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Brazil's Foreign Reserves Reach Monthly Record In October97 days ago
SAO PAULO (Dow Jones)--Brazil's foreign currency reserves reached a new monthly record in October on persistent government purchases of U.S. dollars in recent months, the Brazilian Central Bank said Wednesday.
Brazil's foreign reserves totaled $232.9 billion at the end of October, up from $224.2 billion at the end of September.
In the first ten months of 2009, reserves were up $26.1 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 were 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 the 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, Dow Jones Newswires; 5511-2847-4521; rogerio.jelmayer@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=Qbya3brx0WJJJn5dIJcL1g%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
November 04, 2009 05:14 ET (10:14 GMT)
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