Circular No. 2.888

CIRCULAR N. 002888 ------------------ Provides for the performance of the Central Bank of Brazil in the foreign exchange market. The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on 19 May 1999, considering the provisions of art. 11, item III, of Law No. 4.595, of 31 December 1964, and of Resolution No. 1.690, of 18 March 1990, 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 exclusively with institutions accredited for this purpose ("dealers"), in the following modalities: I - directly with accredited institutions; II - computerized system - electronic auction; III - telephone auction system. Art. 2 The operations addressed in this Circular shall be conducted by the Department of International Reserve Operations (DEPIN). Art. 3 DEPIN shall issue the complementary rules and adopt the measures aimed at complying with the provisions of this Circular, especially with regard to the accreditation and de-accreditation of "dealer" institutions. Art. 4 This Circular enters into force on the date of its publication. Art. 5 Circular No. 2.495, of 19 October 1994, is revoked. Brasília, 20 May 1999 Luiz Fernando Figueiredo Director