Banco Central do Brasil bumps Selic rate up to 11¼% from 11%

By Jennifer Chiou

New York, Oct. 30 – Banco Central do Brasil’s Monetary Policy Committee (Copom) decided to increase the Selic rate to 11¼% from 11%, according to a news release from the bank.

Prior to this increase, Copom had kept the rate unchanged through September after it raised it to 11% from 10¾% in April.

The committee said that there were five votes in favor of the change, while three were for keeping the rate unchanged.

The release noted that, among other factors, the intensification of relative prices adjustments in the economy has made the balance of risks for inflation less favorable. The committee, in turn, said it considered it opportune to adjust the monetary conditions in order to guarantee, at a lower cost, the prevalence of a more benign scenario for inflation in 2015 and 2016.

The October meeting minutes will be released in Portuguese on Nov. 6.

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