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Banco Central do Brasil committee keeps Selic rate unchanged at 14¼%
By Tali Rackner
Norfolk, Va., Oct. 22 – Banco Central do Brasil’s Monetary Policy Committee (Copom) unanimously decided to maintain the Selic rate at 14¼%, according to a news release from the bank.
The committee said keeping this basic interest rate level for a sufficiently long period is necessary for convergence of inflation to the target in the relevant horizon.
Copom increased the rate to 14¼% from 13¾ in July, to 13¾ from 13¼ in June, to 13¼ from 12¾% in May, to 12¾% from 12¼% in March 2015, to 12¼% from 11¾% in January 2015 and to 11¾% from 11¼% in December 2014.
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