Brazil Monetary Policy


Central Bank keeps SELIC rate unchanged at 7.25 percent

At its 6 March meeting, the Central Bank's Monetary Policy Committee (COPOM, Comite de Politica Monetaria) decided to maintain the benchmark SELIC interest rate at a record-low of 7.25%, in a unanimous vote. The decision was in line with market expectations.

The accompanying statement was unusually laconic, as policymakers only stated that the Committee will monitor macroeconomic developments until its next meeting, when they will decide on the next steps of its monetary policy strategy. The minutes, including details of the meeting, will be released on 14 March.

LatinFocus Consensus Forecast participants see the SELIC rate ending this year at 7.42%. For 2014, panellists see the SELIC rate rising to 8.09%.


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Brazil Monetary Policy Chart

Brazil Monetary Policy March 2013

Note: SELIC target rate (Taxa SELIC meta) in %.
Source: Central Bank of Brazil (Banco Central do Brasil).

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