Resolution CMN No. 2939 — Authorizes the Central Bank of Brazil to Conduct Swap Operations

RESOLUTION NO. 2939

Authorizes the Central Bank of Brazil to conduct swap operations.

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 an extraordinary session held on March 26, 2002, based on the competence conferred by Article 4, items V, VI, XIX, and XXXI of Law No. 4,595 of 1964, and considering the provisions of Articles 3, items III and V, and 11, item III, of the aforementioned law,

RESOLVES:

Article 1. Authorize the Central Bank of Brazil to conduct, for monetary and exchange rate policy purposes, swap operations referenced in interest rates and exchange rate variations.

Sole Paragraph. For the purposes of this article, the Central Bank of Brazil may operate in specific environments of those markets, including submitting itself to their own rules.

Article 2. The Central Bank of Brazil shall report quarterly to the National Monetary Council the net positions of open swap contracts.

Article 3. This Resolution enters into force on the date of its publication.

Brasília, March 26, 2002

Arminio Fraga Neto
President