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 to raise the Selic rate to 7.5 percent a year, without bias, by six votes in favor and two for holding the rate at 7.25 percent a year.

The committee considers that the high level of inflation and the dispersion of price increases, among other factors, contribute to the resilience of inflation and require a monetary policy response. On the other hand, the Copom considers that domestic and principally external uncertainties surrounds the prospective inflation outlook and requires that monetary policy be managed with caution.

The following board members voted for the increase of the Selic rate to 7.5 percent a year: President Alexandre Antonio Tombini, Altamir Lopes, Anthero de Moraes Meirelles, Carlos Hamilton Vasconcelos Araujo, Luiz Edson Feltrim and Sidnei Correa Marques. The following members voted for keeping the Selic at 7.25 percent a year: Aldo Luiz Mendes and Luiz Awazu Pereira da Silva.”

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