*The monetary policy committee (Copom) of Brazil’s central bank (BCB) has lowered the country’s benchmark interest rate (Selic) to 10.75%, down from 11.25%. This marks the sixth consecutive Copom meeting since August 2023 in which the committee decided to reduce the Selic by 50 basis points. Copom released a statement in which it indicated that annual inflation for 2024 is expected to close the year within the BCB’s annual target range of 3.00% +/-1.5. The committee’s latest annual forecast projects 3.50% annual inflation for this year. The latest forecasts from private sector analysts and economists, released in the BCB’s weekly Focus bulletin, show a slightly higher figure of 3.79% inflation for 2024. The experts consulted for the bulletin expect the Selic to be lowered to 9.00% by the end of 2024.
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LatinNews Daily - 21 March 2024
In brief: Brazil’s central bank cuts interest rate again
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