Circular No. 3836 — Amends Circular No. 3,093 of March 1, 2002, Regarding Mandatory Reserve Requirements on Savings Deposit Funds

The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on June 21, 2017, based on art. 10, items III and IV, of Law No. 4,595 of December 31, 1964, and considering the provisions of item 17 of Section 4 of Chapter 6 of the Rural Credit Manual (MCR), with the alteration introduced by Resolution No. 4,579 of June 7, 2017,

R E S O L V E:

Art. 1º Article 4 of Circular No. 3,093 of March 1, 2002, shall be effective with the following wording:

“Art. 4º The exigibility of mandatory reserve for each savings modality is determined by applying a rate of 24.5% (twenty-four and five-tenths percent) to the calculation base referred to in the previous article, observing the rate of 21% (twenty-one percent) for rural savings, established in item 17 of Section 4 (Rural Savings) of Chapter 6 (Resources) of the Rural Credit Manual (MCR).

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Art. 2º This circular enters into force on the date of its publication, producing effects from the calculation period of June 26 to June 30, 2017, whose adjustment begins on July 10, 2017.

Reinaldo Le Grazie
Director of Monetary Policy