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Brazil’s Foreign Reserves Reach New Monthly Record In Sept

October 3rd, 2009
Brazil's Central Bank Building

Brazil's Central Bank Building

Brazil’s foreign currency reserves reached a new monthly record in September amid persistent government purchases of U.S. dollars in recent months, the said Friday.

Brazil’s foreign reserves totaled $224.2 billion at the end of September, up from $219.1 billion at the end of August.

In the first nine months of 2009, reserves were up $17.4 billion. Reserves ended last year at $206.8 billion.

Reserves grew sharply from 2005 through mid-2009 after the central bank started purchasing dollars from the spot?market in October 2005. Reserves stood at $53.779 billion at the end of 2005.

The level declined beginning in October 2008 as the central bank loaned dollars to Brazilian businesses in the face of the global credit crunch. The central bank also sold dollars directly from reserves to the foreign exchange market via spot auctions.

Earlier this year, however, the government reversed course, buying dollars from the market at spot auctions.

By Rogerio Jelmayer

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