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LatinNews Regional Monitor: Brazil & Southern Cone - 07 May 2020
In brief: Brazil’s central bank slashes interest rates
*Brazil’s central bank's monetary policy committee (Copom) has cut the benchmark interest rate (Selic) by 0.75 percentage points to 3.0%, a new record low. The Copom cites the “challenging” external scenario, due to the global recession caused by the coronavirus (Covid-19) pandemic, as a reason for this bigger-than-expected cut, and signalled that it could slash the Selic by a further 0.75 points at its next meeting in June. The Brazilian real depreciated against the US dollar yesterday amid expectations of a rate cut, closing at a new low of R$5.72/US$1.
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