RIO DE JANEIRO, Sept. 7 (Xinhua) -- Brazil's Monetary Policy Committee (Copom) announced on Wednesday a unanimous decision to reduce the annual basic interest rate Selic from 9.25 percent to 8.25 percent.
It is the eighth consecutive cut of the Selic rate. So far, the rate has accumulated a 5.5-point decrease in 2017. It is also the second time in a row that Copom decided on a one-point cut.
With the decision, the Selic rate was reduced to its lowest point since July 2013.
In a market survey carried out weekly by the Brazilian Central Bank, economists from Brazil's most prominent financial institutions estimate that the Selic rate will be further reduced in the upcoming Copom meetings, falling to 7.25 percent by the end of 2017. If the estimates are confirmed, the Selic rate will be the lowest in Brazilian history.
Copom meets every six weeks to decide whether to change the Selic rate. The next meeting is scheduled for Oct. 25.
