Brazil External Debt Hits Record $397B, Squeezing Reserves

2026-03-12 - 12:13

Key Points — Brazil’s external debt reached $397.5 billion in January — a record in 56 years of Central Bank statistics — with banking sector borrowing driving a 24.4% increase since 2023. — The margin between international reserves and total external liabilities has shrunk to under $10 billion, the thinnest buffer since Brazil became a