CMN Resolution No. 5,275 — Instituting Dynamic, Regionalized, or Full Block on Proagro Program Enrollment

Resolution No. 4,631

The current text of the Rural Credit Manual (MCR) can be found at the following electronic address: www3.bcb.gov.br/mcr.

CMN RESOLUTION NO. 5,275, OF DECEMBER 18, 2025

Institutes dynamic, regionalized, or full block on the enrollment of operations in the Agricultural Activity Guarantee Program – Proagro, in compliance with the provisions of Article 66-B of Law No. 8,171, of January 17, 1991.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on December 18, 2025, considering the provisions of Articles 59, 65-A, 66-A, and 66-B of Law No. 8,171, of January 17, 1991, and Article 4 of Decree No. 175, of July 10, 1991,

RESOLVES:

Art. 1. Section 2 (Enrollment) of Chapter 12 (Agricultural Activity Guarantee Program – Proagro) of the Rural Credit Manual – MCR shall be effective with the following alterations:

“16 - ........................................................................................................................................

..........................................................................................................................................

j) undertakings with enrollment blocked due to the methodology referred to in Section 13 of this Chapter.” (NR)

“16-D - The requirement for enrollment in Proagro, as referred to in item 4, is waived at the agent's discretion for agricultural working capital credit operations destined for undertakings prevented from accessing Proagro due to the provisions of items “h” and “j” of item 16, observed the following conditions:

.......................................................................................................................................” (NR)

Art. 2. Section 13 (Methodology for dynamic block on enrollment of operations in Proagro) of Chapter 12 of the MCR is instituted, as per the annex.

Art. 3. This Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO President of the Central Bank of Brazil

TITLE : RURAL CREDIT CHAPTER: Agricultural Activity Guarantee Program – Proagro - 12 SECTION : Methodology for dynamic block on enrollment of operations in Proagro - 13

---

1 - This section establishes an actuarial methodology for the dynamic block on enrollment of operations in the Agricultural Activity Guarantee Program – Proagro, as provided in MCR 12-2-16-“j”, applicable in the event that projected expenses exceed the value of the budget plus the expected revenue from the additional contribution for the fiscal year.

2 - The block referred to in this section shall occur based on the ratio between the values obtained for Unearned Additional – AnG added to Reported Losses – PC and the value referring to the budget available to Proagro – OrçDisp for the current calendar year, as follows: a) if [Ratio < Threshold], the blocks referred to in this section shall not apply; b) if [Ratio falls in Range 1], the set of municipalities responsible for 25% (twenty-five percent) of AnG + PC, among the municipalities with the highest AnG + PC value, shall be blocked; c) if [Ratio falls in Range 2], the set of municipalities responsible for 50% (fifty percent) of AnG + PC, among the municipalities with the highest AnG + PC value, shall be blocked; and d) if [Ratio >= Threshold], no undertakings shall be enrolled in Proagro.

3 - AnG is the value representing the risk already assumed but not yet incurred, associated with undertakings enrolled in Proagro, obtained through the application of the following formula:

a) Enrolled Values without Losses – VEsP are equivalent to the sum of the values enrolled in Proagro for undertakings without reported losses, but which are still subject to loss risks, considered those whose execution schedule is situated in the following periods:

I - one hundred and eighty days from the date of planting start, for temporary crops; and

II - three hundred and sixty days from the date of contracting, for permanent crops;

b) Equilibrium Rate – AEq is the value referred to in MCR 12-10-3-“d” for the respective undertaking situated among those referred to in item “a”; and

c) Risk Decay Factor – FDR represents the reduction in loss risk over time for each undertaking situated among those referred to in item “a”, applied linearly, pro rata die, within the periods referred to in items I and II of item “a”, with FDR equal to:

I - one, at the beginning of the periods referred to in items I and II of item “a”, as applicable; and

II - zero, from the day following the end of the periods referred to in items I and II of item “a”, as applicable.

4 - PC represents the value referring to the sum of estimated indemnities to be granted by Proagro to undertakings with loss reports made but not yet adjudicated, obtained through the application of the following formula:

a) Enrolled Values with Losses – VEcP are equivalent to the sum of the values enrolled in Proagro for undertakings with loss reports made but still pending analysis or payment by the agent; and

b) Estimated Loss Index – IPE represents the estimated loss for each undertaking referred to in item “a”, obtained from the ratio between indemnified value and enrolled value for the respective product, considering only operations with losses, observed that:

I - the average loss obtained in the current calendar year or the average loss obtained based on operations contracted from January 1, 2013, whichever is higher, shall be considered;

II - if there are indemnities paid for the product in the Agricultural Activity Guarantee Program for Family Agriculture – Proagro Mais and in traditional Proagro, the estimated loss shall be considered separately for each of the program's modalities; and

III - if there are no indemnities for the product in the respective enrollment modality of the undertaking, Proagro Mais or traditional Proagro, the general average loss for the enrollment modality of the undertaking shall be considered.

5 - The OrçDisp for the current calendar year is the result of the sum between:

a) the value provided for in the annual budget law, through:

I - inclusion of any budgetary supplements that occurred during the current calendar year up to the date of calculation referred to in item 6; and

II - exclusion of contributions already made by the National Treasury up to the date of calculation referred to in item 6, destined for the payment of Proagro expenses in the current calendar year; and

b) the value as a forecast of revenue collection with the program's additional contribution, disclosed in the budget proposal letter for Proagro prepared annually by the Central Bank of Brazil, excluding the value already collected during the current calendar year up to the date of calculation referred to in item 6.

6 - For the purpose of compliance with the provisions of items “a” to “d” of item 2, the verification regarding the level at which Proagro execution stands shall be carried out by the Central Bank of Brazil and updated by it at least every fifteen days, with effects on the enrollment of operations carried out from January 1, 2026.

7 - The Central Bank of Brazil shall monitor Proagro execution based on the methodology referred to in this section and shall make the corresponding data available to the Ministry of Finance, the Ministry of Planning and Budget, and the ministries responsible for agricultural policy, so that, before any eventual block is effected, they may evaluate the convenience and budgetary availability for the injection of additional resources into the program, in case the thresholds referred to in items “b” to “d” of item 2 are reached.

8 - Blocked municipalities may again have undertakings enrolled in Proagro when they cease to be covered by the hypotheses referred to in items “b” to “d” of item 2.

9 - The values corresponding to the balances of AnG and PC shall be subject to specific accounting provisions for the proper monitoring of Proagro's solvency.