CMN Resolution No. 5,235 of July 11, 2025: Defines Financial Charges for Rural Financing with Constitutional Funds, Adjusts TRFC Calculation Methodology, and Amends Pronaf and Beneficiary Sections

RESOLUTION NO.

The current text of the MCR is available at the following electronic address: www3.bcb.gov.br/mcr.

CMN RESOLUTION NO. 5,235, OF JULY 11, 2025

Defines the financial charges for rural financing with resources from the Constitutional Financing Funds, as provided for in Section 8 (Constitutional Financing Funds) of Chapter 7 (Financial Charges and Credit Limits), adjusts the rules of Section 4-A (Methodology for calculating the Rural Interest Rates of the Constitutional Financing Funds – TRFC) of Chapter 2 (Basic Conditions), and amends Section 6 (National Program for Strengthening Family Agriculture – Pronaf) of Chapter 7 and Section 2 (Beneficiaries) of Chapter 1 (Preliminary Provisions) of the Rural Credit Manual.

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 July 11, 2025, considering the provisions of Article 4, caput, item VI, of Law No. 4,595, of December 31, 1964, Articles 4 and 14 of Law No. 4,829, of November 5, 1965, and Article 1 of Law No. 10,177, of January 12, 2001,

R E S O L V E S:

Art. 1º Section 8 (Constitutional Financing Funds) of Chapter 7 (Financial Charges and Credit Limits) of the Rural Credit Manual – MCR shall enter into force with the following alterations:

“Table 1: Financial Charges for Rural Financing with Resources from the Constitutional Financing Funds, contracted in the period from 7/14/2025 to 6/30/2026
Fund / Purpose	Annual Gross Revenue	Program Factor – FP	Rural Credit Interest Rates (up to % p.a.)
Fixed Rate	Fixed Rate with Bonus	Post-fixed (*)	Post-fixed with Bonus
Constitutional Fund of the Center-West – FCO
1 - Investment, including working capital or associated operating capital	up to R$16 million	0.4817465	10.40%	9.80%	3.72% + FAM	3.17% + FAM
from R$16 to R$90 million	0.6601609	11.87%	11.30%	5.10% + FAM	4.59% + FAM
above R$90 million	0.8427028	13.37%	13.00%	6.51% + FAM	6.19% + FAM
2 - Operating capital or working capital and marketing	up to R$16 million	0.5537317	11.00%	10.30%	-	-
from R$16 to R$90 million	0.7175662	12.34%	11.80%	-	-
above R$90 million	0.9363364	14.14%	13.80%	-	-
3 - Operations destined: a) to financing projects for conservation and protection of the environment, recovery of degraded or altered areas, recovery of native vegetation, and development of sustainable activities within the scope of Low Carbon Agriculture – ABC, and areas with certified production, national or international, of low emission or carbon neutrality, based on scientific evidence, provided that the project does not contemplate opening new areas from the suppression of native forests; b) to financing projects for technological innovation on rural properties, including energy generation from renewable sources, observed that the energy must be destined exclusively for own use on the rural property; c) to expansion, modernization, reform, and construction of new warehouses.	Not applicable	0.2630225	8.60%	8.50%	1.71% + FAM	1.46% + FAM
Constitutional Fund of the Northeast – FNE
1 - Investment, including working capital or associated operating capital	up to R$16 million	0.4094846	8.63%	8.30%	2.30% + FAM	1.95% + FAM
from R$16 to R$90 million	0.5941448	9.62%	9.30%	3.15% + FAM	2.84% + FAM
above R$90 million	0.7584325	10.50%	10.30%	4.02% + FAM	3.82% + FAM
2 - Operating capital or working capital and marketing	up to R$16 million	0.5265069	9.25%	8.80%	-	-
from R$16 to R$90 million	0.6419690	9.89%	9.50%	-	-
above R$90 million	0.8728931	11.05%	10.80%	-	-
3 - Operations destined: a) to financing projects for conservation and protection of the environment, recovery of degraded or altered areas, recovery of native vegetation, and development of sustainable activities within the scope of Low Carbon Agriculture – ABC, and areas with certified production, national or international, of low emission or carbon neutrality, based on scientific evidence, provided that the project does not contemplate opening new areas from the suppression of native forests; b) to financing projects for technological innovation on rural properties, including energy generation from renewable sources, observed that the energy must be destined exclusively for own use on the rural property; c) to expansion, modernization, reform, and construction of new warehouses.	Not applicable	0.3471898	8.30%	8.20%	1.06% + FAM	0.90% + FAM
Constitutional Fund of the North – FNO
1 - Investment, including working capital or associated operating capital	up to R$16 million	0.4971624	9.22%	8.80%	2.46% + FAM	2.09% + FAM
from R$16 to R$90 million	0.6674227	10.17%	9.80%	3.37% + FAM	3.03% + FAM
above R$90 million	0.8199498	11.03%	10.80%	4.30% + FAM	4.08% + FAM
2 - Operating capital or working capital and marketing	up to R$16 million	0.6091048	9.85%	9.30%	-	-
from R$16 to R$90 million	0.7749715	10.78%	10.30%	-	-
above R$90 million	0.9082463	11.52%	11.30%	-	-
3 - Operations destined: a) to financing projects for conservation and protection of the environment, recovery of degraded or altered areas, recovery of native vegetation, and development of sustainable activities within the scope of Low Carbon Agriculture – ABC, and areas with certified production, national or international, of low emission or carbon neutrality, based on scientific evidence, provided that the project does not contemplate opening new areas from the suppression of native forests; b) to financing projects for technological innovation on rural properties, including energy generation from renewable sources, observed that the energy must be destined exclusively for own use on the rural property; c) to expansion, modernization, reform, and construction of new warehouses.	Not applicable	0.3498200	8.40%	8.30%	1.13% + FAM	0.96% + FAM

(*) Post-fixed rate composed of a fixed part, plus the Monetary Update Factor – FAM.” (NR)

Art. 2º Section 2 (Beneficiaries) of Chapter 1 (Preliminary Provisions) of the MCR shall enter into force with the following alterations:

“3 - ..........................................................................................................................................

................................................................................................................................................

b) medium producer: above R$500,000.00 (five hundred thousand reais) up to R$3,500,000.00 (three million and five hundred thousand reais);

c) large producer: above
R$3,500,000.00 (three million and five hundred thousand reais).” (NR)

Art. 3º Section 6 (National Program for Strengthening Family Agriculture – Pronaf) of Chapter 7 (Financial Charges and Credit Limits) of the MCR shall enter into force with the following alterations:

“Table 1: Financial Charges for Financing under the National Program for Strengthening Family Agriculture – Pronaf
Purpose / Beneficiary	Effective interest rate up to (% p.a.)		Compliance Bonus and Additional Conditions
Fixed Rate	Post-fixed (1)
............................................................................................................................................................................
1.2 - Operating Credit (MCR 10-4)
1 - sociobiodiversity products: abiu, blackberry, andiroba, araticum, araçá, araçá-boi, araçá-pera, aroeira-pimenteira, ariá, arumbeva, açaí extractive, babaçu, bacaba, bacupari, bacuri, baru, cream potato, beldroega, biribá, extractive rubber, buriti, butiá, extractive cocoa, cagaita, cajá, cashew, cashew-of-the-cerrado, cambuci, cambui, camu-camu, Amazonian yam, spiny yam, carnauba, Brazil nut/Brazil nut, cutia nut, chicken nut, Rio Grande cherry, chichá, caboclo chicory, sour coconut, copaíba, croá, cubiu, cupuaçu, yerba mate, physalis, mountain guava, guabiroba, guaraná, grumixama, gueroba, jaborandi, jabuticaba, jaracatiá, jambu, jatobá, jenipapo, juçara, licuri, macaúba, major-gomes, mandacaru, mangaba, mapati, mini-cucumber, murici, murumuru, ora-pro-nóbis, mangrove oyster, patauá, pajurá, pequi, peperômia, cerrado pear, piçava, pinhão, managed pirarucu, pitanga, pupunha, puxuri, sapota, seven-capotes, sorva, taioba, taperebá, tucumã, umari, umbu, urucum, uvaia, uxi and meliponiculture; 2 - products included in agroecological base production systems or in transition to agroecological base systems, according to methodology defined in a ordinance from the Ministry of Agrarian Development and Family Agriculture – MDA; 3 - organic production systems, according to Ordinance No. 52, of March 15, 2021, from the Ministry of Agriculture and Livestock – Mapa;	2.0%
4 - cultivation of rice, beans, cowpea beans, cassava, wheat, peanuts, garlic, tomatoes, onions, yam, yam, sweet potato, Irish potato, pineapple, banana, cultivated açaí, cultivated cocoa, orange, tangerine, vegetables, medicinal, aromatic and condimental herbs; 5 - cultivation of corn, whose operations together reach a value of up to R$25,000.00 per borrower in each agricultural year; 6 - livestock operating capital for apiculture, dairy cattle farming, laying hen poultry farming, aquaculture and fishing, sheep farming and goat farming and ecologically sustainable extractive exploration;	3.0%	-	a) for collective operations, the effective interest rate will be determined by the individual value obtained by the proportionality criterion of participation.
7 - operations destined to the cultivation of corn that, together, exceed the value of R$25,000.00, per borrower in each agricultural year; and other crops and breeding not included in the purposes stated in items 1 to 6 and item 8;	6.5%	-
8 - cultivation of soy, cotton, beef cattle farming, including acquisition of animals destined for rearing and fattening	8.0%	-

.......................................................................................................................................”
(NR)

“Table 2 - Credit Limits for Financing under the National Program for Strengthening Family Agriculture – Pronaf, respecting the debt limits provided for in MCR 10-1-34
Purpose/Beneficiary	Value	Additional Conditions
...................................................................................................................................................
2.2 - Operating Credit (MCR 10-4)
1 - all Pronaf beneficiaries	R$250,000.00	a) limit per agricultural year; b) within the financing limit provided for in this item, the borrower may contract a new operating capital operation in the same harvest, provided that the subsequent credit is destined to a different crop than the previously financed one or to livestock operating capital operations; c) the following are not computed for the purpose of classification within this limit: I - financing contracted under the line Family Agroindustry Operating Capital Pronaf (MCR 10-11); II - expenses provided for in MCR 2-3-1; III - financing destined to operating capital for tobacco culture carried out outside the scope of Pronaf.
...................................................................................................................................................
2.7 - Investment Credit – Pronaf Mulher (MCR 10-9)
1 - beneficiaries classified in Groups "A", "A/C" and "B"	R$4,000.00	a) for beneficiaries classified in Groups "A", "A/C" and "B", the limit is per agricultural year and one woman per Family Production Unit – UFPA, observing the following conditions: I - for the UFPA beneficiary who contracted, until June 30, 2023, 4 (four) or more operations in this Group and in Group "B", the sum of financing with compliance bonus entitlement, considering the set of operating and investment operations, shall not exceed R$10,500.00 or, when the PNMPO methodology is applied, R$24,000.00; II - for the UFPA beneficiary who contracted up to 3 (three) operations until June 30, 2023, in this Group and in Group "B", the sum of financing with compliance bonus entitlement, considering the set of operating and investment operations, shall not exceed R$12,000.00 or, when the PNMPO methodology is applied, R$36,000.00; III - operations with compliance bonus entitlement contracted under Group "B" by another beneficiary of the UFPA do not impact the credit limit with compliance bonus entitlement of Pronaf Mulher; IV - having reached the credit limit per beneficiary, per agricultural year, the granting of new credits is conditioned to the prior settlement of previous financing, except in the case of operations extended by authorization of the National Monetary Council – CMN; V - the beneficiary whose UFPA has already reached the limit of operations with compliance bonus entitlement, if she proves that she continues classified in Groups "A", "A/C" and "B", by presenting to the financial agent the valid National Registry of Family Agriculture – CAF document containing the classification in Pronaf according to MCR 10-2 criteria, shall be eligible for new credits, observing the provisions of item IV of this clause, under the same conditions of the Rural Productive Microcredit Section – Group “B” (MCR 10-13), except regarding the compliance bonus, which in this case shall no longer be applied; VI - the beneficiary must choose between financing item 2 or item 3 in the same agricultural year; VII - if the beneficiary chooses item 2, her UFPA shall be prohibited, in the same agricultural year, from contracting the limit established in item 2 of MCR 7-6, Table 2, item 2.11 - Investment Credit – Pronaf Rural Productive Microcredit – Group “B” (MCR 10-13); b) in financing for construction or reform of housing, the additional condition of clause "b" of item 1 of the line Investment Credit – Pronaf Mais Alimentos (MCR 10-5) of this table must be respected; c) in financing for the purposes provided for in items 4 and 5, the additional condition of clause "b" regarding items 2 and 3 of the line Investment Credit – Pronaf Mais Alimentos (MCR 10-5) of this table may be applied; d) the same UFPA may maintain up to 2 (two) financing operations under Pronaf Mulher; e) contracting new financing is conditioned to the settlement or payment of at least 3 (three) installments of the previous
financing and the presentation of a technical assistance report confirming the regularity of the financed enterprise and payment capacity; f) limit per agricultural year for the purposes provided for in items 3, 4 and 5.
2 - beneficiaries classified in Groups "A", "A/C" and "B" whose financing projects adopt the methodology of the National Program for Oriented Productive Microcredit – PNMPO, when they present a technical project or simplified proposal to finance: a) agroecological base production systems, or in transition to agroecological base systems, according to norms established by the Ministry of Agrarian Development and Family Agriculture – MDA; b) organic production systems, according to norms established by the Ministry of Agriculture and Livestock – Mapa; and c) productive backyards for rural women, as defined by Decree No. 11,642, of August 16, 2023, and in norms established by the MDA	R$20,000.00
3 - beneficiaries classified in Groups "A", "A/C" and "B" whose financing projects adopt the PNMPO methodology	R$15,000.00
4 - beneficiaries whose annual gross family income, as provided for in MCR 10-2-1-“f”, is above the limit provided for Group “B” and below R$150,000.00 and who do not contract permanent salaried labor, including financing projects that adopt the PNMPO methodology	R$100,000.00
5 - beneficiaries whose annual gross family income, as provided for in MCR 10-2-1-“f”, is below R$150,000.00: acquisition of machines, implements and equipment including for irrigation systems, connectivity in the field and adapted for people with disabilities, including motorized wheelchair for all terrain	R$100,000.00
6 - other beneficiaries: construction or reform of housing	R$100,000.00
7 - other beneficiaries: swine farming, poultry farming, aquaculture, carciniculture (crustacean breeding) and fruit farming	R$450,000.00
8 - other beneficiaries: other purposes	R$250,000.00

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(NR)

Art. 4º The following provisions of the MCR are revoked:

I - clauses “a” to “i” of item 18 of Section 4 (Methodology for calculating Rural Credit Interest Rates - TCR) of Chapter 2 (Basic Conditions); and

II - item 12 of Section 4-A (Methodology for calculating the Rural Interest Rates of the Constitutional Financing Funds – TRFC) of Chapter 2 (Basic Conditions).

Art. 5º This Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil