Resolution CMN No. 4202 — Regulates the opening and maintenance at the Central Bank of Brazil of deposit accounts in reais held by foreign central banks for local currency swap operations

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on March 28, 2013, based on § 1 of Article 10 of Law No. 11,803 of November 5, 2008,

R E S O L V E S:

Art. 1 This Resolution regulates the opening and maintenance, at the Central Bank of Brazil, of deposit accounts in reais held by foreign central banks intended for the realization of local currency swap operations.

Art. 2 The deposit accounts in reais shall be opened and maintained exclusively in the name of foreign central banks with which the Central Bank of Brazil has entered into local currency swap contracts.

Art. 3 The deposit accounts in reais shall be used exclusively for the movement of resources necessary for the execution of the currency swap.

Art. 4 The financial resources deposited in the deposit accounts in reais shall not be remunerated.

Art. 5 The opening of credit in the deposit accounts in reais to the foreign central bank party to the swap contract is not permitted.

Art. 6 The Central Bank of Brazil is authorized to adopt measures and issue complementary norms necessary for the execution of the provisions of this Resolution, including regarding limits on the movement of values.

Art. 7 This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil