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RIO DE JANEIRO, BRAZIL - The announcement, made on Wednesday, January 20th, is in line with the financial market's expectations, despite inflationary pressures. It is the third consecutive time that the collegiate body has decided to maintain the level at an all-time low.

The announcement's new aspect consisted in the withdrawal of forward guidance, a tool used by COPOM since August to signal how long the interest rate will remain at its current level. The Central Bank should monitor price behavior, the speed of vaccination of the population - considered a tool to expedite economic rebound - and the country . . .

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