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Financial News: Brazil Cuts Key Rate By 25 Bps

Brazil Cuts Key Rate By 25 Bps

02/08/2018 - 00:30:00 (RTTNews)

(RTTNews) - Brazil's central bank reduced its key interest rate by a quarter point to a record low and suggested an end to the current aggressive easing cycle.

The monetary policy committee, known as Copom, unanimously decided to slash its Selic rate by 25 basis points to 6.75 percent.

"Regarding the next meeting, provided the Committee's baseline scenario evolves as expected, at this time the Copom views the interruption of the monetary easing process as more appropriate," the bank said in a statement.

The committee assessed that the decision was consistent with convergence of inflation to target over the relevant horizon for the conduct of monetary policy, which includes 2018 and, with smaller and gradually increasing weight, 2019.

The Copom emphasized that the evolution of reforms and necessary adjustments in the Brazilian economy contributes to the reduction of its structural interest rate.

Neil Shearing, an economist at Capital Economics, said the Selic rate to be left unchanged until October's elections are out of the way. Given the potential for a significant shift in the political landscape, the outlook for interest rates beyond the election is unusually uncertain, the economist added.

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