EVOLUÇÃO DAS RESERVAS INTERNACIONAIS DO BRASIL NO PERÍODO 2021-2024

• DOI: https://doi.org/10.22533/at.ed.8151132501108

• Palavras-chave: Banco central, moeda, Reservas Internacionais.

• Keywords: Central Bank of Brazil, Exchange Rate, Foreign Exchange Reserves

• Abstract: This study analyzes the evolution of Brazil's international reserves between 2021 and 2024, identifying the main determinants of their fluctuations and their impacts on macroeconomic stability. The research employed a descriptive methodology using secondary data from the Central Bank of Brazil (BCB). The results revealed initial growth in 2021 (driven by trade surpluses and foreign investments), followed by a decline in 2022 (due to the BCB's cautious management), a recovery in 2023 (reaching US$355.03 billion), and a new drop in 2024 with a 7.1% decrease to US$329.7 billion. The main factors identified were external capital flows, trade balance outcomes, BCB’s foreign exchange interventions (US$38.07 billion sold in auctions in 2024), international banking crises, and restrictive monetary policies by the U.S. Federal Reserve. The study partially confirms the initial hypotheses, showing that while dollar appreciation and trade surpluses contributed to reserve growth in certain periods, BCB’s foreign exchange interventions offset these effects. It concludes that the prudent management of reserves contributed to national economic stability by maintaining adequate levels to withstand external shocks.