Resolution No. 844

RESOLUTION No. 000844 ------------------- THE CENTRAL BANK OF BRAZIL, in the form of art. 9 of Law No. 4.595, of 31.12.64, makes public that the NATIONAL MONETARY COUNCIL, in a session held on this date, having regard to the provisions of art. 4, items VI, VII, VIII and IX, of the aforementioned Law and in art. 29 of Law No. 4.728, of 14.07.65, R E S O L V E D: I - To limit the rates charged by commercial banks in their active operations with internal resources and with a term of less than 180 (one hundred and eighty) days, to: a) at most, 5% (five percent) per month, for large banks; b) at most, 6% (six percent) per month, for small and medium banks. II - To limit the interest rates charged by commercial banks, investment banks and development banks, in their operations subject to monetary correction identical to the variation indices of the Readjustable National Treasury Bonds (ORTN), to: a) at most, 20% (twenty percent) per year, for large banks; b) at most, 24% (twenty-four percent) per year, for small and medium banks. III - For the purposes of the provisions of this Resolution: a) commercial banks of large size are considered those classified as such as a result of the provisions of Circular No. 589, of 17.12.80; b) investment banks of large size are considered those linked to commercial banks classifiable in the previous subitem; c) development banks shall be equated to small and medium-sized commercial banks. IV - The rates provided for in items I and II of this Resolution shall be reviewed quarterly. V - The Central Bank may adopt the measures deemed necessary for the execution of this Resolution. VI - This Resolution shall enter into force on the date of its publication, and Resolution No. 753, of 12.08.82, is hereby revoked. Brasília-DF, 13 July 1983 Carlos Geraldo Langoni President