Brasília – At its most recent meeting which ended yesterday, the Monetary Policy Committee (Comitê de Política Monetária) (Copom) decided to keep the country's basic interest rate (known as the Selic) at 16.5% for the second consecutive time. The decision was expected by most market agents and was not a surprise, although there was some disappointment [see other reports on the reaction to the Copom decision].

Between May and December of last year, the Selic dropped from 26.5% per year to the present 16.5%.

The next Copom meeting is scheduled for March 16 and 17. (AB)