Brazilian Central Bank keeps interest rates unchanged

The Brazilian Central Bank (BCB) did not change the benchmark interest rate as expected. The Brazilian Central Bank (BCB) did not change the benchmark interest rate as expected, leaving the benchmark Selic interest rate unchanged at 13.75 percent. Economists also expected that there would be no change in interest. The Brazilian Central Bank paused the interest rate hikes, which it had carried out for 12 consecutive meetings, totaling 1,175 basis points, at its September 2022 meeting. The Central Bank did not change the interest rate at its last 5 meetings. The Board emphasized that it would continue in this manner until the fight against inflation strengthened and inflation expectations stabilized around its targets.