Brazil’s Key Interest Rate Drops 0.50%. Still High at 15.75%.

    Brazil’s Monetary Policy Committee (Copom) announced yesterday, May 31, that it had unanimously decided to lower the country’s key interest rate, the Selic, by 0.50 percentage points, from 15.75% to 15.25%. That puts the Selic at its lowest level since February 2001.

    Yesterday’s reduction of the Selic was another in a steady series of reductions that began in September 2005 when the interest rate was 19.75%.

    According to minister of Finance, Guido Mantega, the Brazilian economy is doing very well and it is possible that the real interest rate will be the lowest it has been in a long time by the end of this year.

    Mantega pointed out that in spite of recent international instability, Brazil’s GDP grew 3.4% in the first quarter, compared to the first quarter of 2005.

    Abr

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