Banks › Banco Central do Brasil › History › 28 Jan 2026
Banco Central do Brasil: decision of 28 January 2026
The Copom held the Selic rate target at 15.00% a year.
Decision
hold
- Rate
- 15.00%=15.00%
- Change
- 0 bp
- Vote
- 7–0
- Announced
- 18:30 Sao Paulo time
Sources
- Statement
- bcb.gov.br/en/monetarypolicy/copomstatem…
- Minutes
- bcb.gov.br/en/publications/copomminutes/…
- Recorded
- 28 Jan 2026
- Data
- JSON
What the bank said
The Committee said headline and underlying inflation had continued to improve but remained above target, with Focus survey expectations at 4.0% for 2026 and 3.8% for 2027.
It said its inflation projection for the third quarter of 2027, the relevant horizon, stood at 3.2%, and that the scenario was still marked by deanchored expectations, resilient activity and labor market pressures.
Guidance. The Committee said that, if the expected scenario was confirmed, it foresaw starting to ease policy at its next meeting while keeping it at a contractionary level.
“The Committee foresees, the expected scenario confirmed, to initiate the flexibilization of its monetary policy stance in its next meeting”
Before and after
- Previous decision: 10 Dec 2025, held the Selic rate target at 15.00%.
- Next decision: 18 Mar 2026, cut the Selic rate target by 25 bp to 14.75%.
- All Banco Central do Brasil decisions and the rate history