CMN Resolution No. 5,292 — Establishes Conditions and Financial Charges for Financing Lines under Provisional Measure No. 1,345 of March 24, 2026

RESOLUTION
CMN NO. 5,292, OF APRIL 16, 2026

Establishes the conditions, financial charges, deadlines, and other regulatory norms for the financing lines governed by Provisional Measure No. 1,345, of March 24, 2026.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in an extraordinary session held on April 16, 2026, considering the provisions of Article 4, caput, item VI, of Law No. 4,595, of December 31, 1964, and Article 3, § 5, of Provisional Measure No. 1,345, of March 24, 2026,

RESOLVES:

Article 1. The financing lines with the purpose of supporting legal entities authorized by Provisional Measure No. 1,345, of March 24, 2026, using resource sources defined in Article 3, § 1, of the aforementioned Provisional Measure, shall be granted by the National Bank for Economic and Social Development – BNDES or by financial institutions authorized by it, which shall assume the risks of the operations, including credit risk, consisting of financing for:

I - working capital, when dealing with operations with a borrower who has annual income or Gross Operating Revenue – ROB exceeding R$300,000,000.00 (three hundred million reais);

II - working capital, when dealing with operations with a borrower who has annual income or ROB of up to R$300,000,000.00 (three hundred million reais);

III - working capital intended for production for export, regardless of the borrower's size;

IV - acquisition of capital goods; and

V - investments for expanding productive capacity or densifying the production chain, for adapting productive activity and in technological innovation or adaptation of products, services, and processes.

Sole Paragraph. The financial conditions established in this Resolution apply even when the resources referred to in Article 3 of Provisional Measure No. 1,345, of March 24, 2026, for the availability of the financing lines governed by this Resolution, are combined with BNDES resources for the granting of the aforementioned financing lines, observing the provisions of Article 3, caput, item IV.

Article 2. According to a joint act of the Minister of State for Development, Industry, Trade and Services and the Minister of State for Finance regarding the eligibility criteria for the recipients of the support measures provided for in Provisional Measure No. 1,345, of March 24, 2026, legal entities listed in Article 2, caput, items I to III, of Interministerial Ordinance MDIC/MF No. 171, of April 13, 2026, shall have access to the financing lines referred to in Article 1 of this Resolution.

§ 1. The legal entities referred to in Article 2, caput, items I and III, of Interministerial Ordinance MDIC/MF No. 171, of April 13, 2026, may access financing intended for the purposes referred to in Article 1, caput, items I to V, of this Resolution, and the legal entities referred to in Article 2, caput, item II, of Interministerial Ordinance MDIC/MF No. 171, of April 13, 2026, may access financing intended for the purposes referred to in Article 1, caput, items IV and V, of this Resolution.

§ 2. The legal entities referred to in Article 2, caput, items I and III, of Interministerial Ordinance MDIC/MF No. 171, of April 13, 2026, may access financing intended for the purposes referred to in Article 1, caput, item III, of this Resolution, provided that they are producers and exporters.

Article 3. The following conditions apply to the financing lines referred to in Article 1:

I - financial charges to borrowers, as remuneration for financial institutions:

a) from BNDES:

1. in direct operations: up to 5% p.a. (five percent per annum); and

2. in indirect operations: up to 1.5% p.a. (one and five-tenths percent per annum); and

b) from the financial institution authorized by BNDES, in indirect operations: up to 5% p.a. (five percent per annum);

II - financial charges to borrowers, as remuneration for the sources, by the weighted average of the following rates, according to the proportion defined in item IV:

a) as remuneration for the resource source referred to in Article 3, § 1, of Provisional Measure No. 1,345, of March 24, 2026:

1. for the purpose referred to in Article 1, caput, item I: 5% p.a. (five percent per annum);

2. for the purpose referred to in Article 1, caput, item II: 2% p.a. (two percent per annum);

3. for the purpose referred to in Article 1, caput, item III: 2% p.a. (two percent per annum);

4. for the purpose referred to in Article 1, caput, item IV: 8% p.a. (eight percent per annum); and

5. for the purpose referred to in Article 1, caput, item V: 6.5% p.a. (six and five-tenths percent per annum); and

b) for covering the financial cost of BNDES resources referred to in item IV, letter “a”, item 2, the financial conditions in force for BNDES resources apply, according to its specific regulation;

III - repayment term:

a) up to five years, including up to twelve months of principal grace period, for the purposes of Article 1, caput, items I to IV; and

b) up to twenty years, including up to forty-eight months of principal grace period, for the purposes of Article 1, caput, item V;

IV - composition of financing resource sources:

a) for the purposes referred to in Article 1, caput, items I to III:

1. 50% (fifty percent) from the resources referred to in Article 3, § 1, of Provisional Measure No. 1,345, of March 24, 2026, observing the provisions of § 4 of that article; and

2. 50% (fifty percent) from BNDES resources; and

b) for the purpose referred to in Article 1, caput, items IV and V: 100% (one hundred percent) from the resources referred to in Article 3, § 1, of Provisional Measure No. 1,345, of March 24, 2026, observing the provisions of § 4 of that article; and

V - risk of the operation: borne by BNDES, when operating directly, or by the financial institution authorized by it in indirect operations, with BNDES remaining, in both cases, responsible, vis-à-vis the resource source referred to in Article 3, § 1, of Provisional Measure No. 1,345, of March 24, 2026, for the payment of principal and the remuneration referred to in item II, letter “a”.

§ 1. The interest rates of financing contracts shall be calculated by converting the charges provided for in items I and II of the caput into factors, as applicable, and their subsequent multiplication.

§ 2. BNDES and the financial institutions authorized by it may charge borrowers, in addition to the financial charges provided for in item I of the caput, other charges or commissions, usually practiced in their operations, especially due to the request for consent within the scope of the contracted operations, according to the provisions in their respective operational policies, and a charge for credit reservation, according to contractual provision, observing the incidence hypotheses and values disclosed on their respective official internet pages.

§ 3. The financial charges referred to in this article cannot be capitalized during the grace period.

Article 4. The conditions provided for in this Resolution apply to financing applications filed with BNDES until December 31, 2026.

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

IZABELA MOREIRA CORREA

Acting President of the Central Bank of Brazil