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Weekly Report - 03 August 2023 (WR-23-31)
BRAZIL: Central bank lowers benchmark interest rate
The monetary policy committee (Copom) of Brazil’s central bank (BCB) announced its decision to lower the benchmark interest rate (Selic) on 2 August. The Selic had been maintained at 13.75% since August 2022 and the government led by President Luiz Inácio Lula da Silva had repeatedly criticised the BCB’s monetary policy stance since taking office in January for conspiring against economic growth. But now the cycle of monetary policy easing has begun, as Copom lowered the Selic to 13.25%.
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