The central bank of Brazil cut its key Selic rate by 50 bps to 13.25% in its August meeting after keeping the borrowing cost on hold for the eighth consecutive session, while the market expected a 25 bps cut. The Committee reinforces the need to persevere with a contractionary monetary policy until not only the disinflation process is consolidated, but also the anchoring of expectations around its targets. Domestically, the annual inflation slowed to 3.16% in June from 3.94% in May, still above the inflation target. The Board noted that inflation projections stand at 4.9% in 2023, 3.4% in 2024 and 3.0% in 2025. The Committee also points out that the total magnitude of the easing cycle over time will depend on the evolution of inflationary dynamics. source: Banco Central do Brasil

Interest Rate in Brazil averaged 13.93 percent from 1999 until 2023, reaching an all time high of 45.00 percent in March of 1999 and a record low of 2.00 percent in August of 2020. This page provides - Brazil Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Brazil Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Interest Rate in Brazil is expected to be 13.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Brazil Interest Rate is projected to trend around 9.00 percent in 2024 and 8.50 percent in 2025, according to our econometric models.

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Brazil Interest Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-05-03 09:47 PM Interest Rate Decision 13.75% 13.75% 13.75% 13.75%
2023-06-21 09:30 PM Interest Rate Decision 13.75% 13.75% 13.75% 13.75%
2023-08-02 09:30 PM Interest Rate Decision 13.25% 13.75% 13.5% 13.5%
2023-09-04 11:30 AM BCB Focus Market Readout
2023-09-11 11:30 AM BCB Focus Market Readout
2023-09-18 11:30 AM BCB Focus Market Readout


Related Last Previous Unit Reference
Interest Rate 13.25 13.75 percent Aug 2023
Cash Reserve Ratio 21.00 21.00 percent Aug 2023
Money Supply M0 394874.23 403118.88 BRL Million Jul 2023
Money Supply M1 618058.15 581174.02 BRL Million Jul 2023
Money Supply M2 5416543.00 5323624.00 BRL Million Jun 2023
Money Supply M3 10231341.00 10035256.00 BRL Million Jun 2023
Foreign Exchange Reserves 345475.50 343620.20 USD Million Jul 2023
Banks Balance Sheet 9805648.01 9570133.96 BRL Million Aug 2022
Loans to Private Sector 746149.00 745209.00 BRL Million Jun 2023
Loan Growth -0.20 0.40 percent Jul 2023
Central Bank Balance Sheet 4184747000.00 4103972000.00 BRL Thousand Mar 2023

Brazil Interest Rate
In Brazil, interest rate decisions are taken by The Central Bank of Brazil's Monetary Policy Committee (COPOM). The official interest rate is the Special System of Clearance and Custody rate (SELIC) which is the overnight lending rate.
Actual Previous Highest Lowest Dates Unit Frequency
13.25 13.75 45.00 2.00 1999 - 2023 percent Daily

News Stream
Brazil Keeps Rates on Hold at 13.75%
The central bank of Brazil left its key Selic rate unchanged at 13.75% for the seventh consecutive meeting in June 2023, in line with market expectations. The Copom stated that the current scenario demands patience and the bank won't hesitate to resume the tightening cycle if the disinflationary process does not proceed as expected. The bank noted that risks to its scenario for inflation remain in both directions and future steps of monetary policy will depend on the inflation evaluation. The board also cited some uncertainty about the final fiscal framework to be approved by the national congress.
2023-06-21
Brazil Holds Rates Steady at 13.75%
The central bank of Brazil kept its key Selic rate on hold at 13.75% for the sixth consecutive meeting in May 2023, as widely expected. In its first monetary policy meeting after the government proposed its long-awaited new fiscal rules, the board said it is "less likely" to resume hikes. The bank decided to maintain its strategy for a longer period to ensure the convergence of inflation, while won't hesitate to resume the tightening cycle if the disinflationary process does not proceed as expected. Annual inflation eased to 4.65% in March from 5.6% in February 2023, while the bank’s Inflation expectations for 2023 and 2024 stand at 5.8% and 3.6%, respectively. The board also mentioned that global activity and inflation remain resilient and the monetary tightening continues to advance in major economies.
2023-05-03
Brazil Leaves Rates Steady
The central bank of Brazil kept its key Selic rate unchanged at 13.75% for the fifth consecutive meeting in March 2023, in line with market expectations. The board mentioned that global activity and inflation remain resilient and the monetary tightening continues to advance in major economies. The bank decided to maintain its strategy for a longer period to ensure the convergence of inflation, while won't hesitate to resume the tightening cycle if the disinflationary process does not proceed as expected. Most recent economic activity indicators continue to corroborate the deceleration scenario. Annual inflation eased to 5.6% in February 2023, while Inflation expectations for 2023 and 2024 have increased to 6.0% and 4.1%, respectively.
2023-03-22