Circular No. 3.781

The Board of Directors of the Central Bank of Brazil, in a session held on 21 January 2016, based on art. 10, items III and IV, of Law No. 4.595, of 31 December 1964, and in view of the provisions of Circular No. 3.529, of 29 March 2011,

R E S O L V E S :

Art. 1 The art. 1 of Circular No. 3.745, of 23 January 2015, shall henceforth have the following wording:

“Art. 1 The compliance with the reserve requirement on demand deposits referred to in Circular No. 3.632, of 21 February 2013, may be effected with a reduction in the amount corresponding to the updated outstanding balance, verified on the last business day of the calculation period, of the financings granted in the period from 1 January to 31 December 2015, which replicate the following criteria established in the rule issued by the National Monetary Council that establishes the conditions for contracting the financings eligible for economic subsidy referred to in Law No. 12.096, of 24 November 2009:

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Art. 2 This Circular enters into force on the date of its publication.

Aldo Luiz Mendes Director of Monetary Policy