On 4 December 2012, the Brazilian Central Bank issued Circular No. 3.617 of 2012, which eased rules on the foreign financing of Brazilian exporters. First, the new regulation allows foreign financial institutions to participate in the export financing of Brazilian exporters. Previously, only the foreign importer was allowed to finance the exports from its Brazilian exporting counterpart. Second, the new regulation extended the maximum period for the repayment of advance payments from previously 360 days (1 year) to a maximum of1,800 days (5 years). Thus, Brazilian exporters are provided with more latitude regarding the repayment of advance payments they received before actually exporting.