That demands a larger transparency in the operations, so that the
regulatory monetary and fi nancial authorities acquire the necessary knowledge of
what is happening and of the agents whose positions are “long” or “short”.11 As
Lessa (2008) points out, “all those that have assets or debts in a foreign currency
should register them in the Central Bank. We cannot go to sleep one night
knowing that Sadia, Aracruz, Votorantim, and Vicunha are in a good situation,
only to fi nd out, in the next morning, that they themselves do not know the
extent of their losses.” Because of that, BNDES offered to help, together with the
private banks, the companies that had suffered foreign exchange losses in fi nancial
operations