Brazilian central bank indicates that Selic rate will remain high for a longer period of time

RIO DE JANEIRO, BRAZIL - The Central Bank (BC) said Tuesday that the key interest rate, the Selic, will remain in the "significantly contractionary" range for a more extended period than previously expected. The information was published in the minutes of the Copom (Monetary Policy Committee).

The Selic rose to 13.25% per annum on Wednesday (15). Interest rates are now at their highest level since January 2017, when they were at 13.75%. The Copom has indicated that it may raise the prime rate to as high as 13.75% per annum at its next meeting on August 2-3 . . .

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