Circular No. 3.867

The Collegiate Board of the Central Bank of Brazil, in a session held on 19 December 2017, based on art. 10, items III and IV, of Law No. 4.595, of 31 December 1964, 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. 4 of Circular No. 3.632, of 21 February 2013, shall henceforth have the following wording:

“Art. 4 The requirement for compulsory reserve deposits on demand resources is calculated by applying, to the calculation base referred to in art. 3, the rate of 40% (forty percent).

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Art. 2 The art. 4 of Circular No. 3.569, of 22 December 2011, shall henceforth have the following wording:

“Art. 4 The requirement for compulsory reserve deposits is calculated by applying the rate of 34% (thirty-four percent) to the calculation base referred to in art. 3.

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Art. 3 This Circular shall enter into force on the date of its publication, producing effects:

• I - as regards art. 1, from the calculation period of 11 to 22 December 2017, whose compliance shall occur from 2 to 12 January 2018, for institutions belonging to Group “A”, and from the calculation period of 4 to 15 December 2017, whose compliance shall occur from 26 December 2017 to 5 January 2018, for institutions belonging to Group “B”; and

• II - as regards art. 2, from the calculation period of 18 to 22 December 2017, whose compliance shall occur from 2 to 5 January 2018.

Reinaldo Le Grazie Director of Monetary Policy