Weekly Report - 14 December 2023 (WR-23-50)

BRAZIL | Central bank cuts interest rates. The monetary policy committee (Copom) of Brazil’s central bank (BCB) held its final meeting of 2023 on 12-13 December, lowering the benchmark interest rate (Selic) from 12.25% to 11.75%. In a statement, Copom indicated that further rate cuts of the same magnitude could be made in its next meetings in 2024, if the disinflationary process continues at the expected rate. On 12 December the national statistics institute (Ibge) also released its latest inflation figures, which put annual inflation in the 12 months until November at 4.68%, which is within the BCB’s 2023 annual inflation target range of 3.25% +/-1.5.

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