Brazil’s Reserves Slump Due to Early IMF Pay-Off

Brazil’s international reserves stood at US$ 53.8 billion at year-end 2005, down US$ 10.5 billion from November, mainly as a consequence of the advance repayment of the country’s debt to the International Monetary Fund (IMF).

The sale of US$ 500 million worth of bonds abroad in December, also contributed to the situation, according to the foreign accounts data released today by Brazil’s Central Bank.

The country’s total foreign debt was US$ 181 billion in October, 2005, US$ 1.7 billion less than in September.

Medium-term foreign debt amounted to US$ 165 billion in October, US$ 2.1 billion less than in September, while short-term foreign debt rose US$ 397 million, to US$ 16.8 billion.

ABr

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