Banks › Banco Central do Brasil › History › 18 Mar 2026
Banco Central do Brasil: decision of 18 March 2026
The Copom cut the Selic rate target by 25 basis points to 14.75% a year, beginning what it called a monetary policy calibration cycle.
Decision
cut
- Rate
- 15.00%↓14.75%
- Change
- −25 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
- 18 Mar 2026
- Data
- JSON
What the bank said
The Committee said the prolonged period of the Selic at a contractionary level had given enough evidence of monetary policy transmission to the economic slowdown to begin the calibration cycle.
It said the Middle East conflicts had increased uncertainty and moved inflation projections further from target, with its projection for the third quarter of 2027 at 3.3% and Focus expectations at 4.1% for 2026.
Guidance. The Committee said future calibration steps would incorporate new information on the depth and duration of the Middle East conflicts and their effects on prices.
“The Committee deemed it appropriate to begin the monetary policy calibration cycle”
Before and after
- Previous decision: 28 Jan 2026, held the Selic rate target at 15.00%.
- Next decision: 29 Apr 2026, cut the Selic rate target by 25 bp to 14.50%.
- All Banco Central do Brasil decisions and the rate history