BCB Resolution No. 76 — Governs the instruments of action of the Central Bank of Brazil in the Brazilian foreign exchange market for the implementation of exchange rate policy

BCB RESOLUTION NO. 76, OF FEBRUARY 23, 2021

Governs the instruments of action of the Central Bank of Brazil in the Brazilian foreign exchange market for the implementation of exchange rate policy.

The Collegiate Board of the Central Bank of Brazil, in a session held on February 23, 2021, based on art. 11, item III, of Law No. 4.595, of December 31, 1964, and having in view the provisions of Resolution No. 2.939, of March 26, 2002,

R E S O L V E:

Art. 1º This Resolution governs the instruments of action of the Central Bank of Brazil in the Brazilian foreign exchange market for the implementation of exchange rate policy.

Sole Paragraph. The operations referred to in this Resolution aim to preserve the regular functioning of the foreign exchange market within the scope of the Central Bank of Brazil's exchange rate policy.

Art. 2º The Central Bank of Brazil may carry out the following operations in the Brazilian foreign exchange market:

I - definitive purchase or sale of foreign currency in the spot market;

II - definitive purchase or sale of foreign currency in the market with settlement on a future date;

III - definitive purchase or sale of foreign currency in the forward market;

IV - purchase of foreign currency with a commitment to resell, jointly with a repurchase commitment assumed by the counterparty, for settlement on a predetermined date, within a period of up to 360 (three hundred and sixty) days;

V - sale of foreign currency with a commitment to repurchase, jointly with a resale commitment assumed by the counterparty, for settlement on a predetermined date, within a period of up to 360 (three hundred and sixty) days; and

VI - swap referenced in interest rates and exchange variation, in accordance with Resolution No. 2.939, of March 26, 2002.

§ 1º The terms of the committed operations referred to in items IV and V of the caput correspond to the period comprised between the settlement date of the purchase or sale operation, inclusive, and the respective settlement date of the resale or repurchase commitment, exclusive.

§ 2º The Central Bank of Brazil may carry out the operations indicated in the caput individually or combined.

§ 3º The swap operations referred to in item VI of the caput are those carried out for settlement on a future date that imply the exchange of financial results arising from the application, on asset and liability values, of reference variables related to interest rates and exchange variation.

Art. 3º The operations referred to in this Resolution shall be contracted only with foreign exchange dealers accredited by the Central Bank of Brazil.

Sole Paragraph. The provision in the caput does not apply to the operations referred to in item VI of the caput of Art. 2º, which shall be contracted through financial institutions authorized to operate by the Central Bank of Brazil.

Art. 4º The operations referred to in this Resolution may be carried out through the following procedures:

I - public offer via computerized system – electronic auction;

II - telephone auction system;

III - direct contracting with accredited foreign exchange dealers; or

IV - negotiation via electronic platform.

Sole Paragraph. In the impossibility of acting through the procedures referred to in the caput, at the discretion of the Central Bank of Brazil, other procedures may be used, such as electronic mail (e-mail).

Art. 5º The settlement of the operations referred to in this Resolution shall be effected:

I - in the case of the operations referred to in items I to V of the caput of Art. 2º, regarding transfers in Real, in the Reserve Transfer System (STR);

II - in the case of the operations referred to in items I to V of the caput of Art. 2º, regarding transfers in foreign currency, through correspondent banks indicated by the parties;

III - in the case of the operations referred to in item VI of the caput of Art. 2º, in the manner indicated by the system or entity where the operation is registered, as provided in the contract cited in item I of § 4º of Art. 8º.

Sole Paragraph. The delivery of assets sold and the payment of assets purchased are conditioned upon receipt of proof of credit in favor of the Central Bank of Brazil of the corresponding counterpart of the operation performed and compliance with previously negotiated settlements.

Art. 6º In the operations referred to in items I to V of the caput of Art. 2º, the counterparty shall pay compensatory value to the Central Bank of Brazil if it delays or fails to fulfill the settlement of any part or event of the operations.

§ 1º The calculation of the compensatory value must contemplate the period during which the default persists, counting the day of its occurrence and excluding the day of its regularization or early termination of the operation.

§ 2º In the case of the operations referred to in items I to III of the caput of Art. 2º, the compensatory value shall be calculated based on the foreign exchange coupon until the date of its effective regularization or early termination.

§ 3º In the case of the operations referred to in items IV and V of the caput of Art. 2º, the compensatory value shall be calculated based on the interest rate agreed upon at the time of contracting the operation and shall be applied until the date of effective regularization or early termination.

§ 4º From the moment of the occurrence of the settlement failure until its effective regularization or early termination, no payment of the interest rate agreed upon in the operation is due by the Central Bank of Brazil.

§ 5º The Department of International Reserves (Depin) shall act as a calculation agent for the determination of the compensatory value referred to in the caput.

Art. 7º The operations referred to in this Resolution may, at the discretion of the Central Bank of Brazil, be terminated early.

Sole Paragraph. The Central Bank of Brazil will notify the counterparty, by e-mail, of the early termination of the operations.

Art. 8º The operations referred to in this Resolution shall be published through a communication, detailing the criteria and conditions applicable to their execution, including, when applicable:

I - the type of operation;

II - the day and time for submission of proposals and settlement of operations;

III - the limit on the number of proposals per institution;

IV - operational procedures for carrying out the operation;

V - the rate and term of the operation; and

VI - criteria for selecting proposals.

§ 1º Submission of a proposal within the scope of a public offer published through the communication referred to in the caput implies acceptance and agreement by the proposer with all provisions contained in this Resolution and its regulation, including the criteria and conditions fixed in the respective communication, and shall be considered unconditional and irrevocable.

§ 2º The Central Bank of Brazil may reject proposals received in full or in part within the scope of a public offer published through the communication referred to in the caput.

§ 3º For the purpose of publishing operations, the communication shall be issued by:

I - Depin, in operations provided for in items I to V of the caput of Art. 2º;

II - Open Market Operations Department (Demab), in operations provided for in item VI of the caput of Art. 2º.

§ 3º (Revoked, as of 5/30/2025, by BCB Resolution No. 473, of 5/20/2025.)

§ 4º The operations referred to in item VI of the caput of Art. 2º shall be:

I - carried out through adherence to a standardized swap contract referenced in interest rates and exchange variation; and

II - registered in a system administered by commodity and futures exchanges or by entities duly authorized by the Central Bank of Brazil or by the Securities and Exchange Commission, in their respective areas of competence, to practice such activity.

Art. 9º In the event of an economic-financial scenario that leads to the need to adopt an exceptional exchange rate policy guideline, it shall be the responsibility of the Collegiate Board of the Central Bank of Brazil to decide on the realization of operations with characteristics, conditions, and terms distinct from those indicated in this Resolution.

Art. 10. Any disputes relating to operations entered into based on this Resolution, arising between the Central Bank of Brazil and its counterparties, shall be resolved by the Judicial Section of the Federal District, which shall be defined as the forum of election.

Art. 11. Depin and Demab are authorized, within their respective areas of competence, to issue complementary norms and adopt measures deemed necessary for the execution of the provisions of this Resolution.

Art. 11. Depin is authorized to issue complementary norms and adopt measures deemed necessary for the execution of the provisions of this Resolution. (Wording given, as of 5/30/2025, by BCB Resolution No. 473, of 5/20/2025.)

Art. 12. The following are revoked:

I - Circular No. 2.884, of May 6, 1999;

II - Circular No. 3.083, of January 30, 2002;

III - Circular No. 3.099, of March 26, 2002;

IV - Circular No. 3.990, of March 18, 2020; and

V - Circular No. 3.992, of March 19, 2020.

Art. 13. This Resolution enters into force on the date of its publication.

Bruno Serra Fernandes

Monetary Policy Director