The National Monetary Council (CMN) approved this Wednesday (20) the rules of the new Move Brasil program, which will offer easier financing for app drivers, taxi drivers and cooperatives to purchase new vehicles. The measure is part of a new stage of the federal program aimed at renewing the individual passenger transport fleet in the country. The regulation was published through CMN Resolution No. 5,304 and details how the financing will work, which could total up to R$30 billion in public and private resources. Who can participate Related news: Understand how Move Applications works for drivers and taxi drivers. Lula creates R$30 billion program for app drivers. The program will be aimed at three groups: application drivers; taxi drivers; taxi cooperatives. To access financing, workers will need to meet criteria defined by the federal government. In the case of app drivers, there will be a minimum time requirement for working in the profession. Taxi drivers and cooperatives must comply with Federal Revenue rules related to tax benefits, such as exemption from Tax on Industrialized Products (IPI) and Tax on Financial Operations (IOF) when purchasing vehicles. How it will work Financing will be provided by banks and financial institutions authorized by the National Bank for Economic and Social Development (BNDES). In practice, BNDES will transfer the resources to partner banks, which will be responsible for granting credit to drivers and assuming the risk of default in operations. Financing can be used to purchase: electric vehicles; flex hybrids; flex cars; vehicles powered exclusively by ethanol. The program will also allow the financing to include: vehicle insurance; credit life insurance; safety equipment; items aimed at protecting female drivers. Extra items may represent up to 10% of the car's value. Reduced fees The CMN defined special conditions for financing. The basic rate for resources invested directly by the government in the program will be 2.5% per year for beneficiaries in general. For women working in passenger transport, the rate will drop to 1.5% per year. In addition, banks may charge additional remuneration of up to 8.5% per year for operations. The BNDES will charge up to 1.25% interest per year for administering the program. The maximum payment period will be up to 72 months (six years), with the possibility of up to a six-month grace period to start paying the debt principal. The maximum amount financed per vehicle will be R$150,000. Program objective According to the government, Move Brasil seeks to reduce the impacts of the recent increase in costs in the transport sector, worsened by international tensions and the rise in fuel prices following the conflict in the Middle East. The proposal also aims to accelerate the renewal of the national fleet, encouraging less polluting and more energy efficient vehicles. The expectation is that exchanging old vehicles for newer models will help reduce pollutant emissions, improve safety and increase the quality of urban mobility services. Guarantees provided The regulation also allows the use of guarantees from the Emergency Credit Access Program (Peac-FGI), a mechanism created to facilitate financing in operations considered to be of greater risk. In practice, this fund works as a type of complementary guarantee for banks, reducing the risk of loss in the event of default. This tends to facilitate credit approval for self-employed workers, a category that normally faces more difficulty in obtaining financing on favorable terms. What is the CMN The National Monetary Council is the main body responsible for defining the rules of the country's economic and financial policy. It is up to the CMN to establish guidelines for credit, interest, banking system and the functioning of the financial market. The council is made up of three members: the Minister of Finance, Dario Durigan, who presides over the body; the president of the Central Bank, Gabriel Galípolo; and the Minister of Planning and Budget, Bruno Moretti.