The rate is at its highest since April 2017, when it stood at 12.25 percent a year. This was the ninth consecutive adjustment to the Selic rate.
In a statement, Copom said that it also plans to expand the rate by one percentage point at the next meeting (September 21–22).
In a statement, the Central Bank declared it should elevate the Selic rate by 0.75 percentage points at the next Copom meeting, on June 15 and 16.
For 2021, the National Monetary Council (CMN) set the inflation target at 3.75 percent, with a tolerance margin of 1.5 percentage points. The IPCA, therefore, must not exceed 5.25 percent this year, or go below 2.25 percent.
The decision made Wednesday (20) brings Selic to the lowest level since the beginning of this time series for the Central Bank, initiated in 1986.