Circular No. 2.480

CIRCULAR N. 002480 ------------------ Amends the system of foreign currency purchase and sale operations by the Central Bank of Brazil in the interbank market. The Board of Directors of the Central Bank of Brazil, in a session held on 12.09.94, having regard to the provisions of art. 11, item III, of Law No. 4.595, of 31.12.64, and Resolutions Nos. 1.690, of 18.03.90, and 2.087, of 30.06.94, both of the National Monetary Council, D E C I D E D: Art. 1 The purchase and sale operations of foreign currency by the Central Bank of Brazil, in the interbank market, shall be carried out, as a rule, through exchange auctions in the free rate and floating rate segments. Art. 2 The auctions shall be conducted by the Department of International Reserve Operations (DEPIN) preferably through a computerized system called "electronic exchange auction", via SISBACEN, with institutions previously selected and accredited for this purpose ("dealers"). Art. 3 The complementary rules necessary for the execution of the provisions of this Circular shall be issued in due course. Art. 4 This Circular enters into force on the date of its publication. Art. 5 Circulars Nos. 2.220 and 2.221, both of 02.09.92, Circular Letters Nos. 2.317, of 03.09.92, and 2.362, of 29.04.93, and Communiqué No. 2.991, of 03.09.92, are revoked. Brasília, 12 September 1994 Gustavo H. B. Franco Director of International Affairs