M1 comprises currency held by the public, and demand deposits. Demand deposits include deposits of the private sector; of the federal, state, and municipal governments; of the federal, state, and municipal enterprises; and of the financial institutions that are not subject to reserve requirements. M1 also includes domestic currency deposits of nonresidents, travelers' checks issued and not cashed, certified checks with a fixed payment date, payroll checks, and customers' credit balances on loan and financing accounts.
Source: International Monetary Fund
Release: International Financial Statistics
International Monetary Fund, M1 for Brazil© [MYAGM1BRM189N], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/MYAGM1BRM189N, May 26, 2016.