Economy

Finance Minister declines to comment on base interest increase

Joaquim Levy said he is waiting for the minutes of the Monetary Policy

Daniel Lima reports from Agência Brasil

Published on 30/07/2015 - 13:34

Brasília

O Ministro da Fazenda, Joaquim Levy chega para reunião com o governador de Minas Gerais, Fernando Pimentel, e o governador do Rio de Janeiro, Luiz Fernando Pezão ( Marcelo Camargo/Agência Brasil) — © Marcelo Camargo/Agência Brasil

O ministro da Fazenda, Joaquim Levy chega para reunião com o governador de Minas Gerais, Fernando Pimentel, e o do Rio de Janeiro, Luiz Fernando Pezão ( Marcelo Camargo/Agência Brasil) — Finance Minister Joaquim Levy said Thursday (July 30) that he will not comment on the latest increase in Brazil's benchmark interest rate (SELIC) Marcelo Camargo/Agência Brasil

Finance Minister Joaquim Levy said Thursday (July 30) that he will not comment on the latest increase in Brazil's benchmark interest rate (SELIC) until publication of the minutes of the Monetary Policy Committee (COPOM) meeting where the increase was approved. Levy spoke to journalists just before a meeting with governors Luiz Fernando Pezão (Rio de Janeiro) and Fernando Pimentel (Minas Gerais) at the Ministry of Finance.

The minister added that the minutes should inform him to give a more detailed analysis of COPOM's decision to raise the SELIC rate by 0.5 percentage points, which brought it to 14.25% per annum. The same increment had been approved in the previous committee meeting in early June.

The latest revision, which was unanimous, puts the target interest rate back at the same level as in October 2006. The SELIC rate is the primary tool used by the Central Bank to control inflation as gauged by the National Consumer Price Index (IPCA).

Translated by Mayra Borges

Fonte: Finance Minister declines to comment on base interest increase

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