-
!"#$%&'
()&*+"$",
+-."&
/*0&'-
12341564*'!
78- -
0!9#::(
*
;-
-
!"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
!"!#$#!%"!##&'()##%%##$*%'+$
'%#$$,%#-./'$0'#!$.+#%!$%##($$#'
!' $% .$(#' 1!2 .3$ %# $ 45 5 $%2 !'
%#'67$'$'%'!''.#'#%#'
'#$.2%#'%"!##!.##%8.%##$$#3#%#
$##$%#''$%#"!#9#'.$#5$#2'.:/
%7'.!$':/%#!'#$!!$#$%%%#!'
8*.$8.$2"!#/.%##$$#%!9%#-!3'##;!*:/'
'#$8.#1 2'$/2?65'2.$2%#
%#!''.##'#3$#'%#$:/)!1#.$#',
%!$.%#'#$%@'629:/%3'!%
+'.$##03#5'#'#'.#-#'.$!$%%##$#
%3#$7##$#$#:A#%#%!'%#'!$#.#3
'#$8.#"!#8!'#!%#.#0.%#$$#3#$5
.$.#$.$#:A#($#.#$0%#'.'#%!
%'#A#%.$(#'2#'($$(!'.#%#$#%%!'
%#-$#'5#$3%%#$%#'%#"!#A#2!$*$'!''##
3#!%($#.###3%##'.#&%.#'#$%#$
75$#%#!''#$.,%#%*$%#!%%##-.$%$
"!#2.$ !3#92%#.#%#' #$'##%%#'% #$!2
.# $B$2 ##'#$% .$## !'%''.$8.$2 "!#
#$# !' #$ !' # .( $$, %# !'!:A#
#%8*#7C%*:/+7%.#$.#3$'!%
.$4$*#4$#2"!.$##%#'%!$##$*5
34546(
6
'##! !7+*# #*#8#1%##$#')!.$/4$*
#4$#5D#2$$#'"!%#$.$#:/%##
%!$##'(2%%'.#'#$%%##$###3$##*$+
" 9#++! !:$%)!2 "! .# 4$* 5< # % !$#
< DB# $B$#$##% 3$"!#2#'./2$#.$##'(#%
.#$.#3%##%.$4$*#4$#5D/%!$#'2.$2#!$(&'
$###5
-
")!"#!')%%')';!)6#9))"';+8'%#?'%!
@,#$#%*8#"!+8#")@A+&'9!"!+!#!0!+% '*$%#'$%$#++*#:'*$%#8#+!&';!"#*
%#"!+!++)!+%!8!+$#+8!@# #$'!&'*8&' !'!!%$@,#"#+)B "$%$#'$%'#"! #$#*'!
#$'!&K14P2
-
!"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
!$.%#32.$####'! !7+*# #*#8#1%#+#:/%%
.#%!$#%#-.:/($#.#$',
%#$3%/$&'
( )*5!$# ' %# M?? %# $B2
#!$.#!.$'##/J.$%!9$'%$#'###$3K15+52/
#%#%$'.$#'#%$65I $B$$#2
%##'%2$'#$*!%$2#''$
!'#$.$.$:/2#$'N.$%!$#%##$3#'$*#
1#%%#"!#/&'.#$'##$'%%.$.#-
%'+$#*$#$62"!#.$%!9!%#$#:A##$##
# #5 4$ 2 (! $#$:% !9:/ %# 3 %#$ %
.$8.$ ## $2' %# $' %#$#%
( & *!"2 "!# .$3!
$$':A#'.$!%%3#$$':A#$5
$#2"!#+'$##3#.#$.#3%##%!$#+
:/ % .#!$%%# %# $!* # ! '.:A# ($#
.$#%#9:/5#'.$.%$A##!$.#!%+!EF
#$!!$.$!*!##$0.'.##'.!&'.#
- ")!"#!')%%')';!)6#9)
-
D !"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
!'!:/#$5#-.$#/J/.K#:/%#$#,;
J#'%#'#$%K$#'##'%$#'##.$4#$%$!%#.$
## !$2 ! &!3# .' J%# (-K % #%%#5
#-.$#/J.'K$##$##%3#9'$$#'##2#!3#$
J03#!.#$$#K1*$%##'.$#2$#%#'#$'.#-#562
!#)2$#%#!'#-.$#/"!##$%3#9'J!.#$3K
J++#$#+#0'9!#$#3#$!%#!:$#++#+8#$%#+":'+%!+#0)*E+'+%*!F
>)+'! !8'%!&'+%!"!&%#!0!'B#"!+# '"!"=8 #$%='#8!!2!&!
+)*'"!*$%)*!"'!&G%' !:':!"# !8'%!&'+*#* #$%!"'@,# #*#>)
!0!'B#"&$,#G#:"!"'# !8'%!&'+*#5K12=6#
#$#.'#!'$*#'#$$/+.#%#$%#'
#7'2 .2 # #2 J$+%&/K )B #$ % #'%5 $
$!%#2 #'$*#' #$$ + 3#$%%#$ # % 3:A# # %
$3%%#1"!#.%#2!3#2#$.%.#J.'K6#2#'
#$#%2!'$'%#$#,;#'%#'#$%2.$##$3%
$%:/5D/&B%N3%2.$2"!#4$*#4$#'$'
####'#%#$!%#5$#2&B'(+'##'#%'$-'
#' ! #$.$#:A#5 '# . '#$ #!
$B#$ #$3%$ "!# !. #! .# $#3!B$
$$':/%#!''%%#.$%!:/$!'.'+!'#'
"!# %##33% %# $' #'($B$ .$$- # .#$$'##
.$'$%.$*$%#!$#'!$#((2%#U2#$$U
%#$#2%#$''#'B2.$(#$$##$5"!#/
!.!'!*$%#%#"!#%!#%%#(#($#$:/%
#!%'.'1.,'((V##9U#J%#(#$##$K65
4$* # 4$# .' '# %# $' %# .
$$':/ % #%%#2 '2 #2 / %##33#'
1#$'##6#'5T
T D$#%%#2##.2#'.$!$2!'$'##8$'$#%$(&
%##!$#5B!'($#.:/%#'.#!%"!#/+.$(#'9%5
D/+.03#$!$!'3'.%#'#!!'3'#%*.$'
.#J)!.:/K##'#"!#.#$##' ./.%#'#$'.#
'##$#'(%2.%#.!!'*%.$!$%#$3%%)!
%#"!#9.$#5$!%##$-.!#' .#2.$%#$$,2/
**53#9#).03#'($%!$#2'#'(
:/##$$.$(#'#8$'.#-2#%B!*$##$'## .5
- ")!"#!')%%')';!)6#9)
-
!"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
#23#$'"!#.$#:%:N$2#$#H # M3!'##-.$%$''$#%"!##'
- ")!"#!')%%')';!)6#9)
-
P !"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
(C6545N
4634
0
500
1000
1500
2000
2500
3000
3500
4000
1790 1795 1800 1805 1810 1815 1820 1825 1830 1835ano
pr
eos
em
ris
acar 21-31acar 96-11taxa de -3,1% ao anotaxa de -5,7% ao ano
'#'#%B%.$#:%:N$#''#$%/5'($#)
3#$%%#"!#.$#:#&'0%$'#%2%#3##%#$$
"!# .#$0%%#
- ")!"#!')%%')';!)6#9)
-
P !"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
'(+'%#3%#$##$%#'%.$$##5'2$$#:/#
)!#%2$B$%"!#.$##%4$*2#-$3#$/%
$'%#'($#$5
!%#'.$%!2$$$#:/%$*':N$%
!' #$ @ % !' % .$'#$ %#.#%## %
'3'#%#*!%5F.%##$##%%'##%!'#
%'*$:/.$!*!#.$$##$:/%&B(%#!'
%($#$2"!#+#/.$##$$'$&%#'%;%#$#
' ($#5 D # ;"!#2 "! #'2 % "!# %# '#$
!2.(%%#%#*!'!'%$'%#!'%#
!'.$%!!)%#'%#$##'###.$#/#$
$##- % '.#- #7' 3% .$ #-.$:/5 #3#'
$'!%%$&%#'%2%#'%.#$&
'$9 '2.$"!#.#$0%#'"!#/.$.!!'#-.3
$#'#%#'*$B%%##$#'3$!%#%!*%4'0
#5D##2!'$##$%%#3##$#-!9%#'.
.$/%$'.$#/%#"!#!'#.#$0%5
$$$#:/#$#"!%%#%##$3'.$%#$##
':N$.$##%$$9/2.$'2(#$$*#$1?62
"!% !*#$# "!#P#$ #$ '.$%$2 +! EFE2 %#
#$3$#$%.#%##$5F.$"!#'#$%$
.$%!9%.$#%'#'##P$%#%!#$.$#%%#
%#$3!'##2'/%%'#$2"!#!(!0'.#
$#%#.$'#$5##'%2$$#:/%#3##$'$'
#$3 "!# .#$'#' !$!!$ %2 3$B3# ; "! /
3#'#5
$#'2*$2;B#%3$:A#%.$#:%:N$#'.#'
%#$##.$($#$##$*#$2"!#'.#P$BH5
-
")!"#!')%%')';!)6#9)#?=#!'%#$'
#$'303#2%%"!#.$#:#!$.#!###3'!('##2
%%# 3#$'5$+'2 #'($'"!###%
$'"!#'.$33#'###$##$'%("!#
#2*#$%##9%#:N$#&!%#(!%@%##
.$%!D3!%5#7'#2*#%#'$$$'.$8.$2
% !)#:/%.$#:% :N$ #'# #$*#$5
$$$'$"!#%#'2.$##'$9H2$##$##
;$$#:/%#.$#: %%#'#%*$B5D#&!'
%0%#.$##%.$##!##'##.$8-'%#9#$.$
/$#!$&.8##!#%.$4$*#4$#5#$B$2
3#$'0%#!.#$$#?2T#$#.$($#$#.$#:
#$5##'2#2"!#.$#:%$'
"!#'# # .$-'$'%#!' $$#:/.#$#2 "!# .%# #$
%0%#!'.$##'%'#2'"!#"!##''#.$#
%$#!.$'#$.%$3#$/%$'5
-
P !"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
Q5L4545N
4644P
Rio Bahia Pernambuco Internac. Nac.
Rio 1 Bahia 0.9507 1 Pernambuco 0.8934 0.9048 1 Internacional 0.6493 0.6577 0.875 1 Nacional 0.9783 0.9823 0.9497 0.7011 1
4#1?2.5MT?#MT
- ")!"#!')%%')';!)6#9)
-
PD !"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
$#*/.$3#*%.$#!%.$"!#.$##%$#$0
%# !' #' #$3 !(&% $##$%'%#
#-.36*#'%$($32$#.$%!9%.#$B
@L(6.$##:%#*$%#!%%#.$%!318&!$%!%'#$6#L6
.$%!:/#$3%.$'#$%#$5'2.$)!$
.#$,%$#$#$#*##'.$"!##(###24$*.8
# !%'#'## J!%%#K .$#*% .# '%#
%'#&$*$5)"+ :*!'+ #*# !! %7+%' !++%)%)!'+"#!+'& #$'!&"#>) #*#
!+8 %#+")*! #$1)$%)! #$#' !*$%&'*'%!"!#*#+)&%!"#&+)8+%'*!!8"#*'$S$
'!"$9#8!;#"# !8'%!&* !$%'&"#* !"#'$%$#$!T'+%
-
")!"#!')%%')';!)6#9)65
$%.%#/!23#.$#$!'.!'%##:/
($#.$.:A#%#4$*5-#'.%2!$#$#3#J15556$!
:'!"!"#+G )M8!!#MM$,#8:!& '!*,#!)!!9#B8#%!@,#
+ !:'+%! #$#*'! 8!)&'+%! + !++$%!:! 8'$ '8!&*$%$! 8#")@,#"
+)0+'+%U$ '!$!>)&!:#&%!"!8!!#* !"#'$%$# #$'!&5K14P2
-
P !"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
'/!2.8$#!$:/%.#%#$%+!EFE2
*!$'#B$#.$%!$%#:N$.$#-.$:/#B$#"!#
%#3' #!#$:#'%$#:/'#$% #$2 '(#'
.!#($3 #'$*(# %5!$ %
#$##"!#J+$9$T#+B8!$"'!*+ #* #$%'$)'"!"8#%#"!!9',#
"8#'+"P+%'*)&!"#+8&!+ #$"'@A+2!:#=:'+"# #*G '#'$%$! '#$!&
8&!+*"'"!+9#:$!*$%!'+>)%$"!*!:!';!#8#%#"!$%#+*
! " )* >)!%# " +G ) ! 9!$" &!:#)! !@) !'! :'# ! "#*'$!
#*8&%!*$%! #$#*'!"!=!+%#$#)#*#%#"! #$#*'!8!)&'+%!5K
1D2
- ")!"#!')%%')';!)6#9)
-
PP !"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
-'$#'##.'%#3%!%%5D/+%0$"!#
$0'%#%'#$#.!!.!%%#.$#*%
.$#'#' #$.$#:A#5%#$''.$#4$*#
4$#2 '.'##2 $*!'#' "!# + .03#2 ' (#
(#$3:/%'.$'#%#'$#$##$!*3'##"!%$%#'
#!.$.'#'2#-!3'#$.2%#-!%#
#-$53%%4'0#$#.$##!!'#-./%#'%"!#
/.%##$3%.#.#!'#($!...!:/!'
($#9 #-$#''## .#$%!B$ .$! # #$$2 ' .%$A#
##3%%# !'"!#/.%' #$ !.$%.#'#$% 5
D## #%2 (#$!$ % .$ / $! % .$#/
($@2'%:/.$*$$(#'#%$#5'#
'!.:/ % %#'% / + %# #.$ !' !'# % .$%!:/
3% '#$% #$5 ' % #-#'. ' #-.0 %#
*##$9:/(!3#%#$'%$%#$.$#:A#$*+
% $0 ; 4#$%D35 .8 %#B ' J#*!'+ $#%=:&
"'+ 78)"!'#!"#5K1#'! !7+*#624$*#4$#$'
%!#$.$#:A##'(5.#$0%%.$D3#B
'.$##%%#$#2.#$0%'$%.#%*
#'2"!#.$##!$**'(#$!$%
.$]H? #' $%2 "!# !$. ## .#$0%2 #*!#
- ")!"#!')%%')';!)6#9)
-
!"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
'(# "!# )B #-.2 .%#' *$ $#$:$ .$.
.:A#%##%%*%##$*5'.$'#$!*$2.#$0%#
$#*/#&%.$4$*#.$4$#//$#.$##3
.$:'#$!'###$.$..$%'+$%!2
&2 #2 .$2 *!$3 !' #.: .$3#*% .$
'+$ # $#9:/ %# 3#'# %# 3!5P##$9$ .$
$##%#$$8$$#!%(%'#%#B#%#!'.#$0%
#%#!'$#*/"!#$#N#$#$0+!'*$3##"!035$0
% &$*$ ($# .#$0% '(+' / + .$#%##5
$'#$2.$"!#4$*#4$#%#$''.#'#$*
%!$#"!#.$##%#'$$2''9%'9#.$###
#$.$#:A# "!# '2 ($#!% ' $#:/ ; #.#%%# %
+!EFE5'#*!% !*$ # +'*$3# .$"!#(#%#
!#:/%#!$0/+$*$'%#'$'#:/
H5
-
")!"#!')%%')';!)6#9)) + '*!9'$!B'+%'*$#+
$#++#+"'!+)$' !*$%* &':#+"T'+%
-
!"#$%$##$'!&(!)")%#$#*'!
+% #$,#!)-./!01)$
4P2/55#* '!$%+2!;$"'#+2#*!+"! )*)&!@,#
*)*! #$#*'!+ !:'+%! #$'!&'#"!$'#PPP
- ")!"#!')%%')';!)6#9)
