Banco Central do Brasil decides to increase the Selic rate to 7½%

By Tali David

Minneapolis, April 18 - Banco Central do Brasil's Monetary Policy Committee (Copom) announced that it decided to increase the Selic rate to 7½% from 7¼%, without bias.

The committee said it evaluated that the high inflation level and the dispersion in price increases, among other factors, contribute for inflation to show resilience and demand a monetary policy response. Six members voted in favor of the increase, and two members voted in favor of maintaining the rate.

On the other hand, the Copom said it evaluated that domestic and, mainly, external uncertainties surround the prospective scenario for inflation and recommend that monetary policy be administered with caution.

The meeting minutes will be released in Portuguese on April 25.

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