By CentralBankNews.info
Brazil’s central bank left its benchmark Selic rate unchanged at 14.25 percent, a decision that was widely expected after the bank in July signaled the key interest rate had now reached a level that was high enough to slow inflation toward its 4.50 percent target by the end of 2016.
The Central Bank of Brazil, which has raised its rate by 250 basis points this year and by 700 points since starting its tightening cycle in April 2013, added the decision by its monetary policy committee, known as Copom was unanimous and there was no bias indicated.
In a brief statement, the central bank repeated that it understands that the rate would be held at the current level “for a sufficiently long period” for inflation to converge toward its target in late 2016.