Resolution CMN No. 2441 — Credit Concessions to Manufacturers of Inputs for Export Goods

RESOLUTION NO. 2441

Dispenses with the granting of credit to manufacturers of inputs that integrate the productive, assembly, and packaging processes of goods destined for export.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on November 12, 1997, considering the provisions of Article 4, items VI and XXXI, of the aforementioned Law and of Provisional Measure No. 1,598 of November 11, 1997,

RESOLVES:

Article 1. Permit authorized banks to operate in foreign exchange to use the commercial credit lines they have available abroad for the granting of credit backed by promissory notes issued by manufacturers of inputs that integrate the productive, assembly, or packaging processes of goods destined for export, representing the value of the inputs sold and delivered, for payment at a future date, to final exporting companies.

Paragraph 1. The promissory notes may be issued in United States dollars or in Brazilian reais, according to the modality of the transaction agreed upon by the parties, in accordance with the regulations issued by the Central Bank of Brazil.

Paragraph 2. The following promissory notes are eligible for the purposes of the "caput" of this article:

a) containing the acceptance of the exporting company;

b) on the reverse side, containing a declaration signed by the final exporting company with the following wording: "We declare that the inputs received, represented by this promissory note, will be used in the _____________(indicate if productive, assembly, or packaging) process of goods destined for shipment abroad, in accordance with Provisional Measure No. 1,598 of November 11, 1997."

Paragraph 3. The provisions contained in items III and IV of Resolution No. 1,620 of July 26, 1989, apply to the provisions of this article.

Article 2. Allow authorized banks to operate in foreign exchange to accept, until December 12, 1997, promissory notes issued from September 12, 1997, and not yet due, representing inputs sold and delivered to final exporting companies, with a view to classification under the provisions of Provisional Measure No. 1,598 of November 11, 1997.

Article 3. Authorize the Central Bank of Brazil to adopt the measures and issue the norms necessary for the execution of the provisions of this Resolution.

Article 4. This Resolution enters into force on the date of its publication.

Brasília, November 12, 1997

Gustavo H. B. Franco
President