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Financial News: Brazil Cuts Key Interest Rate By 25 Bps

Brazil Cuts Key Interest Rate By 25 Bps

02/06/2020 - 01:00:00 (RTTNews)

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

The monetary policy committee, known as Copom, unanimously decided to lower the Selic rate by 25 basis points to 4.25 percent. The decision came in line with expectations.

The bank had reduced the rate by 200 basis points since July 2019.

Policymakers said the decision is consistent with convergence of inflation to its target over the relevant horizon for the conduct of monetary policy, which includes 2020 and, with increasing weight, 2021.

The Copom projected inflation at around 3.5 percent this year and 3.8 percent in 2021.

"In light of the lagged effects of the monetary easing cycle that began in July 2019, the Committee deems appropriate to interrupt the monetary easing process," the bank said in a statement.

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