Brazil Interest Rate  1999-2017 | Data | Chart | Calendar | Forecast

The Central Bank of Brazil cut its key Selic rate by 100 basis points to 11.25 percent on April 12th 2017, in line with market expectations. It is the fifth straight rate decline, bringing borrowing costs to the lowest since November of 2014 amid slowing inflation and a sticky contraction. It follows tandem 75bps cuts in February and January. Interest Rate in Brazil averaged 15.59 percent from 1999 until 2017, reaching an all time high of 45 percent in March of 1999 and a record low of 7.25 percent in October of 2012.

Brazil Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2017-01-11 08:30 PM Interest Rate Decision 13% 13.75% 13.25% 13.25%
2017-02-22 09:20 PM Interest Rate Decision 12.25% 13% 12.25% 12.25%
2017-04-12 09:00 PM Interest Rate Decision 11.25% 12.25% 11.25% 11.5%
2017-05-31 09:00 PM Interest Rate Decision 11.25% 10.75%
2017-07-26 09:00 PM Interest Rate Decision 10.25%
2017-09-06 09:00 PM Interest Rate Decision 9.75%




Brazil Cuts Interest Rate By 100 Bps To 11.25%


The Central Bank of Brazil cut its key Selic rate by 100 basis points to 11.25 percent on April 12th 2017, in line with market expectations. It is the fifth straight rate decline, bringing borrowing costs to the lowest since November of 2014 amid slowing inflation and a sticky contraction. It follows tandem 75bps cuts in February and January.

In its policy statement, the central bank highlighted that inflation developments remain favorable. The Copom's inflation forecasts for 2017 and 2018 in the scenario with interest rate and exchange rate paths are around 4.1% and 4.5%, respectively. This scenario assumes a path for the policy interest rate that ends 2017 at 8.5% and remains at that level until the end of 2018 (vs 9.5 percent and 9.0 percent in the previous meeting).

The central bank started its easing cycle in October last year after the inflation rate eased from double digits. Inflation slowed faster than expected in the past seven months due to subdued economic activity and a stronger real. The inflation fell to 4.57 percent in March, easing from a 4.76 percent rise in February. Although the inflation rate remains slightly above central bank's official target of 4.5 percent, it stands at its lowest level since August of 2010.

Still, the economic recovery could take even longer than initially expected: Brazil’s industrial production contracted 0.8 percent year-on-year in February, compared to expectations of a 0.4 percent expansion. On the positive side, the manufacturing PMI rose to a 25-month high of 49.6 in March from 46.9 in February. Moreover, the industrial production report showed manufacturing output increased for the first time in over two years. The median estimate in a central bank poll of economists currently points to growth of 0.41 percent in 2017 and 2.50 percent in 2018. Analysts expect the Selic rate to end 2017 at 8.50 percent (-50bps compared to 4 weeks ago).

Mario | mario@tradingeconomics.com
4/12/2017 9:16:59 PM



Brazil Money Last Previous Highest Lowest Unit
Interest Rate 11.25 12.25 45.00 7.25 percent [+]
Cash Reserve Ratio 45.00 45.00 100.00 42.00 percent [+]
Money Supply M0 243610.35 266325.00 270287.15 0.00 BRL Million [+]
Money Supply M1 307390.00 316898.03 351148.12 0.00 BRL Million [+]
Money Supply M2 2319507.92 2315940.27 2369721.75 0.01 BRL Million [+]
Money Supply M3 5357108.07 5320374.91 5357108.07 0.01 BRL Million [+]
Foreign Exchange Reserves 370111.00 368981.00 379156.50 1187.00 USD Million [+]
Banks Balance Sheet 5835949.35 5830307.63 5978463.45 1174638.00 BRL Million [+]
Loans to Private Sector 779317.00 784945.00 875283.00 169316.00 BRL Million [+]
Deposit Interest Rate 12.40 12.62 9394.29 7.81 percent [+]
Loan Growth 0.20 -0.13 3.68 -1.01 percent [+]
Central Bank Balance Sheet 3032128436.00 2945102386.00 3032128436.00 6.40 BRL Thousand [+]


Brazil Interest Rate Notes

In Brazil, interest rate decisions are taken by The Central Bank of Brazil's Monetary Policy Committee (COPOM). The official interest rate is the Special System of Clearance and Custody rate (SELIC) which is the overnight lending rate. This page provides - Brazil Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Brazil Interest Rate - actual data, historical chart and calendar of releases - was last updated on April of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
11.25 12.25 45.00 7.25 1999 - 2017 percent Daily



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