CMN Resolution No. 5,264 — Proposes to increase authorized sub-limits for credit operations with public sector entities for the 2025 fiscal year

Vote

CMN RESOLUTION NO. 5,264, OF NOVEMBER 27, 2025

Proposes to increase the authorized sub-limits for contracting credit operations with public sector entities for the 2025 fiscal year, 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 a session held on November 27, 2025, considering the provisions of Article 4, caput, items VI, VIII, and X, of the aforementioned Law,

RESOLVES:

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 the date of its publication.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil

ANNEX

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

Annual limit for contracting credit operations for public sector entities 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 State, Federal District, and Municipal entities Up to R$11,000,000,000.00	Up to R$20,400,000,000.00
For Union entities Up to R$400,000,000.00
2021	Up to R$6,500,000,000.00	For State, Federal District, and Municipal entities, 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 Union entities Up to R$500,000,000.00
2022	Up to R$6,500,000,000.00	For State, Federal District, and Municipal entities, 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 Union entities Up to R$625,000,000.00
2023	Up to R$15,000,000,000.00	For State, Federal District, and Municipal entities Up to R$18,000,000,000.00	Up to R$37,125,000,000.00
For Union entities 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 State, Federal District, and Municipal entities Up to R$7,000,000,000.00	Up to R$31,075,651,683.00
For operations included in the Growth Acceleration Program – New PAC Up to R$500,000,000.00	For operations included in the New PAC Up to R$500,000,000.00
For contracts under Public-Private Partnerships – PPPs Up to R$500,000,000.00	For Union entities Up to R$625,000,000.00
For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00	For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,713,812,002.00
2025	Up to R$12,100,000,000.00	For State, Federal District, and Municipal entities Up to R$4,600,000,000.00	Up to R$27,425,651,683.00
For operations included in the New PAC Up to R$2,900,000,000.00	For operations included in the New PAC Up to R$1,400,000,000.00
For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00	For Union entities Up to R$2,425,000,000.00
For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,263,812,002.00
2026	Up to R$9,000,000,000.00	For State, Federal District, and Municipal entities Up to R$6,000,000,000.00	Up to R$15,625,000,000.00
For Union entities Up to R$625,000,000.00