Rule · BCB · 26 Dec 2017 · Circular 3873

Circular No. 3873 — Defines the Expected Percentage Variation of the Broad Consumer Price Index (IPCA) for the Twelve Months Following, Component of the Calculation of the Adjustment Factor "ak"

monetary

The document establishes that the expected percentage variation of the Broad Consumer Price Index (IPCA) for the twelve months following the publication date, used to calculate the adjustment factor "ak", corresponds to the median of market agents' inflation expectations for the calendar year 2018 as published in the Central Bank of Brazil's Focus Report. This median is determined based on the last available publication before the last business day of the current year. The circular enters into force on the date of its publication.

BrazilBanco Central do Brasil

The Collegiate Board of the Central Bank of Brazil, in a session held on December 13, 2017, based on the provisions of Article 9 of Law No. 4,595 of December 31, 1964, and Article 6 of Resolution No. 4,600 of September 25, 2017,

R E S O L V E:

Article 1. The expected percentage variation of the Broad Consumer Price Index (IPCA) for the next twelve months, referred to in § 3 of Article 3 of Law No. 13,483 of September 21, 2017, and item III of Article 4 of Resolution No. 4,600 of September 25, 2017, to be considered for the calculation of the adjustment factor "ak", shall correspond to the median of the inflation expectations of market agents for the calendar year 2018, published by the Focus Report of the Central Bank of Brazil, according to the last available publication before the last business day of this year.

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

Paulo Sérgio Neves de Souza
Deputy Director of Economic Policy

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Definition / condition 4
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Issued under

Resolution No. 4600: Defines the methodology for calculating the Long-Term Rate (TLP) and the corresponding fixed interest rate under Law No. 13,483 of September 21, 20172017 · BCB
“and Article 6 of Resolution No. 4,600 of September 25, 2017”
Lei n.º 4.595, de 31 de dezembro de 1964 — dispõe sobre a política e as instituições monetárias, bancárias e creditícias (establishes the National Financial System and the Banco Central do Brasil)1964 · BR-LAW
“based on the provisions of Article 9 of Law No. 4,595 of December 31, 1964”
Law No. 13483 dated 2017-09-21Not in RegAlert
“referred to in § 3 of Article 3 of Law No. 13,483 of September 21, 2017”