Economists polled by the Brazilian central bank kept their estimates for the country’s benchmark interest rate (Selic) unchanged for the fifth consecutive week at 6.75% for the end of 2018. The forecast for the average rate in 2018 remained at 6.75% for the sixth week in a row.
For 2019, estimates remained at 8.00% for the second straight week, while the forecast for the average rate next year fell to 7.88% from 7.89% last week.
Last month, the Brazilian central bank’s Monetary Policy Committee (Copom) cut the country’s benchmark interest rate to a record low 7.00% from 7.50%, in line with market expectations.
The Brazilian Central Bank also confirmed in its Quarterly Inflation Report that the Selic interest rate could fall once more at the next monetary policy meeting, scheduled for February, to 6.75% per year.
The material has been provided by InstaForex Company – www.instaforex.com
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