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3. CASH AND CASH EQUIVALENTS
 12 Months Ended
Dec. 31, 2017
Cash and cash equivalents [abstract]  
CASH AND CASH EQUIVALENTS
  3. CASH AND CASH EQUIVALENTS

 

      Consolidated
  12/31/2017   12/31/2016
Current      
Cash and cash equivalents      
    Cash and banks           193,702   502,480
       
Short-term investments      
In Brazil:      
Government securities             12,100   17,929
Private securities           644,525   1,390,707
            656,625   1,408,636
Abroad:      
Time deposits 2,561,245   2,960,046
Total short-term investments 3,217,870   4,368,682
Cash and cash equivalents 3,411,572   4,871,162

The short-term investments are held through exclusive funds and are comprised of Certificates of Bank Deposits (“CDBs”) and yield interest based on the floating of Certificates of Interbank Deposits (“CDI”), and of Brazilian Treasury notes with return at fixed rates. These short-term investments have immediate liquidity.

 

A significant part of the funds of the Company and its foreign subsidiaries is invested in time deposits in top rated banks abroad and the returns are based on fixed interest rates.