{"id":28057,"date":"2012-03-08T02:33:00","date_gmt":"2012-03-08T07:33:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2012\/03\/08\/brazil-central-bank-drops-rate-75bps-to-9-75\/"},"modified":"2012-03-08T02:33:00","modified_gmt":"2012-03-08T07:33:00","slug":"brazil-central-bank-drops-rate-75bps-to-9-75","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2012\/03\/08\/brazil-central-bank-drops-rate-75bps-to-9-75\/","title":{"rendered":"Brazil Central Bank Drops Rate 75bps to 9.75%"},"content":{"rendered":"<div align=\"right\"><script type=\"text\/javascript\">\ntweetmeme_style = 'compact';\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/tweetmeme.com\/i\/scripts\/button.js\"><\/script><\/div>\n<div><a href=\"http:\/\/2.bp.blogspot.com\/-DTGCoFlTdNA\/T1hhDld_mXI\/AAAAAAAAAS8\/jR-kRNVLoUE\/s1600\/Brazil+Selic+Rate+8-03-12.jpg\" imageanchor=\"1\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" height=\"300\" src=\"http:\/\/2.bp.blogspot.com\/-DTGCoFlTdNA\/T1hhDld_mXI\/AAAAAAAAAS8\/jR-kRNVLoUE\/s400\/Brazil+Selic+Rate+8-03-12.jpg\" width=\"400\" \/><\/a><\/div>\n<p><span><span><span>The&nbsp;<a href=\"http:\/\/www.bcb.gov.br\/\" target=\"_blank\">Banco Central Do Brasil<\/a>&nbsp;slashed the Selic interest rate by a greater than expected 75 basis points to 9.75% from 10.50% previously. &nbsp;In its statement, Brazil&#8217;s Central Bank Monetary Policy Committee (Copom) said [translated]: &#8220;<\/span><\/span><\/span><span><span><span><span>Continuing the process of adjusting monetary conditions, the Committee decided to reduce the Selic rate to 9.75% pa, without bias, by five votes to two votes for the reduction of the Selic rate by 0.5 pp.&#8221;<\/span><\/span><\/span><\/span><br \/><a href=\"http:\/\/www.centralbanknews.info\/\" name=\"more\"><\/a><span><\/span><br \/><a name='more'><\/a><span>&nbsp;Brazil&#8217;s central bank previously cut the rate&nbsp;by&nbsp;<a href=\"http:\/\/www.centralbanknews.info\/2011\/12\/brazil-central-bank-cuts-interest-rate.html\">50 basis points<\/a>&nbsp;in <a href=\"http:\/\/www.centralbanknews.info\/2012\/01\/brazil-central-bank-cuts-selic-rate.html\">January<\/a>, November,&nbsp;<\/span><a href=\"http:\/\/www.centralbanknews.info\/2011\/10\/brazil-central-bank-cuts-rate-another.html\">October<\/a><span>&nbsp;and&nbsp;<\/span><a href=\"http:\/\/www.centralbanknews.info\/2011\/09\/brazil-central-bank-drops-selic-rate.html\">September<\/a><span>, after raising the&nbsp;<\/span><a href=\"http:\/\/www.centralbanknews.info\/2011\/06\/central-bank-of-brazil-raises-selic.html\" target=\"_blank\">Selic rate<\/a><span>&nbsp;by 25 basis points to 12.50% at the June Copom meeting last year, which at the time amounted to total tightening for the year of 175 basis points. &nbsp;Brazil reported an annual inflation rate of 6.5% in December, compared to 7.31% in September, 7.23% in August, 6.87% in July, 6.71% in June, and 6.55% in May, and just outside the official inflation target of 4.50% +\/-2% (2.5-6.5%). &nbsp;<\/span><br style=\"background-color: white; font-family: Verdana,Geneva,sans-serif; font-size: 12px; line-height: 16px;\" \/><\/p>\n<div><span>The &#8220;BRIC&#8221; emerging market economy grew 0.3% q\/q in the December quarter (0.0% in September, 0.7% in June, 0.8% in March), placing annual growth at 1.4% (2.1% in Q3, 3.1% in Q2, and 4.2% in Q1). &nbsp;The Brazilian Real (BRL) has weakened about 6% against the US dollar over the past year, while the USDBRL exchange rate last traded around 1.77<\/span><\/div>\n<div>\n<div><span><span><span><br \/><\/span><\/span><\/span><\/div>\n<div><span><span><a href=\"http:\/\/www.centralbanknews.info\/\" target=\"_blank\"><span>www.CentralBankNews.info<\/span><\/a><\/span><\/span><\/div>\n<\/div>\n<div><img loading=\"lazy\" decoding=\"async\" width=\"1\" height=\"1\" src=\"https:\/\/blogger.googleusercontent.com\/tracker\/8290544642025682538-151984970963286534?l=www.centralbanknews.info\" alt=\"\" \/><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Banco Central Do Brasil&nbsp;slashed the Selic interest rate by a greater than expected 75 basis points to 9.75% from 10.50% previously. &nbsp;In its statement, Brazil&#8217;s Central Bank Monetary Policy Committee (Copom) said [translated]: &#8220;Continuing the process of adjusting monetary conditions, the Committee decided to reduce the Selic rate to 9.75% pa, without bias, by five &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2012\/03\/08\/brazil-central-bank-drops-rate-75bps-to-9-75\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Brazil Central Bank Drops Rate 75bps to 9.75%&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-28057","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/28057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=28057"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/28057\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=28057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=28057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=28057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}