Circular No. 2270 — Exemption of Compulsory Deposit and Mandatory Reserve on Demand Resources — Change of Calculation Base — Proposal that Values Related to Pension Contributions Registered in Subtitle 4.9.1.35.10-L - Federal Be Exempt from the Obligation to Deposit

CIRCULAR NO. 002270

TO
MULTI-BANKS WITH COMMERCIAL PORTFOLIO, COMMERCIAL BANKS AND SAVINGS BANKS

EXEMPTS ACCOUNTING SUBTITLE FROM THE OBLIGATION TO MAKE COMPULSORY DEPOSIT / MANDATORY RESERVE ON DEMAND RESOURCES.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 13.01.93, HAVING REGARD TO THE PROVISIONS OF ART. 10, ITEMS III AND IV, OF LAW NO. 4.595, OF 31.12.64, WITH THE WORDING THAT WAS 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. EXEMPT THE VALUES RELATED TO PENSION CONTRIBUTIONS REGISTERED IN SUBTITLE "4.9.1.35.10-1 - FEDERAL" FROM THE OBLIGATION TO MAKE COMPULSORY DEPOSIT / MANDATORY RESERVE ON DEMAND RESOURCES.

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

BRASÍLIA (DF), JANUARY 27, 1993

GUSTAVO JORGE LABOISSIÈRE LOYOLA JOÃO HERALDO LIMA PRESIDENT DIRECTOR