Banco Central do Brasil committee again maintains Selic rate at 14¼%

By Wendy Van Sickle

Columbus, Ohio, Sept. 1 – Banco Central do Brasil’s Monetary Policy Committee (Copom) voted unanimously to maintain the Selic rate at 14¼%, according to a news release from the bank.

The committee said indicators released since the last Copom meeting indicate the Brazilian economy has stabilized recently and point to the possibility of a gradual pick-up in economic activity.

Inflation expectations collected by the Focus survey for 2017 fell since the last meeting but remain above the 4.5% inflation target.

The committee said any easing of monetary conditions would require greater confidence on meeting the inflation targets, in particular the 4.5% target for 2017.

Copom also maintained the rate at its previous meetings in June, April, March, January, October and September. It had increased the rate to 14¼% from 13¾ in July 2015.

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