The monetary budget is effectively a relationship between the assets of the monetary authorities and various monetary magnitudes such as the means of payment, sight deposits, money in the hands of the public, etc. The basis for the relationships are the reserves required to be held with the monetary authorities, and the leakage of potential reserves -- in the form of emissions -- to the public sector. An additional element enters in Brazil due to the position of the Bank of Brazil which is both a commercial bank as well as consolidated with the monetary authorities.7 P.