Following is a translation of the statement by Brazil’s central bank on its interest rate decision today.
“The Copom considers that, at this moment, the risks for the inflation path remain limited. The Committee also notes that, up to now, given the fragility of the global economy, the contribution of the external sector has been disinflationary.
Therefore, continuing the adjustment process of monetary conditions, the Copom decided to reduce the Selic rate to 8.0 percent p.a., without bias.
Voting in favor of the reduction in the Selic rate to 8.0 percent are 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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