Circular No. 297 — Interbank Reserve Exchange Rules — Check Clearing — (Draft Approved by CMN Vote 090/76)

CIRCULAR NO. 000297

We communicate that the Board of Directors of the Central Bank, in a session held on April 8, 1976, considering the provisions of Article 11, items VI and VII, of Law No. 4,595, of December 31, 1964, and aiming to regulate interbank reserve exchange operations, approved the following rules:

a) Deposits in checks made in the account of a financial institution participating in the Check Clearing Service and Other Papers will only be available, on the date of their effective processing, when the checks are issued by the Central Bank, Banco do Brasil S.A., or by another financial institution participating in the Clearing Service, in the latter case, provided that they are drawn against their deposit account at Banco do Brasil S.A.;

b) Transfer orders to credit the accounts referred to in the previous item will only be fulfilled, on the same day of their receipt, when issued by the Central Bank, Banco do Brasil S.A., or by a financial institution participating in the Clearing Service, in the latter case, debiting its deposit account at Banco do Brasil S.A.

2. Checks issued by Banco do Brasil S.A., in compliance with payment orders in favor of financial institutions participating in the Clearing Service, or when endorsed to these institutions, must be presented through the Clearing Service.

3. This Circular will enter into force on May 10, 1976.

Brasília-DF, April 9, 1976

Sérgio Augusto Ribeiro
Director