National Monetary Council changes Credit Guarantee Fund rules; opens financing for agro, air and innovation
The CMN (National Monetary Council) approved, this Thursday (April 23, 2026), a package of measures that reinforces banks’ liquidity requirements, changes rules of the Credit Guarantee Fund and creates financing lines for agricultural cooperatives, airlines and technological innovation.
The measures were detailed by the Central Bank and the Ministry of Finance after a CMN meeting. The decisions combine prudential regulation to reduce risks in the financial system and expansion of credit, to “sustain economic activity”.
On the regulatory front, the CMN changed FGC rules by introducing the concept of reference asset, an indicator that considers the quality and diversification of financial institutions’ assets.
When the fund’s guaranteed funding exceeds this parameter, part of the resources must be directed to federal public bonds. The measure comes into effect on June 1, 2026.
The BC also expanded the requirement for the LCR (Short-Term Liquidity) indicator for segment 2 institutions (medium banks) and created a simplified version (LCRS) for smaller institutions.
The minimum rates will be 90% between January and June 2027 and will rise to 100% from July of the same year.
According to the BC, the changes emphasize risk prevention and the ability of institutions to face periods of stress, in addition to reducing incentives for funding excessively supported by the FGC guarantee.
MORE CREDIT
With votes from the Treasury, the CMN authorized working capital financing for agricultural cooperatives within the scope of Pronaf Agroindústria. The limit is up to R$40 million per cooperative, with interest of 8% per year and a term of up to 6 years, including a 12-month grace period. The measure is valid until June 30, 2026.
The board also created a line of credit for airlines with resources from the FNAC (National Civil Aviation Fund). The loans will have a term of up to 60 months, with a grace period of up to 12 months, and interest of 4% per year on the fund, plus financial charges. The credit risk will remain with the financial institutions, without a guarantee from the National Treasury.
Another decision adjusts rules for financing with resources from the FAT (Worker Support Fund), expanding the eligibility of IT and automation goods in lines focused on innovation and digitalization. The measure maintains financial conditions and does not imply an increase in public spending, according to the Treasury.
The CMN is chaired by the Minister of Finance, Dario Durigan, and has the participation of the president of the BC, Gabriel Galípolo, and the Minister of Planning, Bruno Moretti.
