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BRAZIL ECONOMICS - Report 11 Dec 2025 by Alexandre Schwartsman, Cristina Pinotti and Diego Brandao

BCB’s Monetary Policy Committee (Copom) kept, as widely expected, the target for the benchmark Selic rate at 15% per year, but the policy rate was not the only element that remained unchanged after the meeting.

The statement released immediately after the decision—which anticipates some of the topics that will be discussed in greater detail in next week’s Minutes—was practically a copy of the previous one, although Copom’s projection for the relevant horizon (the 12 months ending in June 2027) fell modestly from 3.3% to 3.2%.

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