Brazil Monetary Policy


Central Bank reaches the end of the easing cycle

At its 28 November 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 Central Bank's decision concludes the 15-month easing cycle during which the SELIC interest rate was reduced by a total of 525 basis points in ten consecutive meetings. Moreover, the decision came in line with market expectations. In an accompanying statement, policymakers concluded that, bearing in mind the balance of risks to inflation as well as the recovery in economic activity and strong external headwinds, the stability of monetary conditions for a sufficiently long period of time is the most appropriate strategy to ensure the convergence of inflation to the target, although in a non-linear fashion. The minutes, including details of the meeting, will be released on 6 December.


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Brazil Monetary Policy Chart

Brazil Monetary Policy November 2012

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

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