Understanding the National Monetary Council

What is the CMN?

The National Monetary Council¹ is the major institution of Brazilian Financial System. The CMN is in charge of formulating monetary and credit policies, aiming to preserve Brazilian monetary stability and to promote economic and social development.

The Council was established on December 31, 1964 by Law 4,595. Through the years, the Council has undergone modifications in its composition, when compared to the original provision. It is presently composed, according to Law 9.069/1995, of the following members:

• The Minister of Finance;
• The Minister of Planning, Development and Management;
• The Governor of Banco Central do Brasil.

CMN meet once a month, at least, in order to deliberate about currency and finances related issues. Approved decisions are published in the form of CMN Resolutions, available and published both in the Official Gazette ², and on the Banco Central do Brasil’s website ².

A summary of every meeting is published in the Official Gazette. Please check out for published summaries ².

The Technical Commission for Currency and Credit³ operates as an advisory board to the CMN, being responsible for a previous evaluation on the matters which later submitted to CMN deliberation. In addition, Brazilian legislation prescribes the functioning of seven other advisory commissions.

Banco Central do Brasil acts as Executive-Secretary of both CMN and COMOC. The secretary organizes and advises the deliberative sessions of those instances, including preparation, advice and support during their meetings, and also preparing records and maintaining historical files after the sessions.

For further details on the aims and functioning of these boards, please check:

• Law 4,595 of December 31, 1964 ². On the establishment of CMN, its objectives and duties;
• Law 9,069 of June 29, 1995 ². On the Real Plan ⁴ and CMN membership;
• Decree 1,307 of November 9, 1994 ². On the CMN’s bylaw and its internal working procedures, as amended by Decree 1,649 of September 27, 1995;
• Decree 1,304 of November 9, 1994 ². On the COMOC’s bylaw and its internal working procedures, as amended by Decree 1,650 of September 27, 1995; Decree 6,333 of December 28, 2007.

Who is Who