Brazil - Central Bank corrects data and 2022 exchange rate turns negative

 

Brazil - Central Bank corrects data and 2022 exchange rate turns negative

 

                                         

THE AGENCY FAILED TO IDENTIFY MORE THAN R$ 12 BILLION IN IMPORTS FROM THE COUNTRY LAST YEAR

                                                    The Central Bank informed, this Thursday (26), that it made a mistake when disclosing the Brazilian exchange flow. for having disregarded part of the imports made by the country. Exchange flow is the balance of the trade balance, financial operations and operations with financial institutions abroad.

The initial balance considered that the country had imported R$ 238.1 billion in goods from October 2021 to December 2022. After the revision released this Thursday, the value became R$ 250.9 billion - a difference of R$ $12.8 billion

As a result, the balance of the Brazilian flow in the period went from a surplus of BRL 9.6 billion to a deficit of BRL 3.2 billion

                                         “With that, as we revised the import data, the net value of the exchange market was reduced. The foreign exchange market in 2022 closed with a slight deficit of BRL 3.2 billion,” said Fernando Rocha, head of the Central Bank’s Statistics Department.

                                          Rocha also apologized for the institution's calculation error: "we made an error in compiling these data, an error for which we apologize to the users of our statistics."

                                          "Due to a failure in the compilation routine, not all exchange rate codes that came into force in October 2021 were included in the process of calculating contracted exchange rate statistics", he pointed out.

In the same communiqué, the Central Bank informed that due to the new foreign exchange law, it will change the exchange flow disclosures. The data will be released monthly, from the third week of the month following the reference period.

                                          source google images

                                          editorial source https://www.otempo.com.br/politica/governo/banco-central-corrige-dados-e-fluxo-cambial-de-2022-se-torna-negativo-1.2804563

Topics- Central Bank of Brazil - interest rate - Brazil - Lojas Americanas - selic