Brazil ends 2006 with US$83.706 billion in foreign currency reserves

21 December 2006

Sao Paulo, Brazil, 21 Dec – Brazil is to end 2006 with currency reserves totaling US$83.706 billion, which are expected to increase to US$87.642 billion in 2007, the Central Bank said in Brasilia Wednesday.

The Brazilian monetary authority’s target for the end of this year was US$84.723 billion in currency reserves.

Between January and November, the Central Bank bought directly on the financial market, US$31.9 billion, a higher amount than the US$21.5 billion bought in the whole of 2005.

The Central Bank also slightly increased its projection for total Foreign Direct Investment (FDI) for this year from US$18 billion to US$18.3 billion.

From January to November, FDI totaled US$16.296 billion, which represented 1.92 percent of the Gross Domestic Product (GDP), the Central Bank said. (macauhub)