Circular No. 2711 — Creates the Central Bank Assistance Rate (TBAN) and amends the Regulation annexed to Circular No. 2698 of 20.06.96

CIRCULAR N. 002711

Creates the Central Bank Assistance Rate (TBAN) and amends the Regulation annexed to Circular No. 2698 of 20.06.96.

The Board of Directors of the Central Bank of Brazil, in a session held on 21.08.96, based on art. 10 of Law No. 4.595 of 31.12.64,

D E C I D E D:

Art. 1 To create the Central Bank Assistance Rate (TBAN).

Art. 2 To amend art. 1, art. 3, items VI and VII of art. 4 and art. 5 of the Regulation annexed to Circular No. 2698 of 20.06.96, which shall have the following wording:

"Art. 1 The Monetary Policy Committee (COPOM) has the objective of establishing monetary policy guidelines and defining the Basic Central Bank Rate (TBC) and the Central Bank Assistance Rate (TBAN).".

"Art. 3 The TBC and the TBAN shall be set by the COPOM.

Art. 4 ......:

VI - Director responsible for matters relating to Monetary Policy - to present suggestions on monetary policy guidelines and a proposal for the definition of the TBC and the TBAN;

VII - President and Board of Directors - to evaluate the proposals, add propositions on the issues presented, and establish, by vote, the definition of the TBC and the TBAN.".

Art. 5 The disclosure of the TBC and the TBAN shall occur through the issuance of a Communiqué, through the Central Bank Information System (SISBACEN).".

Art. 3 This Circular enters into force on the date of its publication.

Brasília, August 28, 1996

Francisco Lafaiete de Pádua Lopes
Director