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SDDS
Special Data
Dissemination Standard

 Date of last update: 11/30/2001

INTERNATIONAL RESERVES

Category Provider's Data

Contact Person

 Fernando Alberto G. Sampaio C. Rocha

Organization

 Banco Central do Brasil, Departamento Econômico, Divisão de Balanço de Pagamentos
SBS Qd.3, Ed. Sede, Bl. B, 9º andar
Brasília (DF) - Brasil
CEP 70.074-900

Phone Number

 55 61 3414-2205

Fax Number

 55 61 3226-7552

E-mail

 dibap.depec@bcb.gov.br

 

Description
The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

 The official reserve assets and the whole international reserves template are disseminated, in US$ millions.

Official reserves include the following assets: deposits, securities, gold, Special Drawing Rights (SDRs), other assets in foreign currency and reserve position in the IMF.

Up to October 2000, assets are recorded at their historical purchase cost; from November 2000 on, at market price. Credits granted to countries and export securities, when compiled, at their face value and market price, respectively. Credits related to conventions of payments, at market price. Gold stock is valued at end-of-period London PM fixing. SDR assets are converted at the end-of-period par value provided by IMF.

The main source of data is the Central Bank of Brazil's accounting. Up to October 2000, credits related to export securities presented in the reserves are provided by Banco do Brasil. IMF provides data on reserve position in the IMF.

The methodology of compilation observes the guidelines presented in "Operational Guidelines for the Data Template on International Reserves and Foreign Currency Liquidity" and in "IMF Balance of Payments Manual", 5th edition.

Periodicity

 Daily for the position of official reserves assets (international reserves-international liquidity concept) and monthly for the reserves template data.

Timeliness

 One working day for the position of official reserve assets.

Up to five working days after the end of the reference month for official reserve assets.

The following month to the reference month, according to schedule, for the reserves template data.
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 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

Simultaneous release to all interested parties

 Data on official reserve assets are disseminated every working day on the Internet at http://www.bcb.gov.br

Monthly data on complete reserves template are firstly released on Internet and then presented at a press conference.
Integrity

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

 Law 4595, dated 31.12.1964, ascribes Central Bank the role of depository of international reserves. Later on, Federal Senate Resolution 82, dated 18.12.1990, in its 3rd article, single paragraph, defined the floor for international reserves, corresponding to four times the import average in the last twelve months. Central Bank’s internal provisions defined transactions that can be carried out with reserves assets, imposing limits on the management of these assets. The degree of confidentiality of this data is defined by Central Bank itself.

The Central Bank of Brazil guarantees the confidentiality of the data related to individuals and financial institutions, in accordance to Law 4595, article 38.

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

 No other government agency has access to the data before they are released to the public.

Identification of ministerial commentary on the occasion of statistical releases

 There is no ministerial commentary.

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

 Data are final when first released and not subject to revision. Changes in the methodology used for calculations are published, but not in advance.
Quality

Dissemination of documentation on methodology and sources used in preparing statistics

 Documentation on methodology is published in explanatory notes on the occasion of the monthly disclosure of data.

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

 The following series on official foreign assets are issued:

Press Release on the Foreign Sector:

  • Series on the position of official foreign assets (international reserves – international liquidity concept), containing monthly data of the current and previous years, and annual data for the previous twelve years, showing also the corresponding numbers of months of imports, according to Senate Resolution 82, 3rd article, single paragraph, dated 12.18.1990;
  • Detailed official foreign assets by instruments of the previous three years;
  • foreign currency liquidity position of the current year, with the net maturities of assets/liabilities programmed for the year.

Monthly Bulletin:

  • Series on the position of official foreign assets, containing monthly data of the current and previous years, and annual data for the six previous years;
  • Series on the statement of international reserves, showing the changes in assets and adjustments in the last three years, with quarterly breakdown for the current and the previous year; and
  • Detailed series of net adjusted international reserves showing the balance of assets, liabilities and adjustments for a 5 year-period, on an monthly basis for the last three years.

Annual Report:

  • It contains a graph showing the evolution of the official foreign assets (international reserves – international liquidity concept) for the last five years;

Others:

Series on the official foreign assets for the 1956-1970 period, on an annual basis, and for the 1971-2001 period, on a monthly basis. From February 1999 on, on a daily basis. This series can be requested by e-mail:

dibap.depec@bcb.gov.br

Notes

 Summary page on observance and transition plan

 

Dissemination Formats
Hardcopy
X X News release Central Bank Press Release is published monthly in Portuguese and in English and is available by request, free of charge. Subscriptions not available.
    Weekly bulletin  
  X Monthly bulletin The Central Bank Bulletins are available in Portuguese and in English at the Central Bank's library or by paid subscription from:

DEMAP/DISUP/SUIMP

SIG - Quadra 8 – Lote 2025

70610-400 Brasilia (DF) - Brasil

Telephone 55 61 344-1554

Fax 55 61 344-2982

e-mail: demap.disup@bcb.gov.br

The cost is R$ 19.05 per issue.
    Quarterly bulletin  
  X Other The Central Bank Annual Reports are available in Portuguese and in English at the Central Bank's library or by paid subscription from:

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

Telephone 55 61 344-1554
Fax 55 61 344-2982
e-mail: demap.disup@bcb.gov.br

The cost is R$ 19.05 per issue.
Electronic media
X   On-line country bulletin board or database  
  X Internet address Central Bank Foreign Sector Press Release
http://www.bcb.gov.br/?FOREIGNSECTOR

Central Bank Bulletin
http://www.bcb.gov.br/?BULLETIN
    Diskette  
    CD ROM  
    Other  

 

Summary Methodology
Analytical framework, concepts, definitions, and classifications (including reference to applicable guidelines)
Concept: Gross international reserves comprise foreign assets available, i.e., which can be immediately accessed, under the control of the Central Bank. Their main purpose are the direct financing of imbalances in the balance as well as the regulation of those imbalances by adjusting the exchange rate through an intervention on the exchange market.

Definition: Gross international reserves encompass assets in the Central Bank of Brazil and the reserve position in the IMF.

Classification: International reserves in the Central Bank are composed by monetary gold, SDR and other assets in foreign currency, such as deposits (overnight, repurchase agreement in the FED, fixed-term), securities, export bills (up to October 2000), credits related to conventions as well as the reserve position in the IMF.

Methodology: The compilation methodology observes the IMF Balance of Payments Manual, Fifth Edition ( BPM5). The official reserve assets and the complete reserves template are compiled and presented according to IMF Operational Guidelines for the Data Template on International Reserves and Foreign Currency Liquidity.
Scope of the data (coverage of, e.g., institutional units, transactions and stock, commodities, industries, and geographic areas)
Institutional coverage: Central Bank of Brazil has control on all reserve assets, but the position in the IMF.
Accounting conventions (e.g. time of recording, valuation methods)
Rates: Assets are evaluated by the rates of the last business day of the month, converted to US dollar.

Valuation: Assets denominated in SDR and reserve position in the IMF are evaluated by the rate given by IMF; gold assets, by London PMFixing; assets denominated in currencies other than US dollar are converted by the per value of the last working day of the month. Up to October 2000, securities are evaluated by historical purchasing cost; and as from November 2000, by market prices. Credits granted to countries are evaluated by their face value, export securities and credits related to convention of payment, by market price. Only the interests on securities are included in international reserves.

Record criterion: Records are based on the cash basis, that is, the maturity data of the operation is taken into account to move the reserves. The exception to this rule are the interests on securities, which are recorded by the accrual basis.

Evaluation and Re-evaluation Frequency: assets are evaluated daily.
Nature of the basic data (e.g., administrative records, surveys censuses, combinations of these)
The main source is Central Bank of Brazil's accounting. Banco do Brasil supplies data related to export credits presented in the international reserves till October 2000 and IMF, the reserve position.
Compilation practices (e.g., weighting schemes, imputation methods, balancing/cross-checking techniques)
Not applicable.
Other aspects (e.g., seasonal adjustment, disclosure avoidance, base years, reference years, transformations from fiscal to calendar years)
Not applicable.