CMN Resolution No. 5,233 — Proposes reallocation of authorized sub-limits for credit operations with public sector entities for 2025 by modifying the Annex to CMN Resolution No. 4,995

Voto

RESOLUTION CMN NO. 5,233, OF
JULY 1, 2025

Proposes reallocation of the authorized sub-limits for contracting credit operations with the organs and entities of the public sector for the fiscal year 2025, by modifying the Annex to CMN Resolution No. 4,995, of March 24, 2022.

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 an extraordinary session held on June 30, 2025, considering the provisions of Article 4, caput, items VI, VIII, and X, of the aforementioned Law,

R E S O L V E S:

Article 1.
The Annex to CMN Resolution No. 4,995, of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022, shall enter into force with the alterations contained in the annex to this Resolution.

Article
2. This Resolution enters into force on July 2, 2025.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil

ANNEX

(Annex to CMN Resolution No. 4,995, of March 24 of 2022)

Annual limit for contracting credit operations for the organs and entities of the public sector to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

Year	Operations
with Union Guarantee	Operations without Union Guarantee	Total
2018	Up to R$13,000,000,000.00	Up to R$11,000,000,000.00	Up to R$24,000,000,000.00
---	---	---	---
2019	Up to R$13,500,000,000.00	Up to R$11,000,000,000.00	Up to R$24,500,000,000.00
2020	Up to R$9,000,000,000.00	For organs and entities of the States, the Federal District, and Municipalities Up to R$11,000,000,000.00	Up to R$20,400,000,000.00
For organs and entities of the Union Up to R$400,000,000.00
2021	Up to R$6,500,000,000.00	For organs and entities of the States, the Federal District, and Municipalities, excluding state-owned companies referred to in Article 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00	Up to R$20,500,000,000.00
For state-owned companies referred to in Article 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00
For organs and entities of the Union Up to R$500,000,000.00
2022	Up to R$6,500,000,000.00	For organs and entities of the States, the Federal District, and Municipalities, excluding state-owned companies referred to in Article 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00	Up to R$18,625,000,000.00
For state-owned companies referred to in Article 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00
For organs and entities of the Union Up to R$625,000,000.00
2023	Up to R$15,000,000,000.00	For organs and entities of the States, the Federal District, and Municipalities Up to R$18,000,000,000.00	Up to R$37,125,000,000.00
For organs and entities of the Union Up to R$625,000,000.00
For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00	For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00
2024	Up to R$17,500,000,000.00	For organs and entities of the States, the Federal District, and Municipalities Up to R$7,000,000,000.00	Up to R$31,075,651,683.00
For operations contemplated within the scope of the New Growth Acceleration Program – PAC Up to R$500,000,000.00	For operations contemplated within the scope of the New PAC Up to R$500,000,000.00
For contracts within the scope of Public-Private Partnerships – PPPs Up to R$500,000,000.00	For organs and entities of the Union Up to R$625,000,000.00
For ENBPar Up to R$1,736,839,681.00	For Eletronuclear Up to R$2,713,812,002.00
2025	Up to R$7,000,000,000.00	For organs and entities of the States, the Federal District, and Municipalities Up to R$4,000,000,000.00	Up to R$21,425,651,683.00
For operations contemplated within the scope of the New PAC Up to R$1,500,000,000.00	For operations contemplated within the scope of the New PAC Up to R$2,000,000,000.00
For contracts within the scope of PPPs Up to R$500,000,000.00	For organs and entities of the Union Up to R$2,425,000,000.00
For ENBPar Up to R$1,736,839,681.00	For Eletronuclear Up to R$2,263,812,002.00
2026	Up to R$9,000,000,000.00	For organs and entities of the States, the Federal District, and Municipalities Up to R$6,000,000,000.00	Up to R$15,625,000,000.00
For organs and entities of the Union Up to R$625,000,000.00