Instruction Normative BCB No. 638 — Amends Instruction Normative BCB No. 479 of June 12, 2024, which details the composition of the Business Indicator (BI)

INSTRUCTION NORMATIVE NO. 638, OF JUNE 13, 2025

Amends Instruction Normative BCB No. 479, of June 12, 2024, which details the composition of the Business Indicator (BI).

The Head of the Department of Prudential and Exchange Regulation (Dereg), in the exercise of the powers conferred upon him by art. 23, item I, letter “a”; and art. 119, item I, letter “a” of the Internal Regulations of the Central Bank of Brazil, annexed to Resolution BCB No. 340, of September 21, 2023, and having in view the provisions of Resolution BCB No. 356, of November 28, 2023,

RESOLVES:

Art. 1º The Instruction
Normative BCB No. 479, of June 12, 2024, published in the Official Gazette of the Union on June 28, 2024, shall enter into force with the following alterations:

“Art. 2º .....................................................................................................................

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

Sole Paragraph. Institutions subject to the RWASP calculation that issue electronic money (MOE), as provided in art. 3º, item I, of Resolution BCB No. 80, of March 25, 2021, must not consider, for purposes of calculating the revenue from interest and financial leasing (II) and interest-generating assets (IEA), the income and balances, respectively, of federal public securities, committed operations, and cash allocated to the Electronic Money Correspondent Account (CCME) intended to comply with the provisions of § 1º of art. 22 of the aforementioned Resolution.” (NR)

Art.
2º This Instruction Normative enters into force on the date of its publication.

Ricardo
Franco Moura

INFORMATIVE NOTE

Justifies the alteration of Instruction
Normative BCB No. 479, of June 12, 2024.

This Note justifies the issuance of an instruction normative by the Department of Prudential and Exchange Regulation (Dereg) amending Instruction Normative BCB No. 479, of June 12, 2024, which details the method of calculating the Business Indicator (BI), as provided for in Resolution BCB No. 356, of November 28, 2023.

2.
By virtue of the provisions of art. 22 of Resolution BCB No. 80, of March 25, 2021, the institutions issuing electronic money (IEME) not constituted in the form of a financial institution must maintain liquid resources corresponding to the balances of electronic currencies held in payment accounts allocated exclusively in cash, at the BCB, or in federal public securities registered in Selic. The allocation in cash must occur in the Electronic Money Correspondent Account (CCME), as provided in Resolution BCB No. 237, of August 24, 2022. Resolution BCB No. 300, of March 16, 2023, introduced the remuneration of the CCME balance, which began to yield interest based on the Selic Rate on July 3, 2023.

3.
IN BCB No. 479 already provided for the exclusion of the balances and earnings of liquid resources held by IEME to comply with art. 22 of Resolution BCB No. 80, of 2021, but did not make mention of the remuneration of the CCME balance. Thus, I deem it necessary to alter the sole paragraph of art. 2º to explicitly state that institutions issuing electronic money must also disregard the income from the remuneration of the CCME balance.

4.
In this context, based on the provisions of art. 23, item I, letter “a”; and art. 119, item I, letter “a” of the Internal Regulations of the Central Bank of Brazil, annexed to Resolution BCB No. 340, of September 21, 2023, I resolve to issue the instruction normative in annex.

5.
It is worth noting that, as provided in item II of art. 4º of Decree No. 10.411, of June 30, 2020, the requirement for regulatory impact analysis (AIR) does not apply to normative acts intended to regulate rights or obligations defined in a hierarchically superior norm that does not allow, technically or legally, different regulatory alternatives. Thus, in view of this provision, the instruction normative presented herein is exempt from the preparation of AIR.

Ricardo
Franco Moura

Head of the
Department of Prudential and Exchange Regulation