Following is a translation of the statement by Brazil’s central bank on its interest rate decision today.
“The Copom decided unanimously to keep the Selic rate at 7.25 percent p.a., without a bias.
Considering the balance of risks for inflation, which worsened in the short term, the recovery of domestic activity, which was less intense than expected, as well as the complexity that still surrounds the global environment, the committee understands that the stability of monetary conditions for a sufficiently prolonged period of time is the most adequate strategy to guarantee the convergence of inflation to target.
Voting for this decision were 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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