Latin American Economy & Business - February 2019

Brazil’s central bank held its benchmark interest rate unchanged on 6 February and signalled that congress needs to pass austerity measures before borrowing costs can fall. The bank board, led by its president, Ilan Goldfajn, kept the Selic rate at 6.50 percent for a seventh straight meeting. This was likely the last rate decision under Goldfajn, as the senate is expected to approve President Jair Bolsonaro’s nominated successor later this month.