Stênio Ribeiro        Reporter Agência Brasil

Brasília – This afternoon the Central Bank’s Monetary Policy Committee (“Copom”) begins a regular two-day meeting, its seventh this year, to set interest rates (the Brazilian benchmark interest rate is known as the Selic). At the end of its last meeting on August 31, Copom surprised most of the market by lowering the Selic from 12.50% to 12%. The decision was supported by a majority in a vote that was 5 to 2. At that time, Copom also signaled that it could make further reductions.

In a survey of the market last week, the Central Bank reported finding that most market analysts believe that at the final two 2011 Copom meetings, that is, the meeting that begins today, and the next one, scheduled for November 29 and 30, the Selic will end the year at 11%.

Allen Bennett – translator/editor The News in English

Link - Copom inicia mais uma reunião para discutir a taxa básica de juros