• Categories
  • Archives

Brazil Benchmark Rate Raised 0.25%

Brazil’s Central Bank’s Monetary Policy Committee (Copom) announced, yesterday, its decision to raise the country’s basic interest rate (known as the Selic) from 16% to 16.25%. The increase comes after the Selic remained steady at 16% for five consecutive months.

The Copom vote on the increase was not unanimous. There were five votes for the 0.25 percentage point increase, and three votes for a 0.50 percentage point increase.

According to a note from Copom, the increase is the beginning of a process of moderate adjustments to the country’s basic interest rate so as to ensure that inflation does not hinder the recovery of real wages or sustained economic growth.


Still on the economic front it was announced that the São Paulo industrial sector, where 40% of all Brazilian productive activity takes place, grew 17% in July, compared to July 2003. Industrial growth for the year is running at 11.2%, and 6.8% for the last 12 months.

According to the IBGE, Brazil’s government statistical bureau’s monthly survey, the July performance was boosted by growth in 17 out of 20 segments, with electronic material and equipment leading with growth of 182%, and vehicles up 35.4%.

The segments where they was a decline in activity were pharmaceuticals, petroleum refining and alcohol production, and printing.

Agência Brasil

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Will US See Brazil-France Alliance as Declaration of War? Brazil Won’t Care

The recently signed agreements between Brazil and France are about much more than the ...

A Crash Course on Brazil and Its Endless Efforts to Save the Northeast

The twenty-five-watt bulbs in the hotel didn’t emit light enough to read so I ...

Brazilians Buy 40% More Rugs from Arab Countries

Brazil is one of the importers of the famous carpet industry of the Arab ...

Brazil’s Petrobras Grows 70% and Zooms to 8th Place Among World’s Oil Companies

In a press release, Brazilian state-owned oil company Petrobras informed that its market value ...

A soldier from Brazil's National Security Force

Pan American Games in Brazil Will Count on 7,800 Federal Troops

Brazil's Ministry of Tourism is going to invest US$ 83.8 million in the Pan ...

Brazil Drafts National Health System to Help Fight Child Labor

Starting today, the fight against child labor will count on the assistance of workers ...

Tasting Brazil…in Boston

Brazilian immigration has grown at such a pace in Massachusetts that it has helped ...

US Probe Concludes Brazil Is Seriously Fighting Piracy

The government of the United States decided to wrap up the investigation of Brazil ...

Average Interest Rate in Brazil: 29% a Year. In the World: 4%

Erivaldo Rodrigues of Austin Rating reports that Brazilian bank profits in 2005 were the ...

Brazil to Earmark US$ 23 Billion for Science and Technology

Brazil's President, Luiz Inácio Lula da Silva, is expected to launch in November the ...