After a year of profit, the Central Bank (BC) closed its balance sheet in the negative, due to the fall of the dollar.
After recording a profit of R$270.9 billion in 2024, the institution had a loss of R$119.97 billion in 2025. The National Monetary Council (CMN) approved this Thursday (26) the body’s balance sheet for last year.
In relation to foreign exchange operations, such as swaps (selling dollars on the futures market) and changes in international reserves, there was a loss of R$150.26 billion in 2025. This is because the dollar fell 11.18% last year, which causes losses when converting foreign exchange operations into reais.
The loss was not greater because the Central Bank had an operating profit (gains from the exercise of the activity) of R$30.29 billion in 2025. When adding the exchange rate and operational results, we arrive at the final result of a loss of R$119.97 billion.
Relationship with the Treasury
Due to the 2019 legislation, which regulates the relationship between the Central Bank and the Treasury, the allocation of the monetary authority’s profits has changed. Of the total profit, the Treasury will receive R$30.29 billion from the operating result. The BC will transfer the amount to the Treasury within ten business days.
The exchange rate loss of R$ 150.26 billion will be absorbed by a BC reserve, formed by previous exchange profits and which covers possible losses in the following years. This reserve was at R$263.08 billion and has now fallen to R$112.82 billion.
The BC’s record profit occurred in 2020. That year, the monetary authority made a profit of R$469.61 billion, due to the surge in the dollar resulting from the Covid-19 pandemic.
Until 2021, the BC released semi-annual balance sheets, in February and August. In 2022, the Complementary Law 179 changed the calculation of BC results from semi-annual to annual, with publication in February or March.
