Following is a translation of the statement by Brazil’s central bank on its interest rate decision today.
“The Copom considers that, at the moment, the risks to the inflation trajectory are limited. The committee also notes that, until now, given the fragility of the global economy, the contribution of the external sector has been disinflationary.
Given this, and giving continuity to the adjustment process of monetary conditions, the Copom decided to reduce the Selic rate to 8.5 percent per year without a bias.
Voting in favor of the reduction in the Selic rate to 8.5 percent are the following board members: President Alexandre Antonio Tombini, Aldo Luiz Mendes, Altamir Lopes, Anthero de Moraes Meirelles, Carlos Hamilton Vasconcelos Araújo, Luiz Awazu Pereira da Silva and Sidnei Corrêa Marques.”