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Financial News: BRAZIL: Economists Still See Main Interest Rate Falling

BRAZIL: Economists Still See Main Interest Rate Falling To 8.50% By Year-end

06/20/2017 - 07:47:00 (RTTNews)

(RTTNews) - Economists polled by the Brazilian central bank kept at 8.50%, for the tenth week in a row, their median estimate for the country's benchmark interest rate by year-end, even after recent statements by the central bank about less intense monetary policy easing in the next months.

Average interest rate estimates for 2017 remained at 10.28% for the third week.

For 2018, the forecast was unchanged at 8.50% per year for the 13th week in a row. Average interest rate expected next year also remained at 8.50% for the sixth consecutive week.

At the end of May, the Brazilian central bank decided to cut its main interest rate by one percentage point, to 10.25% per year - the lowest level since January 2014, when it was at 10% - but added that it would slow down the loosening pace at its next meeting, in July.

"Taking into account the base scenario and the current risk balance, Copom understands that a moderate reduction in the pace of monetary easing compared to the pace adopted today should be adequate at the next meeting," said the committee at the time.

In a statement released after the meeting, Copom said that data released since April's meeting are compatible to economy's stabilization in the short term and to a gradual recovery over 2017, but expressed fear about the impact caused by delays in the approval of economic reforms in Congress.

"The prolonged maintenance of high levels of uncertainty about the evolution of the reforms' process and adjustments in the economy can have a negative impact on economic activity," said the Copom.

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