Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
I suppose that's the point the FT article is trying to make:
... Gersztein and Alday at BNP Paribas think a reasonable indication of the cost is to net out the central bank's short dollar position through currency swaps from its foreign reserves. After all, it is not only the stock of reserves but also the broader health of the Brazilian economy that affects its ability to pay its debts.
(my emphasis)
That is something investors may wish to keep a close eye on if, as widely predicted, the real continues to weaken and Brazil's fiscal position continues to deteriorate during 2014 and 2015.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Sat Jan 18th, 2014 at 02:14:18 PM EST
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