Monetary Policy Committee releases minutes of meeting which reduced interest rate

28/02/2002 - 8h40

Brasília, 28 (Agência Brasil - ABr) - Today the Central Bank released the minutes of the most recent meeting of the Monetary Policy Committee (Copom) in which it was decided to reduce the basic interest rate (Selic) from 19% to 18.75% per year. According to the minutes, the decision was made by a 5 to 3 vote, reflecting a divided opinion among the members. Some of them believing that domestically and abroad, along with the recent fall of inflation, there was sufficient evidence that further declines could occur. However, other members considered those signs only preliminary, believing that there was a need for further strengthening of the economy. (AB)