Brazil’s basic interest rate (known as the Selic), has risen steadily since September of last year. However, the Monetary Policy Committee (Copom) decided not to raise it at its meeting this week.
“After evaluating inflation perspectives, the Copom decided unanimously to keep the Selic at 19.75%,” said a note from the committe. The next Copom meeting is scheduled for July 20.
The Selic is the country’s benchmark interest rate. It is used by financial institutions and the government as a basic standard for loans and borrowing.