BALANCE OF PAYMENTS

Contact Person

Organization

Phone Number

Fax Number

E-mail

Coverage characteristics

1. current account: exports, imports and trade balance; revenues, expenditures and balance of services and income; credit, debit and balance of total services and those related to transportation, travel, insurance, financial services, computer and information services, royalties and license fees, equipment rental, government and other services; credit, debit and income balance, including wages and salaries, foreign direct investment income (profits and dividends, and interests on intercompany loans), portfolio investment income (profits and dividends, and interest on debt securities) and income of other investments (including interests on loans, financing, deposits and other assets and liabilities); balance of current unilateral transfers; and  current account balance;
2. capital account: balance of capital account (encompasses the transfers of capital and acquisition/disposal of non-produced, non-financial assets).
3. financial account: total of financial account:

1. credit, debit and balance of direct investments; inflow, outflow and balance of Brazilian direct investments abroad (inflow, outflow and balance of capital shares and amortization, disbursement and balance of intercompany loans); inflow, outflow and balance of foreign direct investments in Brazil; inflow of foreign direct investments in Brazil in capital shares as well as currency (autonomous and privatization), conversions (autonomous and privatization), and goods; outflow of capital shares; disbursement, amortization and balance of intercompany loans;
2. credit, debit and balance of Brazilian portfolio investments abroad, credit, debit and balance of Brazilian stock investments – especially Brazilian Depositary Receipts (BDR) and credit, debit and balance of fixed income securities (bonds, notes and commercial papers), mainly collateral related bonds (Brady Plan); credit, debit and balance of foreign portfolio investments issued domestically and abroad; credit, debit and balance of investments in stocks; credit, debit and balance of foreign investments in securities (bonds, notes and commercial papers), especially bond swaps; (credit, debit and balance of foreign investments in short-term securities;
3. total transactions with derivatives, assets and liabilities;
4. total of other investments (including trade credits, loans, currency and deposits, other assets and liabilities, and exceptional financing); total of other Brazilian investments, classified as follows: loans - credit, debit and balance of long-term loans, balance of short-term loans, currency and deposits broken down by banks and other sectors (with emphasis on the changes of collateral - Brady Plan) and other assets, with credit, debit, and balance of both long-term and short-term assets, the latter according to the net flow; total of other foreign investments, comprising disbursement, amortization and balance of long-term trade credit and the short-term trade credit (net), disbursement, amortization and balance of the long-term loans of the Monetary Authority – mainly the regularizing operations (IMF and other institutions) – disbursements, amortizations and balance of long-term loans of the other sectors, broken down by foreign creditors (international organizations, governmental agencies, buyer’s credits and direct loans); currency and deposits by net changes and balances of other long- and short-term liabilities;

4. Errors and omissions.
5. Overall balance.

Periodicity

Timeliness

Advance dissemination of release calendar

Simultaneous release to all interested parties

Dissemination of terms and conditions under which official statistics are produced, including those relating to confidentiality of individual responses

The Central Bank guarantees the confidentiality of the data in observance of the established in Article 38 of the Law Nr. 4595.

The Law Nr. 4595, the National Monetary Council resolutions, and other rules issued by the Central Bank of Brazil, as well as other legislation, can be found in Portuguese on the Central Bank's Internet page:

http://www.bcb.gov.br/mPag.asp?cod=106&Perfil=1&codP=0

These laws are available to the public in Portuguese at the Internet page of the Presidency of the Republic, under search of decrees and laws

http://www.planalto.gov.br

Identification of internal government access to data before release

Identification of ministerial commentary on the occasion of statistical releases

Provision of information about revision and advance notice of major changes in methodology

The public are informed of major changes in methodology at the time the changes are introduced.

Dissemination of documentation on methodology and sources used in preparing statistics

Dissemination of component detail, reconcilliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness

Notes

For a paid annual subscription, address you request to:

DEMAP/DISUP/SUIMP
SIG - Quadra 8 – Lote 2025
70610-400 Brasilia (DF) Brasil

Telephone 55 61 3344-1554
Fax 55 61 3344-2982
e-mail: demap.disup@bcb.gov.br

The cost is R$ 19.05 per issue.

DEMAP/DISUP/SUIMP
SIG - Quadra 8 – Lote 2025
70610-400 Brasilia (DF) - Brasil

Telephone 55 61 3344-1554
Fax 55 61 3344-2982
e-mail: demap.disup@bcb.gov.br

The cost is R$ 19.05 per issue.

Copy of these documents are also available free of charge at the Central Bank's library

Central Bank Bulletin
http://www.bcb.gov.br/?BULLETIN

a – direct investment,

b – portfolio investments,

c – derivatives, and

d – other investments.

• Equity capital

Includes outflows in currency or goods related to purchase/subscription/increase of whole or partial capital of non-resident corporations. Inflows relate to returns stemming from whole or partial disposal of capital of non-resident corporation and capital gains related to such disposal.

• Intercompany loans

Comprises loans granted by the corporation headquarters in Brazil to its subsidiaries or branches established abroad. Records, in addition, the granting of credit by the subsidiaries and branches abroad to their headquarters in Brazil (cross investment). Cross investment is a rectifying account of direct investment asset since it is an item of liability nature recorded in a group of the nature of an asset. Direct loans and placement of securities, with no regard to maturity, are included. Loans granted between linked banks are not considered as being intercompany loans.

• Equity capital

It comprises inflows of currency and goods, and conversions of foreign liabilities into  foreign direct investment, including sums channeled to the privatization program, related to purchase/subscription/increase of whole or partial increase of authorized capital of resident corporations. The counterparts of conversions are recorded in appropriate items, such as amortization, income from direct investment (interests) and services. Outflows comprise whole or partial disposal of authorized capital of resident corporation and realization of capital gains.

• Intercompany loans

Comprises credits granted by the corporation headquarters abroad to their subsidiaries or branches established within Brazil. Records, in addition, the granting of credit by the subsidiaries and branches in Brazil to their headquarters abroad (cross investment). In this case, cross investment is a rectifying account of direct investment liability, since it is an item of asset nature recorded in a group of the nature of a liability. Direct loans and placement of securities, with no regard to maturity, are included. Amortization of intercompany loans within the group direct investment in Brazil include the principal of loans converted into direct foreign investment. Loans granted between linked banks are not recorded as intercompany loans.

• Loans

Comprises Brazilian short- and long-term loans and credits granted to non-residents, including those related to the Export Financing Program (PROEX) and by financial institutions.

• Cash and deposits

Relates to transactions with deposits maintained abroad as cash, collaterals, judicial deposits, and guarantees of loans linked to exports. Includes changes in deposits abroad of commercial banks and deposits related to bought positions in excess by resident banks deposited with the Central Bank. Includes also transactions of collaterals, made as deposits, constituted in the context of the foreign debt renegotiation accord (Brady Plan).

• Other assets

Comprises the Brazilian capital sharing in international organizations and deposits of long-term collaterals. In the short-term are recorded margin deposits related to operations with derivatives.

• Trade credits

The long-term item records changes in liability related to the direct granting of credit by foreign exporters to their customers within Brazil (suppliers’ credits). The short-term item comprises prepayment of exports and other commercial credits, including those stemming from lack of coincidence between the times in which goods are shipped and paid.

• Loans

Comprises direct loans (except intercompany loans), import credits granted as buyers’ credits, and credits granted by international organizations and government agencies. These loans are taken separately as short-, medium- and long-run credits, depending on their original maturity. Also comprises loans made to the Monetary Authority, including autonomous credits and exceptional financing stemming from balance of payments financing agreements.

• Currency and deposits

Relates to cash held by non-residents in deposits within Brazil, including the change in non-resident account balances for accounts opened under Circular no. 2,677, of 04.10.1996 (CC5 accounts).

• Other liabilities

Relates to collateral and judicial deposits made in Brazil by non-residents for a term exceeding one year. The short-term item includes the change in debt balance of the Reciprocal Payment and Credit Agreement (CCR) and margin deposits related to transactions in commodity exchanges within Brazil.

The Balance of Payment compilation uses a mixed accounting procedure of accrual and cash basis, due to the large use of exchange statistics.

1. Current Transactions

• Maritime

National statistics of exchange operations. Information given directly by maritime transport corporations and by the Department of Merchant Navy of the Ministry of Transportation (DMM/MT).

• Air

National statistics of exchange operations. Data supplied by Brazilian commercial airlines and by the Civil Aviation Department (DAC).

• Land

National statistics of exchange operations.

2. Capital account

National statistics of exchange operations.

3. Financial account

• Loans

• Cash and deposits

• Other assets

• Commercial credits

National Statistics of Exchange Operations. Exchange nature of exports (Foreign Trade Secretariat – SECEX, of the Ministry of Development, Industry and Foreign Trade) and imports (Technology of Information System General Coordination-COTEC, of the Ministry of Finance).

• Loans

National Statistics of Exchange Operations. Exchange nature of imports (Technology of Information Systems General Coordination – COTEC, of the Ministry of Finance). Interim balance sheets of commercial banks. Information of Brazilian corporations on direct short-term foreign credit lines.

• Currency and deposits

National Statistics of Exchange Operations. Interim balance sheets of commercial banks.

• Other liabilities

National Statistics of Exchange Operations. Interim Balance Sheet of the Central Bank (debit balance of the Reciprocal Payment and Credit Agreement – CCR).