Edla Lula
Reporter Agência Brasil

Brasília - The Central Bank's Monetary Policy Committee (Copom) has lowered the country's key interest rate, known as the Selic, from 18.5% to 18% per year.

The decision was not unanimous. Six members of the committee voted for the reduction of 0.5 percentage points, while two voted for a larger reduction of 0.75 percentage points. One member of the committee was absent due to health problems. A note from the Central Bank says the decision was a "continuation of the monetary policy flexibilization process."

Translation: Allen Bennett