What are the current monetary aggregates in Brazil and how are they defined? M1 is generated by institutions that issue strictly monetary assets a...

As of my knowledge, the current monetary aggregates in Brazil are defined as follows: - M1: It includes currency in circulation (banknotes and coins) and demand deposits (checking accounts) issued by institutions that issue strictly monetary assets. - M2: It corresponds to M1 and includes other high liquidity issuances primarily made in the domestic market by depositary institutions. This includes special remunerated deposits, savings deposits, and securities issued by depositary institutions. - M3: It is composed of M2 and internal funding through fixed income funds and portfolios of securities registered in the Special System for Settlement and Custody (SELIC). This includes fixed income fund quotas and repurchase agreements registered in SELIC. - M4: It includes M3 and high liquidity government securities, aggregating M3 and high liquidity government securities. Monetary aggregates are considered substitutes for money and can replace it in any of its functions when necessary. Changes in the quantities of each monetary aggregate in circulation can mean changes in the money supply and, consequently, changes in monetary policy. Please note that these definitions may be subject to change, and it's always a good idea to consult official sources or the Central Bank of Brazil for the most up-to-date information on monetary aggregates.