IMF repayment hits Brazil's reserves

Brazil's international reserves stood at US$ 53.8 billion at year-end 2005, down US$ 10.5 billion from November, the central bank said.

The shift came mainly as a consequence of the advance repayment of the country's debt to the International Monetary Fund (IMF) and the sale of US$ 500 million worth of bonds abroad in December, according to the foreign accounts data released by the central bank.

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

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Geoeconomic reserve management

The world order is evolving. Whether, and how, the international economy remains integrated or shifts into spheres of influence has consequences for central bank policy and reserve management.

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