Brazil flag

SDDS
Special Data
Dissemination Standard

Date of last update: mm/dd/yyyy

CENTRAL GOVERNMENT DEBT

Category Provider's Data

Contact Person

Luiz Gonzaga de Queiroz Filho

Organization

Banco Central do Brasil
Departamento Econômico
Divisão de Finanças Públicas
SBS Qd.3, Ed. Sede, Bl. B, 10º andar
Brasília (DF) - Brasil
CEP 70.074-900

Phone Number

55 61 3414-1075

Fax Number

55 61 3414-2036

E-mail

difin.depec@bcb.gov.br

 

Description
The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Data are disseminated in Reais and refer to the central government (National Treasury and Social Security). Gross debt data are classified into domestic and foreign according to residency and by maturity. Coverage is the same as for Central Government operations.

The gross debt data will be published from December 2001 on.

Periodicity

Monthly.

Timeliness

30 days after the end of the reference month.
Access by the Public

Advance dissemination of release calendar

An advance release calendar that gives one quarter ahead notice of the precise  release dates is published on the website of the Central Bank of Brazil (http://www.bcb.gov.br/sddsi/calendar_i.htm) and on the IMF’s Data Dissemination Standards Bulletin Board (http://dsbb.imf.org).

A calendar for the entire following year is published on each December issue of the Central Bank Press Release and on Central Bank's website: http://www.bcb.gov.br/?PRESS.

Simultaneous release to all interested parties

The gross debt data is published in the Central Bank Press Release and in the Time Series Management System (SGS), available to all interested parties at the Central Bank's website on the Internet (http://www.bcb.gov.br).
Integrity

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

The Central Bank of Brazil compiles and publishes monetary and financial statistics pursuant to the legislation in force, specifically the Law establishing the Central Bank (Law nr. 4,595 of Dec. 31st, 1964) and the National Monetary Council resolutions, governing the generation and release of data and information, in particular with regard to the confidentiality of data. The Central Bank guarantees the confidentiality of the data in observance of the established in Article 38 of the Law nr. 4,595.

The Law nr. 4,595, 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/?NORMS

Additional 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

The Board of Directors of the Central Bank and the Secretariat of Economic Policy of the Ministry of Finance have access to the data before their publication.

Identification of ministerial commentary on the occasion of statistical releases

Data are disseminated with technical comments.

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

Data are identified as preliminary or final in the publications. Major changes in the methodology are published in methodological notes.
Quality

Dissemination of documentation on methodology and sources used in preparing statistics

The methodology utilized for the measurement of fiscal statistics by the Central Bank is described in the Fiscal Statistics Handbook (Manual de Estatísticas Fiscais Publicadas pelo Departamento Econômico do Banco Central do Brasil), available only in Portuguese at:
http://www.bcb.gov.br/?MANESTFIS.

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

The detailed data available on government financing can be used to verify the quality of the debt data.

Notes

Summary page on observance and transition plan

 

Dissemination Formats
Hardcopy
    News release  
    Weekly bulletin  
    Monthly bulletin  
    Quarterly bulletin  
    Other  
Electronic media
X   On-line country bulletin board or database  
  X Internet address http://www.bcb.gov.br/?FISCPOLICY
    Diskette  
    CD ROM  
    Other  

 

Summary Methodology
Analytical framework, concepts, definitions, and classifications (including reference to applicable guidelines)

Corresponds to the gross debt of the central government with the public and private financial system, the non-financial private sector and the rest of the world.

The central government debt is compiled in accordance to the General Government Statistics Manual 2001, although there are three important differences:
  1. The debt is valued by the yield curve (price curve methodology), instead of the market value, which means it reflects the debt at creation and subsequent economic flows, such as accrued interest; and
  2. The debt does not include other accounts payable, such as delays in the payment of goods and services;
  3. The securities issued by the Treasury to the Central Bank portfolio are not considered, but the Central Bank repo operations are included in the central government debt.

Definition of the components of the Central Government Debt:

  • Securities issued by the National Treasury – federal domestic public debt constituted by public bonds issued by the National Treasury recorded in the Electronic Settlement and Custody System (Selic) and those under the custody of the Central Office for Private Securities (Cetip) placed and redeemed in Brazilian currency Until 2007, the gross debt incorporated the stock of Federal Government securities in the Central Bank’s portfolio. As a result of the methodology revision carried out in 2008, the gross debt excludes the Central Bank’s portfolio of federal securities and includes the total Central Bank’s repo operations;
  • Bank debt – Loans and financing granted by financial institutions to the non-financial public sector;
  • Bank debt of decentralized agencies – loans and financing granted by financial institutions to entities of indirect administration (governamental agencies, universities, foundations etc.)
  • Social Securities deposits and investments – corresponds to the public securities investment portfolio of the Social Security;
  • Certificates of privatization (CP) – Securities issued by the National Treasury and usable in the purchase of shares of state-owned enterprises within the framework of the National Privatization Program;
  • Matured and renegotiated debt (DVR) – Matured debt of the Union and of state-owned enterprises, assumed and renegotiated by the federal government and securitized through the issuance of securities registered with the Cetip;
  • Agricultural debt securities (TDA) on the market – Securities backed by the Incra/MAA issued by the National Treasury in land expropriation procedures for agrarian reform;
  • FAT investments in public securities – Worker Protection Fund investments in National Treasury securities;
  • Investments of various funds – Refers to investments of public funds other than financial intermediaries in federal securities;
  • Law nr. 8,727/1993 – Debt of states, municipalities, and public enterprises at June 30, 1993, refinanced by the Union under Law nr. 8,727/1993;
  • External debt – Short-, medium- and long-term external public debt.
Scope of the data (coverage of, e.g., institutional units, transactions and stock, commodities, industries, and geographic areas)
Central government, which includes direct and indirect administrations. Also included are the public social security system and public funds other than financial intermediaries.
Accounting conventions (e.g. time of recording, valuation methods)
None.
Nature of the basic data (e.g., administrative records, surveys censuses, combinations of these)
In accordance with the table below:

CATEGORY

SOURCE

C/D

Securities issued by the Treasury National Treasury Secretariat and Central Bank
D
Central Bank’s repo operations National Treasury Secretariat and Central Bank
-
Bank debt National Treasury Secretariat and Central Bank
D
Portfolio investment in public securities SFN/MPOC
C
Decentralized agency bank system INSS
D
CP-DVR-TDA on the market National Treasury Secretariat
D
FAT investment in government securities Banco do Brasil
C
Investments in various funds Banco do Brasil and Central Bank
C
Renegotiated debt – Law nr. 8,727/1993 Banco do Brasil
D
External debt Central Bank
D
NOTES: C credit and D debit.
Compilation practices (e.g., weighting schemes, imputation methods, balancing/cross-checking techniques)
The Central Government Debt is published on a gross basis.
Other aspects (e.g., seasonal adjustment, disclosure avoidance, base years, reference years, transformations from fiscal to calendar years)
Separately identifiable data on debt guaranteed by the central government are not disseminated.