Circular No. 3.199

CIRCULAR No. 003199 ------------------ Amends the exigibility of the compulsory reserve requirement and the mandatory deposit on demand resources referred to in Circular 3.169 of 19 December 2002. The Board of Governors of the Central Bank of Brazil, in a session held on 7 August 2003, having regard to 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 exigibility of the compulsory reserve requirement and the mandatory deposit on demand resources referred to in Circular 3.169 of 19 December 2002, with the caput of arts. 4 and 5 now reading as follows: "Art. 4 The calculation base for the exigibility of the compulsory reserve requirement and the mandatory deposit 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 exigibility of the compulsory reserve requirement and the mandatory deposit on demand resources is calculated by applying the rate of 45% (forty-five percent) to the calculation base referred to in art. 4." Art. 2 This circular enters into force on the following dates, when Circular 3.177 of 19 February 2003 shall be revoked: I - institutions of Group "B": on 11 August 2003, whose calculation and movement periods are, respectively, from 11 to 22 August 2003 and from 20 August to 2 September 2003; and II - institutions of Group "A": on 18 August 2003, whose calculation and movement periods are, respectively, from 18 to 29 August 2003 and from 27 August to 9 September 2003. Brasília, 8 August 2003. Luiz Augusto de Oliveira Candiota Director