Oct. 19 (Bloomberg) -- Following is a translation of the statement by Brazil’s central bank on its interest rate decision today.

“Giving continuity to the adjustment process of monetary conditions, the Copom decided, unanimously, to reduce the Selic rate to 11.50 percent a year, without a bias. The Copom understands that, by timely mitigating the effects coming from a more restrictive global environment, a moderate adjustment in the level of the basic rate is consistent with the scenario of inflation converging to the target in 2012.”

--Editor: Joshua Goodman

To contact the reporters on this story: Matthew Bristow in Brasilia at mbristow5@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net