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Central Bank changes foreign exchange rules to allow changes to LIBOR

The Brazilian Central Bank published, on March 24th, 2022, National Monetary Council (CMN) Resolution N. 5,011, which amends CMN Resolution N. 3,844, of March 23th, 2010, to allow the alteration of the registration of international loans made by Brazilian companies in the Electronic Declaratory Registry of Financial Operations (RDE-ROF) of an interest rate whose index had its disclosure terminated. For this type of amendment in the RDE-ROF, it will no longer be necessary to cancel the original debt registration, to create a new registration, and to carry out simultaneous exchange operations or international transfers in Brazilian reais.