Following is a translation of the statement by Brazil’s central bank on its interest rate decision today.
“The Copom decided, unanimously, to reduce the Selic rate to 7.5 percent p.a., without a bias.
Considering the cumulative and delayed effect of policy action implemented until now, which are partially reflected in the ongoing economic recovery, the Copom considers that if the prospective scenario were to allow for an additional adjustment in the monetary conditions, this move should be carried out with maximum parsimony.
Voting in favor of the reduction in the Selic rate to 7.5 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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