RIO DE JANEIRO, BRAZIL - With inflation on the rise and the economy in technical recession, the Central Bank's Monetary Policy Committee (COPOM) decided to increase the SELIC (the benchmark interest rate) by another 150 percentage points (1.5%) on Wednesday, October 8.
It was the seventh consecutive interest rate hike, after the Central Bank slashed it to a historic low (2%) amid the Covid-19 pandemic. In the 6 previous meetings, the Central Bank raised the rate by 0.75% on 3 occasions, by 1% in August and September, and by 1.5% in October.
With the December decision . . .
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