goods 12 918 16 098 16 093 13 555 13 591

Industrial machinery 4 871 6 041 5 581 4 813 3 923

Other fixed equipments 1 846 2 628 2 661 2 511 2 878

Machines and apparatuses for offices, scientific services 2 736 2 831 2 811 2 282 2 624

Parts for industrial capital goods 1 067 1 345 1 491 1 375 1 531

Moving equipment for transportation 929 1 719 1 911 1 321 1 261

Accessories for industrial machinery 1 028 1 014 1 004 843 947

Tools 283 291 282 188 211

Fixed equipment for transportation 59 75 135 72 131

Machines and tools 62 104 153 90 39

Capital goods - sundry 38 52 66 59 45

Consumer goods 9 785 11 185 10 742 7 400 7 435

Non-durable consumer goods 5 199 5 533 5 508 4 218 3 990

Foodstuffs 2 484 2 463 2 514 1 656 1 507

Pharmaceutical products 663 816 996 1 189 1 124

Beauty products 180 233 260 228 239

Apparel and other textil clothing 389 481 381 230 217

Beverage and tobacco 281 318 289 173 161

Non-durables - sundry 1 203 1 223 1 068 743 742

Durable consumer goods 4 586 5 652 5 234 3 182 3 445

Passenger vehicles 1 589 2 444 2 677 1 214 1 211

Articles of adornment - personal use and others 825 848 782 655 696

Machines and apparatuses for domestic use 560 926 681 424 550

Durable consumer goods parts and spares 1 053 820 554 505 503

Furniture and other house equipments 215 244 252 162 182

Household appliances 143 114 96 71 80

Durables - sundry 202 257 193 152 223

Fuels and lubricants 5 929 5 597 4 109 4 257 6 362

Intermediate products and raw materials 24 714 26 867 26 770 23 998 28 396

Chemical and pharmaceutical products 7 446 7 818 7 684 7 252 7 848

Intermediate products - parts and spares 3 182 3 678 3 563 3 408 4 881

Mineral products 3 589 4 327 3 945 3 729 4 943

Accessories for transportation equipment 2 995 3 649 3 869 3 623 4 026

Inedible farm products 3 055 3 056 2 756 2 123 2 401

Foodstuffs 2 621 2 000 2 286 1 735 1 638

Other raw materials for farming 1 042 1 223 1 322 1 231 1 617

Building materials 422 654 756 436 395

Transportation equipment - parts and spares 144 178 252 262 309

Animal feed 160 231 288 155 283

Intermediate products and raw material - sundry 57 53 49 44 55

(continues)


150

V.4 - Imports - FOB By end-use category and selected products



Oct Jan-Oct Year Oct Jan-Oct

Total 4 757 47 868 55 573 4 270 39 930

Capital goods 1 272 12 568 14 807 873 10 002

Industrial machinery 444 3 894 4 862 291 3 821

Other fixed equipments 236 2 836 3 147 173 1 595

Machines and apparatuses for offices, scientific services 250 2 330 2 806 177 1 911

Parts for industrial capital goods 146 1 500 1 675 99 1 035

Moving equipment for transportation 67 728 837 31 524

Accessories for industrial machinery 89 872 1 017 74 841

Tools 18 203 231 13 143

Fixed equipment for transportation 15 130 146 7 69

Machines and tools 1 35 38 2 14

Capital goods - sundry 6 39 48 7 50

Consumer goods 601 6 124 7 147 548 4 950

Non-durable consumer goods 330 3 043 3 631 307 2 842

Foodstuffs 94 988 1 169 80 907

Pharmaceutical products 109 971 1 185 111 1 019

Beauty products 24 190 226 16 155

Apparel and other textil clothing 16 178 204 14 116

Beverage and tobacco 22 149 180 15 131

Non-durables - sundry 65 568 667 70 513

Durable consumer goods 271 3 081 3 516 240 2 109

Passenger vehicles 94 1 268 1 405 65 623

Articles of adornment - personal use and others 65 600 713 64 567

Machines and apparatuses for domestic use 34 408 465 42 344

Durable consumer goods parts and spares 27 386 425 37 274

Furniture and other house equipments 30 209 243 14 131

Household appliances 8 70 86 5 56

Durables - sundry 13 142 179 12 113

Fuels and lubricants 651 5 338 6 276 705 5 174

Intermediate products and raw materials 2 234 23 838 27 343 2 144 19 803

Chemical and pharmaceutical products 661 6 860 7 952 654 6 227

Intermediate products - parts and spares 353 4 118 4 654 339 3 212

Mineral products 328 3 947 4 438 238 2 492

Accessories for transportation equipment 307 3 727 4 229 329 3 049

Inedible farm products 149 1 658 1 894 137 1 375

Foodstuffs 136 1 359 1 599 129 1 401

Other raw materials for farming 207 1 325 1 606 244 1 358

Building materials 35 365 428 34 356

Transportation equipment - parts and spares 37 290 324 19 147

Animal feed 14 143 167 19 144

Intermediate products and raw material - sundry 6 46 54 3 42

Source: MDIC/Secex


151

V.5 - Trade by area - FOB

US$ million

Itemization 1996 1997* 1998* 1999*

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 47 747 53 346 - 5 599 52 994 59 747 - 6 753 51 140 57 714 - 6 575 48 011 49 210 - 1 199

Efta1/ 503 1 041 - 538 378 1 120 - 742 360 1 150 - 789 389 966 - 577

Africa2/ 1 527 1 690 - 163 1 520 1 995 - 475 1 651 1 819 - 168 1 336 2 222 - 886

Laia 10 928 11 641 - 713 13 602 13 022 579 13 327 12 363 964 10 560 9 450 1 110 Mercosur 7 305 8 302 - 996 9 047 9 426 - 380 8 878 9 428 - 549 6 778 6 719 59

Argentina 5 170 6 805 - 1 635 6 770 7 941 - 1 171 6 748 8 034 - 1 286 5 364 5 812 - 448

Paraguay 1 325 552 772 1 407 518 889 1 249 351 898 744 260 484 Uruguay 811 944 - 133 870 967 - 97 881 1 042 - 162 670 647 23

Chile 1 055 920 135 1 197 974 223 1 024 817 208 896 714 182 Mexico 679 961 - 281 828 1 173 - 344 1 002 983 19 1 068 618 451

Others3/ 1 888 1 458 430 2 530 1 450 1 080 2 422 1 136 1 286 1 818 1 400 419

Asia2/ 7 814 7 638 175 7 730 9 040 - 1 310 5 616 7 881 - 2 266 5 732 6 475 - 743

China 1 114 1 133 - 19 1 088 1 166 - 78 905 1 034 - 129 676 865 - 189

Korea, Republic of 838 1 165 - 327 737 1 355 - 618 467 988 - 521 628 1 019 - 391 Japan 3 047 2 784 263 3 068 3 534 - 466 2 205 3 274 - 1 069 2 193 2 576 - 383

Others 2 814 2 556 258 2 837 2 984 - 147 2 039 2 585 - 546 2 236 2 016 220Canada 506 1 262 - 756 584 1 416 - 833 544 1 338 - 794 513 972 - 459

USA4/ 9 312 11 964 - 2 653 9 408 13 901 - 4 494 9 872 13 688 - 3 816 10 849 11 869 - 1 020

Eastern Europe5/ 1 056 979 77 1 314 838 475 1 163 810 353 1 175 704 471

Middle East 1 345 2 207 - 863 1 455 1 925 - 470 1 614 1 245 369 1 496 1 078 419

European Union 12 836 14 242 - 1 406 14 514 15 874 - 1 359 14 748 16 833 - 2 085 13 736 14 987 - 1 251 Germany 2 083 4 861 - 2 779 2 608 4 958 - 2 350 3 006 5 236 - 2 230 2 544 4 713 - 2 169

Belgium-Luxembourg 1 432 554 878 1 483 638 845 2 195 718 1 477 1 817 493 1 324

Spain6/ 937 908 29 1 057 1 141 - 84 1 056 1 195 - 139 1 169 1 179 - 10

France7/ 912 1 350 - 438 1 113 1 640 - 527 1 231 1 977 - 746 1 200 1 991 - 792

Italy8/ 1 531 2 910 - 1 379 1 709 3 400 - 1 691 1 931 3 222 - 1 291 1 845 2 600 - 755

Netherlands 3 549 587 2 962 3 998 576 3 422 2 745 697 2 048 2 594 594 2 000

United Kingdom 1 324 1 260 64 1 259 1 451 - 192 1 339 1 487 - 148 1 437 1 222 215

Others9/ 1 069 1 811 - 743 1 286 2 069 - 783 1 245 2 302 - 1 057 1 129 2 195 - 1 066

Others 1 921 681 1 239 2 491 615 1 875 2 245 587 1 658 2 224 486 1 738

Memo:

Opec10/ 2 059 3 916 - 1 857 2 479 4 048 - 1 569 2 549 3 118 - 569 2 269 3 743 - 1 474

(continues)


152

V.5 - Trade by area - FOB


Itemization 2000* 2001* 2001* 2002*

Jan-Oct Jan-Oct

Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance

Total 55 086 55 783 - 698 58 223 55 573 2 649 49 377 47 868 1 509 49 993 39 930 10 063

Efta1/ 756 1 039 - 284 629 1 227 - 598 580 998 - 418 532 938 - 406

Africa2/ 1 347 2 908 - 1 561 1 988 3 331 - 1 342 1 614 2 946 - 1 331 1 908 2 109 - 201

Laia 12 902 11 660 1 242 12 225 10 005 2 220 10 429 8 644 1 785 8 088 6 933 1 154 Mercosur 7 733 7 796 - 63 6 364 7 009 - 645 5 594 6 051 - 457 2 688 4 697 - 2 009

Argentina 6 233 6 843 - 611 5 002 6 206 - 1 203 4 432 5 383 - 951 1 871 3 981 - 2 110 Paraguay 832 351 481 720 300 420 619 242 377 481 319 161

Uruguay 669 602 67 641 503 138 543 426 117 337 397 - 60

Chile 1 246 974 272 1 352 849 503 1 129 738 392 1 174 546 628 Mexico 1 711 754 958 1 868 695 1 173 1 515 602 913 1 923 490 1 434

Others3/ 2 211 2 135 76 2 641 1 451 1 189 2 191 1 254 937 2 303 1 201 1 101

Asia2/ 6 324 8 593 - 2 269 6 949 8 929 - 1 979 5 908 7 701 - 1 793 7 380 6 827 553

China 1 085 1 222 - 137 1 902 1 328 574 1 682 1 109 572 2 126 1 284 842 Korea, Republic of 581 1 429 - 849 736 1 574 - 838 597 1 402 - 805 724 936 - 212

Japan 2 472 2 960 - 487 1 986 3 064 - 1 077 1 688 2 658 - 970 1 779 2 016 - 237 Others 2 186 2 982 - 796 2 325 2 962 - 638 1 942 2 532 - 591 2 751 2 591 160

Canada 566 1 086 - 520 555 927 - 371 466 820 - 354 653 640 13

USA4/ 13 366 13 002 364 14 378 13 042 1 336 11 969 11 200 770 12 893 8 964 3 929

Eastern Europe5/ 972 1 162 - 189 1 699 1 113 587 1 424 960 464 1 442 743 699

Middle East 1 338 1 560 - 222 2 041 1 472 569 1 658 1 241 417 1 921 1 186 735European Union 14 784 14 048 736 14 865 14 819 47 12 843 12 744 99 12 539 11 092 1 447

Germany 2 526 4 421 - 1 895 2 502 4 812 - 2 310 2 177 4 098 - 1 921 2 054 3 695 - 1 640 Belgium-Luxembourg 1 867 570 1 297 1 812 581 1 231 1 553 516 1 037 1 569 469 1 100

Spain6/ 1 008 1 113 - 105 1 042 1 225 - 183 925 1 080 - 155 952 829 122

France7/ 1 732 1 887 - 155 1 648 2 084 - 436 1 429 1 786 - 356 1 238 1 507 - 268

Italy8/ 2 146 2 170 - 25 1 809 2 184 - 375 1 562 1 920 - 358 1 517 1 503 15

Netherlands 2 796 698 2 098 2 863 533 2 330 2 463 445 2 018 2 661 439 2 222 United Kingdom 1 498 1 233 266 1 705 1 235 470 1 435 1 050 385 1 467 1 140 327

Others9/ 1 211 1 956 - 746 1 484 2 165 - 680 1 299 1 850 - 551 1 080 1 510 - 430Others 2 731 726 2 005 2 892 709 2 183 2 486 616 1 870 2 637 499 2 139

Memo:

Opec10/ 2 324 4 986 - 2 662 3 354 4 463 - 1 109 2 738 3 909 - 1 171 2 907 3 315 - 408

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.


153

V.6 - Services

US$ million

Itemization 1997 1998 1999 2000* 2001*

Total - 10 646 - 10 111 - 6 977 - 7 162 - 7 749

Credit 6 876 7 897 7 194 9 498 9 322

Debit 17 522 18 008 14 171 16 660 17 071

Transportation - 3 162 - 3 261 - 3 071 - 2 896 - 2 956

Credit 1 751 1 456 1 141 1 409 1 422

Debit 4 912 4 717 4 212 4 305 4 378

Travel - 4 377 - 4 146 - 1 457 - 2 084 - 1 468

Credit 1 069 1 586 1 628 1 810 1 731

Debit 5 446 5 732 3 085 3 894 3 199

Communication 9 81 14 4 29

Credit 45 159 30 36 242 Debit 35 79 16 32 213 Construction 10 52 16 227 17

Credit 16 59 16 228 18

Debit 6 7 - - -

Insurance 74 81 - 128 - 4 - 275

Credit 412 390 165 312 180

Debit 338 309 293 317 455

Financial - 885 - 527 - 269 - 294 - 307

Credit 318 333 305 376 317

Debit 1 203 859 574 670 624 Computer and information - 589 - 789 - 1 010 - 1 111 - 1 106 Credit 9 12 15 34 27

Debit 598 801 1 026 1 145 1 133

Royalties and license fees - 848 - 1 329 - 1 150 - 1 289 - 1 132

Credit 102 150 133 125 112

Debit 950 1 479 1 283 1 415 1 244

Merchanting and trade-related - 160 - 31 251 194 - 23

Credit 324 408 626 589 413

Debit 485 439 375 395 436

Operational leasing - 1 048 - 634 - 599 - 1 311 - 1 867

Credit 21 14 6 91 278

Debit 1 069 648 605 1 401 2 146

Misc. business, professional and technical 886 1 071 1 259 2 251 2 300

Credit 2 286 2 748 2 771 3 888 3 921

Debit 1 400 1 676 1 512 1 637 1 622

Personal, cultural and recreational - 206 - 292 - 335 - 300 - 307

Credit 23 36 39 63 58

Debit 229 328 374 363 365

Government services - 350 - 385 - 498 - 549 - 652

Credit 501 548 318 537 604

Debit 851 933 816 1 087 1 256

(continues)


154

V.6 - Services




Total - 520 - 7 089 - 7 749 - 306 - 4 331

Credit 712 8 249 9 322 754 8 657

Debit 1 232 15 338 17 071 1 060 12 988

Transportation - 222 - 2 778 - 2 956 - 177 - 1 771

Credit 107 1 314 1 422 120 1 434

Debit 329 4 092 4 378 298 3 204

Travel - 47 - 1 352 - 1 468 61 - 448

Credit 136 1 586 1 731 188 1 793

Debit 183 2 939 3 199 127 2 242

Communication - 0 38 29 - 12

Credit - 242 242 1 133 Debit 1 203 213 1 121 Construction - 17 17 1 10

Credit - 17 18 1 11

Debit - - - - -

Insurance - 37 - 234 - 275 - 46 - 366

Credit 5 150 180 8 199

Debit 41 384 455 54 565

Financial - 31 - 272 - 307 8 - 218

Credit 27 288 317 35 330

Debit 57 561 624 28 548 Computer and information - 88 - 993 - 1 106 - 71 - 985 Credit 2 25 27 2 36

Debit 90 1 018 1 133 73 1 020

Royalties and license fees - 77 - 1 007 - 1 132 - 66 - 998

Credit 7 100 112 9 90

Debit 84 1 107 1 244 75 1 087

Merchanting and trade-related 6 - 32 - 23 - 12 - 21

Credit 41 360 413 26 365

Debit 35 391 436 38 386

Operational leasing - 145 - 1 844 - 1 867 - 102 - 1 385

Credit 0 67 278 1 49

Debit 146 1 911 2 146 104 1 433

Misc. business, professional and technical 203 2 074 2 300 183 2 290

Credit 331 3 509 3 921 298 3 530

Debit 128 1 435 1 622 115 1 240

Personal, cultural and recreational - 19 - 275 - 307 - 16 - 224

Credit 7 53 58 4 54

Debit 26 328 365 20 277

Government services - 62 - 431 - 652 - 69 - 228

Credit 49 539 604 59 634

Debit 111 969 1 256 127 862


155

V.7 - Income

US$ million

Itemization 1997 1998 1999 2000* 2001*

Balance on income - 14 876 - 18 189 - 18 848 - 17 886 - 19 743

Credit 5 159 4 599 3 935 3 621 3 280

Debit 20 035 22 787 22 783 21 507 23 023

Compensation of employees 50 103 142 79 95

Credit 253 282 310 237 270

Debit 203 179 168 158 175

Investment income - 14 926 - 18 292 - 18 990 - 17 965 - 19 838

Credit 4 906 4 316 3 625 3 383 3 009

Debit 19 832 22 608 22 615 21 348 22 847

Direct investment income - 4 581 - 5 585 - 3 664 - 3 239 - 4 638

Credit 889 444 1 487 999 367

Debit 5 470 6 029 5 151 4 238 5 005

Income on equity (profits and dividends) - 3 996 - 4 797 - 2 832 - 2 173 - 3 438

Credit 862 421 1 389 932 264

Debit 4 858 5 217 4 221 3 105 3 702

Income on intercompany loans (interest) - 586 - 788 - 832 - 1 066 - 1 201

Credit 27 24 97 67 103

Debit 612 812 929 1 133 1 303

Paid in cash 604 799 821 1 092 1 092

Converted to FDI 8 13 108 42 211

Portfolio investment income - 5 635 - 6 950 - 7 710 - 8 545 - 9 621

Credit 1 597 1 497 773 859 1 463

Debit 7 232 8 447 8 483 9 404 11 084

Income on equity (profits and dividends) - 1 447 - 2 059 - 1 283 - 1 143 - 1 523

Credit 27 11 11 5 1

Debit 1 474 2 070 1 294 1 148 1 524

Income on debt securities (interest) - 4 188 - 4 891 - 6 427 - 7 402 - 8 097

Credit 1 570 1 486 762 854 1 462

Debit 5 758 6 377 7 189 8 256 9 560

Other investment income1/ - 4 710 - 5 758 - 7 617 - 6 181 - 5 579

Credit 2 420 2 374 1 365 1 525 1 179

Debit 7 129 8 132 8 982 7 707 6 758

Memo:

Interests - 9 483 - 11 437 - 14 876 - 14 649 - 14 877

Credit 4 017 3 884 2 224 2 447 2 744

Debit 13 500 15 321 17 100 17 096 17 621

Profits and dividends - 5 443 - 6 855 - 4 115 - 3 316 - 4 961

Credit 889 432 1 400 937 265

Debit 6 332 7 287 5 515 4 253 5 226

(continues)


156

V.7 - Income




Balance on income - 1 477 - 17 618 - 19 743 - 1 360 - 16 642

Credit 240 3 036 3 280 224 2 808

Debit 1 717 20 654 23 023 1 584 19 450

Compensation of employees 8 99 95 12 96

Credit 19 251 270 24 270

Debit 11 152 175 12 174

Investment income - 1 485 - 17 717 - 19 838 - 1 371 - 16 738

Credit 221 2 785 3 009 200 2 538

Debit 1 706 20 502 22 847 1 571 19 276

Direct investment income - 439 - 3 923 - 4 638 - 440 - 4 654

Credit 74 306 367 56 688

Debit 513 4 229 5 005 495 5 342

Income on equity (profits and dividends) - 388 - 2 884 - 3 438 - 403 - 3 846

Credit 67 224 264 48 585

Debit 455 3 108 3 702 450 4 431

Income on intercompany loans (interest) - 51 - 1 039 - 1 201 - 37 - 809

Credit 7 82 103 8 103

Debit 58 1 121 1 303 45 912

Paid in cash 55 956 1 092 40 698

Converted to FDI 3 165 211 4 214

Portfolio investment income - 566 - 8 817 - 9 621 - 479 - 7 780

Credit 106 1 351 1 463 113 1 230

Debit 672 10 168 11 084 592 9 010

Income on equity (profits and dividends) - 58 - 1 284 - 1 523 - 16 - 969

Credit - 1 1 - 1

Debit 58 1 285 1 524 16 969

Income on debt securities (interest) - 508 - 7 533 - 8 097 - 463 - 6 811

Credit 106 1 350 1 462 113 1 230

Debit 614 8 883 9 560 576 8 041

Other investment income1/ - 480 - 4 976 - 5 579 - 453 - 4 304

Credit 41 1 128 1 179 31 620

Debit 521 6 104 6 758 484 4 924

Memo:

Interests - 1 039 - 13 548 - 14 877 - 953 - 11 924

Credit 153 2 560 2 744 152 1 952

Debit 1 192 16 108 17 621 1 105 13 876

Profits and dividends - 446 - 4 168 - 4 961 - 419 - 4 814

Credit 67 225 265 48 586

Debit 514 4 393 5 226 467 5 400

1/ Includes interests on trade credits, loans, deposits and other assets and liabilities.


157

V.8 - Unrequited current transfers

US$ million

Itemization 1997 1998 1999 2000* 2001*

Total 1 823 1 458 1 689 1 521 1 638

Credit 2 135 1 815 1 969 1 828 1 934

Debit 313 357 280 307 296

General government transfers - 30 - 16 - 39 - 31 9

Credit 43 84 42 42 73

Debit 74 100 81 74 64

Other sectors transfers 1 853 1 474 1 728 1 552 1 629

Credit 2 092 1 732 1 927 1 785 1 860

Debit 239 257 199 233 232

Workers' remittances 1 176 805 1 052 932 1 009

Credit 1 333 987 1 191 1 112 1 178

United States 477 432 538 664 555

Japan 518 379 476 294 444

Remaining countries 339 176 178 154 180

Debit 157 182 139 180 169

Other transfers 677 669 676 620 620

Credit 759 744 736 673 682

Debit 82 75 60 53 62

(continues)


158

V.8 - Unrequited current transfers




Total 158 1 492 1 638 228 2 151

Credit 180 1 761 1 934 244 2 364

Debit 22 269 296 16 214

General government transfers 16 - 2 9 - 1 - 8

Credit 20 58 73 4 43

Debit 5 59 64 6 51

Other sectors transfers 142 1 494 1 629 229 2 158

Credit 159 1 704 1 860 240 2 321

Debit 17 210 232 11 163

Workers' remittances 86 932 1 009 178 1 403

Credit 100 1 083 1 178 186 1 530

United States 47 510 555 108 796

Japan 37 411 444 48 486

Remaining countries 16 163 180 30 248

Debit 14 151 169 8 127

Other transfers 57 562 620 51 755

Credit 60 621 682 54 791

Debit 3 58 62 3 36


159

V.9 - Direct investment

US$ million

Itemization 1997 1998 1999 2000* 2001*

Total direct investment 17 877 26 002 26 888 30 498 24 715

Credit 22 280 35 153 36 968 41 243 35 123

Debit 4 403 9 152 10 080 10 745 10 408

Abroad - 1 116 - 2 854 - 1 690 - 2 282 2 258

Credit 199 171 713 953 5 106

Debit 1 315 3 025 2 404 3 234 2 849

Equity capital - 1 116 - 2 854 - 1 110 - 1 755 1 752

Credit 199 171 388 840 4 236

Debit 1 315 3 025 1 498 2 595 2 483

Intercompany loans ... ... - 580 - 527 505

Credit ... ... 325 112 871

Debit ... ... 905 639 365

Loans from headquarters in Brazil to affiliates abroad ... ... - 385 - 547 - 268

Credit ... ... 254 64 93

Debit ... ... 638 611 360

Loans from affiliates abroad to headquarters in Brazil ... ... - 195 20 773

Credit ... ... 71 48 778

Debit ... ... 267 28 5

Foreign direct investment in Brazil 18 993 28 856 28 578 32 779 22 457

Credit 22 081 34 982 36 254 40 290 30 017

Debit 3 088 6 127 7 676 7 511 7 559

Equity capital 16 817 25 479 29 983 30 016 18 765

Credit 18 761 28 480 31 372 33 403 21 093

Currency 17 897 26 346 26 947 31 610 16 817

Autonomous 12 648 20 226 18 162 24 934 15 738

Privatization related 5 249 6 121 8 786 6 677 1 079

Conversions 663 1 932 4 298 1 710 4 215

Autonomous 663 1 932 4 298 1 336 4 215

Privatization related - - - 374 -

Merchandise 50 78 127 83 61

Reinvested earnings 151 124 ... ... ...

Debit 1 944 3 002 1 389 3 387 2 328

Intercompany loans 2 176 3 377 - 1 405 2 763 3 692

Credit 3 320 6 502 4 882 6 888 8 924

Debit 1 144 3 125 6 287 4 125 5 232

Loans from headquarters abroad to affiliates in Brazil 2 176 3 377 - 1 402 2 959 3 688

Credit 3 320 6 502 4 846 6 777 8 911

Debit 1 144 3 125 6 248 3 819 5 223

Paid in cash 489 1 206 2 059 2 272 4 134

Converted to FDI equity capital 655 1 919 4 189 1 547 1 089

Loans from affiliates in Brazil to headquarters abroad ... ... - 3 - 196 4

Credit ... ... 36 110 13

Debit ... ... 39 306 9

(continues)


160

V.9 - Direct investment




Total direct investment 1 766 20 263 24 715 1 117 12 673

Credit 2 919 29 422 35 123 1 712 23 946

Debit 1 153 9 158 10 408 595 11 272

Abroad - 416 1 465 2 258 - 37 - 2 390

Credit 320 4 190 5 106 34 485

Debit 737 2 725 2 849 71 2 875

Equity capital - 324 1 739 1 752 - 32 - 2 333

Credit 309 4 118 4 236 34 321

Debit 633 2 378 2 483 66 2 654

Intercompany loans - 92 - 274 505 - 4 - 57

Credit 11 72 871 - 164

Debit 104 347 365 4 222

Loans from headquarters in Brazil to affiliates abroad - 95 - 282 - 268 - 4 - 56

Credit 9 60 93 - 161

Debit 103 342 360 4 217

Loans from affiliates abroad to headquarters in Brazil 2 7 773 0 - 2

Credit 2 12 778 0 3

Debit - 4 5 - 5

Foreign direct investment in Brazil 2 182 18 798 22 457 1 154 15 064

Credit 2 598 25 232 30 017 1 678 23 461

Debit 416 6 433 7 559 524 8 397

Equity capital 1 600 15 094 18 765 972 15 479

Credit 1 674 17 187 21 093 1 039 16 858

Currency 1 497 14 888 16 817 596 9 319

Autonomous 1 497 13 809 15 738 596 9 039

Privatization related - 1 079 1 079 - 280

Conversions 175 2 269 4 215 391 7 464

Autonomous 175 2 269 4 215 391 7 464

Privatization related - - - - -

Merchandise 2 30 61 52 76

Reinvested earnings ... ... ... ... ...

Debit 75 2 094 2 328 67 1 380

Intercompany loans 582 3 705 3 692 183 - 415

Credit 924 8 044 8 924 639 6 603

Debit 342 4 340 5 232 457 7 018

Loans from headquarters abroad to affiliates in Brazil 583 3 700 3 688 183 - 417

Credit 924 8 031 8 911 639 6 598

Debit 341 4 332 5 223 457 7 015

Paid in cash 310 3 391 4 134 300 5 032

Converted to FDI equity capital 31 941 1 089 157 1 983

Loans from affiliates in Brazil to headquarters abroad - 5 4 - 2

Credit - 13 13 - 5

Debit - 8 9 - 3


161

V.10 - Portfolio investment - assets

US$ million

Itemization 1997 1998 1999 2000* 2001*

Total 1 708 - 457 259 - 1 696 - 795

Credit 2 770 2 089 4 220 2 888 1 626

Debit 1 062 2 546 3 961 4 583 2 421

Equity securities - 361 20 - 864 - 1 953 - 1 121

Credit 27 94 371 1 970 170

Debit 388 74 1 235 3 923 1 291

Brazilian Depositary Receipts (BDR) - 72 6 - 945 150

Credit - 72 7 1 669 153

Debit 1 - 1 2 614 3

Other equities - 360 - 52 - 871 - 1 008 - 1 271

Credit 27 21 364 301 17

Debit 387 74 1 234 1 309 1 288

Debt securities 2 069 - 477 1 123 258 326

Credit 2 743 1 996 3 849 918 1 456

Debit 674 2 473 2 725 660 1 130

Bonds and notes 2 069 - 477 1 123 258 326

Credit 2 743 1 996 3 849 918 1 456

Colateral release 2 146 60 423 245 326

Other 598 1 935 3 425 673 1 130

Debit 674 2 473 2 725 660 1 130

(continues)


162

V.10 - Portfolio investment - assets




Total 40 - 769 - 795 66 - 349

Credit 166 1 460 1 626 112 947

Debit 126 2 229 2 421 47 1 296

Equity securities - 59 - 1 026 - 1 121 - 10 - 406

Credit 14 166 170 10 289

Debit 73 1 192 1 291 20 695

Brazilian Depositary Receipts (BDR) 13 147 150 4 85

Credit 13 150 153 5 91

Debit - 3 3 1 6

Other equities - 73 - 1 172 - 1 271 - 14 - 491

Credit - 16 17 5 199

Debit 73 1 189 1 288 19 689

Debt securities 99 256 326 76 57

Credit 152 1 294 1 456 102 658

Debit 53 1 038 1 130 27 600

Bonds and notes 99 256 326 76 57

Credit 152 1 294 1 456 102 658

Colateral release - 326 326 - -

Other 152 967 1 130 102 658

Debit 53 1 038 1 130 27 600


163

V.11 - Portfolio investment - liabilities

US$ million

Itemization 1997 1998 1999 2000* 2001*

Total 8 776 18 582 3 542 8 651 872

Credit 60 183 59 740 38 875 38 816 29 497

Debit 51 407 41 158 35 332 30 165 28 625

Equity securities 6 871 995 2 572 3 076 2 481

Credit 39 017 27 786 15 533 18 346 10 494

Debit 32 146 26 791 12 962 15 270 8 013

Issued in the country 2 636 - 2 785 1 490 - 3 262 - 545

Credit 31 298 21 989 12 580 10 425 7 015

Debit 28 662 24 774 11 090 13 687 7 560

Issued abroad (Annex V - ADR) 4 234 3 780 1 081 6 338 3 026

Credit 7 719 5 797 2 953 7 921 3 478

Debit 3 485 2 017 1 872 1 583 452

Debt securities 1 905 17 587 971 5 575 - 1 609

Credit 21 166 31 955 23 342 20 470 19 003

Debit 19 261 14 367 22 371 14 895 20 612

Issued in the country - 1 613 - 2 932 - 1 378 - 199 - 274

Medium and long-term - 1 627 - 3 017 - 1 223 - 258 - 246

Credit 522 3 986 2 760 980 532

Debit 2 149 7 004 3 983 1 238 778

Short-term 14 85 - 155 59 - 28

Credit 16 91 104 469 356

Debit 3 6 259 410 384

Issued abroad 3 518 20 520 2 349 5 774 - 1 335

Bonds - 4 720 - 169 3 300 3 707 1 160

Disbursements 4 995 2 698 7 708 12 222 9 699

New issues 2 751 2 698 4 708 6 086 7 549

Bond swaps 2 244 - 3 000 6 136 2 150

Amortizations 9 716 2 867 4 408 8 515 8 539

Paid in cash 7 624 2 867 1 410 2 370 6 389

Bond swaps 2 092 - 2 997 6 145 2 150

Face value 2 693 - 4 197 6 521 2 150

Discounts 601 - 1 200 376 -

Notes and commercial papers 8 439 20 629 - 1 388 1 886 - 3 118

Disbursements 15 632 24 940 11 976 6 496 7 350

Amortizations 7 193 4 311 13 364 4 610 10 468

Money market instruments - 200 60 437 181 623

Disbursements 1 240 794 304 1 066

Amortizations 201 180 357 123 442

(continues)


164

V.11 - Portfolio investment - liabilities




Total - 1 484 1 772 872 - 205 - 4 216

Credit 983 26 901 29 497 969 16 455

Debit 2 466 25 129 28 625 1 174 20 670

Equity securities 87 2 545 2 481 241 1 235

Credit 750 9 719 10 494 754 8 893

Debit 663 7 174 8 013 513 7 658

Issued in the country - 44 - 407 - 545 164 - 1 402

Credit 596 6 341 7 015 670 6 021

Debit 640 6 748 7 560 506 7 423

Issued abroad (Annex V - ADR) 131 2 952 3 026 78 2 637

Credit 155 3 378 3 478 84 2 872

Debit 23 426 452 7 235

Debt securities - 1 571 - 773 - 1 609 - 447 - 5 451

Credit 232 17 182 19 003 215 7 562

Debit 1 803 17 955 20 612 661 13 013

Issued in the country - 5 - 241 - 274 22 - 310

Medium and long-term - 3 - 220 - 246 13 - 270

Credit 45 481 532 51 457

Debit 48 701 778 37 727

Short-term - 2 - 21 - 28 9 - 40

Credit 31 322 356 34 329

Debit 32 343 384 25 369

Issued abroad - 1 566 - 532 - 1 335 - 469 - 5 140

Bonds - 1 277 863 1 160 - 20 1 657

Disbursements - 9 199 9 699 - 4 101

New issues - 7 049 7 549 - 4 070

Bond swaps - 2 150 2 150 - 30

Amortizations 1 277 8 335 8 539 20 2 444

Paid in cash 1 277 6 185 6 389 20 2 413

Bond swaps - 2 150 2 150 - 30

Face value - 2 150 2 150 - 30

Discounts - - - - - 1

Notes and commercial papers - 349 - 1 996 - 3 118 - 460 - 6 094

Disbursements 87 6 174 7 350 88 2 001

Amortizations 436 8 170 10 468 548 8 095

Money market instruments 59 601 623 11 - 704

Disbursements 69 1 006 1 066 42 675

Amortizations 10 406 442 32 1 379


165

V.12 - Portfolio of foreign investors1/

US$ million

Period Stock of Portfolio composition (%) Effective flows2/

assets

(end of Stocks Derivatives Debentures Fixed Privatization Others Inflow Outflow Net

period) income currencies

1997 32 047 96.5 1.4 2.1 - - 0.0 32 191 30 576 1 615

1998 17 365 94.8 4.2 1.0 - - 0.0 21 887 24 349 - 2 462

1999 23 110 99.0 0.0 0.8 - - 0.1 12 396 11 296 1 100

2000 18 528 91.9 0.1 0.9 7.0 - 0.1 10 831 12 666 - 1 835

2001 Jan 21 249 92.6 0.1 0.9 6.4 - 0.1 1 078 645 433

Feb 18 549 92.4 0.1 0.7 6.8 - 0.1 716 613 103

Mar 17 094 89.7 0.2 0.8 9.3 - 0.1 823 1 070 - 247

Apr 18 648 89.2 0.3 0.8 9.7 - 0.1 1 596 866 731

May 17 748 88.3 0.2 0.8 10.6 - 0.1 827 913 - 86

Jun 17 819 89.5 0.1 0.7 9.6 - 0.1 790 818 - 28

Jul 15 807 87.2 0.2 0.7 11.9 - 0.1 575 714 - 139

Aug 14 623 86.5 0.1 0.7 12.2 - 0.1 569 837 - 268

Sep 13 987 76.0 0.7 2.3 20.9 - 0.0 375 544 - 169

Oct 13 672 78.7 0.2 2.8 17.5 - 0.9 393 594 - 201

Nov 14 400 85.0 0.5 1.8 11.9 - 1.1 1 013 943 70

Dec 15 532 88.5 0.3 0.7 9.3 - 1.2 593 1 520 - 927

Year 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

Source: CVM

1/ Until March, 2000, refers to funds invested in accordance with Resolution 1,289 dated March 3, 1987. As of April, 2000, refers to funds

invested in accordance with Resolution 2,689 dated January 26, 2000.

2/ Figures compiled by CVM based on data reported by portfolio managers. They do not show necessarily the exchange flow of each period.


166

V.13 - Other investment - assets

US$ million

Itemization 1997 1998 1999 2000* 2001*

Total - 1 987 - 11 392 - 4 397 - 2 989 - 6 586

Loans 348 - 5 181 - 1 278 - 282 - 1 050

Long-term - 507 - 2 765 - 724 - 375 - 1 358

Credit 888 1 229 814 594 1 417

Debit 1 395 3 994 1 537 969 2 775

Short-term (net) 856 - 2 416 - 554 93 309

Currency and deposits - 829 - 3 234 - 2 301 - 1 774 - 8 001

Banks 3 400 1 800 345 1 321 - 3 857

Remaining domestic sectors - 4 229 - 5 033 - 2 647 - 3 095 - 4 144

Colateral release - - - 166 -

Other - 4 229 - 5 033 - 2 647 - 3 261 - 4 144

Other assets - 1 506 - 2 978 - 817 - 933 2 465

Long-term - 72 - 94 - 53 - 105 2 424

Credit - 1 1 822 3 2 564

Debit 72 96 1 876 108 140

Short-term (net) - 1 434 - 2 884 - 764 - 828 41

(continues)


167

V.13 - Other investment - assets




Total 1 503 - 3 050 - 6 586 - 227 - 3 949

Loans - 87 - 938 - 1 050 18 - 1 459

Long-term - 102 - 1 230 - 1 358 - 2 - 1 529

Credit 76 1 296 1 417 270 1 553

Debit 179 2 526 2 775 272 3 082

Short-term (net) 15 292 309 20 69

Currency and deposits - 895 - 4 572 - 8 001 - 190 - 2 356

Banks - 515 - 1 779 - 3 857 134 3 214

Remaining domestic sectors - 379 - 2 794 - 4 144 - 325 - 5 570

Colateral release - - - - -

Other - 379 - 2 794 - 4 144 - 325 - 5 570

Other assets 2 485 2 460 2 465 - 55 - 134

Long-term 2 456 2 444 2 424 - 6 - 122

Credit 2 458 2 564 2 564 - 3

Debit 2 120 140 6 125

Short-term (net) 29 17 41 - 49 - 12


168

V.14 - Other investment - liabilities

US$ million

Itemization 1997 1998 1999 2000* 2001*

Total - 2 846 - 2 893 - 9 223 - 15 213 10 225

Trade credit (suppliers credit) 1 045 2 740 - 7 284 - 6 409 5 103

Long-term 6 404 4 307 - 4 783 - 2 987 480

Credit 7 440 9 355 3 374 2 675 3 294

Debit 1 036 5 047 8 157 5 663 2 813

Short-term (net) - 5 359 - 1 567 - 2 501 - 3 422 4 623

Loans 5 879 4 031 1 342 - 8 774 5 716

Monetary Authority - 153 8 944 2 803 - 10 434 6 639

Exceptional financing - 34 9 329 2 966 - 10 323 6 757

IMF credit facitlities - 34 4 789 4 059 - 6 876 6 757

Credit - 4 810 6 031 - 6 757

Debit 34 21 1 972 6 876 -

Other1/ - 4 540 - 1 094 - 3 446 -

Credit - 4 540 4 924 - -

Debit - - 6 017 3 446 -

Other long-term loans - 200 - 384 - 163 - 111 - 118

Credit 57 - - - -

Debit 257 384 163 111 118

Multilateral 71 37 11 - -

Other 186 347 152 111 118

Short-term loans 80 - - - -

Remaining sectors 6 032 - 4 914 - 1 461 1 660 - 923

Long-term loans 8 278 6 490 - 2 009 2 736 953

Credit 17 700 24 055 17 499 15 926 14 283

Multilateral 3 093 4 170 4 584 4 674 3 085

Agencies 1 260 1 144 1 119 1 034 1 739

Buyers credit 8 331 10 233 7 593 3 252 4 443

Direct loans 5 017 8 509 4 203 6 967 5 017

Debit 9 423 17 565 19 508 13 190 13 331

Multilateral 1 449 1 422 1 599 1 477 1 643

Agencies 1 827 1 907 1 692 988 1 879

Buyers credit 2 041 8 181 9 092 6 321 6 164

Direct loans 4 106 6 056 7 126 4 403 3 645

Short-term loans - 2 246 - 11 404 548 - 1 077 - 1 875

Currency and deposits (net) - 9 743 - 9 665 - 3 249 - 33 - 596

Other liabilities - 27 1 - 32 4 2

Long-term (net) 1 15 6 4 3

Short-term (net) - 28 - 14 - 38 - - 1

(continues)


169

V.14 - Other investment - liabilities




Total 118 9 161 10 225 - 1 623 2 887

Trade credit (suppliers credit) 867 4 713 5 103 127 4 576

Long-term 180 698 480 20 - 720

Credit 267 3 139 3 294 101 1 261

Debit 87 2 441 2 813 81 1 980

Short-term (net) 688 4 015 4 623 107 5 295

Loans - 722 5 019 5 716 - 1 753 - 856

Monetary Authority - 6 639 6 639 - 8 389

Exceptional financing - 6 757 6 757 - 8 506

IMF credit facitlities - 6 757 6 757 - 8 506

Credit - 6 757 6 757 - 12 980

Debit - - - - 4 474

Other1/ - - - - -

Credit - - - - -

Debit - - - - -

Other long-term loans - - 118 - 118 - - 118

Credit - - - - -

Debit - 118 118 - 118

Multilateral - - - - -

Other - 118 118 - 118

Short-term loans - - - - -

Remaining sectors - 722 - 1 620 - 923 - 1 753 - 9 244

Long-term loans 101 1 119 953 - 386 - 3 894

Credit 1 225 13 352 14 283 737 9 688

Multilateral 358 2 897 3 085 97 3 292

Agencies 72 1 673 1 739 93 1 152

Buyers credit 403 4 041 4 443 331 3 171

Direct loans 391 4 741 5 017 217 2 072

Debit 1 124 12 232 13 331 1 122 13 581

Multilateral 123 1 569 1 643 151 1 663

Agencies 28 1 658 1 879 74 1 520

Buyers credit 502 5 697 6 164 619 7 142

Direct loans 470 3 308 3 645 278 3 257

Short-term loans - 823 - 2 739 - 1 875 - 1 367 - 5 351

Currency and deposits - 27 - 573 - 596 3 - 832

Other liabilities - 2 2 - -

Long-term - 3 3 - -

Short-term - - 1 - 1 - -

1/ Includes loans provided by BIS and Bank of Japan.


170

V.15 - International reserves in the Banco Central do Brasil

US$ million

End-of-period International liquidity

Position Change in position Months of imports

of goods

1997 52 173 - 7 937 10

1998 44 556 - 7 616 9

1999 36 342 - 8 214 9

2000 33 011 - 3 331 7

2001 Jan 35 598 2 586 7

Feb 35 413 - 185 7

Mar 34 407 - 1 006 7

Apr 34 653 246 7

May 35 459 806 7

Jun 37 318 1 860 8

Jul 35 552 - 1 766 7

Aug 36 299 747 7

Sep 40 054 3 755 8

Oct 37 492 - 2 562 8

Nov 37 234 - 259 8

Dec 35 866 - 1 367 8

Year 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


171

V.16 - Statement of international reserves changes international liquidity concept

US$ million



I - Stock - end of previous period 37 492 33 011 33 011 35 855 35 866

II - Overall balance of payments (a + b) 2 4 395 3 307 - 238 - 1 112

a. Sales to/purchases from resident banks - 1 000 - 6 275 - 7 225 - 95 - 7 762

b. Banco Central external operations 1 002 10 670 10 532 - 143 6 650

Colateral release (capital and interests accrued) - 765 765 113 1 186

Income earned on international reserves 133 1 788 1 938 3 - 52

Exceptional financing (capital and interests accrued) - 61 6 618 6 618 - 193 13 353

Other 930 1 499 1 211 - 65 - 7 837

III - Balance on export-related loans (Finex) changes - - - - -

IV - Change in market prices of international reserves - 261 - 173 - 452 - 24 838

V - Change in international reserves (II + III + IV) - 259 4 222 2 855 - 263 - 274

VI - Stock-end-of-period (I + V) 37 234 37 234 35 866 35 592 35 592


172

V.17 - Composition of adjusted net international reserves

US$ million

Period Adjusted net international reserves

Assets1/

Liabilities6/

Adjustments7/

Net balance

Gold2/

Cash3/

Securities4/

Deposits Other5/

Balance

1997 Dec 2 666 48 12 833 35 972 210 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 Jan 526 52 14 956 20 014 50 35 598 - 1 757 - 17 33 823

Feb 362 24 16 925 18 088 13 35 413 - 1 750 35 33 698

Mar 265 29 18 813 15 300 - 34 407 - 1 710 339 33 036

Apr 294 50 19 380 14 929 - 34 653 - 1 717 312 33 249

May 303 19 18 603 16 520 13 35 459 - 1 698 564 34 325

Jun 302 11 18 141 18 855 10 37 318 - 3 678 528 34 169

Jul 300 57 19 034 16 142 19 35 552 - 3 716 395 32 231

Aug 305 27 19 335 16 596 36 36 299 - 3 803 69 32 565

Sep 329 49 18 783 20 876 17 40 054 - 8 534 - 120 31 400

Oct 313 93 19 689 17 387 11 37 492 - 8 462 - 147 28 883

Nov 302 24 19 899 16 988 20 37 234 - 8 382 34 28 886

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

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/ Adds to the cash concept export securities-related assets, credit to countries and CCR credit balance until October 2000 and credits to countries and CCR credit balance from

November 2000 to February 2001. As of March 2001, only CCR credit is included.


173

V.18 - Foreign exchange operations

US$ millionPeriod Operations with clients in Brazil Operations with Balance

banks abroad

Commercial Financial Balance (net)1/

Exports Imports Balance Purchases Sales Balance

(A) (B) C=A+B (D) E=C+D

1996 50 209 41 478 8 731 77 146 62 050 15 096 23 827 - 13 038 10 789

1997 55 887 58 545 - 2 658 107 750 90 739 17 011 14 353 - 21 203 - 6 850

1998 47 735 43 903 3 833 126 563 120 094 6 469 10 302 - 24 817 - 14 515

1999 41 641 32 905 8 736 92 401 107 118 - 14 717 - 5 981 - 10 201 - 16 182

2000 51 699 46 069 5 629 99 290 92 971 6 319 11 948 - 7 269 4 680

2001 Jan 4 499 4 381 118 6 688 6 039 650 767 - 498 269

Feb 4 195 3 534 661 5 327 5 681 - 354 307 - 270 37

Mar 5 763 4 321 1 442 8 526 9 083 - 557 885 - 198 687

Apr 5 080 3 611 1 469 6 841 6 871 - 30 1 439 - 411 1 028

May 5 226 3 772 1 454 6 271 8 200 - 1 928 - 474 - 541 - 1 015

Jun 4 697 4 067 630 10 392 11 320 - 928 - 299 - 688 - 987

Jul 5 713 3 965 1 748 8 175 7 621 554 2 302 - 359 1 943

Aug 4 774 4 320 455 5 983 6 395 - 412 42 - 255 - 212

Sep 3 978 4 012 - 33 5 166 6 464 - 1 299 - 1 332 - 893 - 2 224

Oct 3 872 4 264 - 393 5 819 7 449 - 1 630 - 2 023 - 188 - 2 210

Nov 4 544 3 510 1 034 6 063 6 807 - 744 290 - 453 - 163

Dec 5 696 3 491 2 205 10 458 11 419 - 961 1 244 - 1 357 - 113

Year 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

Memo:

2001 Jan-Nov 52 341 43 757 8 584 75 252 81 931 - 6 679 1 905 - 4 753 - 2 849

2002 Jan-Nov 55 470 36 213 19 258 61 524 83 578 - 22 054 - 2 796 - 8 733 - 11 529

1/ Transactions related to international flows in reais, including non-residents' deposits held in Brazil.


174

V.19 - Total external debt

US$ million

Itemization 1999 2000 2001 2002

Mar Jun Sep Dec Mar Jun Sep

Registered debt 203 338 196 179 184 248 187 998 198 478 192 720 193 070 199 623 196 806

Nonfinancial public sector 97 448 89 883 89 139 90 217 96 892 92 818 95 436 104 552 106 909

Banks 6 179 6 163 6 360 5 701 5 659 5 398 5 323 5 316 5 246

Brazilian 1 167 1 042 1 112 1 037 1 075 1 052 1 136 1 148 1 189

Foreign 5 011 5 120 5 248 4 663 4 584 4 346 4 187 4 168 4 056

Multilateral 26 211 18 019 17 598 20 628 25 725 25 261 25 087 32 115 35 784

Bilateral (Paris Club included) 11 696 10 351 9 267 9 254 9 115 8 188 8 311 8 902 8 553

Debt bond from banks 35 324 26 474 23 443 20 297 19 958 19 330 18 958 18 577 18 577

Others 18 038 28 877 32 472 34 338 36 435 34 641 37 757 39 640 38 748

Private sector1/105 891 106 296 95 108 97 782 101 586 99 903 97 633 95 071 89 897

Banks 84 741 86 329 75 061 81 451 85 000 82 695 80 733 77 555 72 117

Brazilian 10 849 11 493 10 584 10 661 11 465 10 670 10 402 9 838 9 564

Foreign 73 892 74 835 64 477 70 791 73 536 72 025 70 331 67 717 62 552

Multilateral 4 318 5 256 5 432 5 220 5 402 5 526 5 546 5 501 6 029

Bilateral 3 531 3 896 3 927 3 984 4 035 4 230 4 057 4 332 4 118

Others 13 301 10 814 10 688 7 127 7 148 7 452 7 297 7 684 7 634

Nonregistered debt 22 272 20 742 19 844 19 754 18 046 17 214 17 707 19 415 16 067

Nonfinancial public sector 3 318 2 578 1 695 972 531 364 287 80 65

Credit lines 3 318 2 572 1 695 962 531 364 287 80 65

Banco Central do Brasil - 6 - 10 - - - - -

Private sector1/18 954 18 164 18 149 18 782 17 515 16 850 17 420 19 335 16 002

Commercial banks (liabilities) 18 954 18 164 18 149 18 782 17 515 16 850 17 420 19 335 16 002

Total external debt2/225 610 216 921 204 092 207 752 216 524 209 934 210 777 219 038 212 873

Nonfinancial public sector 100 766 92 461 90 834 91 188 97 423 93 182 95 723 104 632 106 974

Private sector1/124 844 124 460 113 258 116 564 119 101 116 753 115 054 114 407 105 899

International reserves 36 342 33 011 34 407 37 318 40 054 35 866 36 721 41 999 38 381

Brazilian credit abroad 6 652 6 801 6 790 6 588 6 397 3 050 2 847 2 845 2 912

Commercial banks assets 7 534 6 028 5 372 5 511 6 920 8 313 7 811 7 463 6 401

Net total external debt 175 082 171 081 157 523 158 336 163 153 162 704 163 398 166 732 168 091

Intercompany loans 15 859 19 236 16 468 16 273 15 901 16 133 16 185 16 777 16 356

Total external debt, includes intercompany loans 241 469 236 157 220 560 224 025 232 425 226 067 226 962 235 815 229 228

Memo:

Foreign banks 98 919 98 597 87 560 93 198 94 338 91 842 90 431 89 334 81 048

Registered 78 903 79 956 69 726 75 454 78 120 76 371 74 518 71 885 66 609

Nonregistered 20 016 18 642 17 834 17 744 16 218 15 470 15 913 17 449 14 439

Brazilian banks 14 273 14 636 13 706 13 708 14 367 13 466 13 332 12 953 12 381

Registered 12 017 12 536 11 696 11 698 12 539 11 722 11 538 10 986 10 754

Nonregistered 2 256 2 101 2 010 2 010 1 828 1 744 1 794 1 967 1 628

1/ Includes financial public sector.2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.


175

V.20 - Registered external debt Distribution by interest rate category1/



US$ % US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share million share

Floating rates 72 407 39.3 71 295 37.9 79 061 39.8 77 335 40.1 76 761 39.8 83 014 41.6 83 905 42.6

Libor 51 800 28.1 47 630 25.3 49 998 25.2 48 047 24.9 47 353 24.5 46 394 23.2 43 319 22.0

Prime 1 991 1.1 1 793 1.0 1 770 0.9 2 055 1.1 2 166 1.1 2 373 1.2 2 272 1.2

New York 135 0.1 6 0.0 5 0.0 34 0.0 178 0.1 172 0.1 170 0.1

Others 1 856 1.0 1 787 1.0 1 765 0.9 2 020 1.0 1 988 1.0 2 201 1.1 2 102 1.1

IMF 1 714 0.9 3 701 2.0 8 512 4.3 8 346 4.3 8 203 4.2 14 519 7.3 17 369 8.8

IBRD 6 573 3.6 7 624 4.1 7 667 3.9 7 400 3.8 7 375 3.8 7 563 3.8 8 069 4.1

IDB 10 123 5.5 10 277 5.5 10 826 5.5 11 215 5.8 11 394 5.9 11 847 5.9 12 558 6.4

Others 206 0.1 270 0.1 288 0.1 272 0.1 270 0.1 318 0.2 318 0.2

Fixed rates 111 841 60.7 116 703 62.1 119 417 60.2 115 385 59.9 116 308 60.2 116 609 58.4 112 901 57.4

IBRD 585 0.3 578 0.3 576 0.3 563 0.3 558 0.3 541 0.3 534 0.3

IDB 1 314 0.7 1 265 0.7 1 257 0.6 1 195 0.6 1 148 0.6 1 158 0.6 1 115 0.6

Others 109 942 59.7 114 860 61.1 117 584 59.2 113 627 59.0 114 602 59.4 114 910 57.6 111 252 56.5

Total 184 248 100.0 187 998 100.0 198 478 100.0 192 720 100.0 193 069 100.0 199 623 100.0 196 806 100.0

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.


176

V.21 - Registered external debt Distribution by currency1/



US$ % US$ % US$ % US$ % US$ % US$ % US$ %

million share million share million share million share million share million share million share

US dollar2/156 674 85.0 155 417 82.7 155 544 78.4 152 099 78.9 151 733 78.6 149 386 74.8 147 873 75.1

Yen 10 229 5.6 12 309 6.5 16 553 8.3 15 202 7.9 15 620 8.1 16 317 8.2 14 984 7.6

Deutsche mark 3 786 2.1 3 454 1.8 3 501 1.8 3 266 1.7 3 138 1.6 3 527 1.8 3 348 1.7

Special Drawing Right 1 468 0.8 3 715 2.0 8 526 4.3 8 361 4.3 8 216 4.3 14 533 7.3 17 382 8.8

French franc 1 529 0.8 1 646 0.9 1 678 0.8 1 546 0.8 1 503 0.8 1 533 0.8 1 404 0.7

Sterling pound 748 0.4 828 0.4 827 0.4 777 0.4 764 0.4 817 0.4 795 0.4

Italian lira 953 0.5 842 0.4 658 0.3 634 0.3 389 0.2 445 0.2 442 0.2

Euro 7 121 3.9 8 491 4.5 9 813 4.9 9 622 5.0 10 457 5.4 12 002 6.0 9 594 4.9

Swiss franc 506 0.3 459 0.2 498 0.3 362 0.2 352 0.2 393 0.2 401 0.2

Austrian schilling 250 0.1 282 0.2 301 0.2 292 0.2 286 0.1 180 0.1 177 0.1

Portuguese escudo 124 0.1 119 0.1 127 0.1 124 0.1 121 0.1 138 0.1 137 0.1

Canadian dollar 472 0.3 135 0.1 139 0.1 121 0.1 139 0.1 134 0.1 118 0.1

Dutch guilder 170 0.1 169 0.1 181 0.1 175 0.1 170 0.1 13 0.0 11 0.0

Belgian franc 81 0.0 83 0.0 87 0.0 83 0.0 81 0.0 92 0.0 90 0.0

Others 136 0.1 48 0.0 47 0.0 57 0.0 101 0.1 113 0.1 47 0.0

Total 184 248 100.0 187 998 100.0 198 478 100.0 192 720 100.0 193 070 100.0 199 623 100.0 196 806 100.0

Memo:

IDB 11 437 6.2 11 542 6.1 12 083 6.1 12 410 6.4 12 542 6.5 13 005 6.5 13 673 6.9

IBRD 7 157 3.9 8 202 4.4 8 243 4.2 7 963 4.1 7 933 4.1 8 104 4.1 8 603 4.4

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.


177

V.22 - Medium and long-term registered external debt Principal amortization schedule

US$ million

Itemization Outstanding 2002 2002 2003 2004 2005 2006 2007 2008 2009

9.30.2002 Jan-Sep (Oct-Dec)

Paid

IMF loans1/17 369 85 90 11 150 3 329 2 065 735 - - -

Import financing 49 882 2 872 4 311 10 682 7 744 5 359 4 513 2 667 2 090 1 868

International entities 24 444 303 1 274 4 325 3 536 2 095 1 577 1 437 1 317 1 176

World Bank 8 603 162 222 1 551 1 466 900 623 582 500 426

IDB 13 673 82 886 2 369 1 725 740 723 693 682 667

IFC 1 572 49 102 330 313 260 193 125 100 55

Others 596 10 64 75 32 196 38 36 35 27

Government agencies 12 671 497 737 2 112 2 259 2 271 2 285 690 474 371

USAID - project loans 223 8 10 39 39 32 24 20 15 12

Eximbank - USA 110 12 - 11 11 2 9 9 9 9

Eximbank - Japan 1 675 95 63 198 182 149 146 144 144 103

KFW 1 989 56 70 270 267 271 242 314 137 96

Paris Club 5 835 260 506 1 110 1 250 1 402 1 566 - - -

Others 2 840 66 89 484 511 414 297 203 169 152

Other financing sources 12 767 2 072 2 300 4 246 1 950 992 652 539 299 321

Foreign commercial banks 5 180 1 026 1 202 1 789 958 362 226 145 113 106

Brazilian banks 2 100 416 426 628 117 81 101 101 83 83

Nonfinancial institutions 5 487 630 672 1 829 875 549 325 293 103 133

Currency loans 62 586 2 988 3 089 8 561 14 834 10 759 8 498 6 891 3 994 1 869

Foreign commercial banks 56 746 2 726 2 307 7 702 13 313 9 486 7 653 6 551 3 896 1 832

Brazilian banks 5 440 261 758 791 1 458 1 235 682 322 97 35

Nonbanks 400 - 24 69 64 38 163 17 1 2

Program loans (IDA) - - - - - - - - - -

Bonds 58 104 15 551 3 474 5 630 4 541 4 321 5 041 4 280 3 746

Other loans - - - - - - - - - -

Total medium and long-term debts2/187 940 5 960 8 041 33 868 31 538 22 723 18 068 14 598 10 365 7 483

Intercompany loans - m.l.t 13 257 652 1 411 3 069 2 197 1 345 936 1 093 401 445

Total medium and long-term debts,

includes intercompany loans 201 197 6 612 9 452 36 937 33 734 24 068 19 004 15 692 10 766 7 928

(continues)


178

V.22 - Medium and long-term registered external debt Principal amortization schedule


Itemization 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Due and

postponed

IMF loans1/ - - - - - - - - - - -

Import financing 1 692 1 398 2 216 1 046 744 666 526 422 308 208 1 422

International entities 1 069 961 1 903 802 516 492 426 368 271 183 716

World Bank 375 306 1 277 242 33 17 5 1 - - 77

IDB 642 605 571 534 482 475 420 367 271 183 635

IFC 25 25 34 7 - - - - - - 3

Others 26 24 20 20 1 - - - - - 1

Government agencies 414 222 188 140 129 121 94 50 32 21 62

USAID - project loans 10 7 7 5 1 - - - - - -

Eximbank - USA 9 9 9 9 9 8 - - - - -

Eximbank - Japan 76 75 75 75 72 71 57 28 10 - 8

KFW 213 57 33 4 4 4 2 - - - 6

Paris Club - - - - - - - - - - -

Others 107 73 64 47 44 38 35 22 22 21 49

Other financing sources 210 216 125 103 99 52 6 4 4 4 643

Foreign commercial banks 56 81 26 15 10 6 2 - - - 82

Brazilian banks 83 83 83 83 83 41 - - - - 25

Nonfinancial institutions 72 52 16 5 6 5 5 4 4 4 536

Currency loans 1 179 314 155 329 1 379 11 11 213 3 83 413

Foreign commercial banks 1 170 293 150 329 1 379 11 11 213 3 83 363

Brazilian banks 8 21 4 - - - - - - - 28

Nonbanks 0 0 1 - - - - - - - 21

Program loans (IDA) - - - - - - - - - - -

Bonds 2 842 2 589 2 127 654 311 - - 383 - - 17 613

Other loans - - - - - - - - - - -

Total medium and long-term debts2/5 713 4 301 4 498 2 028 2 435 677 536 1 019 311 290 19 448

Intercompany loans 380 443 536 36 30 26 33 5 4 3 864

Total medium and long-term debts,

includes intercompany loans 6 093 4 744 5 034 2 064 2 465 703 569 1 024 315 293 20 312

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.


179

V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 9.30.2002

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 loans1/17 369 17 369 17 369 - 17 369 -

Import financing 49 882 32 923 25 899 18 781 3 070 4 047

International entities 24 444 21 718 15 662 10 615 1 745 3 302

World Bank 8 603 8 557 6 600 6 182 293 124

IDB 13 673 12 689 8 658 4 391 1 090 3 178

IFC 1 572 - - - - -

Others 596 472 404 41 362 -

Government agencies 12 671 9 047 8 404 6 859 1 053 493

USAID - project loans 223 223 223 202 3 17

Eximbank - USA 110 - - - - -

Eximbank - Japan 1 675 1 615 1 562 607 659 296

KFW 1 989 299 260 20 65 175

Opic - - - - - -

PL-480 (USA Government) - - - - - -

Paris Club 5 835 5 835 5 835 5 835 - -

Others 2 840 1 075 526 196 325 5

Other financing sources 12 767 2 158 1 832 1 307 272 252

Foreign commercial banks 5 180 608 326 125 168 33

Brazilian banks 2 100 1 019 1 019 909 - 109

Nonfinancial institutions 5 487 530 488 273 105 110

Currency loans 62 586 8 423 6 868 128 2 042 4 698

Foreign commercial banks 56 746 7 833 6 475 45 2 036 4 393

Brazilian banks 5 440 584 387 83 0 304

Nonbanks 400 6 6 - 6 -

Program loans (IDA) - - - - - -

Bonds 58 104 57 134 56 984 56 713 23 247

Other loans - - - - - -

Total medium and long-term debts 187 940 115 848 107 119 75 622 22 504 8 992

Total short term debts 8 866 1 379 1 379 10 45 1 324

Foreign commercial banks 4 683 46 46 - 42 4

Brazilian banks 3 214 1 320 1 320 - - 1 320

Nonfinancial institutions 969 12 12 10 3 - Total2/

196 806 117 227 108 498 75 632 22 550 10 316

Intercompany loans 16 356 185 185 - 185 -

Total external debt,

includes intercompany loans 213 162 117 412 108 683 75 632 22 734 10 316

(continues)


180

V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 9.30.2002(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 7 024 5 923 1 101 - 16 960 13 421 3 539

International entities 6 055 5 504 551 - 2 727 2 561 166

World Bank 1 957 1 920 37 - 46 46 -

IDB 4 030 3 516 514 - 985 985 -

IFC - - - - 1 572 1 514 58

Others 68 68 - - 125 16 108

Government agencies 643 364 279 - 3 624 3 397 227

USAID - project loans - - - - - - -

Eximbank - USA - - - - 110 110 -

Eximbank - Japan 54 54 - - 59 57 2

KFW 40 24 16 - 1 690 1 685 5

Opic - - - - - - -

PL-480 (USA Government) - - - - - - -

Paris Club - - - - - - -

Others 550 287 263 - 1 765 1 545 220

Other financing sources 326 55 271 - 10 609 7 463 3 146

Foreign commercial banks 283 51 232 - 4 572 2 268 2 304

Brazilian banks - - - - 1 081 280 801

Nonfinancial institutions 43 4 39 - 4 957 4 916 41

Currency loans 1 555 - 1 555 - 54 163 40 699 13 464

Foreign commercial banks 1 358 - 1 358 - 48 913 38 971 9 942

Brazilian banks 197 - 197 - 4 856 1 688 3 168

Nonbanks - - - - 394 39 355

Program loans (IDA) - - - - - - -

Bonds 150 - 150 - 970 600 370

Other loans - - - - - - -

Total medium and long-term debts 8 729 5 923 2 806 - 72 092 54 719 17 373

Total short term debts - - - - 7 487 3 072 4 415

Foreign commercial banks - - - - 4 637 1 675 2 961

Brazilian banks - - - - 1 894 446 1 447

Nonfinancial institutions - - - - 956 950 6

Total2/8 729 5 923 2 806 1 79 579 57 791 21 788

Intercompany loans - - - - 16 171 16 171 -


includes intercompany loans 8 729 5 923 2 806 1 95 750 73 961 21 788

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.


181

V.24 - Total external debt by debtor

US$ million

Itemization 1998 1999 2000 2001 2002

Sep Dec Mar Jun Set4/

Medium and long-term debt1/197 362 199 000 189 501 189 460 182 276 181 364 188 809 187 940

Nonfinancial public sector 91 984 97 363 89 780 96 830 92 755 95 341 104 458 106 854

Private sector and financial public sector 105 378 101 637 99 721 92 630 89 521 86 023 84 351 81 086

Short-term debt 26 430 26 609 27 420 27 064 27 658 29 412 30 229 24 933

Nonfinancial public sector 3 383 3 318 2 578 593 427 382 173 120

Banco Central (liabilities) 28 - 6 - - - - -

Credit lines 3 355 3 318 2 572 531 364 287 80 65

Short-term registered debt1/

- - - 62 63 95 93 55

Private sector and financial public sector 23 047 23 291 24 842 26 471 27 231 29 031 30 056 24 813

Commercial banks (liabilities) 17 911 18 954 18 164 17 515 16 850 17 420 19 335 16 002

Short-term registered debt1/

5 136 4 337 6 678 8 956 10 381 11 610 10 720 8 811

Resolution 2,483 - Rural financing 1 399 542 319 - - - - -

Import financing 3 686 2 616 3 850 4 989 6 058 5 957 6 071 5 709

Others2/

51 1 179 2 509 3 966 4 323 5 653 4 650 3 102

Total external debt3/

223 792 225 609 216 921 216 524 209 934 210 777 219 038 212 873

Intercompany loans 17 852 15 859 19 236 15 901 16 133 16 185 16 777 16 356


includes intercompany loans 241 644 241 468 236 157 232 425 226 067 226 962 235 815 229 228

1/ Registered debt at Banco Central do Brasil.

2/ Includes financing to exporting companies, bridge loans and other short-term registered debt.

3/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.4/ Estimated data.


182

V.25 - Foreign exchange rate1/

R$/US$

Period Commercial

End-of-period Average exchange rate

Buying Selling Buying Selling

Rate % Rate % Rate % Rate Percentage changes

change change change

In In In 12

month year months

1997 1.1156 7.41 1.1164 7.41 1.0779 7.32 1.0787 - 7.31 -

1998 1.2079 8.27 1.2087 8.27 1.1603 7.64 1.1611 - 7.64 -

1999 1.7882 48.04 1.7890 48.01 1.8150 56.43 1.8158 - 56.39 -

2000 1.9546 9.31 1.9554 9.30 1.8287 0.75 1.8295 - - 0.72 -

2001 2.3196 18.67 2.3204 18.67 2.3514 28.58 2.3522 - 28.57 -

Jan 1.9703 0.80 1.9711 0.80 1.9537 - 0.45 1.9545 - 0.45 - 0.45 8.36

Feb 2.0444 3.76 2.0452 3.76 2.0011 2.42 2.0019 2.42 1.97 12.76

Mar 2.1608 5.69 2.1616 5.69 2.0883 4.36 2.0891 4.36 6.41 19.92

Apr 2.1839 1.07 2.1847 1.07 2.1917 4.95 2.1925 4.95 11.67 24.00

May 2.3592 8.03 2.3600 8.02 2.2964 4.78 2.2972 4.78 17.01 25.67

Jun 2.3041 - 2.34 2.3049 - 2.33 2.3750 3.42 2.3758 3.42 21.01 31.38

Jul 2.4305 5.49 2.4313 5.48 2.4652 3.80 2.4660 3.80 25.61 37.17

Aug 2.5509 4.95 2.5517 4.95 2.5098 1.81 2.5106 1.81 27.88 38.77

Sep 2.6705 4.69 2.6713 4.69 2.6709 6.42 2.6717 6.42 36.08 45.26

Oct 2.7063 1.34 2.7071 1.34 2.7394 2.57 2.7402 2.56 39.57 45.78

Nov 2.5279 - 6.59 2.5287 - 6.59 2.5423 - 7.20 2.5431 - 7.19 29.53 30.55

Dec 2.3196 - 8.24 2.3204 - 8.24 2.3619 - 7.09 2.3627 - 7.09 20.35 20.35

2002

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

1/ Rates for accounting purpose.

VI - The international economy


185

VI.1 - Interest rates Prime rate and 6 month Libor in various currencies1/

In percent per year

Period average Prime rate Libor

American Yen EUR Sterling

dollar pound

2001 Jan 9.07 5.54 0.47 4.67 5.74

Feb 8.50 5.20 0.38 4.66 5.65

Mar 8.32 4.81 0.18 4.53 5.43

Apr 7.82 4.49 0.11 4.54 5.30

May 7.24 4.09 0.09 4.56 5.23

Jun 6.98 3.83 0.08 4.35 5.35

Jan-Jun 7.99 4.66 0.22 4.55 5.45

Jul 6.75 3.79 0.09 4.38 5.33

Aug 6.66 3.57 0.09 4.22 5.01

Sep 6.28 2.99 0.08 3.87 4.65

Oct 5.54 2.36 0.09 3.46 4.39

Nov 5.11 2.10 0.09 3.26 4.00

Dec 4.84 1.99 0.10 3.26 4.07

Jul-Dec 5.86 2.80 0.09 3.74 4.58

Year 6.93 3.73 0.15 4.15 5.01

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

1/ Rates in accordance with daily interest bulletin of Banco Central do Brasil.


186

VI.2 - Selected country indicators1/

In percent

Period Consumer prices Industrial output Unemployment rate

United Japan Germany United United Japan Germany United United Japan Germany United

States Kingdom States Kingdom States Kingdom

2001 Jan 3.7 -0.3 2.4 2.7 0.5 0.8 5.7 1.5 4.2 4.9 10.0 5.2

Feb 3.5 -0.3 2.6 2.7 -0.4 2.2 4.8 1.0 4.2 4.7 10.1 5.2

Mar 2.9 -0.7 2.5 2.3 -1.3 -1.5 2.6 0.3 4.3 4.7 9.8 5.1

Apr 3.3 -0.7 2.9 1.8 -2.5 -3.6 0.1 -0.7 4.5 4.8 9.5 5.0

May 3.6 -0.7 3.5 2.1 -3.4 -4.7 -0.4 -2.1 4.4 4.9 9.0 4.9

Jun 3.2 -0.8 3.1 1.9 -4.7 -7.3 1.7 -2.3 4.5 4.9 8.9 5.0

Jul 2.7 -0.8 2.6 1.6 -4.2 -8.9 -2.3 -3.0 4.5 5.0 9.2 5.0

Aug 2.7 -0.7 2.6 2.1 -4.6 -11.9 -0.4 -2.3 4.9 5.0 9.2 5.1

Sep 2.6 -0.8 2.1 1.7 -5.7 -11.1 -1.7 -3.3 4.9 5.3 9.0 5.1

Oct 2.1 -0.8 2.0 1.6 -5.9 -12.7 -2.7 -4.7 5.4 5.4 9.0 5.1

Nov 1.9 -1.0 1.7 0.9 -5.9 -14.6 -3.9 -5.0 5.7 5.5 9.2 5.1

Dec 1.6 -1.2 1.7 0.7 -5.8 -15.3 -4.4 -5.2 5.8 5.6 9.6 5.2

2002 Jan 1.1 -1.4 2.1 1.3 -4.4 -11.3 -4.1 -5.9 5.6 5.3 10.4 5.1

Feb 1.1 -1.6 1.7 1.0 -3.8 -11.5 -4.5 -5.6 5.5 5.3 10.4 5.1

Mar 1.5 -1.2 1.8 1.3 -3.0 -8.8 -2.6 -5.5 5.7 5.2 10.0 5.1

Apr 1.6 -1.1 1.6 1.5 -2.3 -7.2 -1.4 -4.0 6.0 5.2 9.7 5.2

May 1.2 -0.9 1.1 1.1 -1.6 -2.1 -3.4 -1.8 5.8 5.4 9.5 5.2

Jun 1.1 -0.7 0.8 1.0 0.0 -1.2 -1.4 -6.3 5.9 5.4 9.5 5.1

Jul 1.5 -0.8 1.0 1.5 0.4 1.2 -1.1 -2.6 5.9 5.4 9.7 5.2

Aug 1.8 -0.9 1.1 1.4 0.4 3.0 -1.3 -3.4 5.7 5.4 9.6 5.2

Sep 1.5 -0.7 1.0 1.7 ... 5.4 -0.7 -2.5 5.6 5.4 9.5 5.3

Oct 2.0 -0.9 1.3 2.1 ... 5.5 -1.4 -1.2 5.7 5.5 9.4 5.2

Nov 2.2 ... ... 2.7 ... ... ... ... 6.0 5.3 ... ...

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.


187

VI.3 - International reserves1/

US$ billion

End of Germany Argentina Brazil Canada Singapore United France Italy Japan Mexico United Taiwan

period States Kingdom

2001 Jan 61 25 35 32 80 68 42 32 359 39 42 109

Feb 60 25 35 32 80 67 41 30 358 39 39 111

Mar 58 22 34 33 78 65 42 29 356 40 40 111

Apr 57 21 35 33 77 65 40 30 357 40 40 112

May 56 20 35 33 66 66 41 30 356 41 41 111

Jun 56 21 37 33 65 65 41 29 357 41 40 110

Jul 57 17 35 34 74 66 41 29 362 41 39 111

Aug 57 14 36 35 76 69 40 28 367 41 40 114

Sep 59 21 40 34 79 72 40 29 391 43 41 116

Oct 60 18 37 35 76 70 38 29 400 43 38 117

Nov 59 15 37 34 75 70 37 29 398 44 38 122

Dec 56 15 36 34 75 69 36 28 396 45 38 123

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 ...

Nov 57 10 35 36 ... 77 34 31 454 47 42 ...

Source : International Financial Statistics (IMF)

1/ Gold reserves at SDR 35 per ounce-troy.


188

VI.4 - Currencies per US dollar1/

End of DM ¥ F Sw.Fr. £ Lit Can$ fl FB US$/SDR US$/EUR

period

2001 Jan 2.0950 116.63 7.0274 1.6424 1.4647 2 074.4 1.4996 2.3609 43.22 1.30039 0.93354

Feb 2.1191 117.54 7.1073 1.6720 1.4461 2 097.9 1.5385 2.3877 43.71 1.29506 0.92486

Mar 2.2279 126.47 7.4722 1.7439 1.4178 2 205.7 1.5787 2.5103 45.95 1.26317 0.87974

Apr 2.2054 123.74 7.3984 1.7373 1.4335 2 183.3 1.5385 2.4849 45.49 1.26832 0.88874

May 2.3114 119.34 7.7520 1.7977 1.4201 2 288.3 1.5402 2.6043 47.67 1.25674 0.84802

Jun 2.3008 124.93 7.7165 1.7956 1.4174 2 277.8 1.5168 2.5924 47.45 1.24814 0.85193

Jul 2.2343 125.26 7.4936 1.7301 1.4277 2 212.0 1.5356 2.5175 46.09 1.26126 0.87724

Aug 2.1459 119.01 7.1969 1.6658 1.4569 2 124.4 1.5523 2.4178 44.26 1.29081 0.91336

Sep 2.1494 119.68 7.2088 1.6232 1.4757 2 127.9 1.5808 2.4218 44.33 1.29159 0.91186

Oct 2.1730 122.54 7.2880 1.6357 1.4577 2 151.3 1.5893 2.4484 44.82 1.28064 0.90195

Nov 2.1817 123.62 7.3205 1.6438 1.4284 2 160.9 1.5751 2.4594 45.02 1.26861 0.89795

Dec 2.2039 131.28 7.3914 1.6706 1.4539 2 181.8 1.5947 2.4832 45.46 1.25813 0.88934

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

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.

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- Foreign Sector Operations 145,874,051

(Allowances for Doubtful Debtors) (38,260)

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- Operations 242,578,217

Federal Public Securities 237,055,309

Security Operations - Resale Commitments 3,644,985

Rediscount 1,002

Sale of Foreign Currency in the Domestic Market - to be Settled 1,876,860

Other Operations 81

(Allowances for Doubtful Debtors) (20)

- Other Credits 36,644,283

Receivables 28,814,250

(Allowances for Doubtful Debtors) (7,415,612)

Funds Managed by Centrus 1,450,388

Securities Receivable 1,162,710


Credits Registered under Debts in Execution 1,416,194


Debtors of Real Estate Commitments 11,050

Fines 3,759,537


Credit to be Covered by the National Treasury 12,769,840

- Other Accounts 6,047,783

Advances on Export Foreign Exchange Contracts 5,428,703

Settlements of Contributions - Law 9,650 607,374

Deposits Earmarked to Appeals 406,063

(Allowances for Judicial Losses) (405,979)

Credits with Proagro 62,745


Sundry Accounts 11,622

- Securities and Assets 25,167,584

Swap Operations Guarantees 25,154,790

Other 12,794

- Prepaid Expenses or Expenses to be Appropriated 102

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- Capital Quotas in International Financial Organizations 14,724,913

International Monetary Fund - IMF 14,594,472

Bank for International Settlements - BIS 130,441

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- Real Estate 773,156

- Intangible Assets 60

- (Accumulated Depreciation) (166,368)

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- Foreign Currency Liabilities 81,571,354

- Deposits of International Financial Organizations 15,083,094

- Sundry Accounts 122,318

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- Financial Institutions Deposits 73,807,842

Banking Reserves - Demand Deposits 19,487,037

Banking Reserves - Savings Deposits 27,639,567

Banking Reserves - Legal Deposits 12,434,293

Banking Reserves - Term Deposits 24,113,979

Banking Reserves - Additional Requirements 26,318,493

Channeling of SBPE funds 1,497,308


(Collection in Federal Public Securities) (38,026,340)

- Other Deposits 95,848,759

Deposits to Federal Government Order 95,807,745

Deposits Earmarked to Guarantee Operations 4,065,667


(Collection in Federal Public Securities) (4,065,659)

- Other Liabilities 163,312,929

Banco Central Notes - NBC 75,677,388

Securities Operations - Repurchase Commitments 78,021,875

Derivative Operations 5,215,654

Purchase of Foreign Currency in the Domestic Market - to be Settled 4,313,219


- Other Accounts 2,148,300

Other Foreign Currency Liabilities 35,173

Settlements of Contributions - Law 9,650 243,473

Income from Federal Government Deposits, to be Transferred 1,093,790

Amounts Payable - Centrus 721,390


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- Contingency Reserves 2,193,946

- Revaluation Reserves 487,928

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- Open Market Operations 103,429,300

- Foreign Sector Operations 95,229,223

- Banking Sector Operations 11,286 - Penalties Levied 805,832

- Credits and Securities Receivable 523,010

- Operations with the National Treasury 2,096,226

- Allowances Reversal and Foreign Exchange Correction 1,723,037 - Other 1,906

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- Open Market Operations (114,100,136) - Foreign Sector Operations (77,010,318)

- Banking Sector Operations (1,849,203)

- National Treasury Operations (18,126,160)

- Constitution and Monetary/Exchange Correction of Allowances (1,040,512) - Administrative (413,705)

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National Treasury Notes - NTN 91,389,402

National Treasury Financial Bills - LFT 124,505,837 National Treasury Bills - LTN 57,518,797

Securitized Credits - CVS 1,663,204

Wage Variation Compensation Fund - FCVS 1,562,928 Credit to be Paid by National Treasury 12,769,840

Judicial Deposits in the name of the National Treasury 3,701

Settlement of Contributions - Law 9,650 489,491

PND - State Banks 5,403 Credits Subject to Refunds 31,117

Taxes and Contributions, to be Recovered 1,259

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Federal Government Deposits 95,807,745 Settlement of Contributions - Law 9,650 230,731

Income from Federal Government Deposits, to be Transferred 1,093,790

Deposits in Foreign Currencies - Paris Club 10,576 Funds Linked to Administration of Foreign Debt Guarantees 18,182

Judicial Deposits Consequent upon Final Decision 9,382

Cash Reserve Availabilities 2

Taxes and Contributions, to be Deposited 37,310

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President: ARMINIO FRAGA NETO Directors: BENY PARNES, CARLOS EDUARDO DE FREITAS, EDISON BERNARDES DOS SANTOS, ILAN GOLDFAJN,

LUIZ FERNANDO FIGUEIREDO, SÉRGIO DARCY DA SILVA ALVES, TEREZA CRISTINA GROSSI TOGNI. Head of the Financial Administration Department: JEFFERSON MOREIRA

Accountant - CRC-DF 7333

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