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February 26, 2026 at 06:40 UTC
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Banco Central do Brasil

BRL · Official Website

Latest Statement

🕊️ Dovish
BCB COPOM Minutes - Meeting 276: 276th Meeting - January 27-28, 2026
2026-01-28

The Central Bank of Brazil's recent publication highlights ongoing economic uncertainty, particularly due to external factors such as U.S. economic policy and geopolitical tensions. While domestic economic activity is moderating as expected, inflation remains above target, necessitating careful monitoring and a cautious approach to monetary policy.

⚡ Rate
↑0 ↓0 →1
🔮 Guidance
↑0 ↓1
📝 Classified Sentences
🔮 Guidance Dovishmp_interest_rate
"The Committee foresees, if the expected scenario is confirmed, to begin the easing of monetary policy in its next meeting, but reinforces that it will maintain the appropriate restriction to ensure the convergence of inflation to the target."
⚡ Rate Holdmp_interest_rate
"The Copom decided to maintain the basic interest rate at 15.00% per annum, and understands that this decision is compatible with the strategy of converging inflation towards the target over the relevant horizon."

Bank Profile

Mandate
Price stability (inflation targeting), financial stability
Decision Types
Selic rate (overnight rate), Reserve requirements, Forward guidance
Policy Instruments
Open market operations, Reserve requirements, FX swaps, Rediscount window
Target Indicators
IPCA inflation (3%±1.5%), GDP growth, Exchange rate, Inflation expectations
Communication Style
Detailed COPOM statements, balance of risks assessment, forward guidance on rate path
Committee
COPOM (Comitê de Política Monetária) - 9 members (Governor + 8 Directors)

Economic Indicators

Policy Rate15.00%
USD/BRL5.1287
GDP Growth-3.3%
M2 Growth12.3%
10Y Yield13.41%
2y10y Spread-0.59%
HISTORICAL TRENDS
Policy Rate
15.010.5
FX Rate
5.265.13
CPI
9.283.21
GDP
4.76-3.28
10Y Yield
14.213.2
2Y-10Y Spread
0.55-0.05
Stance
1000.00

Key Commodities

Top traded commodities for Brazil

Commodity Price 1D 30D
Soybeans 383.24 USD/mt -2.1% -31.0%
Iron Ore 107.45 USD/mt -0.1% -5.7%

Recent Statements

BCB COPOM Minutes - Meeting 275: 275th Meeting - December 9-10, 2025 ⚖️ Neutral
2025-12-10
⚡ Rate
↑0 ↓0 →1
📝 Classified Sentences
⚡ Rate Holdmp_interest_rate
"The Copom decided to maintain the basic interest rate at 15.00% per year, and understands that this decision is compatible with the strategy of converging inflation towards the target over the relevant horizon."
BCB COPOM Minutes - Meeting 274: 274th Meeting - November 4-5, 2025 ⚖️ Neutral
2025-11-05
⚡ Rate
↑0 ↓0 →1
📝 Classified Sentences
⚡ Rate Holdmp_interest_rate
"The Copom decided to maintain the basic interest rate at 15.00% per year, and understands that this decision is compatible with the strategy of converging inflation towards the target over the relevant horizon."
BCB COPOM Minutes - Meeting 273: 273rd Meeting - September 16-17, 2025 ⚖️ Neutral
2025-09-17
⚡ Rate
↑0 ↓0 →1
📝 Classified Sentences
⚡ Rate Holdmp_interest_rate
"The Copom decided to maintain the basic interest rate at 15.00% per annum."
BCB COPOM Minutes - Meeting 272: 272nd Meeting - July 29-30, 2025 🦅 Hawkish
2025-07-30
⚡ Rate
↑0 ↓0 →1
🔮 Guidance
↑2 ↓0
📝 Classified Sentences
🔮 Guidance Hawkishmp_interest_rate
"The Committee assesses that, after a rapid and firm cycle of interest rate increases, it is anticipated, as a strategy for conducting monetary policy, to continue the interruption of the rate hike cycle to observe the effects of the undertaken cycle."
🔮 Guidance Hawkishmp_interest_rate
"The Committee emphasizes that it will remain vigilant, that future steps in monetary policy may be adjusted, and that it will not hesitate to continue the adjustment cycle if deemed appropriate."
⚡ Rate Holdmp_interest_rate
"The Copom decided to maintain the basic interest rate at 15.00% per annum."
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