Central Bank extends term of foreign exchange contracts

The subject is part of the agenda of Centrorochas and Sindirochas, which are now monitoring its developments. With the measure, the exporter now has a single term of up to 1,500 days between the date of contracting and settlement of the operation, also allowing shipment to occur within this period.

Last week, the Central Bank released Circular No. 4,002, of 04/16/2020, extending the maximum period between contracting and settlement of export exchange contracts to 1,500 days. The previous deadline was 750 days, except for some exceptions in very specific cases that required a series of proofs and, during its course, the exporter had to observe the intermediate deadline of 360 days to ship the goods or provide the export service . Thus, with the change, the exporter now has a single term of up to 1,500 days between the date of contracting and settlement of the operation, also allowing shipment to occur within this period.

The new rule is valid for foreign exchange contracts entered into as of March 20, 2020, as well as for foreign exchange contracts entered into on a previous date that were in good standing on March 20, 2020, the date of publication and entry into force. force of Legislative Decree nº 6, which recognizes the occurrence of the state of public calamity. The use of the new rule also depends on the agreement of the parties to the exchange contract.

At the end of March, when the current scenario in the country pointed to an imminent drop in exports and a possible increase in international defaults, the concern to seek an extension for compliance with exchange contracts was taken to the Mining Council of the National Confederation of Industry ( Comin-CNI).

Website photo: Marcello Casal Jr/Agência Brasil