May 10, 2019 |
Brazil's central bank has indicated that it will not raise interest rates this year after holding the benchmark Selic rate at 6.5% for the ninth time in a row.
The bank's monetary policy committee, called the Copom, said it will keep monitoring economic growth and inflation to decide when to make changes to the Selic, but it added that "this assessment takes time and should not be completed in the short run."
The Selic will likely stay at 6.5% through the end of the year, but it could rise to 7.
Copom also lowers its Selic forecasts for 2020 after keeping the benchmark rate at a historic low