Interventions were made by means of foreign exchange swap contracts (VEJA.com/Reuters)
The losses of the Central Bank (BC) in foreign exchange swap program, which gives companies protection against the high dollar, total, in the 12 months to August, 111.66 billion reais. The amount represents almost four times the primary deficit estimated in the budget next year and is equivalent to 14 times the primary surplus forecast for 2015 of 8.7 billion reais. The data were published in this newspaper report Friday Econômico.
Since September 8, day before that Brazil lost good paying stamp of Standard & Poor's (S & P), the central bank entered the market 12 times. Of the $ 19.5 billion that released, were effectively closed deals worth 9.961 billion dollars. These interventions were made by means of a currency swap contracts, which are equivalent operations for sale of dollars in the futures market, and line auctions, which are dollar sales contracts with repurchase agreements in the future.
Theoretically, the first provides protection to those who trade in foreign currency and the second acts as a "loan" to provide in-kind resources to meet business, which are then returned to the institution. Only in swaps, the account is at 4.131 billion dollars.
The growing fiscal cost of swaps has fueled discussions about BC's exchange rate policy. Some advocate the sale of reserves to reduce the fiscal cost of the swaps program and prevent the country suffered another downgrade. The stance of the monetary authority was and remains the program of defense.The head of the Economic Department of the BC, Tulio Maciel, explained that the program is meant to provide protection to the private sector.
"This minimizes the impact on the productive sector, on income, production, employment and revenue. That is the purpose of the swap, which we must not lose perspective, and he has contributed in this direction," he said.
