COPOM lowers basic interest rate to 4.5% per year

Brazilian Central Bank Chairman Roberto Campos Neto.

Brazilian Central Bank Chairman Roberto Campos Neto.

  |  Divulgação

Brazil's Monetary Policy Committee (COPOM) decided to lower the basic interest rate from 5.0% to 4.5% per year, confirming the financial market's unanimous expectations.

This was the fourth cut announced by the Central Bank under President Jair Bolsonaro (PSL). Interest rates have been hitting historical lows since December 2017. In other words, the SELIC rate has it its lowest level since it started being used as a monetary policy instrument in 1999.

Read more in Folha de S. Paulo

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