CMN Resolution No. 4650 — Amends the Mandatory Reserve Percentage for Rural Savings and Savings Deposits in the SBPE

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on March 28, 2018, based on Articles 4, item VI, of the aforementioned Law, Articles 4, 14, 15, item I, and 21 of Law No. 4,829 of November 5, 1965, Article 81, item III, of Law No. 8,171 of January 17, 1991, Article 7 of Decree-Law No. 2,291 of November 21, 1986, and Article 95 of Law No. 13,097 of January 19, 2015,

R E S O L V E S:

Article 1. Item 17 of Section 4 (Rural Savings) of Chapter 6 (Resources) of the Rural Credit Manual (MCR) shall be effective with the following alterations:

“17. ......

a) 20% (twenty percent) shall be destined for mandatory reserve at the Central Bank of Brazil, to be:

I - carried out exclusively in cash, at the initiative of the financial institution; and

II - calculated and remunerated in accordance with the applicable regulation;

b) up to 20% (twenty percent), in operations permitted to the aforementioned institutions, in accordance with the regulation in force.” (NR)

Article 2. The Regulation attached to Resolution No. 3,932 of December 16, 2010, shall be effective with the following alterations:

“Article 1. ......

I - ......

II - 20% (twenty percent) in mandatory reserve at the Central Bank of Brazil; and

......” (NR)

Article 3. This Resolution enters into force on the date of its publication, producing effects from the calculation period of April 23 to 27, 2018, whose adjustment begins on May 7, 2018.

Ilan Goldfajn
President of the Central Bank of Brazil