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Brazil Central Bank Copom Statement on Rate Decision

Following is a translation of the statement by Brazil’s central bank on its interest rate decision today.

“The Copom decided unanimously to keep the Selic rate at 7.25 percent p.a., without a bias.

Considering the balance of risks for inflation, the recovery of domestic activity and the complexity surrounding the global environment, the committee understands that the stability of monetary conditions for a sufficiently prolonged period of time is the most adequate strategy to guarantee the convergence of inflation to target, even if not in a linear fashion.

Voting for this decision were the following board members: President Alexandre Antonio Tombini, Aldo Luiz Mendes, Altamir Lopes, Anthero de Moraes Meirelles, Carlos Hamilton Vasconcelos Araujo, Luiz Awazu Pereira da Silva, Luiz Edson Feltrim and Sidnei Correa Marques.”

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