Circular No. 3.177

CIRCULAR N. 003177 ------------------ Amends the requirement for compulsory reserve deposits and mandatory reserve on demand resources, as addressed in Circular 3.169. The Board of Directors of the Central Bank of Brazil, in a session held on 19 February 2003, taking into account the provisions of art. 10, items III and IV, of Law 4.595, of 31 December 1964, as amended by arts. 19 and 20 of Law 7.730, of 31 January 1989, in arts. 66 and 67 of Law 9.069, of 29 June 1995, and in Resolution 1.857, of 15 August 1991, D E C I D E D: Art. 1 Amend the requirement for compulsory reserve deposits and mandatory reserve on demand resources captured by multiple and investment banks, holders of a Banking Reserve account, commercial banks and savings banks, as addressed in Circular 3.169, of 19 December 2002, with its arts. 4 and 5 now effective with the following wording: "Art. 4 The calculation base for the requirement of compulsory reserve deposits and mandatory reserve on demand resources corresponds to the arithmetic average of the VSRs calculated in the calculation period, minus R$44,000,000.00 (forty-four million reais). Art. 5 The requirement for compulsory reserve deposits and mandatory reserve on demand resources is calculated by applying the rate of 60% (sixty percent) to the calculation base addressed in art. 4." Art. 2 This circular enters into force on the following dates: I - institutions of Group "A": on 17 February 2003, whose calculation and movement periods are, respectively, from 17 to 28 February 2003 and from 26 February to 11 March 2003; and II - institutions of Group "B": on 24 February 2003, whose calculation and movement periods are, respectively, from 24 February to 7 March 2003 and from 5 to 18 March 2003; Brasília, 19 February 2003 Luiz Fernando Figueiredo Director