The Central Bank of Brazil unexpectedly raised its benchmark interest rate by 75 basis points from an all-time low of 2 percent on 17 February 2021, above market expectations of a 50-bps increase. The decision was unanimous. The Committee said that the continuing increase in commodities prices, measured in local currency, are affecting current inflation and triggered additional increases in inflation forecasts for the next months, especially through its effects on fuel prices. For the next meeting, unless there is a significant change in inflation projections or in the balance of risks, the Committee foresees the continuation of the partial normalization process with another adjustment, of the same magnitude, in the degree of monetary stimulus. The Copom emphasizes that its view for the next meeting will continue to depend on the evolution of economic activity, the balance of risks, and inflation projections and expectations. source: Banco Central do Brasil

Interest Rate in Brazil averaged 14.20 percent from 1999 until 2021, reaching an all time high of 45 percent in March of 1999 and a record low of 2 percent in August of 2020. This page provides - Brazil Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Brazil Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.

Interest Rate in Brazil is expected to be 2.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Brazil to stand at 5.50 in 12 months time. In the long-term, the Brazil Interest Rate is projected to trend around 6.00 percent in 2022 and 5.50 percent in 2023, according to our econometric models.

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Brazil Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.75 2.00 45.00 2.00 1999 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-10-28 09:15 PM Interest Rate Decision 2% 2% 2% 2%
2020-12-09 09:30 PM Interest Rate Decision 2% 2% 2% 2%
2021-01-20 09:30 PM Interest Rate Decision 2% 2% 2% 2%
2021-03-17 10:00 PM Interest Rate Decision 2.75% 2% 2.5% 2.5%
2021-04-12 11:30 AM BCB Focus Market Readout
2021-04-19 11:30 AM BCB Focus Market Readout
2021-04-26 11:30 AM BCB Focus Market Readout
2021-05-03 11:30 AM BCB Focus Market Readout
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Brazil Hikes Interest Rate More than Expected
The Central Bank of Brazil unexpectedly raised its benchmark interest rate by 75 basis points from an all-time low of 2 percent on 17 February 2021, above market expectations of a 50-bps increase. The decision was unanimous. The Committee said that the continuing increase in commodities prices, measured in local currency, are affecting current inflation and triggered additional increases in inflation forecasts for the next months, especially through its effects on fuel prices. For the next meeting, unless there is a significant change in inflation projections or in the balance of risks, the Committee foresees the continuation of the partial normalization process with another adjustment, of the same magnitude, in the degree of monetary stimulus. The Copom emphasizes that its view for the next meeting will continue to depend on the evolution of economic activity, the balance of risks, and inflation projections and expectations.
2021-03-17
Brazil Holds Interest Rate at 2%, Drops Forward Guidance
The Central Bank of Brazil unanimously decided to keep its benchmark interest rate at an all-time low of 2.00 percent on 20 January 2021, as widely expected. The Committee said that recent indicators suggest an improved but uneven recovery in domestic economic activity as uncertainty about growth remains larger than usual. Policymakers noted that inflation readings were higher than expected, as the headline for December jumped to 4.5% from 4.3% in the previous month, rising for the seventh. Still, the bank warned that uncertainty remains unusually high and that it will change to a balance-of-risks approach rather than forward guidance. The Committee warned that the removal of the forward guidance does not mechanically imply interest rates increases, since, at this moment, uncertainties regarding the evolution of growth still prescribe an extraordinarily strong monetary stimulus.
2021-01-20
Brazil Holds Rates at Record Low
The Central Bank of Brazil unanimously decided to keep its benchmark interest rate at an all-time low of 2.00 percent on 9 December 2020, as widely expected. The Committee said that recent indicators suggest an improved but uneven recovery in domestic economic activity as uncertainty about growth remains larger than usual. Policymakers noted that inflation readings were higher than expected, as the headline for November jumped to 4.3% from 3.9% in the previous month. The bank also said that the current economic conditions continue to recommend an unusually strong monetary stimulus but it recognised that due to prudential and financial stability reasons the remaining space for stimulus, if it exists, should be small. The Committee deems as adequate the current level of monetary stimulus and the forward guidance introduced in the 232nd meeting.
2020-12-09
Brazil Holds Interest Rate at 2%
The Central Bank of Brazil unanimously decided to keep its benchmark interest rate at an all-time low of 2.00 percent on October 28th 2020, as widely expected. The Committee said that recent indicators suggest an uneven recovery in domestic economic activity as uncertainty about growth remains larger than usual, especially for the period starting at the end of this year, concurrently with the expected unwinding of the emergency transfer programs. Policymakers noted that inflation readings were higher than expected and raised projections for the remaining months of 2020. The bank also said that the current economic conditions continue to recommend an unusually strong monetary stimulus but it recognised that due to prudential and financial stability reasons the remaining space for stimulus, if it exists, should be small. The Committee deems as adequate the current level of monetary stimulus and the forward guidance introduced in the 232nd meeting.
2020-10-28

Brazil Interest Rate
In Brazil, interest rate decisions are taken by The Central Bank of Brazil's Monetary Policy Committee (COPOM). The official interest rate is the Special System of Clearance and Custody rate (SELIC) which is the overnight lending rate.