Resolution CMN No. 3843 on Compliance with Additional Mandatory Reserve Requirements on Rural Savings Deposits and within the SBPE

RESOLUTION NO. 003843

Dispenses on compliance with the requirement for additional mandatory reserve on rural savings deposits and within the SBPE.

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 9 and 10, 2010, considering the provisions of Article 4, items VI and XI, of the aforementioned law, in Articles 4, 14, 15, item I, and 21 of Law No. 4,829 of November 5, 1965, in Article 7 of Decree-Law No. 2,291 of November 21, 1986, in Article 81, item III of Law No. 8,171 of January 17, 1991, and in Article 28 of Law No. 10,150 of December 21, 2000,

RESOLVES:

Article 1. Article 2 of Resolution No. 3,023 of October 11, 2002, shall be amended as follows:

"Article 2. The additional mandatory reserve must be fulfilled in cash, receiving remuneration calculated based on the Selic Rate, as provided in §§ 1 and 3 of Article 2 of Circular No. 2,900 of June 24, 1999." (NR)

Article 2. Item 6-4-17, subsection b, of the Rural Credit Manual (MCR) shall be amended as follows:

"IV - MCR 6-4-17:

......

b) 10% (ten percent), in additional mandatory reserve at the Central Bank of Brazil, in cash and remunerated based on the Selic Rate, as provided in §§ 1 and 3 of Article 2 of Circular No. 2,900 of June 24, 1999;

......" (NR)

Article 3. Resolution No. 3,634 of November 13, 2008, is hereby revoked.

Article 4. This resolution enters into force on the date of its publication, taking effect from the calculation period of March 8 to 12, 2010, whose adjustment will occur on March 22, 2010.

Brasília, March 10, 2010.

Henrique de Campos Meirelles
President