Brazilian Industry Says Disappointing Cut in Interests Brought Bitter Christmas

The Brazilian Central Bank’s Monetary Policy Committee (Copom) has lowered the country’s key interest rate, known as the Selic, from 18.5% to 18% per year.

The decision was not unanimous. Six members of the committee voted for the reduction of 0.5 percentage points, while two voted for a larger reduction of 0.75 percentage points.

One member of the committee was absent due to health problems. A note from the Central Bank says the decision was a "continuation of the monetary policy flexibilization process."

In an official note, the president of the Federation of Industries of the State of São Paulo (Fiesp), Paulo Skaf, affirmed that there is no reason for the Monetary Policy Committee (Copom) to have announced "such an insignificant" cut in the benchmark interest rate.

"The 0.5% reduction is once again a disappointment. The economy will end the year with mediocre growth. The Fiesp was hoping for a less bitter Christmas for Brazil," he remarked.



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