São Paulo – The Brazilian Central Bank’s Monetary Policy Committee (Copom) decided this Wednesday (11), unanimously, to slash the Selic, the benchmark interest rates, to 13% per year. The announcement was made a few hours after it was made public that 2016’s Extended National Consumer Price Index (IPCA) was of 6.29%, below the cap of the target established by the Central Bank.
The 0.75 percentage point cut is Selic’s third consecutive one and the deepest since April 2012 when interest rates were slashed from 9.75% to 9% per year.
*Translated by Sérgio Kakitani
