CENTRAL GOVERNMENT DEBT

Contact Person

Organization

Phone Number

Fax Number

E-mail

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

Timeliness

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

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

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/?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

Identification of ministerial commentary on the occasion of statistical releases

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

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

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

Notes

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.

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 6/30/1993, refinanced by the Union under Law nr. 8,727/1993;
• External debt – Short-, medium- and long-term external public debt.