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BACEN SELIC rate, Brazilian central bank’s interest rate
Charts - historic BACEN interest rates
Graph Brazilian interest rate BACEN - last year |
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Graph Brazilian interest rate BACEN - long-term graph |
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Banco Central do Brasil
Banco Central do Brasil (BACEN) is the Brazilian central bank. The BACEN is responsible for monetary policy and has as its mission to safeguard the stability of the national currency’s buying power and the solvency and efficiency of the financial system. In Brazil the central bank is the highest monetary authority and can operate fully autonomously, contrary to what is possible in most other countries. The same applies to the fact that the Banco Central do Brasil is responsible for both the national currency and the national economy. However, it is the case that the government monitors the BACEN in order to be able to check that nothing irregular is taking place.
The most important objectives for the period 2007 – 2011 have been defined as follows:
- To achieve the targets relating to inflation as laid down by the Conselho Monetário Nacional (CMN), the national monetary council.
- To boost the efficiency, solvency and normal functioning of the national financial system.
- To encourage competition within the national financial system and encourage expanded access to financial products and services.
- To secure the money supply at a qualitative and reliable level and in accordance with the needs of the population.
- To improve and strengthen communication and the relationship with internal and external stakeholders.
- To improve the management and the corporate governance structure of the instruction.
BACEN Selic target rate
When reference is made to the Brazilian interest rate this often refers to this BACEN SELIC (sistema especial de liquidacao e custodia) rate. This SELIC rate is a benchmark interest rate, a base rate, with which the level of interest rates in the Brazilian economy can be influenced. The SELIC rate can best be compared to the FED’s Federal funds target rate or the ECB’s refi rate. The interest rate is an average of the interbank interest rates which are charged for the trade in government securities with a maturity of 1 day. If the SELIC rate is adjusted upwards or downwards this has an effect on the level of interest rates for banking products in the area of mortgages, savings and loans.
This page shows the current and historic values of BACEN’s SELIC target rate.
For a summary of the current interest rates of a large number of central banks please click here.
Tables - current and historic Brazilian central bank interest rates
BACEN latest interest rate changes
| july 21 2010 |
10.750 % |
| june 09 2010 |
10.250 % |
| april 28 2010 |
9.500 % |
| july 22 2009 |
8.750 % |
| june 10 2009 |
9.250 % |
| april 29 2009 |
10.250 % |
| march 11 2009 |
11.250 % |
| january 21 2009 |
12.750 % |
| september 10 2008 |
13.750 % |
| july 23 2008 |
13.000 % |
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Summary of other central banks’ interest rates
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