Brazil’s Reserves Fall Close to US$ 1 Billion

    Brazil’s total current accounts (covering all international financial transactions) had a surplus of US$ 178 million in May.

    According to the Brazilian Central Bank’s monthly report on the country’s financial situation, the current account total got a big boost once again from exports – Brazil had a May trade surplus of US$ 3.451 billion.


    That was more than enough to cover May remittances totaling US$ 2.3 billion (even though that was 35.4% more than in May 2004) and services payments abroad totaling US$ 829 million.


    The May surplus was good news, coming on the heels of a US$ 509 million deficit in April. The cumulative surplus for the year is now at US$ 10.063 billion (compared to US$ 2.183 billion during the same period last year).


    As for the rest of 2005, Central Bank director Altamir Lopes says that based on the stronger than expected performance so far he is now forecasting exports closing out the year at US$ 108 billion (up from the prior estimate of US$ 105 billion) and total direct foreign investments reaching US$ 16 billion.


    Even with a successful US$ 500 million bond issue (sovereign Global 2019 bonus), however, Brazil’s international reserves fell US$ 822 million last month.


    The main reasons for the drop were a US$ 310 million outlay to the IMF, interest payments on bonus bonds totaling US$ 177 million and another US$ 117 million paid in interest on reserves.


    And a big US$ 829 million to cover various types of royalties – licenses and copyrights, plus transportation and travel abroad, and rent on equipment.


    In April, Brazil had reserves totaling US$ 61.591 billion. In May they fell to US$ 60.709 billion.


    ABr – www.radiobras.gov.br

    Tags:

    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    Palestinian ambassador Alzeben

    Palestinians and Israelis Can Live Side by Side in Peace. Look at Brazil

    BrasÀ­lia, the capital city of Brazil, paid two homages to the Palestinian people this ...

    Brazilian Ad Guru Joins AKQA Agency

    PJ Pereira, President of the of 2005 Cyber Lions jury for the Cannes International ...

    Scam du Jour

    Brazilian politicians love the scandalous get-rich-quick schemes. It seems that they will not get ...

    São Paulo, Brazil's Congonhas airport

    Changes in Congonhas Bring Alterations to Brazil’s Air Network

    Brazilian flagship airline TAM will operate a new domestic air network beginning October 1st ...

    Frank Statement

    Brazil’s Petrobras Hires New York’s Big Tobacco PR Firm for International Push

    As it expands a controversial deep sea offshore sub-salt drilling program, Petrobras, Brazil’s state-controlled ...

    Brazilian Amazon deforestation

    It’s Time Brazil Let the World Help Care for the Amazon

    Brazil has responded quite harshly to rumors of foreign nations buying parts of the ...

    Brazilian Leaves for Eight-Day Mission in Space

    Brazilian first astronaut Marcos César Pontes is leaving this Wednesday, March 29, in The ...

    Street vendor at the beach

    Brazil Grows 6.8% and Won’t Go in Recession, Says Minister

    For the surprise of the world Brazil expanded at an annual 6.8% in the ...

    FAO director Jacques Diouf meets Lula

    Lula Blames “Wise Guys” from Rich Countries for Global Crisis

    The president of Brazil, Luiz Inácio Lula da Silva thanked, the United Nations for ...

    Brazillian singer, alderman Agnaldo Timóteo

    Why Can’t a 16-year-old Sell Her Own Body, Asks Brazilian Alderman

    Despite the fact, that Brazil will be hosting the United Nations World Conference, November ...