Brazil central bank holds Selic at 13.75%, ending cuts begun in March

Key facts

• Copom voted unanimously to keep the benchmark Selic rate at 13.75%.
• The hold ended a run of rate cuts that the central bank began in March.
• The decision matched the expectation of 33 of 48 economists polled by Reuters.

Brazil's central bank ended a run of interest rate cuts that began in March and kept borrowing costs on hold on November 4, 2026, as it faced the prospect of higher inflation following President Luiz Inacio Lula da Silva's reelection.

The central bank's rate-setting committee, Copom, voted unanimously to keep its benchmark Selic rate at 13.75%, as expected by 33 of 48 economists polled by Reuters.

The report, by Reuters, gave no further detail on the committee's reasoning or on the inflation measures behind it.