Federal state-owned companies accumulate a deficit of R$2.014 billion in September, the largest in the series for the month
According to the head of the Central Bank's Statistics Department, the deficit of federal public companies is the largest ever recorded for the month.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM MONEY TIMES · 2 MIN
Federal state-owned companies closed September with a deficit of R$2.014 billion, according to data from the Central Bank reported by Money Times. The number is the highest ever recorded for the month in the entire historical series, which puts the result on the radar of those who follow public accounts.
Fernando Rocha, head of the Central Bank's Statistics Department, presented the data at a press conference on September's fiscal statistics. According to Money Times, the presentation took place on Thursday, the 29th.
Rocha stated that it is not possible to detail the cause of the result. According to him, when expenses exceed revenues, this may indicate more investments or rising expenses, but the survey, in itself, does not allow us to say which of the two factors weighed more.
The result of state-owned companies is part of the fiscal framework of the public sector, and a break outside the historical pattern for the month reinforces the attention on the capacity of these companies to support themselves with their own revenue. A single month does not define a trend, but the data draws attention because it points to pressure on accounts that needs to be explained.
In the liberal reading that guides this newspaper, the central point is fiscal responsibility. Public companies that spend more than they collect, in the end, require more resources from the Treasury or more debt, and this cost ends up falling on the taxpayer and on those who invest in public bonds.
What changes for the investor
For those who operate the stock market, interest rates and the dollar, the data does not have an immediate and isolated effect, but it is part of the market's reading of the fiscal picture. Worsening public accounts is usually closely monitored by fixed income and foreign exchange investors, because it can change expectations about debt and interest. It is worth following the official explanation of the cause of the result, as the Central Bank indicated that it cannot yet be detailed, and the upcoming releases of fiscal statistics. This analysis does not indicate price direction for any asset.
Automatically translated from Portuguese.
