Circular No. 2245 — Sets New Date for Exemption from Compulsory Reserve/Required Deposit Requirements on Demand Funds

CIRCULAR NO. 002245

TO
MULTIPLE BANKS WITH COMMERCIAL PORTFOLIOS, COMMERCIAL BANKS, AND SAVINGS BANKS

SETS NEW DATE FOR PURPOSES OF EXEMPTION FROM THE ACCOUNTING SUBSECTION OF THE MANDATORY DEPOSIT/REQUIRED RESERVE OBLIGATION ON DEMAND FUNDS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 28.10.92, HAVING REGARD TO THE PROVISIONS OF ART. 10, ITEMS III AND IV, OF LAW NO. 4.595, OF 31.12.64, WITH THE WORDING GIVEN TO IT BY ARTS. 19 AND 20 OF LAW NO. 7.730, OF 31.01.89, AND IN RESOLUTION NO. 1.857, OF 15.08.91, DECIDED:

ART. 1. THE EXEMPTION FROM MANDATORY DEPOSIT/REQUIRED RESERVE REFERRED TO IN ARTICLE 2 OF CIRCULAR NO. 2,225, OF 09.09.92, SHALL ONLY BE EFFECTIVE FROM 04.01.93, IN VIEW OF THE PROVISIONS CONTAINED IN ORDINANCE NO. 680, OF 27.10.92, OF THE MINISTRY OF FINANCE.

ART. 2. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

ART. 3. REVOKE CIRCULAR NO. 2,236, OF 30.09.92.

BRASÍLIA (DF), OCTOBER 29, 1992

PEDRO LUIZ BODIN DE MORAES GUSTAVO JORGE LABOISSIÈRE LOYOLA DIRECTOR DIRECTOR