State bodies and companies from the states, the Federal District and municipalities will be able to open accounts in foreign currency to receive loans from international organizations, decided today (27) the National Monetary Council (CMN). The resolution takes effect immediately.
According to the Central Bank (BC), the measure will make the authorization process for external credit operations more efficient. Loans from the Union, states and municipalities with international organizations are analyzed and authorized by the External Financing Commission (Cofiex) of the Ministry of Economy.
The CMN also authorized the constitution, as of 2 of seaof accounts in foreign currency for provisioning funds to deposit guarantees for the decommissioning (uninstallation) of oil and natural gas platforms in contracts signed with the Federal Government. These guarantees are intended to cover possible risks in the process of deactivating the structures.
According to the BC, opening a foreign currency account reduces exchange risk (sudden rise in the dollar) and reduces financial costs. This is because the guarantees are linked to goods and services with internationally defined prices. In July 2020, Petrobras started the decommissioning old platforms.
The Central Bank clarified that these measures are not related to the new foreign exchange law, enacted in December 29 of last year and which will only come into force on December 30th this year. The flexibilities, informed the body, only concern accounts linked to specific purposes, which are not available to the citizen.
