Resolution CMN No. 4827 - Defines the Agricultural Credit Interest Rates (TCR) to be applied to operations contracted from July 1, 2020

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4.595 of December 31, 1964, makes it public that the National Monetary Council, in an extraordinary session held on June 17, 2020, considering the provisions of Articles 4, item VI, of Law No. 4.595 of 1964, and Articles 4 and 14 of Law No. 4.829 of November 5, 1965,

R E S O L V E S:

Art. 1. Section 4 (Expenses) of Chapter 2 (Basic Conditions) of the Rural Credit Manual (MCR) shall enter into force with the following alterations:

“3 - Financial remunerations, from July 1, 2020, are as follows, according to the origin of the applied resources and the classifications provided in MCR 6-1:

a) Mandatory Resources (MCR 6-2), in working capital, marketing, and industrialization operations: effective fixed interest rate of up to 6.0% p.a. (six percent per annum);

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

c) rural savings resources (MCR 6-4), when subsidized by the Union in the form of financial charge equalization, for marketing operations, as described in MCR 3-4-11, working capital, and investment: effective fixed interest rate of up to 6.0% p.a. (six percent per annum);

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

Art. 2. Section 4-A (Methodology for calculating Agricultural Credit Interest Rates - TCR) of Chapter 2 (Basic Conditions) of the MCR shall enter into force with the following alterations:

“19 - ..........................................................

a) effective interest rate of 2.75% p.a.: -0.3770178; b) effective interest rate of 4.0% p.a.: 0.0437610; c) effective interest rate of 4.5% p.a.: 0.2120725; d) effective interest rate of 5.0% p.a.: 0.3803840; e) effective interest rate of 6.0% p.a.: 0.7170071; f) effective interest rate of 7.0% p.a.: 1.0536301; g) effective interest rate of 7.5% p.a.: 1.2219416.” (NR)

Art. 3. Section 5 (Financing for Price Protection in Operations in the Futures and Options Market) of Chapter 4 (Special Purposes) of the MCR shall enter into force with the following alteration:

“1 - ...........................................................

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

g) financial charges in operations contracted from July 1, 2020: effective fixed interest rate of up to 6.0% p.a. (six percent per annum);

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

Art. 4. Section 1 (Pronamp) of Chapter 8 (National Program for Support to Medium Rural Producers - Pronamp) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020:

I - working capital: effective fixed interest rate of up to 5.0% p.a. (five percent per annum); and

II - investment: effective fixed interest rate of up to 6.0% p.a. (six percent per annum); or post-fixed rate, composed of a fixed part of up to 2.05% p.a. (two and five hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 5. Section 1 (General Provisions) of Chapter 9 (Coffee Economy Defense Fund - Funcafé) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

c) financial charges in operations contracted from July 1, 2020:

I - effective fixed interest rate of up to 6.0% p.a. (six percent per annum);

II - effective fixed interest rate of up to 7.5% p.a. (seven and five tenths percent per annum), for the operations described in MCR 9-6 and for the operations described in MCR 9-4, whereby, in financing under the Coffee Acquisition Financing (FAC) for coffee grower cooperatives that carry out processing, roasting, or coffee export activities, the interest rates provided in item I apply;

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

e) ............................................................

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

II - once released to the final beneficiaries of the credit lines: remuneration of 3.0% p.a. (three percent per annum) calculated on the nominal value of the operation;

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

Art. 6. Section 4 (Working Capital Credits) of Chapter 10 (National Program for Strengthening Family Agriculture - Pronaf) of the MCR shall enter into force with the following alterations:

“2 - From July 1, 2020, the sum of rural working capital credits contracted under Pronaf is limited to R$250,000.00 (two hundred and fifty thousand reais) per borrower and per agricultural year, throughout the National Rural Credit System (SNCR), subject to the following conditions:

a) effective fixed interest rate of up to 2.75% p.a. (two and seventy-five hundredths percent per annum): for operations destined for the cultivation of rice, beans, cassava, cowpea, wheat, peanuts, garlic, tomato, onion, yam, jicama, sweet potato, Irish potato, pineapple, banana, açaí, pupunha, cocoa, baru, cashew nut, orange, tangerine, vegetables, yerba mate, medicinal, aromatic, and condiment herbs; of other products inserted in agroecological-based production systems or in transition to agroecological-based systems; of corn, whose operations summed reach a value of up to R$20,000.00 (twenty thousand reais) per borrower in each agricultural year; for livestock working capital of beekeeping, dairy cattle, pisciculture, sheep farming, and goat farming activities and ecologically sustainable extractive exploration;

b) effective fixed interest rate of up to 4.0% p.a. (four percent per annum): for the acquisition of animals destined for rearing and fattening, for operations destined for corn cultivation that, summed, exceed the value of R$20,000.00 (twenty thousand reais), per borrower in each agricultural year, and other crops and breeding;

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

Art. 7. Section 5 (Investment Credits - Pronaf More Food) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alterations:

“5 - ...........................................................

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

c) financial charges in operations contracted from July 1, 2020, for the following enterprises and purposes: effective fixed interest rate of up to 2.75% p.a. (two and seventy-five hundredths percent per annum) or post-fixed rate composed of a fixed part of up to -1.08% p.a. (one and eight hundredths percent per annum negative), plus the Monetary Adjustment Factor (FAM):

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

d) financial charges in operations contracted from July 1, 2020, for other enterprises and purposes: effective fixed interest rate of up to 4.0% p.a. (four percent per annum) or post-fixed rate composed of a fixed part of up to 0.13% p.a. (thirteen hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 8. Section 6 (Investment Credit for Income Aggregation - Pronaf Agroindustry) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alteration:

“4 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020, respecting the limit of R$45,000.00 (forty-five thousand reais) per associate: effective fixed interest rate of up to 4.0% p.a. (four percent per annum) or post-fixed rate composed of a fixed part of up to 0.13% p.a. (thirteen hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 9. Section 7 (Investment Credit for Agroforestry Systems - Pronaf Forest) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alteration:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020: effective fixed interest rate of up to 2.75% p.a. (two and seventy-five hundredths percent per annum) or post-fixed rate composed of a fixed part of up to -1.08% p.a. (one and eight hundredths percent per annum negative), plus the Monetary Adjustment Factor (FAM);

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

Art. 10. Section 8 (Investment Credit for Coexistence with the Semi-Arid Region - Pronaf Semi-Arid) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alteration:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020: effective fixed interest rate of up to 2.75% p.a. (two and seventy-five hundredths percent per annum) or post-fixed rate composed of a fixed part of up to -1.08% p.a. (one and eight hundredths percent per annum negative), plus the Monetary Adjustment Factor (FAM);

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

Art. 11. Section 10 (Investment Credit for Youth - Pronaf Youth) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alteration:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020: effective fixed interest rate of up to 2.75% p.a. (two and seventy-five hundredths percent per annum) or post-fixed rate composed of a fixed part of up to -1.08% p.a. (one and eight hundredths percent per annum negative), plus the Monetary Adjustment Factor (FAM);

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

Art. 12. Section 11 (Industrialization Credit for Family Agroindustry - Pronaf Family Agroindustry Industrialization) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alteration:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020: effective fixed interest rate: up to 4.0% p.a. (four percent per annum);

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

Art. 13. Section 12 (Credit for Capitalization of Shares by Pronaf Cooperated Beneficiaries - Pronaf Shares) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alteration:

“1 - ...........................................................

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

e) financial charges in operations contracted from July 1, 2020: effective fixed interest rate of up to 4.0% p.a. (four percent per annum);

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

Art. 14. Section 14 (Investment Credit for Agroecology (Pronaf Agroecology) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alteration:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020: effective fixed interest rate of up to 2.75% p.a. (two and seventy-five hundredths percent per annum) or post-fixed rate composed of a fixed part of up to -1.08% p.a. (one and eight hundredths percent per annum negative), plus the Monetary Adjustment Factor (FAM);

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

Art. 15. Section 16 (Investment Credit in Extractive Exploitation Systems, Sociobiodiversity Products, Renewable Energy and Environmental Sustainability - Pronaf Bioeconomy) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

d) .............................................................

I - for operations destined to finance one or more purposes listed in items I to VI of item “b”: effective fixed interest rate of up to 2.75% p.a. (two and seventy-five hundredths percent per annum) or post-fixed rate composed of a fixed part of up to -1.08% p.a. (one and eight hundredths percent per annum negative), plus the Monetary Adjustment Factor (FAM);

II - for operations destined to finance the purpose listed in item VII of item “b”: effective fixed interest rate of up to 4.0% p.a. (four percent per annum) or post-fixed rate composed of a fixed part of up to 0.13% p.a. (thirteen hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 16. Section 20 (Guided Productive Investment Credit - Pronaf Guided Productive) of Chapter 10 (Pronaf) of the MCR shall enter into force with the following alteration:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020: effective fixed rate of up to 2.75% p.a. (two and seventy-five hundredths percent per annum) or post-fixed rate composed of a fixed part of up to -1.08% p.a. (one and eight hundredths percent per annum negative), plus the Monetary Adjustment Factor (FAM);

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

Art. 17. Section 2 (Program for Capitalization of Agricultural Cooperatives - Procap-Agro) of Chapter 13 (Programs with BNDES Resources) of the MCR shall enter into force with the following alterations:

“2 - ...........................................................

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

e) financial charges in operations contracted from July 1, 2020:

I - effective fixed interest rate: up to 7.0% p.a. (seven percent per annum); or

II - post-fixed rate: composed of a fixed part of up to 3.01% p.a. (three and one hundredth percent per annum), plus the Monetary Adjustment Factor (FAM);

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

“3 - ...........................................................

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

f) financial charges in operations contracted from July 1, 2020:

I - effective fixed interest rate: up to 7.0% p.a. (seven percent per annum); or

II - post-fixed rate: composed of a fixed part of up to 3.01% p.a. (three and one hundredth percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 18. Section 3 (Program for Incentive to Irrigation and Production in Protected Environment - Moderinfra) of Chapter 13 (Programs with BNDES Resources) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020:

I - effective fixed interest rate: up to 6.0% p.a. (six percent per annum); or

II - post-fixed rate: composed of a fixed part of up to 2.05% p.a. (two and five hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 19. Section 4 (Program for Modernization of Agriculture and Conservation of Natural Resources - Moderagro) of Chapter 13 (Programs with BNDES Resources) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

f) financial charges in operations contracted from July 1, 2020:

I - effective fixed interest rate: up to 6.0% p.a. (six percent per annum); or

II - post-fixed rate: composed of a fixed part of up to 2.05% p.a. (two and five hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 20. Section 5 (Program for Modernization of Agricultural Tractor Fleet and Associated Implements and Combines - Moderfrota) of Chapter 13 (Programs with BNDES Resources) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

d) financial charges in operations contracted from July 1, 2020: effective fixed interest rate of up to 7.5% p.a. (seven and five tenths percent per annum); or post-fixed rate composed of a fixed part of up to 3.49% p.a. (three and forty-nine hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 21. Section 6 (Program for Cooperative Development for Value Aggregation to Agribusiness Production - Prodecoop) of Chapter 13 (Programs with BNDES Resources) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

f) financial charges in operations contracted from July 1, 2020:

I - effective fixed interest rate: up to 7.0% p.a. (seven percent per annum); or

II - post-fixed rate: composed of a fixed part of up to 3.01% p.a. (three and one hundredth percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 22. Section 7 (Program for Reduction of Greenhouse Gas Emissions in Agriculture - ABC Program) of Chapter 13 (Programs with BNDES Resources) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

g) financial charges in operations contracted from July 1, 2020:

I - for the purposes provided for in item VI of item “c”: effective fixed interest rate of up to 4.5% p.a. (four and five tenths percent per annum); or post-fixed rate composed of a fixed part of up to 0.61% p.a. (sixty-one hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

II - for other purposes: effective fixed interest rate of up to 6.0% p.a. (six percent per annum); or post-fixed rate composed of a fixed part of up to 2.05% p.a. (two and five hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 23. Section 9 (Program for Incentive to Technological Innovation in Agribusiness Production - Inovagro) of Chapter 13 (Programs with BNDES Resources) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

e) financial charges in operations contracted from July 1, 2020:

I - effective fixed interest rate: up to 6.0% p.a. (six percent per annum); or

II - post-fixed rate: composed of a fixed part of up to 2.05% p.a. (two and five hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 24. Section 10 (Program for Construction and Expansion of Warehouses - PCA) of Chapter 13 (Programs with BNDES Resources) of the MCR shall enter into force with the following alterations:

“1 - ...........................................................

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

e) financial charges in operations contracted from July 1, 2020:

I - for investments related to grain storage in units with capacity up to 6,000 tons: effective fixed interest rate of up to 5.0% p.a. (five percent per annum); or post-fixed rate composed of a fixed part of up to 1.09% p.a. (one and nine hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

II - for other investments: effective fixed interest rate of up to 6.0% p.a. (six percent per annum); or post-fixed rate composed of a fixed part of up to 2.05% p.a. (two and five hundredths percent per annum), plus the Monetary Adjustment Factor (FAM);

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

Art. 25. The following are revoked:

I - items “h” and “i” of item 19 of Section 4-A of Chapter 2 of the MCR;

II - items I and II of item “d” of item 1 of Section 5 of Chapter 13 of the MCR.

Art. 26. This Resolution enters into force on July 1, 2020.

Roberto de Oliveira Campos Neto President of the Central Bank of Brazil