São Paulo – The equalization of interest rates on Brazilian export financing can now be carried out during the pre-shipment phase, according to a decision by the National Monetary Council (CMN) on Thursday (19). Previously, exporters had to ship the goods or issue the sales invoice to receive the benefit.
The measure applies to the Export Financing Program (Proex). By making this decision, the CMN amended the resolution regulating the rules for interest rate equalization and export financing operations under Proex. Previously, the resolution only covered post-shipment equalization.
Through equalization, the National Treasury covers the difference between the export financing interest rate paid by Brazilian entrepreneurs and the rates practiced in the international market, thus providing competitiveness to national exporters.
In the event that an export does not occur by the expected date, the exporter must reimburse the amounts received for pre-shipment equalization, adjusted for inflation, to the country. If such an occurrence exceeds 15% of the operation, the exporter will be barred from contracting with Proex for five years.
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Translated by Guilherme Miranda
