Circular No. 2.904

CIRCULAR N. 002904 ------------------ Provides for the carrying out of repurchase operations. The Board of Directors of the Central Bank of Brazil, in a session held on 30 June 1999, having regard to the provisions of art. 1, sole paragraph, of the Regulation annexed to Resolution No. 1.088, of 30 January 1986, added by art. 1 of Resolution No. 1.728, of 10 July 1990, D E C I D E D: Art. 1 To permit the carrying out of repurchase operations with individuals and with non-financial legal entities under the terms of the Regulation annexed to Resolution No. 1.088, of 30 January 1986, and subsequent regulations. Art. 2 Repurchase operations may only be contracted with defined profitability or an established remuneration parameter. Art. 3 This Circular enters into force on the date of its publication, producing effects as from 2 August 1999. Art. 4 Are revoked, as from 2 August 1999, Circulars Nos. 1.890, of 1 February 1991, and 2.063, of 16 October 1991, and item I of art. 2 of Circular No. 2.616, of 18 September 1995. Brasília, 30 June 1999 Sérgio Darcy da Silva Alves Luiz Fernando Figueiredo Director Director