The New Regulation on the Brazilian Export Transactions

By Walter Douglas Stuber^*

Under the terms of Resolution nº 3266, of March 4, 2005, which makes provisions on the receipt of amounts relating to exports, the Brazilian Monetary Council simplified the exchange rules and procedures governing exporting of goods and services. The Brazilian Central Bank (Bacen) published its new Exchange Market and International Capitals Regulation (RMCCI) by way of Circular nº 3280, of March 9, 2005, which consolidates these rules and procedures. Ahead we will make a few comments in the main rules in force applicable to the exports.

The new system still requires the entry of foreign currency related to the exports, upon execution and settlement of an exchange contract with a bank accredited to operate in the Exchange Market in the Country.¹ Exchange transactions are settled by delivering foreign currency or document of settlement to the bank party to the relevant exchange contract.