CMN Resolution No. 5,271 — Proposes to Alter Authorized Sublimits for Credit Operations with Public Sector Entities for the 2025 Fiscal Year

Resolution No. 5,271

CMN RESOLUTION NO. 5,271, OF DECEMBER 18, 2025

Proposes to alter the authorized sublimits for contracting credit operations with organs and entities of the public sector 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 December 18, 2025, considering the provisions of Article 4, caput, items VI, VIII, and X, of the aforementioned Law,

RESOLVES:

Art. 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.

Art. 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 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, 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, Federal District, and Municipalities, excluding state-owned companies referred to in Art. 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 Art. 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, Federal District, and Municipalities, excluding state-owned companies referred to in Art. 10 (article revoked on January 1, 2023): Up to R$10,500,000,000.00
	For state-owned companies referred to in Art. 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, Federal District, and Municipalities: Up to R$18,000,000,000.00
	For organs and entities of the Union: Up to R$625,000,000.00
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	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, Federal District, and Municipalities: Up to R$7,000,000,000.00
	For operations included within the scope of the New Growth Acceleration Program – PAC: Up to R$500,000,000.00
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	For operations included 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 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 organs and entities of the States, Federal District, and Municipalities: Up to R$6,000,000,000.00
	For Empresa Brasileira de Correios e Telégrafos – Correios: Up to R$12,000,000,000.00
---	---	---
	For operations included within the scope of the New PAC: Up to R$2,900,000,000.00
	For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar: Up to R$1,736,839,681.00
	For organs and entities of the Union: 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 organs and entities of the States, Federal District, and Municipalities: Up to R$6,000,000,000.00
	For organs and entities of the Union: Up to R$625,000,000.00