RIO DE JANEIRO, May 28 (Xinhua) -- The Central Bank of Brazil Wednesday decided to maintain the country's annual basic interest rate unchanged at 11 percent out of expected falling inflation.
The decision was made based on an evaluation of the macroeconomic situation, according to a statement released by the Monetary Policy Committee (Copom).
The government has indicated that inflation would drop in the months to come, meaning there was no need to raise the annual basic interest rate, known as the Selic, which had jumped 3.75 points after nine consecutive raises since April 2013 to contain high-flying inflation.
The annual inflation reached 6.28 percent in April, up 0.67 points, dangerously close to the official maximum target of 6.5 percent.
The Copom meets every 45 days to decide on whether to alter the Selic rate. The next meeting will be on July 15 and 16.
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