Normative Instruction BCB No. 603 — Establishes the method for correcting the daily balance of rural credit operations with a post-fixed interest rate component

Resolution No. 222

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

NORMATIVE INSTRUCTION
BCB NO. 603, OF MARCH 28, 2025

Establishes the method for correcting the daily balance of rural credit operations that possess a post-fixed interest rate component as set forth in Section 3 (Expenses), of
Chapter 2 (Basic Conditions), of the Rural Credit Manual (MCR).

The Head of the Department of Regulation, Supervision and Control of Rural Credit and Proagro Operations (Derop), using the powers conferred by Art. 23, 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 considering the provisions of Art. 5, 6, and 7 of Law No. 4,829, of November 5, 1965, Art. 6 of CMN Resolution No. 4,880, of December 23, 2020, and item 4, of Section 3 (Expenses), of Chapter 2 (Basic Conditions) of the Rural Credit Manual (MCR),

R E S O L V E S:

Art. 1. Section 3 (Expenses), of Chapter 2 (Basic Conditions) of the Rural Credit Manual (MCR) shall enter into force with the following alterations:

“5-A - The calculation of the daily balance of rural credit operations that have a variable annual remuneration rate (post-fixed) – Trvat must be performed according to the following procedures:

a) when Trvat is expressed in time units per year on the basis of 252 business days (DU), the equivalent interest rate on the basis of civil days (DAC), 365 or 366 days, as applicable, must be calculated in advance, for application in the formula; and

b) Trvat originally expressed on the basis of 252 DU, with equivalence calculated on the basis of DAC, must be considered 0.00% per annum (zero percent per annum) for dates that are not considered business days, in accordance with Art. 6 of CMN Resolution No. 4,880, of December 23, 2020, for the purpose of calculating the daily balance of rural credit operations” (NR)

Art. 2. Financial institutions authorized to operate with rural credit must ensure that the calculation of the daily balance of rural credit operations that possess a variable annual remuneration rate (post-fixed) – Trvat is performed in accordance with what is stipulated in the MCR and that their informatized systems follow the procedures established in this normative act by June 30, 2025.

Art. 3. This Normative Instruction BCB enters into force on the date of its publication.

CLAUDIO FILGUEIRAS PACHECO
MOREIRA

NOTE

This Normative Instruction (IN BCB) aims to clarify the method for correcting the daily balance of rural credit operations that possess a post-fixed interest rate component, as set forth in Section 3 (Expenses), of Chapter 2 (Basic Conditions), of the Rural Credit Manual (MCR).

2. The increase in the contracting of rural credit operations with post-fixed rates and divergences in normative interpretation by financial institutions regarding the application of the MCR 2-3-4 formula led to varied practices in correcting the daily balance of these operations. For uniformity and clarity for financial institutions regarding the method of using the MCR 2-3-4 formula for operations with a post-fixed interest rate component, it is opportune to publish a Normative Instruction of the Central Bank of Brazil (IN BCB) including MCR 2-3-5-A containing the following information:

a) when Trvat is expressed in time units per year on the basis of 252 Business Days (DU), the equivalent rate on the DAC basis (365 or 366 days, as applicable) must be calculated in advance for application in the formula;

b) Trvat originally expressed on the basis of 252 DU must be considered 0% per annum (zero percent per annum) for dates that are not considered business days, in accordance with Art. 6 of CMN Resolution No. 4,880, of December 23, 2020, for the purpose of calculating the daily balance of rural credit operations.

3. It should be highlighted that, by virtue of Art. 24 of Decree No. 10,411, of June 30, 2020, the issuance of normative acts by bodies and entities of the direct, autarchic, and foundation federal public administration, from October 14, 2021, must be preceded by a Regulatory Impact Analysis (RIA), except for the RIA waiver scenarios provided for in its Article 4. This proposal, being a normative act that aims to preserve liquidity, solvency, or soundness of the financial, capital, and foreign exchange markets, falls under the RIA waiver scenario provided for in item V, letter “b” of Art. 4 of the aforementioned Decree.

CLAUDIO FILGUEIRAS PACHECO MOREIRA
Head of Derop