Resolution CMN No. 5141 — Sets the price index, inflation target, and tolerance interval for the new inflation target system effective January 1, 2025

RESOLUTION CMN NO. 5,141, OF JUNE 26, 2024

Sets the price index to be adopted for the purposes of the new inflation target system established by Decree No. 12,079, of June 26, 2024, as well as the inflation target and its tolerance interval, applicable from January 1, 2025.

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 a session held on June 26, 2024, considering the provisions of Article 2 of Complementary Law No. 179, of February 24, 2021, and Decree No. 12,079, of June 26, 2024,

R E S O L V E D:

Article 1. The price index to be adopted for the purposes of the new inflation target system, as provided for in Article 4 of Decree No. 12,079, of June 26, 2024, is the National Consumer Price Index Broad – IPCA, calculated by the Brazilian Institute of Geography and Statistics – IBGE.

Sole Paragraph. The National Monetary Council, upon proposal by the Minister of State for Finance, shall determine a substitute index in the event that it is impossible to ascertain the index referred to in the main text of this article.

Article 2. The target for the accumulated variation over twelve months of the price index indicated in Article 1, calculated month by month, to be applied in the period starting on January 1, 2025, is set at 3.00% (three whole percent), with a tolerance interval of minus 1.50 p.p. (one and a half percentage points) and plus 1.50 p.p. (one and a half percentage points).

Article 3. The Central Bank of Brazil shall make the necessary modifications to its regulations and norms, aiming to execute the content contained in this Resolution.

Article 4. The following are repealed:

I - the following provisions of Resolution CMN No. 5,018, of June 23, 2022, published in the Official Gazette of the Union on June 24, 2022:

a) Article 1; and

b) Articles 2 to 5; and

II - Resolution CMN No. 5,091, of June 30, 2023, published in the Official Gazette of the Union on June 30, 2023.

Article 5. This Resolution enters into force:

I - on January 1, 2025, regarding Article 4, main text, item I, clause "a"; and

II - on the date of its publication, regarding the remaining provisions.

ROBERTO DE
OLIVEIRA CAMPOS NETO
President of the Central Bank of Brazil