Brazil Reduces Selic to Lowest Level in Over Three Years

The Monetary Policy Committee however does not expect high reduction levels from now on due to political turbulence.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The Central Bank (CB) of Brazil lowered the country’s benchmark interest rate (SELIC) by one percentage point on Wednesday, to the lowest level since January of 2014. The decrease, expected by market analysts, was the sixth consecutive reduction by the Bank that now places the SELIC at 10.25 percent per year.

The Monetary Policy Committee (COPOM) however noted that the increasing uncertainties regarding the political climate and the slow rhythm of reforms to be approved by Congress may lead to a slower reduction in the SELIC rate cut . . .

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