Bank of Brazil

Bank of Brazil

 

(Banco do Brasil), the largest commercial bank in Brazil. Prior to the organization of the Central Bank of Brazil (1965), this bank performed some of the functions of the nation’s central bank. A majority of the stock belongs to the government.

The Bank of Brazil was established in 1808 with the right to issue bank notes and functioned up until 1829. It was reestablished in 1851 and in 1853–54 underwent a fundamental reorganization. Since the proclamation of the republic (1889), the Bank of Brazil has played a leading role in the nation’s credit system. Special organs of the bank have supervised the credit and currency system of Brazil. During certain periods the bank has been entrusted with the issuing of import and export licenses. The Bank of Brazil had the right to issue bank notes until 1946; according to the Constitution of 1946, this right was given exclusively to the national treasury. The chairmen, directors, and certain other officials of the bank are appointed by the president of the republic. In 1968 the Bank of Brazil had 645 branches in Brazil and subsidiaries in Argentina, Bolivia, Paraguay, Uruguay, and Chile. Its stock capital at the beginning of 1968 was 60 billion cruzeiros, reserve capital was 496 billion cruzeiros, deposits were 11.9 trillion cruzeiros, and credits extended to the national economy were 14.9 trillion cruzeiros.

M. G. POLIAKOV

References in periodicals archive ?
The Bank of Brazil was originally set up with mixed responsibilities.
The vice president of the central bank of Brazil has opined that fiscal reforms are crucial for the nation.
has obtained the approval from the Central Bank of Brazil invest in XP Investimentos S.A.
Goncalves Junior, Walter, Central Bank of Brazil, Brazil.
Banco do Brasil (Bank of Brazil) has announced that it has opened its first branch in China, in Shanghai, on Friday, 30 May.
Scolari had said that players who could not handle pressure should work at the Bank of Brazil, "sitting in an office and not doing anything," (http://www.bbc.co.uk/news/world-latin-america-20550336) the BBC reported .
Global Banking News-April 15, 2011--Central bank of Brazil said to be encouraging bigger banks to buy smaller banks(C)2011 ENPublishing - http://www.enpublishing.co.uk
International Resource News-8 December 2008-Central bank of Brazil may hold rates(C)2008 ENPublishing - http://www.enpublishing.co.uk
(1.) Sponsoring organizations are the following: Bank of Algeria, National Bank of Belgium, Central Bank of Brazil, Bank of Canada, People's Bank of China, Bank of England, European Central Bank, Bank of France, Deutsche Bundesbank, Bank of Greece, Hong Kong Monetary Authority, Central Bank of Iceland, Bank of Italy, Bank of Japan, Netherlands Bank, Norges Bank, Bank of Portugal, Central Bank of Russian Federation, Monetary Authority of Singapore, Bank of Spain, Sveriges Riksbank, Swiss National Bank, Central Bank of Turkey, Federal Reserve Board, and Bank for International Settlements.
This can be seen in the RP and CP methods (for import and export), as well as in the calculation of interest on loans (not registered with the Central Bank of Brazil), which are all based on arbitrary and governmental pre-determined profit margins (which may or may not be the same as the profit margins established between unrelated parties).
The Central Bank of Brazil has issued new rules regarding bank check transactions by financial institutions.
In December 1964, Law 4,595 (7) was passed, establishing the Central Bank of Brazil (8) as a federal agency, part of the National Financial System.

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