Circular No. 2782 — Regulates the granting of advances to manufacturers of inputs for export-bound goods

CIRCULAR NO. 002782

Regulates the provisions of Resolution No. 2,441, of November 12, 1997, which provides for the granting of advances to manufacturers of inputs that integrate the production, assembly, and packaging processes of goods destined for export.

The Collegiate Board of the Central Bank of Brazil, in a session held on November 12, 1997, based on Resolution No. 2,441, of November 12, 1997, of the National Monetary Council,

DECIDED:

Art. 1 The inputs referred to in Art. 1 of Resolution No. 2,441, of November 12, 1997, are those classifiable as raw materials, intermediate products, and packaging materials.

Art. 2 Banks must register the promissory notes they receive in accounts 3.0.4.90.00-6 VALUES IN GUARANTEE and 9.0.4.90.00-8 DEPOSITORS OF VALUES IN GUARANTEE, of the Accounting Plan of the Institutions of the National Financial System - COSIF.

Paragraph 1 A subtitle "1.6.2.20.30-0 Indirect Export" is created in COSIF under the title EXPORT FINANCING, intended for the recording of credits granted by banks backed by the promissory notes they receive.

Paragraph 2 The balance of the subtitle "1.6.2.20.30-0 Indirect Export" must be updated daily by the variation in the exchange rate of the United States dollar and other charges.

Art. 3 Regardless of whether the promissory notes were issued and accepted in United States dollars or in reais:

I - the bank must, on the day it receives them, register in SISBACEN, transaction PCAM660, per promissory note, the data required by the system;

II - the registration in SISBACEN will receive a sequential number, renewable annually, and will impact the bank's exchange position by the equivalent in United States dollars to the value of the financing to be credited to the current account of the issuer of the promissory note (indirect exporter);

III - each promissory note must be annotated with the registration number to which it refers and the number of days of the financing;

IV - the financing will have a maximum term of 180 (one hundred and eighty) days, limited to the maturity date of the promissory note backing it;

V - the credit to the current account of the indirect exporter must be made in a single instance, within 2 (two) business days counted from the date of the registration referred to in item I of this article;

VI - the same promissory note may be used more than once as collateral for financing, provided that:

a) the previous financing was granted for a term of less than 180 (one hundred and eighty) days and has been settled;

b) the new financing is limited to the remaining term to complete the 180 (one hundred and eighty) days;

VII - the leveling of the exchange position will occur through exchange operations sold to clients or in the interbank market, including cancellations and write-offs of exchange purchase operations;

VIII - the total cost of the financing must be represented by a single fixed remunerative rate that encompasses all burdens of the operation, including, in financings backed by promissory notes in reais, those related to exchange variation and the "hedge" transaction indicated in the following item;

IX - in financings backed by promissory notes in reais, the bank must, obligatorily, carry out a "hedge" operation to protect itself against the effects of exchange variation, which, when fixed, composes the remunerative rate referred to in the previous item.

Art. 4 Regarding the settlement of the operation, the following must be observed:

I - if the indirect exporter settles the financing by the maturity date of the promissory note or if the final exporter settles the promissory note by the maturity date of the financing granted to the indirect exporter, the bank must write off the financing operation in SISBACEN, transaction PCAM660, making the appropriate accounting records;

II - if the financing granted to the indirect exporter is not settled by its maturity date, the bank must write off:

a) the registration made in SISBACEN, transaction PCAM660; and

b) the respective value registered in the EXPORT FINANCING account, subtitle "Indirect Export", by debiting the appropriate account representing financing in arrears or credits in liquidation, observed the 30 (thirty) day period provided for in Art. 1, item II, of Resolution No. 1,748, of August 30, 1990.

Art. 5 The subtitle "1.6.2.20.30-0 Indirect Export" of the EXPORT FINANCING account is included in Art. 1 of Circular No. 2,751, of April 9, 1997, and in the map attached to said Circular.

Art. 6 This Circular enters into force on the date of its publication.

Brasília, November 12, 1997

Demosthenes Madureira de Pinho Neto Sérgio Darcy da Silva Alves Director Director