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BCB operations in the FX market

Auctions of the Banco Central do Brasil (BCB) in the FX market, and its reserves and commitments.

Last 30 days

Oct 5, 2026 to Nov 4, 2026. Net new dollar supply: Spot sales − spot purchases + repo sales − repo buybacks + net change of the swap stock.

Net new dollar supply
US$ 0.00 bn

Spot US$ 0.00 bn · repo US$ 0.00 bn · swaps US$ 0.00 bn

Auction volume
US$ 36.50 bn
  • Swap rollovers: US$ 36.50 bn

Repo buybacks (not auctions): US$ 1.00 bn.

Auctions
22

Accepted auctions. A swap offer with two maturities counts as two.

Last swap maturity
100%

Nov 3, 2026. Rolled: US$ 39.00 bn of US$ 39.00 bn (100%).

Next: Dec 1, 2026, US$ 36.50 bn; rolled so far: US$ 0.00 bn.

Auctions by type

LatestPTAX 5.4935 Nov 3, 2026
Last week with operations: Nov 2, 2026 (weekly totals)Repo buybacks −US$ 1.00 bn

Top: PTAX. Bottom: accepted auction volume (US$ bn) by type. Daily bars for 1M, weekly for 6M and 1Y, monthly for 5Y and Max. Bars below zero take dollars or dollar hedge back: spot purchases, repo buybacks and reverse swaps. Swap rollovers are grey: they replace contracts that mature.

Net new dollar supply by month

LatestNet supply in the month US$ 0.00 bn Nov 2026Cumulative from the start of the range US$ -9.2 bn Nov 2026

Net new dollar supply = spot sales − spot purchases + repo sales − repo buybacks + net change of the swap stock. The repo and swap parts are the changes of the BCB stock series (SGS 29722 and 29723). Forward purchases and dollar loans are not included. The line (right axis) is the cumulative sum from the start of the selected range. The current month is partial.

Reserves and commitments

LatestReserves US$ 365.0 bn Oct 30, 2026Reserves − repo lines US$ 361.0 bn Oct 30, 2026Reserves − repo lines − swaps US$ 270.8 bn Oct 30, 2026

Repo lines sell dollars from the reserves with a commitment to buy them back, so those dollars come back to the reserves.

Swaps are settled in reais and do not use reserves. “Reserves − repo lines − swaps” is a common market measure, not an official BCB measure.

International reserves lag about 2 business days.

Swap stock against its history

LatestFX swap stock US$ 90.3 bn (79% of the maximum) Nov 3, 2026

The horizontal line is the maximum of the swap stock since the series started in 2002. It is a comparison with the past, not a limit.

A rollover replaces contracts that mature and does not change the stock.

Upcoming swap maturities

  • Dec 1, 2026 US$ 36.50 bn
  • Jan 4, 2027 US$ 42.50 bn
  • Feb 1, 2027 US$ 11.25 bn

Swap notional by maturity date, for contracts already auctioned (also rollovers that start later). The grey part is the notional already rolled: rollover contracts that start on that date.

Last 50 auctions

Cut rate: the FX coupon for swaps and the interest rate for repo lines (% a year); for spot sales, the price or the spread to the PTAX. Amounts in US$ bn. The table shows auctions only (repo buybacks are not auctions).

DateTypeUS$ bnCut rateMaturity or buybackNotice
Oct 27, 2026Swap rollovers331/20262.705.6490Feb 1, 202746,191
Oct 27, 2026Swap rollovers330/20261.305.6740Jan 4, 202746,191
Oct 26, 2026Swap rollovers329/20261.255.6900Feb 1, 202746,181
Oct 26, 2026Swap rollovers328/20262.505.8340Jan 4, 202746,181
Oct 23, 2026Swap rollovers327/20261.255.5470Feb 1, 202746,174
Oct 23, 2026Swap rollovers326/20262.505.6570Jan 4, 202746,174
Oct 22, 2026Swap rollovers325/20261.355.5880Feb 1, 202746,166
Oct 22, 2026Swap rollovers324/20262.405.6850Jan 4, 202746,166
Oct 21, 2026Swap rollovers323/20260.505.5780Feb 1, 202746,158
Oct 21, 2026Swap rollovers322/20263.255.6680Jan 4, 202746,158
Oct 20, 2026Swap rollovers321/20260.155.5940Feb 1, 202746,148
Oct 20, 2026Swap rollovers320/20263.605.6890Jan 4, 202746,148
Oct 19, 2026Swap rollovers319/20260.855.6290Feb 1, 202746,140
Oct 19, 2026Swap rollovers318/20262.905.7050Jan 4, 202746,140
Oct 9, 2026Swap rollovers313/20260.455.5090Feb 1, 202746,103
Oct 9, 2026Swap rollovers312/20262.055.5790Jan 4, 202746,103
Oct 8, 2026Swap rollovers311/20260.605.5000Feb 1, 202746,093
Oct 8, 2026Swap rollovers310/20261.905.5790Jan 4, 202746,093
Oct 7, 2026Swap rollovers309/20260.655.5190Feb 1, 202746,084
Oct 7, 2026Swap rollovers308/20261.855.5990Jan 4, 202746,084
Oct 6, 2026Swap rollovers307/20261.005.5390Feb 1, 202746,074
Oct 6, 2026Swap rollovers306/20261.505.5980Jan 4, 202746,074
Oct 5, 2026Swap rollovers305/20260.505.5450Feb 1, 202746,065
Oct 5, 2026Swap rollovers304/20262.005.5950Jan 4, 202746,065
Sep 24, 2026Repo line sales0.505.5450Apr 2, 202746,018
Sep 24, 2026Repo line sales0.505.4810Feb 2, 202746,018
Sep 23, 2026Swap rollovers0.505.5850Jan 4, 202746,000
Sep 23, 2026Swap rollovers1.005.3750Dec 1, 202646,000
Sep 22, 2026Swap rollovers0.755.5650Jan 4, 202745,992
Sep 22, 2026Swap rollovers1.755.3650Dec 1, 202645,992
Sep 21, 2026Swap rollovers2.005.5550Jan 4, 202745,983
Sep 21, 2026Swap rollovers0.505.3300Dec 1, 202645,983
Sep 18, 2026Repo line sales1.005.4950Apr 2, 202745,972
Sep 18, 2026Swap rollovers1.905.5700Jan 4, 202745,971
Sep 18, 2026Swap rollovers0.605.3550Dec 1, 202645,971
Sep 17, 2026Swap rollovers1.205.5800Jan 4, 202745,961
Sep 17, 2026Swap rollovers1.305.3640Dec 1, 202645,961
Sep 16, 2026Swap rollovers1.105.5400Jan 4, 202745,950
Sep 16, 2026Swap rollovers1.405.3290Dec 1, 202645,950
Sep 15, 2026Swap rollovers1.405.5390Jan 4, 202745,934
Sep 15, 2026Swap rollovers1.105.3190Dec 1, 202645,934
Sep 15, 2026Spot sales1.00-0.000300–45,927
Sep 15, 2026Reverse swaps1.004.9250Oct 1, 202645,926
Sep 14, 2026Swap rollovers1.255.5340Jan 4, 202745,924
Sep 14, 2026Swap rollovers1.255.3150Dec 1, 202645,924
Sep 11, 2026Swap rollovers0.705.4390Jan 4, 202745,914
Sep 11, 2026Swap rollovers1.805.2850Dec 1, 202645,914
Sep 10, 2026Swap rollovers2.505.2340Dec 1, 202645,903
Sep 10, 2026Reverse swaps1.004.6510Oct 1, 202645,894
Sep 10, 2026Spot sales1.00-0.000300–45,893

Full list (JSON, 9,505 auctions since 1999)

Method

Net new dollar supply: Spot sales − spot purchases + repo sales − repo buybacks + net change of the swap stock. A rollover replaces contracts that mature and does not change the stock.

Sources: the BCB open-data file “Histórico de Atuações no Mercado de Câmbio” (one row per auction since 1999, updated monthly; this build has data to Sep 24, 2026), and after that date the BCB auction notices (DEPIN Comunicados; 40 notices read).

A swap counts as a rollover if its notice says “rolagem” (rollover), or if it starts more than 7 days after the auction on a date when earlier swap contracts mature. Other traditional swaps count as new swaps.

Repo buybacks are the buyback dates of earlier repo sales (principal only, without interest). Amounts are the accepted amounts in US$.

Check: the swap and repo stocks rebuilt from these operations match SGS 29723 and 29722 on 2,042 of 2,043 days since 2019 (largest difference: US$ 1.00 bn on Sep 11, 2026).

Data lags: international reserves (SGS 13621) and the stocks (SGS 29722, 29723) lag about 2 business days. The open-data file is updated monthly.