A política de recolhimento do depósito compulsório no Brasil: uma análise para o período de 2012-2021

Abstract

Reserve requirement corresponds to a portion of bank deposits that banks must keep deposited in the monetary authority. The reserve requirement policy is determined by the Central Bank of Brazil (BCB) and aims to meet the objectives of monetary policy, associated with macroeconomic policy. This work defines, based on the rules referring to the reserve requirement policy defined by the BCB, different periods of use of this mechanism from 2012 onwards. For this, a systematic survey was carried out of changes in the reserve requirement policy in the last decade, from the period between September 2012 and 2021, available for search on the BCB website, identifying and cataloging the main changes in this policy. Thus, three distinct periods were identified in the use of this policy. First, from 2012 to 2016, the compulsory was used as a tool for selectivity and credit targeting. In the second, between 2017 and 2019, an attempt was made to simplify and make the reserve requirement mechanism more flexible, reducing costs related to its operation, in addition to reducing the rates of collection modalities, weakening its use as a credit tool. Finally, between 2020 and 2021, the reserve requirement was used to inject liquidity into the financial system, by reducing the rate levied on time deposits and by deductions conditioned to aid programs for individuals and companies.