Brazil Dec Foreign Reserves Up To $44.56B Vs $41.19B Nov
Dow Jones Newswires
BRASILIA -- Brazil's foreign exchange reserves rose in December for the first time since last April, totaling $44.56 billion, compared with $41.19 billion at the end of November, the central bank said Thursday.
The Central Bank said that last month's reserves include funding made available as part of a $41.5 billion international aid package. Brazil drew down a first tranche of $9 billion in December.
The latest reserves figure, however, is still lower than the $52.17 billion registered in December 1997.
Brazil's current account deficit widened to $3.99 billion last month from $3.80 billion in December 1997, and was up from $2.88 billion at the end of November 1998.
Brazil's current account deficit amounted to $34.93 billion in 1998, up from $33.44 billion the previous year, the Central Bank said in a written statement.
Last year's deficit was equivalent to 4.48% of gross domestic product, up from 4.40% in the twelve months to the end of November.
Foreign direct investment in December increased to $2.67 billion, from the $1.86 billion in November.
Direct foreign investment in Brazil for the whole of 1998 rose to $26.11 billion, from $17.09 billion the previous year.
Brazil's total foreign debt stood at $229 billion at the end of November, down from $230 billion at the end of October, but higher than the $200 billion end-1997 figure.
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