Financial institutions heard by Brazil’s Central Bank have revised their forecast for the decline in the country’s economy for the second straight time.
Financial institutions heard by Brazil's Central Bank expect the benchmark interest rate (SELIC) to be maintained at 14.25% per annum at this week's meeting of the Central Bank's Monetary Policy Committee (COPOM) on July 19-20.
The financial market's projection for the economic decline this year continues to be revised downwards.
The International Monetary Fund has revised down the outlook for Brazil's economy this year, forecasting a 3.5% decline in Gross Domestic Product (GDP), as against a previous 1%. According to the IMF, the economy will shrink for the second consecutive year.
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