BANCO CENTRAL DO BRASIL

1/ Based on the September 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.

Predetermined short-term net drains on foreign currency assets
US$ million
		Total Sep/08	Maturity breakdown (residual maturity)
			Up to 1 month	More than 1 month and up to 3 months	More than 3 months and up to 1 year
			Up to 1 month	More than 1 month and up to 3 months	More than 3 months and up to 1 year
Foreign currency loans, securities, and deposits		- 5 198	- 370	- 199	- 4 630
outflows (-) ^1/	Principal	973	64	0	909
outflows (-) ^1/	Interest	4 225	306	199	3 721
inflows (+) ^2/	Principal	-	-	-	-
inflows (+) ^2/	Interest	-	-	-	-
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)
Short positions (-)		-	-	-	-
Long positions (+)		-	-	-	-
Other		-	-	-	-
outflows related to repos (-)		-	-	-	-
inflows related to reserve repos (+)		-	-	-	-
trade credit (-)		-	-	-	-
trade credit (+)		-	-	-	-
other accounts payable (-)		-	-	-	-
other accounts receivable (+)		-	-	-	-
1/ Based on the September 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/ As of October 2001, forecasts of earnings on foreign reserves are no longer considered.