The Copom approved a second cut of 50 basis points in the rate following the first cut in July. The Selic rate has accumulated a decrease of 1 percentage point this year and hit a record low as market expected.
Economists from Brazilian financial institutions predicted that the Selic rate would suffer another cut within 2019, getting to 5 percent and being maintained at this level in 2020, according to the central bank.
Recent economic activity indicators signal the recovery of the Brazilian economy, which will be a gradual process, the Copom said in a statement.
Meanwhile, the committee warned of some risks and highlighted the importance of promoting economic reforms in Brazil.
"Copom considers that the process of reforms and adjustments in the Brazilian economy has been advancing but emphasizes that this process is essential for the fall of the structural interest rates and sustainable economic recovery," the Copom said.
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