Circular No. 2651 — Redefines rules for mandatory reserve requirements based on savings deposit resources

CIRCULAR NO. 002651

Redefines rules for the purpose of collecting mandatory reserves based on savings deposit resources.

We communicate that the Board of Directors of the Central Bank of Brazil, in a session held on 12/27/95, in view of the provisions of Article 10, items III and IV, of Law No. 4.595, of 12/31/64, with the wording given to it by Articles 19 and 20 of Law No. 7.730, of 01/31/89, in Article 2 of Resolution No. 2.173, of 06/30/95, and in Article 3 of Resolution No. 2.190, of 08/23/95,

DECIDED:

Art. 1. The deposits referred to in Article 1 of Circular No. 2.613, of 09/05/95, registered in the accounting title SAVINGS DEPOSITS LINKED, subtitle Linked to Credit Letters, code 4.1.2.60.40-7, of the Accounting Plan of the Institutions of the National Financial System (COSIF), are not subject to the mandatory reserve referred to in Circular No. 2.608, of 08/24/95.

Art. 2. Amend paragraph 1 of Article 3 of Circular No. 2.608, of 08/24/95, which shall henceforth read as follows:

"Paragraph 1. The information referred to in this article must be provided by the business day immediately preceding the date of adjustment of the respective position."

Art. 3. This Circular enters into force on the date of its publication, producing effects:

I - from 09/05/95, regarding the provisions of Article 1; and

II - from the calculation period of 01/08/96 to 01/12/96, regarding the provisions of Article 2.

Brasilia, December 27, 1995.

Alkimar Ribeiro Moura Claudio Ness Mauch Director of Monetary Policy Director of Standards and Organization of the Financial System