Brazil: Interest Rate (Selic)

The Central Bank of Brazil announced today the basic interest rate (Selic). The Selic rate decreased from 12.0 % to 11.5%, the second consecutive drop. In the statement, the Central Bank reported that a moderate adjustment in the level of the base rate is consistent with the scenario of convergence of inflation to the target in 2012. Despite this fall, interest rates in Brazil are still among the highest in the world. The chart below shows the evolution of the Selic rate in 2011.

Source: Central Bank of Brazil