RESOLUTION CMN No. 4,897, OF MARCH 25, 2021

Establishes rules applicable to interest‑rate equalization operations and financing of Brazilian exports under the Export Financing Program (Proex).

The Central Bank of Brazil, pursuant to art. 9 of Law No. 4,595 of 31 December 1964, makes public that the National Monetary Council, in session held on 25 March 2021, based on art. 4, items V, VI and XXXI of the said Law and considering the provisions of art. 3 of Law No. 10,184 of 12 February 2001 and art. 3 of Decree No. 7,710 of 3 April 2012,

RESOLVES:

Article 1 This Resolution establishes rules applicable to interest‑rate equalization operations (Proex Equalization) and to financing (Proex Financing) of Brazilian exports under the Export Financing Program (Proex).

Single paragraph. For the purposes of this Resolution, the following are considered:

I – the definitions set out in Annex I;

II – periods expressed in days as calendar days.

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CHAPTER I

PROEX EQUALIZATION

Section I – Conditions

Article 2 In export financing operations of goods and services, the National Treasury may grant the financer or the refinancer, as the case may be, an equalization sufficient to make the financial charges compatible with those practiced in the international market.

§ 1 The equalization percentage, for the entire period, is fixed and shall respect the limits and criteria established by the Ministry of Economy and Decree No. 7,710 of 3 April 2012.

§ 2 The interest‑rate equalization percentage applies to up to 100 % (one hundred percent) of the export financing amount.

§ 3 The Ministry of Economy shall define the calculation methodology for equalization, pursuant to art. 4 of Decree No. 7,710 of 2012.

§ 4 For financing of civil aircraft, parts, pieces and related services, the interest‑rate equalization shall be established according to the characteristics of each operation, observed the terms, conditions and procedures stipulated in the Aircraft Sector Understanding (ASU), when applicable.

Article 3 The goods and services eligible for operations covered by this Chapter, as well as the term of the respective interest‑rate equalization, shall comply with the regulations issued by the Chamber of Foreign Trade (Camex) for financing operations under Proex, using international practice as reference.

§ 1 In any case, the equalization term may not exceed the financing term agreed between the exporter or the importer and the financial institution, limited by the provisions of Decree No. 7,710 of 2012.

§ 2 The grace period, if provided for in the financing or refinancing instrument, shall be included in the maximum equalizable term.

Article 4 Equalization may be granted:

I – in financing to the importer (buyer’s credit), for cash payment to the exporter established in Brazil; and

II – in refinancings granted to the exporter (supplier’s credit) established in Brazil.

§ 1 The following are authorized to operate:

I – financial institutions subject to supervision by the Central Bank of Brazil, residing or domiciled in the country, and the Special Industrial Financing Agency (Finame);

II – credit or financial establishments located abroad, including agencies or subsidiaries of Brazilian banks; and

III – multilateral organizations with export‑credit lines.

§ 2 A credit or financial establishment located abroad means a legal entity regularly incorporated under the laws of the country in which it is situated, whose statutes provide for the possibility of granting credit in any form of loan and that is subject to supervision by a financial supervisory authority or governmental body.

§ 3 The negotiation of export credit documents or, where applicable, the respective letter of credit does not interrupt, exclude nor transfer the right to equalization, observed the provisions of arts. 9, 10, 11, 12 and 13 of this Resolution by the institution referred to in § 1.

Section II – Proex Equalization Request

Article 5 For the granting of interest‑rate equalization covered by this Chapter, the following procedures shall be observed:

Article 5 In the granting of interest‑rate equalization covered by this Chapter, the following procedures shall be observed: (Amended, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

I – equalization requests to the National Treasury’s Proex Financial Agent (Proex Financial Agent) shall be made through the Licenses, Permissions, Certificates and Other Documents (LPCO) module on the Single Foreign Trade Portal of the Integrated Foreign Trade System (Siscomex), and must be submitted by the exporter prior to export; (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

II – when goods subject to consignment export or destined for fairs and exhibitions are traded under the Program, the LPCO may be filled after the goods leave Brazilian customs territory, provided it is before the definitive sale abroad; (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

III – the Proex Financial Agent shall have a period of up to 20 (twenty) days after registration in the LPCO to analyze the requests within its competence, with the deadline being suspended for any requirement pointed out by the Proex Financial Agent; (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

IV – approval of equalization requests by the Proex Financial Agent shall be conditioned on budgetary and financial availability and shall be carried out before the shipment of goods, invoicing of services or definitive sale abroad, as the case may be. (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

§ 1 The equalization requests to the National Treasury’s Proex Financial Agent shall be made through the LPCO module …

§ 1 The competence of the Proex Financial Agent referred to in item III of the caput of this article shall be defined in accordance with item IV of art. 4 of Decree No. 4,993 of 18 February 2004. (Amended, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

§ 2 When goods subject to consignment export …

§ 2 The Proex Financial Agent may deny the equalization request if the exporter does not comply, within 20 (twenty) days, with the requirement indicated in item III of the caput of this article. (Amended, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

§ 3 The Proex Financial Agent shall have a period of 30 (thirty) days …

§ 3 The Proex Financial Agent may revoke the LPCO if the export of goods or services does not occur within 30 (thirty) days after the date of the first shipment or service provision foreseen in the approved LPCO. (Amended, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

§ 4 The approval of equalization requests …

§ 4 The Proex Financial Agent shall deny the equalization request in case of budgetary and financial unavailability. (Amended, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

§ 5 The competence of the Proex Financial Agent …

§ 5 It is admitted that the Proex Financial Agent may approve the LPCO after the shipment of goods, invoicing of services or definitive sale abroad, as the case may be, provided that:

I – the LPCO request was made before the events referred to in the caput of this paragraph; (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

II – the LPCO approval occurs in the same fiscal year as the shipment of goods, invoicing of services or definitive sale abroad, as the case may be; and (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

III – budgetary and financial availability exists at the moment of LPCO approval. (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

§ 6 The Proex Financial Agent may revoke the LPCO …

§ 6 Failure to approve the LPCO in the case described in § 5 results in denial of the request, and any losses arising from the non‑granting of equalization under Proex shall be fully borne by the exporter. (Amended, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

Section III – Criteria for Calculating Equalization

Article 6 The amounts due as equalization are calculated according to the following criteria:

I – Period:

a) the first period starts on the date the credit is made available to the exporter or on the date of shipment or delivery of the goods, the invoice, the commercial contract or the financing contract, or on the date of consolidation of shipments of goods or invoicing of services, whichever occurs last, and ends six (6) months after the start of the financing or refinancing foreseen in the LPCO, limited by the financing term;

b) subsequent periods shall have a duration of six (6) months, counting from the end of the previous period, except for the last period, whose duration shall be limited to the final date of the financing eligible for equalization.

II – Calculation base: the outstanding balance of the financings in each period, recomposed based on the maximum equalizable term, when applicable, using divisor 36,500 and considering a maximum grace period for principal of six (6) months;

III – Maximum equalizable percentage: in accordance with the Minister of Economy’s ordinance, observed the provisions of Decree No. 7,710 of 2012.

§ 1 The maximum consolidation period for shipments of goods or invoicing of services referred to in item a of I of the caput is 30 (thirty) days, with the consolidation date being that of the last event that integrates it.

§ 2 Amounts due in financing operations carried out in a currency other than the United States dollar (USD) shall be converted to USD based on the parity prevailing on the start date of the first equalization period, as published by the Central Bank of Brazil.

§ 3 In case of payment anticipation of the exports, proven by the invoice relating to the anticipation, as provided for in art. 8, caput, item I, the first period starts on the date the credit is made available to the exporter and ends six months after that date, limited by the financing term. (Inserted by CMN Resolution No. 5,192 of 19 December 2024.)

Section IV – Payment of Equalization

Article 7 The equalization amounts covered by this Chapter shall be paid to the agents mentioned in § 1 of art. 4, in National Treasury Notes series I (NTN‑I).

§ 1 The issuance of NTN‑I shall be processed in book‑entry form, by registering the respective credit rights in the name of the agents mentioned in § 1 of art. 4, in the Special Settlement and Custody System (Selic), through which redemptions are carried out.

§ 2 Agents not participating in Selic must enter into a contract with a bank participating in that system, covering:

I – custody service for receipt of the NTN‑I;

II – use of the "Bank Reserves" account for the financial movements arising from the equalizations, as well as for the trading of the securities;

III – authorization to carry out foreign‑exchange operations and respective transfers abroad or to abroad resulting from the redemption or trading of the NTN‑I, should the non‑Selic participant be located abroad;

IV – legal representation service for the purposes and effects of art. 8.

Article 8 The issuance of NTN‑I shall be carried out after a declaration made by the credit or financial establishment mentioned in § 1 of art. 4, or by the agent appointed as its legal representative, to the Proex Financial Agent, stating that it possesses the documentary evidence of compliance with the following requirements:

I – shipment of the goods or invoicing of the services or the invoice relating to the payment anticipation of the exports based on the commercial contract between the Brazilian exporter and the importer that contains the provision of such advance; (Amended by CMN Resolution No. 5,192 of 19 December 2024.)

II – payment of the total export value, corresponding to the financed portion and the cash portion, when any; and

III – copy of the financing contract signed or of the export credit documents duly accepted and endorsed or of the respective letter of credit, in refinancings granted to the exporter.

§ 1 The Proex Financial Agent may require a declaration of possession of other documents relating to the credit granted in Brazil or abroad, within the terms of this Chapter.

§ 2 The deadline for the NTN‑I request to the Proex Financial Agent is 60 (sixty) days, counted from the date of credit in the exporter’s current account or from the date of shipment or delivery of the goods, the invoice, the commercial contract or the financing contract, or also from the date of consolidation of shipments or invoicing of services, whichever occurs last.

§ 3 After receiving the NTN‑I request referred to in § 2, the Proex Financial Agent shall have 60 (sixty) days to request the issuance of the respective NTN‑I from the National Treasury Secretariat.

§ 4 The first maturity of the NTN‑I shall occur, at the earliest, 60 (sixty) days after the request for its issuance by the Proex Financial Agent to the National Treasury Secretariat.

§ 5 Upon request by the National Treasury Secretariat, the Export Financing and Guarantee Committee (Cofig) or internal and external control bodies, the Proex Financial Agent shall demand from the credit or financial establishment the documents referred to in the caput and § 1 of this article.

Section V – Early Settlement

Article 9 In the event of early settlement of financings covered by Proex interest‑rate equalization, the following procedures shall be observed:

I – for NTN‑I not yet redeemed relating to the interest installments of the operation, proportionally to the settled amount:

a) cancellation of the NTN‑I held by the financer or refinancer, linked to the operation settled early;

b) restitution, in cash, of the face value of the NTN‑I linked to the operation settled early; or

c) delivery of any other public‑debt securities issued in book‑entry form, registered in a centralized settlement and custody system authorized by the Central Bank of Brazil, at the discretion of the Ministry of Economy, which shall determine the economic value of such securities;

II – in case of eventual redemption of NTN‑I related to the interest installments of the operation after early settlement of the respective financing, the credit or financial establishment mentioned in § 1 of art. 4 or the agent appointed as its legal representative shall reimburse the amounts received in excess, plus charges calculated based on the accumulated Selic rate between the redemption date of the NTN‑I and the business day preceding the actual repayment; and

III – where early settlement occurs on a date different from the redemption date of the NTN‑I related to the received interest, the equalization due for the last period shall be proportional to the interval between the maturity of the last redeemed NTN‑I and the early‑settlement date, and the subsequent NTN‑I portion shall be cancelled proportionally.

§ 1 The proportional cancellation of the NTN‑I portion subsequent to the early‑settlement date referred to in item III of the caput may be replaced by the alternatives set out in items “b” or “c” of item I of the caput of this article.

§ 2 The equalization amounts received up to the early‑settlement date, related to the interest received from the operation, shall be preserved.

§ 3 The institutions referred to in § 1 of art. 4 shall inform the Proex Financial Agent of the NTN‑I to be cancelled, within a maximum period of 60 (sixty) days from the early settlement of the financings for which they are responsible, covered by Proex interest‑rate equalization.

§ 3 The institutions referred to in § 1 of art. 4 shall inform the Proex Financial Agent of the NTN‑I to be cancelled, or to be used as reference for cash restitution or delivery of securities, within a maximum period of 60 (sixty) days from the early settlement of the financings for which they are responsible, covered by Proex interest‑rate equalization. (Amended, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

§ 4 In case of non‑compliance with the deadline referred to in § 3, the Union may administratively or judicially collect from the financial institutions the amounts due and may prevent further approvals within the Proex framework until regularization with the Proex Financial Agent. (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

Section VI – Default of Financings

Article 10 In events of default of financings covered by Proex interest‑rate equalization, the following procedures shall be observed:

I – in the case of early maturity of the debt or guarantee honor, both with cash payment of the amounts due, the right to the pending equalization installments ceases, with the corresponding cancellation of the NTN‑I, preserving the equalization amounts received up to the date of such payment; and

II – in other cases, the flow of NTN‑I shall be maintained while there is an obligation to pay interest on the financing, preserving the equalization amounts related to the interest received from the operation.

§ 1 The financer or refinancer shall reimburse the amounts received in excess in case of eventual redemption of the NTN‑I after the settlement of the financing contract referred to in the caput of this article.

§ 2 The reimbursement referred to in § 1 shall be proportional to the elapsed period, plus charges calculated based on the accumulated Selic rate between the redemption date of the NTN‑I and the business day preceding the actual repayment.

§ 3 The institutions referred to in § 1 of art. 4 shall inform the Proex Financial Agent of the NTN‑I to be cancelled within a maximum period of 60 (sixty) days from the default described in item I of the caput of the financings for which they are responsible, covered by Proex interest‑rate equalization.

§ 4 In case of non‑compliance with the deadline referred to in § 3, the Union may administratively or judicially collect from the financial institutions the amounts due and may prevent further approvals within the Proex framework until regularization with the Proex Financial Agent. (Inserted, effective 02/10/2023, by CMN Resolution No. 5,103, of 28 September 2023.)

Section VII – Suspension of Principal and Interest Payments

Article 11 In the exceptional case of suspension of principal and interest payments of financings covered by Proex interest‑rate equalization, the following procedures shall be observed:

I – the right to redeem the NTN‑I related to the pending interest installments of the operation shall be maintained, provided there is no alteration in the issuance of NTN‑I nor an increase in expense for the Union resulting from changes in the calculation of the outstanding balance or extension of the financing term.

II - the amount received from equalization shall be returned to the Union by the financer or refinancer, together with charges calculated based on the accumulated Selic rate between the date of redemption of the NTN‑I and the business day preceding the actual return, if interest payment has not occurred in any form after the due date of the first installment following the suspension of interest and principal payments, observing § 1 of art. 12 of this Resolution.

Sole paragraph. The flow of NTN‑I shall be maintained as long as there is interest payment related to the financing due to guarantee honor.

Article 12. Cases of suspension of principal and interest payments of the financings referred to in article 11 shall be sent to the Proex Financial Agent, which will proceed with the framing of the request, and shall contain at least:

I – the justifications for the suspension of principal and interest payments of the financings;

II – the new schedule for interest‑payment deadlines.

§ 1 If, at the end of the new schedule, proof of interest payment is not presented, the financer or refinancer may submit additional schedules, justifying the changes.

§ 2 If, at the end of the suspension period of principal and interest payments of the financings, a new amortization schedule or proof of interest payment of the operation is not presented, the provisions of article 10 shall apply.

§ 3 In the case of financings granted by federal official financial institutions, the proof of interest payment of the operation made by the financed parties or guarantors shall be kept by the financing institution for a period of 10 (ten) years after the end of the financing or refinancing, and its presentation to the Proex Financial Agent is dispensed with.

Article 13. The conditions set out in articles 11 and 12 also apply to operations that have already had issuance of NTN‑I.

Section VIII

Of the Substitution of Financing Interest Rates

(Section VIII included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

Article 13‑A. In case of substitution of the index used in the calculation of variable‑interest rates of financings covered by Proex Equalization, whenever the new interest rates imply a reduction of the equalization amount, the difference between the originally owed equalization and the equalization calculated according to the new interest rates shall be observed according to the following procedures: (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

I – for NTN‑I not yet redeemed related to the interest‑due installments of the operation, in an amount corresponding to the difference between the originally owed equalization and the equalization calculated according to the new interest rates: (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

a) the cancellation of the NTN‑I held by the financer or refinancer, linked to the operation whose index was substituted; (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

b) the cash restitution of the face value of the NTN‑I linked to the operation whose index was substituted; or (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

c) the delivery of any other public‑debt securities issued in book‑entry form, registered in a centralized settlement and custody system authorized by the Central Bank of Brazil, at the discretion of the Ministry of Finance, which will determine the economic value of the referred securities. (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

II – in the event of eventual redemption of the NTN‑I related to the interest‑due installments of the operation after the index substitution, the institution mentioned in § 1 of article 4 or the agent appointed as its legal representative shall return the amounts received in excess, corresponding to the difference between the originally owed equalization and the equalization calculated according to the new interest rates, plus charges calculated based on the accumulated Selic rate between the date of redemption of the NTN‑I and the business day preceding the actual return; and (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

III – where the index substitution occurs on a date different from the redemption date of the NTN‑I related to the interest received from the operation, the equalization due for the last period shall be proportional to the period between the maturity of the last redeemed NTN‑I and the date of the index substitution, and in that case the cancellation of the NTN‑I installment subsequent to the index substitution date shall occur in an amount corresponding to the difference between the originally owed equalization and the equalization calculated according to the new interest rates, proportionally. (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

§ 1 The proportional cancellation of the NTN‑I installment subsequent to the index substitution date referred to in item III of the caput may be replaced by the alternatives set out in sub‑items “b” or “c” of item I of the caput. (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

§ 2 The equalization amounts received up to the date of the discontinued index substitution, related to the interest received from the operation, are preserved. (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

§ 3 The institutions referred to in § 1 of article 4 shall inform the Proex Financial Agent of the NTN‑I to be cancelled, or to be used as reference for cash restitution or delivery of securities, within a maximum period of 60 (sixty) days from the respective effective index substitution. (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

§ 4 If the deadline referred to in § 3 is not met, the Union may collect administratively or judicially from the financial institutions the amounts due and may block new approvals within the Proex framework until regularization with the Proex Financial Agent. (Included, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

Section IX

Of the Decharacterization of the Operation

(Section IX included by Resolution CMN No. 5.192, of 19/12/2024.)

Article 13‑B. The institutions referred to in article 4, § 1, or the agent appointed as its legal representative shall inform the Proex Financial Agent when the equalizable financing operation is decharacterized in the case where the financed goods or services are not exported by the scheduled shipment or invoicing date stated in the LPCO, except in cases of fortuitous event or force majeure. (Included by Resolution CMN No. 5.192, of 19/12/2024.)

§ 1 In the case of decharacterization provided for in the caput, the institutions referred to in article 4, § 1, shall inform the Proex Financial Agent of the NTN‑I to be cancelled within a maximum period of sixty days from the scheduled shipment or invoicing date stated in the LPCO. (Included by Resolution CMN No. 5.192, of 19/12/2024.)

§ 2 The face value of the NTN‑I issued up to the moment of decharacterization must be reimbursed to the Union within a maximum period of sixty days from the scheduled shipment or invoicing date stated in the LPCO, by the institutions referred to in article 4, § 1, or by the agent appointed as its legal representative, in Brazilian reais – R$, remunerated by the average Selic reference rate, from the redemption date until the business day immediately preceding the reimbursement. (Included by Resolution CMN No. 5.192, of 19/12/2024.)

§ 3 In the case of partial export, the equalizable financing operation will be partially decharacterized, proportionally to the export not performed within the deadline defined in the caput. (Included by Resolution CMN No. 5.192, of 19/12/2024.)

§ 4 Exporters who cause decharacterization of more than 15 % (fifteen percent) of the operation under this article may not benefit from new Proex Equalization operations for five years after the decharacterization, except in the hypothesis of fortuitous event or force majeure provided for in the caput. (Included by Resolution CMN No. 5.192, of 19/12/2024.)

§ 5 In the hypothesis of a fortuitous event or force majeure provided for in the caput, the institutions referred to in article 4, § 1, or the agent appointed as its legal representative shall prove the occurrence to the Proex Financial Agent within thirty days from the scheduled shipment or invoicing date stated in the LPCO and present a new shipment or invoicing schedule, under penalty of having the operation decharacterized. (Included by Resolution CMN No. 5.192, of 19/12/2024.)

CHAPTER II

PROEX FINANCING

Section I

Of the Granting of Financing

Article 14. Brazilian exports of goods and services may be financed with Proex resources under the following modalities:

I - financiamento ao exportador (supplier´s credit), no caso de negociação dos respectivos títulos ou documentos da exportação; ou

I – financing to the exporter (supplier’s credit), in the case of negotiation of the respective titles, export documents, export commercial contract or pro‑forma invoice; or (Amended by Resolution CMN No. 5.143, of 26/6/2024.)

II – financing to the importer (buyer’s credit), in the case of a financing contract signed between the Brazilian Government and foreign entities.

Sole paragraph. Financing shall only be granted under the modalities set out in the caput when, on the date of LPCO approval and on the disbursement date, the exporter, the importer, the debtor or the guarantor, as applicable, are in good standing with the Union, except where debt renegotiation is carried out directly by the Union or through international organizations or forums.

Section II

Of the Financial Conditions

Article 15. The financings covered by this Chapter shall observe:

I – financing currency: those normally used internationally, to be accepted by the Proex Financial Agent;

II – Amortization System: Constant Amortization System (SAC);

III – amortization frequency: in quarterly or semi‑annual installments, admitting the cases provided for in § 2;

IV – financing term: comprises the period between the date of the first shipment of goods or invoicing of services and the date of the last amortization installment, admitting the following exceptions:

a) in the case of financing to the importer (buyer’s credit), the start of the financing term shall be the date of signing or the start of the validity of the financing contract; (Amended by Resolution CMN No. 5.143, of 26/6/2024.)

b) in the case of consolidation of shipments, the start of the financing shall be the date of the first consolidation of shipments of goods or invoicing of services, observed the provisions of article 16, § 1; and (Amended by Resolution CMN No. 5.143, of 26/6/2024.)

c) in the case of pre‑export disbursement, the start of the financing shall be the disbursement date, observed the provisions of article 18, §§ 4 and 5; (Included by Resolution CMN No. 5.143, of 26/6/2024.)

V – first amortization of the financing: three or six months after the initial amortization date set out in article 16, according to the amortization frequency; (Amended by Resolution CMN No. 5.143, of 26/6/2024.)

VI – interest rate: Commercial Interest Reference Rate (CIRR) in force on the shipment date of the operation, referring to the term and currency of the financing, observing that operations with a financing term shorter than 2 (two) years shall use the lowest CIRR rate available for the currency, admitting the following exceptions:

a) in the case of consolidation of shipments, the interest rate shall be the one in force on the date of the last shipment, observed the provisions of § 1 of article 16;

b) in the case of Project Finance and Commissioning, the interest rate shall be the one in force on the date of the first shipment of goods or invoicing of services; (Amended by Resolution CMN No. 5.143, of 26/6/2024.)

c) in the case of consignment sale, the interest rate shall be the one in force on the date of invoice issuance; and (Amended by Resolution CMN No. 5.143, of 26/6/2024.)

d) in the case of pre‑export disbursement, the interest rate shall be the one in force on the disbursement date; (Included by Resolution CMN No. 5.143, of 26/6/2024.)

VII – default interest: 1 (one) percentage point per year above the contractual rate;

VIII – financing amount:

a) up to 85 % (eighty‑five percent) of the export commercial contract;

b) up to 100 % (one hundred percent) of the export commercial contract when the financing term is shorter than 2 (two) years.

§ 1 The financing terms for goods and services eligible for Proex financing shall follow the norms issued by Camex for Proex‑backed operations, using international practice as reference.

§ 2 In the case of operations with a term shorter than 360 (three hundred and sixty) days, payment of amortization and interest may be made on a single date, including through a single foreign‑exchange transaction.

§ 3 The export portion shall not be financed:

I – received in advance by the exporter; or (Included by Resolution CMN No. 5.143, of 26/6/2024.)

II – that is the object of concurrent financing in any financial institution, making it possible to chain the pre‑shipment and post‑shipment phases. (Amended by Resolution CMN No. 5.284, of 26/2/2026.)

Article 16. The initial amortization date of Proex financing shall be the shipment date of the goods or invoicing date of the services, admitting the following exceptions:

I – consolidation of shipments of goods or invoicing of services: consolidation date of the various shipments of goods or invoicing of services, observed the provisions of § 1;

II – commissioning: projected completion date of commissioning, limited to 6 (six) months from the last shipment or invoicing of services, if the export commercial contract includes installation, assembly and commissioning of machines and equipment;

III – infrastructure service contracts or Project Finance, where there is no provision for exporter responsibility for commissioning: projected project completion date of the contract, limited to the initial physical‑financial schedule presented at the approval of the Proex financing request; and

IV – consignment sale: date of sale of the merchandise abroad, in the case of consignment or goods destined for fairs or exhibitions.

§ 1 The maximum consolidation period for shipments or invoicing of services is 30 (thirty) days, between the first and the last event, with the consolidation date being that of the last event that integrates it.

§ 2 In the hypothesis of item III of the caput, if the export commercial contract provides for execution of individual parts of a project or construction, the initial amortization date shall occur on the completion date of each individual stage.

Section III

Of the Proex Financing Request

Article 17. In the granting of the financings covered by this Chapter, the following shall be observed:

I – financing requests to the Proex Financial Agent shall be made through the LPCO, which must be requested by the exporter prior to the export of the goods or services;

II – when the goods subject to consignment export or destined for fairs and exhibitions are traded under the Program, the LPCO may be filled after the exit from Brazilian customs territory, provided it is before the definitive sale abroad;

III – the Proex Financial Agent shall have a period of up to 20 (twenty) days after the registration of the LPCO in Siscomex to analyze the requests within its competence, the period being interrupted for the fulfillment of any requirement pointed out by the Proex Financial Agent; (Amended, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

IV – the approval of financing requests by the Proex Financial Agent shall be conditioned on budgetary and financial availability and shall be carried out before the shipment of the goods, the invoicing of the services or the definitive sale abroad, as the case may be; (Amended, as of 2/10/2023, by Resolution CMN No. 5.103, of 28/9/2023.)

V – the final date for the disbursement request to the Proex Financial Agent shall be sixty days after the shipment date or delivery of the goods, the invoice, the commercial contract or the financing contract, or, still, the consolidation date of the shipments or invoicing of services, whichever occurs last, subject to possible extension for an equal period, subject to budgetary and financial availability. (Amended by Resolution CMN No. 5.284, of 26/2/2026.)

§ 1 The competence of the Proex Financial Agent referred to in item III of the caput shall be defined according to item IV of article 4 of Decree No. 4.993, of 2004.

§ 2º The Proex Financial Agent may deny the financing request if the exporter does not comply, within a period of 20 (twenty) days, with the requirement indicated in the manner of item III of the caput of this article. (Amended as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

§ 3º The Proex Financial Agent may revoke the LPCO if the export of goods or services does not occur within 30 (thirty) days after the date scheduled for the first shipment or service provision in the approved LPCO. (Included as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

§ 4º The Proex Financial Agent shall deny the financing request if there is budgetary and financial unavailability. (Included as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

§ 5º Approval of the LPCO does not guarantee the disbursement of funds, which will occur only if, on the disbursement date, the conditions provided for in art. 18 are met. (Included as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

§ 6º It is permitted for the Proex Financial Agent to approve the LPCO after the shipment of goods, invoicing of services, or definitive foreign sale, as the case may be, provided that: (Included as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

I - the LPCO request was made before the events provided for in the caput of this paragraph; (Included as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

II - the LPCO approval occurs in the same fiscal year as the shipment of goods, invoicing of services, or definitive foreign sale, as the case may be; and (Included as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

III - there is budgetary and financial availability at the time of LPCO approval. (Included as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

§ 7º Failure to approve the LPCO in the case provided for in § 6 results in denial of the request, and any losses arising from the non‑grant of financing under Proex are assumed entirely by the exporter. (Included as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

Section IV

Conditions for Disbursements

Art. 18. It is a condition for the disbursement of resources to exporters, in export financing provided for in this Chapter, in addition to the condition defined in the sole paragraph of art. 14, the prior verification:

Art. 18. It is a condition for the disbursement of resources to exporters, in export financing provided for in this Chapter, in addition to the condition defined in the sole paragraph of art. 14 and the approval of the LPCO, the prior verification:

I - of the shipment of the goods and, where applicable, of the invoicing of services;

II - of the constitution of guarantees corresponding, at a minimum, to the full amount of the financing granted and the respective interest; and

II - of the constitution of guarantees corresponding, at a minimum, to the full amount of the financing granted and the respective normality charges; and (Amended by Resolution CMN No. 5.284, dated 02/26/2026.)

III - of the exporter’s compliance:

a) with the National Institute of Social Security (INSS);

b) with the Severance Indemnity Fund (FGTS);

c) with the Special Secretariat of the Federal Revenue of Brazil (RFB);

d) with obligations related to debt with the Union;

e) with the Registry of Unreliable and Suspended Companies (CEIS); and

f) with the National Registry of Punished Companies (CNEP).

§ 1º Verification of the exporter’s compliance with items “a”, “c” and “d” of item III of the caput may be obtained through the Certificate of Debts Related to Federal Tax Credits and the Union’s Active Debt (DAU).

§ 2º In the case of export financing below 100% (one hundred percent), the exporter must prove payment of the unfunded amount or declare receipt when there is no internalization of resources.

§ 2º In the case of export financing below 100% (one hundred percent), the exporter must, prior to disbursement, prove payment of the unfunded amount or declare receipt when there is no internalization of resources, except for the percentage referring to the agent’s commission, which must be proven by the settlement date of the financing. (Amended by Resolution CMN No. 5.143, dated 06/26/2024.)

§ 2º‑A In operations with a term of less than two years, the exporter is exempted from proving payment of the unfunded amount or declaring receipt when there is no internalization of resources referred to in § 2. (Included by Resolution CMN No. 5.284, dated 02/26/2026.)

§ 3º Disbursements of resources by the Proex Financial Agent to exporters are conditioned on budgetary and financial availability.

§ 4º At the exporter’s request, in the pre‑shipment phase, the disbursement of resources may occur up to one hundred and eighty days in advance of the actual shipment of goods, invoicing of services, or respective consolidation. (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

§ 4º At the exporter’s request, in the pre‑shipment phase, the disbursement of resources may be made up to three hundred and sixty days in advance, extendable up to seven hundred and fifty days, relative to the actual shipment of goods, invoicing of services, or respective consolidation. (Amended by Resolution CMN No. 5.327, dated 07/10/2026.)

§ 5º In the case provided for in § 4, verification referred to in item I of the caput may occur after disbursement, within a maximum period of fifteen days after the scheduled shipment date of the goods, invoicing of services, or respective consolidation, as the case may be. (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

§ 5º In the case provided for in § 4, verification referred to in item I of the caput may occur after disbursement, within a maximum period of thirty days after the scheduled shipment date of the goods, invoicing of services, or respective consolidation, as the case may be. (Amended by Resolution CMN No. 5.284, dated 02/26/2026.)

Art. 18‑A. In the case of pre‑shipment financing, reprogramming of the shipment date of goods or invoicing of services is authorized, provided there is prior and express agreement between the exporter and the Proex Financial Agent, with payment of the additional interest due, maintaining the other financing conditions. (Included by Resolution CMN No. 5.284, dated 02/26/2026.)

§ 1º The request to reprogram the shipment or invoicing date by the exporter must be made to the Proex Financial Agent at least fifteen days before the originally scheduled export date. (Included by Resolution CMN No. 5.284, dated 02/26/2026.)

§ 2º The reprogrammed shipment or invoicing date may not exceed the term set by art. 18, § 4, relative to the date of the advanced disbursement of resources. (Included by Resolution CMN No. 5.284, dated 02/26/2026.)

Section V

Guarantees for Financing

Art. 19. The following guarantee instruments, issued by a legal entity distinct from the importer, are admitted, jointly or separately:

I - guarantee, surety, letter of credit or instruments similar to guarantee and surety, according to the guarantor’s country legislation, executed by first‑line credit or financial establishments;

II - documentary credits or securities issued or guaranteed by authorized institutions of the countries participating in the Reciprocal Payments and Credits Convention (CCR) of the Latin American Integration Association, having fulfilled all formalities for automatic reimbursement;

II - (Revoked as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

III - export credit insurance;

IV - guarantee of the government or of official banks of the importing country.

Sole paragraph. Guarantees referred to in items I and III of the caput may be issued by multilateral institutions.

Section VI

Infractions and Sanctions

(Denomination included by Resolution CMN No. 5.143, dated 06/26/2024.)

Art. 20. There is recourse by the Union against the exporter when:

I - the guarantee cannot be executed due to the exporter’s breach of the export commercial contract;

II - the guarantee presented by the exporter covers the financing partially, limiting the recourse against the exporter to the uncovered percentage;

III - the company or its representatives are convicted of money laundering or illicit acts against the public administration, national or foreign, in the operation that is the object of the financing, without prejudice to the civil, criminal and administrative sanctions provided in the specific legislation.

Sole paragraph. Administrative collection of the recourse against the exporter, in the cases provided for in this article, shall be carried out by the Proex Financial Agent.

Art. 20‑A. The financing operation will be decharacterized when: (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

I - the financed goods or services are not exported by the scheduled shipment or invoicing date, except for fortuitous event or force majeure; (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

I - the financed goods or services are not exported by the scheduled shipment or invoicing date; (Amended by Resolution CMN No. 5.284, dated 02/26/2026.)

II - the financed goods or services exported have not been manufactured or provided by the exporter, in the case of pre‑shipment financing of goods or invoicing of services; or (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

II - the exported goods have not been produced in Brazil or the exported services have not been provided by a Brazilian company; or (Amended by Resolution CMN No. 5.284, dated 02/26/2026.)

III - the exporter does not present the documents and information necessary for monitoring the operation, as well as those required for disbursement, or presents false documents or information. (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

§ 1º The financed amount of the decharacterized operation must be reimbursed to the Union by the exporter, in reais – R$, converted by the exchange‑rate variation index for sale of the U.S. dollar disclosed by the Central Bank of Brazil (Ptax), corresponding to the disbursement day, monetarily corrected by the average reference rate of the Special Settlement and Custody System – Selic from the disbursement date until the day immediately prior to reimbursement, and added with a financial charge calculated according to the methodology of Resolution CMN No. 5.056, dated December 15, 2022, without prejudice to other applicable sanctions. (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

§ 1º The decharacterized amount must be reimbursed to the Union by the exporter, in reais – R$, increased by a fine, according to the methodology set out in Annex III, observing the exception provided in § 4, without prejudice to other applicable sanctions. (Amended by Resolution CMN No. 5.284, dated 02/26/2026.)

§ 2º In the case of partial export, the financing will be partially decharacterized, proportionally to the export not carried out within the deadline defined by item I of the caput. (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

§ 3º The exporter who has more than 15% (fifteen percent) of the decharacterized operation under the terms of this article may not contract a new operation under Proex, from decharacterization until five years after the reimbursement date to the Union, according to § 1, except in the case of fortuitous event or force majeure provided for in item I of the caput of this article. (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

§ 3º (Revoked by Resolution CMN No. 5.284, dated 02/26/2026.)

§ 4º The Proex Financial Agent shall operationalize the assessment of amounts and the reimbursement process of the decharacterized operation covered by this article. (Included by Resolution CMN No. 5.143, dated 06/26/2024.)

§ 4º The fine referred to in § 1 shall not be applied when the decharacterization results from a fortuitous event or force majeure. (Amended by Resolution CMN No. 5.284, dated 02/26/2026.)

§ 5º In pre‑shipment operations that become decharacterized, the Proex Financial Agent shall collect the reimbursement and the fine directly from the exporter, invoking the guarantee if the exporter does not proceed with settlement, observing the provisions of the respective guarantee instrument.

§ 6º In the case of reprogramming provided for in art. 18‑A, the scheduled shipment or invoicing date, to be considered for decharacterization purposes, is the reprogrammed date.

§ 7º It is prohibited to prove export through performance purchase or similar instruments.

CHAPTER III

EQUIVALENCE TO FOREIGN FINANCINGS

Art. 21. The terms of Proex Financing and Proex Equalization provided in this Resolution may be altered to approximate or equate them to the practices of foreign competitors or co‑financiers that receive official export support in their respective countries, provided that:

I - the exporter presents documentary proof of the offer from foreign competitors or co‑financiers or a government procurement notice that provides more advantageous conditions to the importer;

II - in the case of Proex‑Financing, the financing term is limited to 15 (fifteen) years; and

III - in the case of Proex‑Equalization, the maximum equalizable term is limited to 15 (fifteen) years, as provided in the sole paragraph of art. 2 of Decree No. 7,710, dated 2012.

§ 1º The Proex Financial Agent shall analyze whether the documents described in item I of the caput are adequately instructed and shall approve the equivalence conditions.

§ 2º The Proex Financial Agent may request information from federal administration bodies for the analysis referred to in § 1.

§ 3º The interest rate of Proex Financing and the equalization percentage of Proex Equalization shall be determined based on the new term defined in this Chapter.

§ 4º In the case of co‑financing, disbursement is conditioned on documentary proof by the exporter, to the Proex Financial Agent, of the effective contracting of the foreign co‑financiers’ financing under the equivalent conditions.

CHAPTER IV

CONCESSIONAL FINANCING

Art. 22. Operations of financing linked to the export of national goods or services, provided for in art. 2‑A of Law No. 10,184, dated February 12, 2001, shall be contracted according to the conditions practiced internationally for this type of operation.

§ 1º For eligibility of financing‑receiving countries, those defined by the United Nations as Least Developed Countries (LDC) shall be considered.

§ 2º Camex shall define which countries are eligible for the financing referred to in this Chapter, observing the provisions of § 1.

§ 3º The detailing of applicable conditions for the financings shall be defined by Camex, respecting the financial conditions set out in arts. 23 and 25.

§ 4º It is the responsibility of the Proex Financial Agent to verify the conditions for disbursement of operations approved by Camex, observing budgetary and financial availability.

Art. 23. The maximum discount level granted for financing to countries with limited access to market financing shall be 35% (thirty‑five percent), calculated based on the methodology contained in Annex II of this Resolution.

Art. 24. The approval of financing operations granted under this Chapter may not exceed, each year, 25% (twenty‑five percent) of the Proex budget allocation for financing, including any additional credits or reduction of the budget allocation.

§ 1º For the calculation of the limit referred to in the caput, only the disbursement schedule planned for the fiscal year of the operation’s approval shall be considered.

§ 2º The assessment of the percentage referred to in the caput shall also be carried out prior to the operation’s disbursement, by the Proex Financial Agent.

Art. 25. The granting of the financings provided for in art. 22 shall observe, for compliance with art. 23, the following financial conditions:

I - maximum financing term: 25 (twenty‑five) years;

II - maximum financing grace period: 5 (five) years;

III - financing interest rate: not less than 0.5% (five‑tenths of one percent) per year; and

IV - financing amount: up to 100% (one hundred percent) of the commercial export contract.

§ 1º The constitution of guarantees corresponding, at a minimum, to the full amount of the financing granted and its respective interest shall be required, admitting the guarantees provided for in items I, II and III of the caput of art. 19.

§ 2º Camex may waive the presentation of guarantees provided for in § 1.

Art. 26. There is recourse by the Union against the exporter when:

I - default of the importing country due to the exporter’s breach of the export commercial contract;

II - conviction of the company or its representatives for money laundering or illicit acts against the public administration, national or foreign, in the operation that is the object of the financing, without prejudice to the civil, criminal and administrative sanctions provided in the specific legislation.

Sole paragraph. Administrative collection of the recourse against the exporter, in the cases provided for in this article, shall be carried out by the Proex Financial Agent.

Art. 27. The provisions of Chapter II of this Resolution shall apply subsidiarily to the operations referred to in this Chapter.

CHAPTER V

FINAL PROVISIONS

(Denomination included, as of 10/02/2023 by Resolution CMN No. 5.103, dated 09/28/2023.)

Art. 28. In case of discontinuity of the index used for Proex Financing or Concessional Financing operations with variable interest rates contracted before the entry into force of this Resolution, the variable rate equivalent to that adopted by the Proex Financial Agent for similar operations shall be used.

Art. 29. The provisions of this Resolution apply to LPCOs not yet approved by the Financial Agent of the National Treasury for Proex, maintaining the financial conditions of the now‑revoked resolutions for operations that had passed this stage before the entry into force of this Resolution, including any subsequent adjustments.

Art. 30. The following are revoked:

I - Resolution No. 2,575, dated December 17, 1998;

II - Resolution No. 4,335, dated May 26, 2014;

III - Resolution No. 4,687, dated September 25, 2018; and

IV - Resolution No. 4,804, dated April 23, 2020.

Art. 31. This Resolution enters into force on April 1, 2021.

Roberto de Oliveira Campos Neto

President of the Central Bank of Brazil

ANNEX I TO RESOLUTION CMN No. 4,897, DATED MARCH 25, 2021

DEFINITIONS

Official Export Support: governmental instruments of insurance, guarantee, financing, or interest rate equalization that help the foreign buyer pay, in a deferred manner over time, for goods and/or services produced by national exporters.

Official Export Support: governmental instruments of insurance, guarantee, financing or interest rate equalization that help the Brazilian exporter anticipate receipt of amounts related to the sale of goods and services to a foreign buyer. (Text given by Resolution CMN No. 5,284, dated 26/2/2026.)

ASU (“Aircraft Sector Understanding”): Sectoral understanding on export credits for civil aircraft. Agreement that governs the granting of official export credit for civil aircraft. The document is updated periodically and made available on the electronic page of the Organisation for Economic Co‑operation and Development (OECD).

CIRR (“Commercial Interest Reference Rate”): minimum interest rate to be applied to loans with pre‑fixed rates, published by the OECD.

Commissioning: procedure in which equipment, plant or factory are tested to verify operation after installation according to the contract definitions, design and technical specifications.

Export Commercial Contract: private document that formalizes the purchase and sale commitment of a good and/or service between the importer, or its representative, and the exporter.

Consolidation of Shipments of goods or Service Invoicing: grouping of several documents related to shipments of goods or service invoicing carried out in a short period of time. It is used to simplify procedures for the operationalization of the Proex concession.

Shipment date: Date indicated in the Single Export Declaration (DU‑E), which is an electronic document containing customs, financial and commercial information that characterizes the export operation of the goods, from which the shipment of the goods occurs.

Shipment date: date indicated in the Single Export Declaration – DU‑E, which is an electronic document containing customs, financial and commercial information that characterizes the export operation of the goods, from which the shipment of the goods occurs, and the DU‑E must be properly linked to the respective Licenses, Permissions, Certificates and Other Documents module – LPCO. (Text given by Resolution CMN No. 5,327, dated 10/7/2026.)

Disbursement: in Proex Financing, it is the final stage of the execution of the budget expense, in which the Proex Financial Agent makes payment to the exporter using resources from the program’s budget allocation. The disbursement may occur as a single payment or in several stages, depending on the disbursement schedule foreseen in the Proex Financing Contract.

Credit availability: moment when resources are released to the exporter, either in national or foreign currency.

Proex interest‑rate equalization: economic subsidy in which the government grants the financier sufficient equalization to make financial charges compatible with the international market.

First‑line credit or financial establishments: those institutions with which the Proex Financial Agent maintains credit limits as if they were transactions with its own resources.

Export financing: contractual relationship in the form of a loan, credit instruments, export documents or any other instruments that generate the obligation to amortize the value of the export commercial contract over a predefined period, requiring payment of interest. It may take the form of financing granted directly to the importer for spot payment to the exporter established in Brazil (buyer’s credits), or the refinancing of credit made available by the exporter to the importer or its representative (supplier’s credits).

Export financing: contractual relationship in the form of a loan, credit instruments, export documents or any other instruments that generate the obligation to amortize the value of the export commercial contract over a predefined period, requiring payment of interest. (Text given by Resolution CMN No. 5,284, dated 26/2/2026.)

Pre‑shipment financing (pre‑disbursement): financing granted to the Brazilian exporter for the purpose of financing the production or execution of goods and services destined for export, linked to a commercial contract, pro‑forma invoice or other equivalent instrument. (Included by Resolution CMN No. 5,284, dated 26/2/2026.)

Early Settlement: advance payment of the totality of the upcoming installments of the financing operation.

LPCO: Licenses, Permissions, Certificates and Other Documents module in the Single Foreign Trade Portal of the Integrated Foreign Trade System (Siscomex). It is used for the interface between the exporter and the Proex Financial Agent.

Amortization Start Date: reference date for the beginning of the amortization period of the Proex Financing operation, which will occur between 3 (three) and 6 (six) months from that date.

Commissioning: completion of the tests and adjustments necessary for the machines and equipment to be in condition to be used by the importer.

Maximum equalizable period: maximum period in which the financing or refinancing interest may be subject to equalization, noting that the financing contract period may exceed the maximum equalizable period defined in the current regulations.

Project Finance: financial structuring modality for large‑scale projects, in which the main source of revenue for amortizing the financing is the future cash flow of the project itself, and the borrower is a legal entity specifically created for the project in question.

Regress: reimbursement to the Union, by the exporter, of defaulted amounts in a financing operation, payable in the cases listed in arts. 20 and 26 of this Resolution.

Early Debt Maturity: advancement of the repayment schedule of upcoming financing installments due to contractual default of the operation.

ANNEX II TO RESOLUTION CMN No. 4,897, DATED 25 MARCH 2021

METHODOLOGY FOR CALCULATING CONCESSIONAL FINANCING

Where:

• D: discount to be granted;
• VF: face value of the financing;
• VP: present value of the payments scheduled in the amortization schedule based on the discount rate defined by multilateral organizations.

ANNEX III TO RESOLUTION CMN No. 4,897, DATED 25 MARCH 2021

(Annex III included by Resolution CMN No. 5,284, dated 26/2/2026.)

METHODOLOGY FOR CALCULATING REIMBURSEMENT AND PENALTY IN CASE OF DE‑CHARACTERIZATION OF FINANCING OPERATIONS

VT = (Reimbursement + Penalty) * TMS
Reimbursement = (VD − VJ) * PTAX
Penalty = VD * (CIRR + 10%) * PTAX

Where:

• VT: total amount, in reais, to be paid to the Union by the exporter;
• Reimbursement: amount, in reais, to be reimbursed to the Union;
• Penalty: amount, in reais, of the penalty to be paid to the Union;
• VD: de‑characterized value, in the original financing currency, corresponding to the disbursed amount linked to unverified export;
• VJ: amount received by the Union as interest between disbursement and de‑characterization;
• PTAX: Central Bank of Brazil’s selling exchange rate for the original financing currency, published on the disbursement day;
• TMS: reference rate of the Special Settlement and Custody System – Selic, accumulated from the disbursement date up to the day immediately preceding the actual reimbursement;
• CIRR: Commercial Interest Reference Rate – CIRR in effect on the disbursement date, referring to the original financing currency, accumulated from the disbursement date up to the day immediately preceding the actual reimbursement;
• Selicd = Selic rates, daily, in force during the update period, expressed in unit form;
• N = number of Selicd in force during the update period, from the initial update day (inclusive) to the last day (exclusive);
• Selic = Selic rate, annual, expressed in unit form.