Circular Nº 3.631

The Board of Directors of the Central Bank of Brazil, in a session held on 14 February 2013, based on art. 10, item V, of Law No. 4.595 of 31 December 1964, Resolution No. 2.949 of 4 April 2002, and arts. 6, 8 and 9 of the Regulation annexed to Circular No. 3.105 of 5 April 2002,

R E S O L V E S :

Art. 1 The following percentages of addition to the Selic Rate are hereby established for the Central Bank rediscount operations referred to in items II, III and IV of art. 4 of the Regulation annexed to Circular No. 3.105 of 5 April 2002:

• I - 1% (one percent) per annum, for one-business-day operations;

• II - 2% (two percent) per annum, for operations of up to fifteen business days; and

• III - 2% (two percent) per annum, for operations of up to ninety calendar days.

Art. 2 This Circular shall enter into force on the second business day following the date of its publication, at which time Circular No. 3.120 of 19 April 2002 is hereby revoked.

Altamir Lopes Director of Monetary Policy, acting