LatinNews Regional Monitor: Brazil & Southern Cone - 04 March 2020

* Brazil’s central bank (BCB) has released a statement in which it says it is “carefully monitoring the impacts of the coronavirus outbreak on the Brazilian financial conditions and economy”. The BCB’s monetary policy committee (Copom) is due to meet in a fortnight, and the bank says this period will allow a better assessment of the impact of global economic deceleration due to the Covid-19 outbreak on Brazil’s economy and inflation trajectory, and thus inform the Copom’s monetary policy decisions, notably regarding the benchmark interest rate (Selic), accordingly. As the US Federal Reserve made an emergency rate cut yesterday (3 March), some financial institutions cut their 2020 GDP growth predictions for Brazil to below 1.5%, ahead of the Brazilian government publishing its 2019 GDP results today (4 March).   

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