Circular No. 3.119

CIRCULAR No. 003119 ------------------ Amends art. 2 of Circular No. 2.900, of 24 June 1999, which establishes the period of validity of the target for the Selic Rate, its possible bias and approves the new Regulation of the Monetary Policy Committee (Copom). The Board of Directors of the Central Bank of Brazil, in a session held on 17 April 2002, using its legal authority and considering the provisions of Law No. 10.214, of 27 March 2001, and Decree No. 3.088, of 21 June 1999, D E C I D E D: Art. 1 The art. 2 of Circular No. 2900, of 1999, shall now be in force with the addition of the following paragraph: "Paragraph 3 For the purposes of the provisions of paragraph 1, the daily financings related to operations, with federal securities held in custody at Selic, registered and settled in Selic itself and in systems operated by chambers or service providers for clearing and settlement referred to in Law No. 10.214, of 2001, are considered." (AC) Art. 2 This Circular enters into force on the date of its publication. Brasília, 18 April 2002 Luiz Fernando Figueiredo Director