International Reserves and Foreign Currency Liquidity

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International Reserves
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Time Series Data for Brazil (U.S. Dollars)

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BRAZIL	Last Updated: November 12, 2008
International Reserves and Foreign Currency Liquidity

(Information to be disclosed by the monetary authorities and other central government, excluding social security) ^1,2,3

Contents

Country Notes

Official reserve assets and other foreign currency assets

Predetermined short-term net drains on foreign currency assets

Contingent short-term net drains on foreign currency assets

Memo items


Current Data: In Millions of US Dollars (end of period)

I. Official reserve assets and other foreign currency assets (approximate market value) ⁴


	October 2008
A. Official reserve assets	197,228.88
(1) Foreign currency reserves (in convertible foreign currencies)	191,525.54
(a) Securities	188,298.67
of which: issuer headquartered in reporting country but located abroad	0.00
(b) total currency and deposits with:	3,226.87
(i) other national central banks, BIS and IMF	413.37
(ii) banks headquartered in the reporting country	0.00
of which: located abroad	0.00
(iii) banks headquartered outside the reporting country	2,813.50
of which: located in the reporting country	0.00
(2) IMF reserve position	0.11
(3) SDRs	4.61
(4) gold (including gold deposits and, if appropriate, gold swapped)⁵	789.35
—volume in millions of fine troy ounces	1.08
(5) other reserve assets (specify)	4,909.27
—financial derivatives	1.48
—loans to nonbank nonresidents	168.97
—other	4,738.81
B. Other foreign currency assets (specify)	0.00
—securities not included in official reserve assets	0.00
—deposits not included in official reserve assets	0.00
—loans not included in official reserve assets	0.00
—financial derivatives not included in official reserve assets	0.00
—gold not included in official reserve assets	0.00
—other	0.00


II. Predetermined short-term net drains on foreign currency assets (nominal value)


			Maturity breakdown (residual maturity)
		Total	Up to 1 month	More than 1 and up to 3 months	More than 3 months and up to 1 year
1. Foreign currency loans, securities, and deposits ⁶		-242.76	-1,084.24	1,857.97	-1,016.50
—outflows (-)	Principal	-2,858.47	-945.79	0.00	-1,912.68
	Interest	-4,213.28	-138.44	-1,092.03	-2,982.82
—inflows (+)	Principal	6,829.00	0.00	2,950.00	3,879.00
	Interest	0.00	0.00	0.00	0.00
2. Aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps) ⁷
(a) Short positions ( - )
(b) Long positions (+)
3. Other (specify)
—outflows related to repos (-)
—inflows related to reverse repos (+)
—trade credit (-)
—trade credit (+)
—other accounts payable (-)
—other accounts receivable (+)


III. Contingent short-term net drains on foreign currency assets (nominal value)


		Maturity breakdown (residual maturity, where applicable)
	Total	Up to 1 month	More than 1 and up to 3 months	More than 3 months and up to 1 year
1. Contingent liabilities in foreign currency	-1,687.70	-103.49	-273.70	-1,310.52
(a) Collateral guarantees on debt falling due within 1 year	-1,687.70	-103.49	-273.70	-1,310.52
(b) Other contingent liabilities
2. Foreign currency securities issued with embedded options (puttable bonds) ⁸
3. Undrawn, unconditional credit lines⁹ provided by:	30,000.00	30,000.00	0.00	0.00
(a) other national monetary authorities, BIS, IMF, and other international organizations	30,000.00	30,000.00	0.00	0.00
—other national monetary authorities (+)	30,000.00	30,000.00	0.00	0.00
—BIS (+)
—IMF (+)
(b) with banks and other financial institutions headquartered in the reporting country (+)
(c) with banks and other financial institutions headquartered outside the reporting country (+)
Undrawn, unconditional credit lines provided to:
(a) other national monetary authorities, BIS, IMF, and other international organizations
—other national monetary authorities (-)
—BIS (-)
—IMF (-)
(b) banks and other financial institutions headquartered in reporting country (- )
(c) banks and other financial institutions headquartered outside the reporting country ( - )
4. Aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency ¹⁰
(a) Short positions
(i) Bought puts
(ii) Written calls
(b) Long positions
(i) Bought calls
(ii) Written puts
PRO MEMORIA: In-the-money options ¹¹
(1) At current exchange rate
(a) Short position
(b) Long position
(2) + 5 % (depreciation of 5%)
(a) Short position
(b) Long position
(3) - 5 % (appreciation of 5%)
(a) Short position
(b) Long position
(4) +10 % (depreciation of 10%)
(a) Short position
(b) Long position
(5) - 10 % (appreciation of 10%)
(a) Short position
(b) Long position
(6) Other (specify)
(a) Short position
(b) Long position


IV. Memo items


(1) To be reported with standard periodicity and timeliness:¹²
(a) short-term domestic currency debt indexed to the exchange rate	170.05
(b) financial instruments denominated in foreign currency and settled by other means (e.g., in domestic currency) ¹³
—nondeliverable forwards
—short positions
—long positions
—other instruments
(c) pledged assets¹⁴
—included in reserve assets
—included in other foreign currency assets
(d) securities lent and on repo¹⁵	-2,894.81
—lent or repoed and included in Section I
—lent or repoed but not included in Section I	-7,633.63
—borrowed or acquired and included in Section I	4,738.81
—borrowed or acquired but not included in Section I
(e) financial derivative assets (net, marked to market) ¹⁶	1.48
—forwards	1.48
—futures
—swaps
—options
—other
(f) derivatives (forward, futures, or options contracts) that have a residual maturity greater than one year, which are subject to margin calls.
—aggregate short and long positions in forwards and futures in foreign currencies vis-à-vis the domestic currency (including the forward leg of currency swaps)
(a) short positions ( – )
(b) long positions (+)
—aggregate short and long positions of options in foreign currencies vis-à-vis the domestic currency
(a) short positions
(i) bought puts
(ii) written calls
(b) long positions
(i) bought calls
(ii) written puts
(2) To be disclosed less frequently:
(a) currency composition of reserves (by groups of currencies)	197,228.88
—currencies in SDR basket	197,228.88
—currencies not in SDR basket	0.00
—by individual currencies (optional)



Footnotes:

1. In principle, only instruments denominated and settled in foreign currency (or those whose valuation is directly dependent on the exchange rate and that are settled in foreign currency) are to be included in categories I, II, and III of the template. Financial instruments denominated in foreign currency and settled in other ways (e.g., in domestic currency or commodities) are included as memo items under Section IV.

2. Netting of positions is allowed only if they have the same maturity, are against the same counterparty, and a master netting agreement is in place. Positions on organized exchanges could also be netted.

3. Monetary authorities defined according to the IMF Balance of Payments Manual, Fifth Edition.

4. In cases of large positions vis-à-vis institutions headquartered in the reporting country, in instruments other than deposits or securities, they should be reported as separate items.

5. The valuation basis for gold assets should be disclosed; ideally this would be done by showing the volume and price.

6. Including interest payments due within the corresponding time horizons. Foreign currency deposits held by nonresidents with central banks should also be included here. Securities referred to are those issued by the monetary authorities and the central government (excluding social security).

7. In the event that there are forward or futures positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.

8. Only bonds with a residual maturity greater than one year should be reported under this item, as those with shorter maturities will already be included in Section II, above.

9. Reporters should distinguish potential inflows and potential outflows resulting from contingent lines of credit and report them separately, in the specified format.

10. In the event that there are options positions with a residual maturity greater than one year, which could be subject to margin calls, these should be reported separately under Section IV.

11. These "stress-tests" are an encouraged, rather than a prescribed, category of information in the IMF’s Special Data Dissemination Standard (SDDS). Could be disclosed in the form of a graph. As a rule, notional value should be reported. However, in the case of cash-settled options, the estimated future inflow/outflow should be disclosed. Positions are "in the money" or would be, under the assumed values.

12. Distinguish between assets and liabilities where applicable.

13. Identify types of instrument; the valuation principles should be the same as in Sections I-III. Where applicable, the notional value of nondeliverable forward positions should be shown in the same format as for the nominal value of deliverable forwards/futures in Section II.

14. Only assets included in Section I that are pledged should be reported here.

15. Assets that are lent or repoed should be reported here, whether or not they have been included in Section I of the template, along with any associated liabilities (in Section II). However, these should be reported in two separate categories, depending on whether or not they have been included in Section I. Similarly, securities that are borrowed or acquired under repo agreements should be reported as a separate item and treated symmetrically. Market values should be reported and the accounting treatment disclosed.

16. Identify types of instrument. The main characteristics of internal models used to calculate the market value should be disclosed.



Country Notes:

Section I1/ Marked-to-market positions since November, 2000.
2/ The net adjusted reserves denominated in US$ take into account the parities of the last month to figure out the assets denominated in currencies unlike the US$. This concept has not been applicable since the total amortization of the outstanding debt before the IMF, occurred in December, 2005.
3/ Section I.A. (4) Includes available stock of financial gold plus time deposits.
4/ Section I.A.(5) "Loans to non-bank nonresidents, includes export credits.
5/ Reverse Repo are securities borrowed with other securities used as collateral.
6/ Section I.B. Until April, 2006: collateral guarantees composed of U.S. Treasury securities under the custody of the Bank for International Settlements (BIS).
7/ Section I.B. Until April, 2006: collateral guarantees composed of deposits at BIS.
8/ Section I.B. Credits consequent upon the Poland's restructured debt.Section II
1/ Section II. I.,Inflows.Based on the October 2008 position of the Central Government external debt (Banco Central do Brasil and Tesouro Nacional). Includes payments of the restructured external debt, sovereign bonds and loans in the framework of the financial assistance program to the country. It also includes transfers to convertible currency of some deposits denominated in domestic currency under the heading of the Interamerican Development Bank and interest payments on SDR allocations which were granted by the International Monetary Fund. It excludes payments to state-owned companies and other government agencies belonging to the Federal Government as well as semi-autonomous agencies.
Payments denominated in currencies unlike the US$ are estimated by using parities effective at the position date.
For those floating rate contracted interest payments rates, one estimates the 6 month LIBOR, considering the value of that rate for the next Bradies interest payment as well as expectations concerning its future performance. Banco Central do Brasil payments are made by utilizing reserve assets. Tesouro Nacional payments utilize the reserve assets and, in a lesser scale, resources purchased directly in the exchange market. Since the frequency and the volumes of these purchases are not previously defined, the figures corresponding to predetermined payments include total Banco Central do Brasil and Tesouro Nacional expenditures programmed for the next 12 months with no consideration of possible purchases in the exchange market.
2/ Section II.I., Outflows As of October 2001, forecasts of earnings on foreign reserves are no longer considered.
Section III
1/ Contingent Liabilities in foreign currency, refers to Federal Government's guaranty for the external debt undertaken by other public bodies and by the private sector, October 2008 position.
Section IV
1/ Section IV.I.(a), Portfolio position. Reals denominated debt (R$360 million), converted into US dollars by using the US dollar selling rate of the position date (BRL/USD - 2.1153).