RIO DE JANEIRO, Sept. 19 (Xinhua) -- The Brazilian central bank's Monetary Policy Committee (Copom) announced Wednesday its decision to maintain the country's annual basic interest rate Selic at 6.5 percent.
It was the fourth consecutive decision to maintain the rate at its current level, which is the lowest since Brazil set inflation targets in 1999.
"Copom reiterates that the economic conjuncture still calls for stimulation of the monetary policy, with interest rates below structural level," the committee said.
Copom also highlighted the need for economic reform in order to maintain a low inflation rate and promote economic recovery.
The decision to keep the Selic rate's value was already expected by the financial market, according to the latest Focus market survey, carried out among economists from Brazilian financial institutions.
According to the survey, the Selic rate is expected to remain at 6.5 percent until the end of this year. Copom will meet again in six weeks to decide whether to make any changes to the rate.
