(MENAFN) Selic, a benchmark interest rate of the Brazilian central bank, was reduced by the Monetary Policy Committee (Copom) to stand at 5.5 percent from the previous 6 percent.
After imposing the first reduction in the interest rate in July, the Copom accepted a plan for 50 basis points to be lowered from the rate.
Brazil's economy has been flourishing and achieving a rebound, as proved by the latest economic activity indicators, Copom affirmed in a statement.
"Copom considers that the process of reforms and adjustments in the Brazilian economy has been advancing but emphasizes that this process is essential for the fall of the structural interest rates and sustainable economic recovery," it stated.
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