Central Bank Resolution CMN No. 5324: Financial Charges and Credit Limits for Rural Credit Lines

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on June 30, 2026, considering the provisions of Article 4, caput, item VI, of Law No. 4,595 of December 31, 1964, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, Article 4, sole paragraph, of Decree No. 94,874 of September 15, 1987, Article 6 of Law No. 10,186 of February 12, 2001, and Article 3, §§ 3 and 4, of Law No. 11,326 of July 24, 2006,

RESOLVES:

Art. 1. Section 4 (Methodology for calculating Rural Credit Interest Rates – TCR) of Chapter 2 (Basic Conditions) of the Rural Credit Manual – MCR shall enter into force with the following alterations:

“18 - .......................................................

Effective interest rate

(per annum)

Program Factor

1.5%
2.0%
5.0%
7.5%
8.0%
8.5%
9.0%
9.5%
11.5%
12.0%
12.5%

-0.4904876
-0.4291767
-0.0613110
0.2452438
0.3065548
0.3678657
0.4291767
0.4904876
0.7357314
0.7970424
0.8583533

” (NR)

Art. 2. Section 1 (Financing without Linkage to a Specific Program) of Chapter 7 (Financial Charges and Credit Limits) of the MCR shall enter into force with the following alterations:

“Table 1: Financial Charges for Financing without Linkage to a Specific Program

Purpose / Beneficiary

Effective interest rate up to
(% p.a.)

Additional Conditions

Prefix

Post-fixed (1)

1.1 - Working Capital Credits (MCR 3-2), Investment Credits (MCR 3-3), Marketing Credits (MCR 3-4), Industrialization Credits (MCR 3-5)

1 - Working Capital Credits (MCR 3-2), Marketing Credits (MCR 3-4), including when supported by the Special Financing for Storage of Agricultural Products – FEE (MCR 3-4-11), and Industrialization Credits (MCR 3-5), with Mandatory Resources (MCR 6-2) or when subsidized by the Union in the form of financial charge equalization.

12.5%
-

a) the provisions of MCR 3-2-6-A apply to working capital credits contracted with Mandatory Resources (MCR 6-2) or when subsidized by the Union in the form of financial charge equalization.

2 - Investment Credits (MCR 3-3), when subsidized by the Union in the form of financial charge equalization – business investment.

11.5%
5.69% + FAM

a) the post-fixed interest rate does not apply to financing with Rural Savings resources (MCR 6-4).

3 - Rural investment credit under conditions applicable to the Agro-Industrial Investment Programs – InvestAgro (MCR 11), for all beneficiaries, in operations subsidized by the Union in the form of financial charge equalization.

current financial charges for the Agro-Industrial Investment Programs – InvestAgro (MCR 7-7)

current financial charges for the Agro-Industrial Investment Programs – InvestAgro (MCR 7-7)

-

4 - All purposes, in rural credit operations with uncontrolled resources.

-

a) financial charges freely agreed upon between the parties, observing that, in the case of Rural Savings resources, the following shall be taken as a basis:

I - the basic remuneration applicable to savings deposits with an anniversary date on the day of signing the respective contract, plus an effective interest rate; or

II - fixed effective interest rate.

(1) Post-fixed interest rate composed of a fixed part plus the Monetary Update Factor – FAM.” (NR)

“Table 2: Credit Limits for Financing without Linkage to a Specific Program

Purpose / Beneficiary

Value

Additional Conditions

2.1 - Working Capital Credits (MCR 3-2)

1 - All beneficiaries.

R$3,000,000.00

a) limit with controlled resources, per beneficiary, in each agricultural year and throughout the National Rural Credit System – SNCR;

b) rural working capital credits granted with the following resources are not included in the calculation of the limit referred to in item 'a':

I - from regional financing constitutional funds;

II - raised through the issuance of Agribusiness Credit Note (MCR 6-7).

2 - Poultry farming, swine farming, aquaculture, and fish farming explored under an integration regime: exclusively with Mandatory Resources (MCR 6-2).

R$400,000,000.00

a) credit limit per integrator that is not classified as an agro-industrial production cooperative, per agricultural year and throughout the SNCR;

b) the credit limit of R$240,000.00 per integrated rural producer must be observed, per agricultural year, per activity, and throughout the SNCR;

c) the amount contracted in the form of item 'b' impacts the limit referred to in item 1 and the credit limit of the National Program for Supporting the Medium Rural Producer – Pronamp (MCR 7-4).

2.2 - Investment Credits (MCR 3-3)

1 - All beneficiaries, in operations with Mandatory Resources (MCR 6-2).

-

a) the use of Mandatory Resources for contracting investment operations is prohibited, except as provided in specific regulations.

2 - All beneficiaries for rural investment credit under conditions applicable to the Agro-Industrial Investment Programs – InvestAgro (MCR 11) in operations subsidized by the Union in the form of financial charge equalization.

the current limits for the Agro-Industrial Investment Programs – InvestAgro (MCR 7-7)

-

3 - All beneficiaries, in operations with resources subsidized by the Union in the form of financial charge equalization.

R$1,500,000.00

a) limit per beneficiary and per agricultural year.

2.3 - Marketing Credits (MCR 3-4)

1 - Special Financing for Storage of Agricultural Products – FEE and for discounting Rural Promissory Note – DR and Rural Promissory Note – NPR with Controlled Resources (MCR 6-1).

R$4,500,000.00

a) credit limit per borrower, cumulatively, in each agricultural year and throughout the SNCR, excluding marketing credits granted with resources from regional financing constitutional funds;

b) the beneficiary may contract FEE for more than one product, provided that the limit per producer for each agricultural year is respected.

2 - FEE intended for seeds with Controlled Resources.

R$25,000,000.00

a) limit per beneficiary, per agricultural year, and throughout the SNCR;

b) the financing amount cannot exceed 80% (eighty percent) of the quantity identified in the conformity term or seed certificate.

3 - Financing for processing and distribution of corn seeds, inspected or certified for seed producers (individuals and legal entities), according to MCR 4-2-11, with Controlled Resources.

R$6,000,000.00

a) limit per beneficiary and agricultural year.

4 - Financing for Price Guarantee to the Producer – FGPP.

none

a) the use of Mandatory Resources for contracting FGPP operations is prohibited, except when provided in specific regulations of this Manual.

5 - Financing for Price Protection in Futures and Options Market Operations with Controlled Resources (MCR 6-1):

I - rural producer;

R$100,000.00

a) 100% (one hundred percent) of the value required in national commodities and futures exchanges, for the margin/daily adjustments account of the futures market, as well as for the value of premiums in the options or over-the-counter market;

b) respecting the maximum product quantities provided in MCR 4-5-1-“c”;

c) regardless of other limits established for marketing credits.

II - agro-industrial production cooperative.

R$40,000.00 multiplied by the number of active members

2.4 - Industrialization Credits (MCR 3-5)

1 - Rural producer for industrialization of agricultural products on their rural property.

R$1,500,000.00

a) at least 50% (fifty percent) of the production to be processed or processed must be from the rural producer's own production, from the production cooperative, or from members;

b) limit per beneficiary, per agricultural year, and throughout the SNCR, excluding industrialization credits granted with resources from regional financing constitutional funds;

c) according to Table 2: Limits for Credits to Agro-Industrial Production Cooperatives of the Section Credits to Agro-Industrial Production Cooperatives (MCR 7-3).

2 - Agro-industrial production cooperatives.

R$400,000,000.00

” (NR)

Art. 3. Section 3 (Credits to Agro-Industrial Production Cooperatives) of Chapter 7 (Financial Charges and Credit Limits) of the MCR shall enter into force with the following alterations:

“Table 1: Financial Charges for Credits to Agro-Industrial Production Cooperatives (MCR 5)

Purpose / Beneficiary

Effective interest rate up to (% p.a.)

1.1 - General Credit and Marketing (MCR 5-1)

12.5%

1.2 - Service to Members (MCR 5-2)

12.5%

1.3 - Capitalization of Partnership Shares (MCR 5-3)

12.5%

1.4 - Industrialization (MCR 5-5)

12.5%

” (NR)

” (NR)

“Table 2: Limits for Credits to Agro-Industrial Production Cooperatives (MCR 5)

Purpose / Beneficiary

Value

Additional Conditions

2.1 - General Provisions (MCR 5-1)

1 - General with Controlled Resources (MCR 6-1).

R$800,000,000.00

a) the credit limits granted to the same agro-industrial production cooperative under the Chapter Credits to Agro-Industrial Production Cooperatives, unless otherwise specifically defined, refer to the sum of all financing with Controlled Resources, throughout the National Rural Credit System – SNCR, per agricultural year;

b) financing granted with the following resources are not counted for this limit:

I - from the National Bank for Economic and Social Development – BNDES;

II - from regional financing constitutional funds; and

III - from the Coffee Economy Defense Fund – Funcafé.

2 - Marketing (MCR 5-1-2-“b”-III): Rural Promissory Note – DR, Rural Promissory Note – NPR, Financing for Price Guarantee to the Producer – FGPP, and Financing for Coffee Acquisition – FAC.

R$40,000,000.00

a) this limit considers the sum of the value of credits taken for the purposes of this item;

b) in granting credits in the FGPP and FAC modalities, the following limits must also be observed:

I - 50% (fifty percent) of the annual capacity of the cooperative's processing or industrialization unit;

II - acquisition limit per producer established in the general regulations regarding these financings.

3 - Marketing (MCR 5-1-2-“b”-III): Futures and Options Market Operations.

R$40,000.00 multiplied by the number of active members

a) 100% (one hundred percent) of the value required in national commodities and futures exchanges, for the margin/daily adjustments account of the futures market, as well as for the value of premiums in the options or Over-the-Counter Market;

b) respecting the maximum product quantities provided in MCR 4-5-1-“c”.

2.2 - Service to Members (MCR 5-2)

1 - Marketing credit: advances to members for products delivered to the cooperative for sale.

R$550,000.00

a) must comply with the inflow flow of products into the cooperative, according to the cycle of members' activities;

b) limit per member, in the agricultural year and throughout the SNCR.

2 - Working capital credit for acquiring inputs for supply to members, for poultry farming, swine farming, aquaculture, and fish farming activities under an integration regime.

R$550,000.00

a) limit per member, in the agricultural year and throughout the SNCR.

3 - Working capital credit for acquiring inputs for supply to members, for other activities.

R$550,000.00

4 - Investment credit for acquiring goods for supply to members, for use in agro-industrial production activities, such as machinery, implements, agricultural utensils, animals, and inputs intended for intensive soil correction and other goods eligible for investment credit.

R$50,000.00

a) limit per member, in the agricultural year and throughout the SNCR.

5 - Investment credit for acquiring goods for providing services exclusively in rural operations, such as machinery, implements, agricultural utensils, and pure or high-lineage male breeders and other goods eligible for investment credit.

R$40,000,000.00

a) limit per agricultural year, respecting the ceiling of R$20,000.00 per active member.

2.3 - Capitalization of Partnership Shares (MCR 5-3)

R$800,000,000.00

a) respecting the general limit provided in item 1 of the General Provisions of this table.

2.4 - Industrialization (MCR 5-5)

R$400,000,000.00

a) per agricultural year and throughout the SNCR;

b) respecting the general limit provided in item 1 of the General Provisions of this table.

” (NR)

Art. 4. Section 4 (National Program for Supporting the Medium Rural Producer – Pronamp) of Chapter 7 (Financial Charges and Credit Limits) of the MCR shall enter into force with the following alterations:

“Table 1: Financial Charges for Financing of the National Program for Supporting the Medium Rural Producer – Pronamp (MCR 8)

Purpose / Beneficiary

Effective interest rate up to (% p.a.)

Prefix

Post-fixed

1.1 - Working Capital and Marketing Credit (MCR 8-1-1)

1 - All beneficiaries of this Program.

9.0%

a) the provisions of MCR 3-2-6-A apply to working capital credits contracted with Mandatory Resources (MCR 6-2) or when subsidized by the Union in the form of financial charge equalization.

1.2 - Investment Credit (MCR 8-1-1)

1 - All beneficiaries of this Program.

9.0%

3.34% p.a. + FAM

” (NR)

“Table 2 - Credit Limits for Financing of the National Program for Supporting the Medium Rural Producer – Pronamp

Beneficiary / Purpose

Value per beneficiary, in each agricultural year and throughout the National Rural Credit System – SNCR

Additional Conditions

2.1 - Working Capital and Marketing Credit (MCR 8-1-1)

1 - Working Capital: all beneficiaries of this Program.

R$1,500,000.00

a) the financial institution may grant working capital credits to Pronamp beneficiaries under other lines with controlled resources, observing the financial charges and other current conditions for the respective credit line, respecting the limit per beneficiary of R$1,500,000.00 with controlled resources in the SNCR.

2 - Marketing: all beneficiaries of this Program.

R$2,250,000.00

a) credit limit per borrower, cumulatively, in each agricultural year and throughout the SNCR, excluding marketing credits granted with resources from regional financing constitutional funds;

b) the beneficiary may contract credit for more than one product, provided that the limit per producer for each agricultural year is respected.

2.2 - Investment Credit (MCR 8-1-1)

1 - All beneficiaries of this Program.

R$600,000.00

a) per agricultural year;

b) investment credit for collective enterprise must observe the individual limit of each participant.

” (NR)

Art. 5. Section 5 (Coffee Economy Defense Fund – Funcafé) of Chapter 7 (Financial Charges and Credit Limits) of the MCR shall enter into force with the following alterations:

“Table 1: Financial Charges for Financing with Resources from the Coffee Economy Defense Fund – Funcafé

Beneficiary / Purpose

Effective fixed interest rate up to (% p.a.)

1.1 - Working Capital Credit (MCR 9-2)

1 - Coffee grower and agro-industrial production cooperative.

11.5%

1.2 - Marketing Credit (MCR 9-3)

1 - Coffee grower and agro-industrial production cooperative.

11.5%

1.3 - Financing for Coffee Acquisition – FAC (MCR 9-4)

1 - Coffee roasting industry, instant coffee industries, processors, and exporters.

13.0%

2 - Coffee grower cooperatives that carry out processing, roasting, or coffee export activities.

13.0%

1.4 - Credit for Options Contracts and Futures Market Operations (MCR 9-5)

1 - Coffee grower and agro-industrial production cooperative.

11.5%

1.5 - Credit for Working Capital for Instant Coffee and Coffee Roasting Industries and for Production Cooperative (MCR 9-6)

1 - Instant coffee industry, coffee roasting industry, and agro-industrial production cooperative.

13.0%

1.6 - Credit for Recovery of Damaged Coffee Groves (MCR 9-7)

1 - Coffee grower with minimum loss of 10% (ten percent) of the crop due to weather events.

11.5%

” (NR)

“Table 2: Credit Limits for Financing with Resources from the Coffee Economy Defense Fund – Funcafé

Purpose / Beneficiary

Value

per agricultural year

Additional Conditions

2.1 - Working Capital Credit (MCR 9-2)

1 - Coffee grower.

R$3,000,000.00

a) the limit considers all values taken for working capital with Controlled Resources (MCR 6-1) throughout the National Rural Credit System – SNCR;

b) respecting the individual limit of R$500,000.00 per active member of the production cooperative.

2 - Production cooperative.

R$50,000,000.00

2.2 - Marketing Credit (MCR 9-3)

1 - Coffee grower.

R$4,500,000.00

a) the limit considers, cumulatively, all values taken for marketing with Controlled Resources, in each harvest and throughout the SNCR;

b) in credit for production cooperative, the limit of R$4,500,000.00 per active member must be observed.

2 - Production cooperative.

50% (fifty percent) of the annual processing or industrialization capacity, per cooperative of rural producers that processes or industrializes the product

2.3 - Financing for Coffee Acquisition – FAC (MCR 9-4)

1 - Coffee roasting industry, instant coffee industries, processors, and exporters.

R$40,000,000.00

a) respecting the limit of 50% (fifty percent) of the annual processing or industrialization capacity;

b) observing the provisions of item 2 of the General Provisions of Table 2: Limits for Credits to Agro-Industrial Production Cooperatives (MCR 7-3).

2 - Coffee grower cooperatives that carry out processing, roasting, or coffee export activities.

2.4 - Credit for Options Contracts and Futures Market Operations (MCR 9-5)

1 - Coffee grower.

R$80,000.00

a) regardless of the limits of other financing lines with Funcafé resources or other sources of rural credit.

2 - Production cooperative.

R$40,000.00 per active member who deposited coffee production in the cooperative for price protection

2.5 - Credit for Working Capital for Instant Coffee and Coffee Roasting Industries and for Production Cooperative (MCR 9-6)

1 - Instant coffee industry.

R$40,000,000.00

-

2 - Coffee roasting industry.

R$5,000,000.00

-

3 - Production cooperative.

R$50,000,000.00

a) the financing must observe the limit of 25% (twenty-five percent) of the volume of coffees, per harvest, received until September 30 of each year, multiplied by the prevailing minimum price.

2.6 - Credit for Recovery of Damaged Coffee Groves (MCR 9-7)

1 - Coffee grower with minimum loss of 10% (ten percent) of the crop due to weather events:

a) the limit may consider the area of more than one property.

uprooting

R$750,000.00

a) limited to R$25,000.00 per hectare of coffee crop to be recovered.

b) decotting

R$300,000.00

a) limited to R$6,000.00 per hectare of coffee crop to be recovered.

c) skeletonization

R$750,000.00

a) limited to R$15,000.00 per hectare of coffee crop to be recovered.

d) coppicing

R$750,000.00

a) limited to R$18,000.00 per hectare of coffee crop to be recovered.

” (NR)

Art. 6. Section 6 (National Program for Strengthening Family Agriculture – Pronaf) of Chapter 7 (Financial Charges and Credit Limits) of the MCR shall enter into force with the following alterations:

“Table 1: Financial Charges for Financing under the National Program for Strengthening Family Agriculture – Pronaf

Purpose / Beneficiary

Effective interest rate up to
(% p.a.)

Compliance Bonus and Additional Conditions

Prefix

Post-fixed

1.1 - Credit for Beneficiaries of PNCF, PNRA, and PCRF and for Indigenous and Quilombola Communities (MCR 10-3)

1 - Working Capital Credit: beneficiaries classified in Group "A/C".

1.5%

-

-

2 - Investment Credit: beneficiaries classified in Group "A" whose financing project does not include remuneration for technical assistance.

0.5%

-

a) compliance bonus of 40% (forty percent) on each principal installment paid by its due date.

3 - Investment Credit: beneficiaries classified in Group "A" whose financing project includes remuneration for technical assistance.

0.5%

-

a) compliance bonus of 43.103% (forty-three and one hundred three thousandths percent) on each principal installment paid by its due date.

4 - Credit for agro-industrial production cooperatives of family agriculture defined in MCR 10-3-1-A.

3.0%

-

1.2 - Working Capital Credit (MCR 10-4)

1 - Sociobiodiversity products: abiu, blackberry, andiroba, araticum, araçá, araçá-boi, araçá-pera, aroeira-pimenteira, ariá, arumbeva, açaí extractive, babaçu, bacaba, bacupari, bacuri, baru, batata crem, beldroega, biribá, extractive rubber, buriti, butiá, extractive cocoa, cagaita, cajá, cashew, cerrado cashew, cambuci, cambui, camu-camu, Amazonian yam, spiny yam, carnaúba, Brazil nut/Brazil nut, cutia nut, chicken nut, Rio Grande cherry, chichá, caboclo chicory, sour coconut, copaíba, croá, cubiu, cupuaçu, yerba mate, physalis, mountain guava, guabiroba, guaraná, grumixama, gueroba, jaborandi, jabuticaba, jaracatiá, jambu, jatobá, jenipapo, juçara, licuri, macaúba, major-gomes, mandacaru, mangaba, mapati, mini-cucumber, murici, murumuru, ora-pro-nóbis, mangrove oyster, patauá, pajurá, pequi, peperomia, cerrado pear, piaçava, pine nut, managed pirarucu, pitanga, pupunha, puxuri, sapota, seven-capotes, sorva, taioba, taperebá, tucumã, umari, umbu, urucum, uvaia, uxi, and meliponiculture.

2 - Products inserted in agroecological base production systems or in transition to agroecological base systems, according to methodology defined in a ordinance of the Ministry of Agrarian Development and Family Agriculture – MDA.

3 - Organic production systems, according to Ordinance No. 52 of March 15, 2021, of the Ministry of Agriculture, Livestock and Supply – Mapa.

1.0%

4 - Cultivation of rice, beans, cowpea, cassava, wheat, peanut, garlic, tomato, onion, yam, yam, sweet potato, Irish potato, pineapple, banana, cultivated açaí, cultivated cocoa, orange, tangerine, vegetables, medicinal, aromatic, and condimental herbs.

5 - Cultivation of corn, whose operations summed reach a value of up to R$28,000.00 per borrower in each agricultural year.

6 - Livestock working capital for apiculture, dairy cattle farming, laying poultry farming, aquaculture, and fishing, sheep farming, and goat farming and ecologically sustainable extractive exploration.

2.0%

-

a) for collective operations, the effective interest rate will be determined by the individual value obtained by the proportionality criterion of participation.

7 - Operations intended for corn cultivation that, summed, exceed the value of R$28,000.00, per borrower in each agricultural year; and other crops and breeding not classified under the purposes stated in items 1 to 6 and item 8.

5.5%

-

8 - Soybean cultivation, cotton, beef cattle farming, including acquisition of animals intended for rearing and fattening.

7.5%

-

1.3 - Investment Credit – Pronaf More Food (MCR 10-5)

1 - Acquisition, installation, or expansion related to:

a) protected cultivation structures, including automation equipment for these crops;

b) silos, warehouses, and cold rooms intended for storing grains, fruits, tubers, bulbs, vegetables, and fibers;

c) milk cooling tanks and milking machines;

d) aquaculture and fishing;

e) semen and eggs for genetic improvement of dairy cattle, including respective artificial insemination services;

f) free-range laying poultry farming;

g) goat farming and sheep farming;

h) i