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Date of Fund Membership: January 14, 1946 Standard Sources: B: Central Bank, Bulletin N: Ministry of Industry, Commerce and Tourism, Secretariat of Foreign Commerce (SECEX) S: Brazilian Institute of Statistics and Geography (IBGE) Exchange Rates: Beginning on November 1, 1942, a cruziero (Cr$) was worth a thousand réis. On February 13, 1967 the new cruzeiro (NCr$) was instituted as a transitory monetary unit equivalent to 1,000 cruzeiros. Effective May 15, 1970 the cruziero (Cr$) was re-established at par with the new cruzeiro. On February 28, 1986, the cruzado (Cz$), equal to 1,000 cruzeiros, was introduced. On January15, 1989 the new cruzado (NCz$), equal to 1,000 old cruzados, was introduced. On March 16, 1990 the cruzeiro (Cr$) replaced the new cruzado at an exchange rate of one new cruzado for one cruzeiro. On August 1, 1993 the cruzeiro real (Cr$), equal to 1,000 cruzeiros, was introduced. On July 1, 1994 the real (R$), equal to 2,750 cruzeiros reais, was introduced. Principal Rate (End of Period and Period Average): From March 1990 through September 1994, the official rate floated independently with respect to the U.S. dollar. From October 1994 through January 17, 1999, the official rate was determined by a managed float. Since January 18, 1999, the official rate floats independently with respect to the U.S. dollar. International Liquidity: Foreign Exchange (line 1d.d) includes domestic government securities payable in foreign currency. Gold (National Valuation) (line 1and) is valued on the basis of the daily average closing quotations in London during the preceding two months. Other Liquid Foreign Assets (line 1e.d) comprises the value of liquid export bills. The Brazilian definition of liquid international reserves comprises the sum of Total Reserves minus Gold (line 1l.d), Gold (National Valuation) (line 1and), and Other Liquid Foreign Assets (line 1e.d). † Prior to January 1986, data for Total Reserves minus Gold (line 1l.d) and Foreign Exchange (line 1d.d) include foreign exchange held by the Central Bank of Brazil (CBB) and Bank of Brazil. Beginning in 1986, data include the foreign exchange held by the CBB only. Beginning January 1999 data reflect inclusion of gold deposits in lines 1and and .1ad. Monetary Authorities: Consolidates the accounts of the Central Bank of Brazil (CBB) and Bank of Brazil. † Beginning in December 1971 and in December 1978, data are based on improved sectorization of the accounts. † Beginning in January 1986, comprises the Central Bank of Brazil only. † Beginning in June 1988, data are based on an improved classification and sectorization of the accounts. Beginning in December 1998, data on repurchase agreements, previously included in other items (net), have been classified in the assets according to the economic sector to which credit was granted and in the liabilities according to the economic sector from which credit was received. † Beginning in December 2001, data are based on an improved classification and sectorization of the accounts. Banking Institutions: Comprises commercial banks and investment banks. † Beginning in December 1971 and in December 1978, data are based on improved sectorization of the accounts. Beginning in December 1978, includes the National Bank of Cooperative Credit. † Beginning in January 1986, includes the Bank of Brazil. † Beginning in June 1988, includes multiple banks, Federal Savings Bank, state savings banks, National Bank for Economic and Social Development, state development banks, finance and investment companies, and housing credit companies. Data reflect the introduction of a new accounting system, which provides an improved sectorization of the accounts. Beginning in December 1996, includes mortgage companies. Beginning in December 1998, includes financial investment funds and excludes state savings banks. Data on repurchase agreements, previously included in other items (net), have been classified in the assets according to the economic sector to which credit was granted and in the liabilities according to the economic sector from which credit was received. † Beginning in December 2001, data are based on an improved classification and sectorization of the accounts. Banking Survey: † See notes on monetary authorities and banking institutions . Nonbank Financial Institutions: Comprises leasing companies, stock brokerage houses, and distributor companies. Beginning in December 1998, includes fostering agencies. Data on repurchase agreements, previously included in other items (net), have been classified in the assets according to the economic sector to which credit was granted and in the liabilities according to the economic sector from which credit was received. † Beginning in December 2001, data are based on an improved classification and sectorization of the accounts. Beginning in December 2006, includes closed pension funds. Money (National Definitions): Base Money (B) comprises notes and coins issued and non-interest bearing required and excess reserves on sight deposits with financial institutions. Sight deposits include demand deposits, advance notice deposits, third party float, collection of taxes, cashier's checks, and realized guarantees. B1 comprises B and interest-bearing required reserves on sight deposits with financial institutions. BA comprises B1 and required cash reserves on savings and time deposits and mutual fund shares, and federal securities valued by their yield curve outside the Central Bank of Brazil (CBB), except the Letras do Banco Central-Série Especial (LBC-E) used for the swap of state securities. B2 comprises BA and state and local securities outside the CBB, at face value, and LBC-E. M1 comprises currency held by the public, and demand deposits. Demand deposits include deposits of the private sector; of the federal, state, and municipal governments; of the federal, state, and municipal enterprises; and of the financial institutions that are not subject to reserve requirements. M1 also includes domestic currency deposits of nonresidents, travelers' checks issued and not cashed, certified checks with a fixed payment date, payroll checks, and customers' credit balances on loan and financing accounts. M2 comprises M1 plus interest-bearing deposits, savings deposits, and securities issued by depository corporations. M2A comprises M1 plus short-term shares in FIF, including FAF prior to 1995, short-term FRF, and nonmarket funds (Fundos Extramercado) administered by the Bank of Brazil for investment by state enterprises. M3 comprises M2 plus shares in mutual investment funds and repurchase agreements registered in the Special Settlement and Custody System (SELIC). M3A comprises M2A plus shares in 30-day FIF, including FRF prior to 1995, foreign-capital fixed-income funds, and savings deposits. M4 comprises M3 plus federal, state, and municipal liquid securities held by the public. M4A comprises M3A plus shares in 60- and 90-day FIF, private securities (which include bank certificates of deposit, bills of exchange, housing and mortgage bills, and automatic investment deposits, but exclude those held by financial institutions and mutual funds), and federal, state, and municipal securities (excluding those held by financial institutions and FIF). Interest Rates: Discount Rate (End of Period): Bank rate (TBAN) charged by the CBB on noncollateralized loans to financial institutions. † Beginning in March 2000, TBAN was abolished, and the CBB established new rules for lending to financial institutions, taking into account the maturity of the operation and the collateral used by the borrowing institutions. The CBB decided to use the SELIC rate (see note on money market rate) plus two points as the discount rate. In April 2002, the CBB introduced a new payments system and changed the method for calculating the discount rate based on repurchase agreements using government securities. Beginning in April 2002, corresponds to SELIC plus one point. Beginning in July 2002, corresponds to SELIC plus six points. Money Market Rate: Average rate on loans between commercial banks. † Beginning in January 1980, the SELIC overnight rate is a weighted average rate on loans between financial institutions involving firm sales of or repurchase agreements based on federal securities in the Special Settlement and Custody System (SELIC). The rate is weighted by loan amounts. Treasury Bill Rate: Effective yield on Letras do Tesouro Nacional (LTN) of 31 days or longer, calculated from the discount. The yield is that of the last issue of the month, is calculated on a daily basis, and applies only to business days. Treasury Bill Rate (Foreign Currency): Effective yield on Notas do Tesouro Nacional—Emissão D (NTN-Series D) of three months or longer issued with exchange rate guarantee. The yield includes the purchase discount or premium and the coupon rate of six percent per year, compounded twice a year for notes for longer than six months and paid at maturity for shorter terms. The yield is that of the last issue of the month and does not include the exchange rate change. Savings Rate: Rate paid by the Brazilian savings and loan system (SBPE) on 30-day savings deposits. Deposit Rate: Average rate offered by banks on 60-day time deposits. † Beginning in January 1989, average rate offered by banks on certificates of deposit of 30 days or longer. Lending Rate: Weighted average of the rates charged by banks on loans with fixed interest rates and with own funds to individuals and corporations. The rate is weighted by loan amounts. Prices, Production, Labor: Share Prices: Average index of daily share prices in the São Paulo Securities Exchange (BOVESPA), weights reference period: January 2, 1968. Wholesale Prices: Source S. Weights Reference Period: August 1994; Coverage: the index is structured to measure the rate of change of prices of a sample of merchandise at the wholesale level in business to business transactions in the following productive areas of the country: Alagoas, Amazonas, Bahia, Ceara, Espírito Santo, Goiás, Maranhão, Mato Grosso do Sul, Minas Gerais, Pará, Paraíba, Panará, Pernambuco, Piauí, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Rondônia, Santa Catarina, Sergipe, São Paulo e Tocantis; Number of Items in Basket: 462 commodities/products; Basis for Calculation: weights are revised monthly due to relative changes in the components of the index. Consumer Prices: Source S. Weights Reference Period: June 1994; Geographical Coverage: whole national territory; Number of Items in Basket: 512; Basis for Calculation: weights are derived from a Household Expenditure Survey conducted between October 1995 and September 1996. Industrial Production, Seasonally Adjusted: Source S. Weights Reference Period: 2002; Sectoral Coverage: mining sector and processing industry; Basis for Calculation: the weighting system is fixed and follows the structure of the "Industrial Value Added of 1985" based on the Industrial Census of 1985. International Transactions: All trade value and volume data are from source N. Volume of Exports and Imports: Data on total volume are based on quantities in metric tons. Unit Value of Exports and Imports indices are calculated from value and volume indices. Export Volume indices for coffee are based on source B data in metric tons. Export Unit Value indices for coffee are calculated for IFS from reported value and volume data. The coffee wholesale price index is the Brazil (New York) index shown in the commodity prices world table. Government Finance: Monthly and quarterly data are derived from source B. The data cover the operations of the National Treasury including the collection and transfer of earmarked revenues for social expenditure purposes. Revenue data include repayments of loans, and expenditure data include lending operations. The fiscal year ends December 31. National Accounts: Data are from source B. Line 93i data are included in line 96f when they are not separately shown. † As indicated by the country, data have been revised following the implementation of the 1993 SNA.