BC reduces interest to 3%

Copom cut the basic interest rate (Selic) by 0.75 percentage point, from 3.75% to 3% per year. It is the lowest level since the beginning of the historical series, in 1996. The committee argues that, at the moment, the economy requires an “extraordinarily high monetary stimulus”, but left open the possibility of further interest rate cuts.

Source: UOL Economia