Weekly Report - 29 June 2023 (WR-23-26)

BRAZIL | Softer tone on interest rates. Brazil’s central bank (BCB) has released the meeting minutes of its monetary policy committee (Copom), which decided to maintain the benchmark interest rate, the Selic, at 13.75% on 21 June. The minutes, which were released on 27 June, revealed that there was a “divergence” within the committee about how to communicate the bank’s next steps on interest rates.