A high dollar will help the government meet the gold rule in 2018

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The devaluation of the real in recent months has had an unexpected effect on the public accounts: the peak of the dollar, which accumulates a rise of 16.3% this year, will increase the profit of the Central Bank in the first half and will help the government to respect the rule of This year's gold.

Established by section 167 of the Constitution, the rule of gold prohibits the government from borrowing to cover public debt expenditures (19459014) to finance capital expenditures (such as investment and repayment of debt) or rolls (renews) the public debt itself.

The benefit of the Central Bank (BC) will help because the positive result is transferred to the national treasury and used to crush the public debt, reducing the government's borrowing requirements. The devaluation of the real increases the gains of the Central Bank because it increases the real value of international reserves, currently around US $ 380 billion. The result of the Central Bank in the first half will be communicated by the National Monetary Council (NMC) only at the end of August and transferred to the Treasury until the tenth business day of September.

Despite recognition of the contribution of BC's profits from gold rule, National Treasury Secretary Mansueto Almeida said that these financial revenues have not yet entered the Treasury's forecast because of the difficulty of predicting how much the gain will be. "Five or six months ago, we expected the exchange rate to end at the end of the year between 3.30 and 3.35 R $." Yesterday it was more than $ 3.80 With the exchange rate well above [do previsto] the profit of the Central Bank will surely be expressive I can not tell you how much

BNDES

Today, National Bank for Economic and Social Development (BNDES) repaid the Treasury in R $ 30 billion, bringing to R $ 60 billion the total returned to the Union this The money reduces the gross public debt and also helps to adhere to the golden rule.The financial institution still has more than R $ 70 billion to return to the Treasury in the coming months. 19659005] Originally, the government was to get $ 205.8 billion R $ to reach the gold rule in 2018. The diamond fell to R $ 102.9 billion from the reto BNDES treasury, the disbursement of R $ 27.5 billion from the Sovereign Fund (resources which were established in the single Treasury account but could not be used) and the authorization of the Court of Auditors . (TCU) to use 17.4 billion reais from the National Development Fund (NDF) and 6.7 billion reais from the Telecommunications Inspection Fund (Fistel) which were related and could not be spent on 39, other purposes. 19659008] To cover these 102.9 billion reais, the Treasury obtained from the BNDES a refund of 70 billion reais, with the cancellation of 20 billion left to pay (the expenses of previous years transferred to the 39, year in progress) and with 12.9 billion reais of other measures, such as the reclbadification of income in the single treasury account. According to Almeida, compliance with the golden rule is guaranteed this year.

The Treasury Secretary added that if the profits of the Central Bank are sufficient, other sources of finance can be used to lower 2019. For next year, the Treasury estimates the need for funding of 139 billion of reais. The government, however, should have other difficulties because it will no longer be able to rely on the refunds of the BNDES or on the money of the related funds.

Disastrous Assignment

Regarding the costly allocation of oil in the pre-saline layer, According to Almeida, once the Congress will have approved the bill of Senator Fernando Coelho Bezerra (MDB-PE ), the government could quickly solve the problem.

"Senator Fernando Coelho's substitute puts elements for the expensive allocation solution.After being approved, you can quickly sit at the table with Petrobras and resolve the outstanding issues," said the secretary. .

In 2010, Petrobras paid the Union $ 74 billion to explore 5 billion barrels of oil. Prior salt. However, after drilling began, total estimated barrels increased to 14 billion barrels. The state-owned company is expected to pay about 100 billion reais to the federal government for the right to explore the rest of the reserves and is in negotiations with the National Treasury and the Ministry of Mines and Energy to define the payment method. ) {var js = d.createElement ("script"), ref = d.getElementsByTagName ("script") [0]; js. id = id, js.async = true, js.src = "https: / / connect.facebook.net / pt_BR /all.js", ref.parentNode.insertBefore (js, ref)}}) ( document) [ad_2]
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