🇧🇷

Banco Central do Brasil

BRL · Official Website

Latest Statement

🕊️ Dovish

BCB COPOM Minutes - Meeting 278: 278th Meeting - April 28-29, 2026

2026-04-29

The Central Bank of Brazil's recent publication emphasizes the need for caution in monetary policy due to ongoing external uncertainties, particularly geopolitical tensions and their impact on global financial conditions. Domestically, while economic growth is moderating as expected, inflationary pressures remain above target, necessitating continued vigilance in policy decisions.

External uncertainties, especially geopolitical tensions, are affecting global financial conditions and require caution from emerging markets.
Domestic economic indicators show moderated growth, with inflation rising above target levels, indicating a need for ongoing monetary policy adjustments.
The labor market remains resilient, but the effects of prolonged restrictive monetary policy are still influencing demand and economic activity.

⚡ Rate

↑0 ↓1 →0

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"The Copom decided to reduce the basic interest rate to 14.50% per year, 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 Rate	14.50%
USD/BRL	5.1818
GDP Growth	-3.3%
M2 Growth	12.3%
10Y Yield	13.96%
2y10y Spread	-0.04%

HISTORICAL TRENDS

Policy Rate

FX Rate

CPI

GDP

10Y Yield

2Y-10Y Spread

Stance

Key Commodities

Top traded commodities for Brazil

Commodity	Price	1D	30D
Soybeans	426.60 USD/mt	+4.2%	-12.4%
Iron Ore	107.58 USD/mt	+6.5%	-10.7%

Recent Statements

BCB COPOM Minutes - Meeting 277: 277th Meeting - March 17-18, 2026 🕊️ Dovish

2026-03-18

⚡ Rate

↑0 ↓1 →0

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"The Copom decided to reduce the basic interest rate to 14.75% per annum, and understands that this decision is compatible with the strategy of converging inflation towards the target over the relevant horizon."

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

2026-01-28

⚡ 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."

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

← Back to all indicators