Brazil's central bank cut its benchmark interest rate Wednesday to a new record low, seeking to help Latin America's biggest economy recover from the coronavirus pandemic. Wednesday’s reduction would be the ninth of an easing cycle that started a year ago, as policymakers initially sought to boost the economy in light of President Jair Bolsonaro’s poor results in attracting more investment at the beginning of his term. Known as Copom, the bank’s rate-setting committee is now expected to trim the Selic to 2.00% from 2.25% on Wednesday, according 35 of 41 analysts polled July 27-30.

Brazilian policymakers would then wait until the third quarter of 2021 before starting to hike rates, the poll showed, three months later than the median long-term view in another survey earlier this month. Credit rating agency Moody’s warned Brazil’s government this week that changes to its fiscal rule limiting the growth in non-obligatory public spending to inflation is putting its long-term goal of reducing the national debt in jeopardy. “Our view rests on the combination of a soft economic landscape and tame inflation mainly driven by COVID-19-related shocks, which have allowed the central bank to take the benchmark rate to new record lows”. Brazil inflation rate for 2018 was 3.66%, a 0.22% increase from 2017. McGeever; editing by Ross Finley and Nick Zieminski Brazil inflation rate for 2019 was 3.73%, a 0.07% increase from 2018. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). However, some analysts remain unconvinced in the face of the massive human toll of the pandemic in Brazil, topping 2.5 million cases of the virus and 90,000 deaths, as well as its economic impact. The real lost more than 25% from the end of February until mid-May, partly due to the fast erosion of its “carry-trade” advantage as the Copom rushed to cut rates in order to avoid a total economic meltdown. Despite some positive surprises in the latest data indicating Brazil’s 2020 gross domestic product loss may be smaller than previously forecast, a more decisive pickup still looks distant. International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.Risk premium on lending (lending rate minus treasury bill rate, %)Interest rate spread (lending rate minus deposit rate, %)Account ownership at a financial institution or with a mobile-money-service provider, richest 60% (% of population ages 15+)Domestic credit provided by financial sector (% of GDP)Account ownership at a financial institution or with a mobile-money-service provider, poorest 40% (% of population ages 15+) * reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/cb-polls?RIC=BRCBMP%3DECI poll data * Reuters poll graphic on Brazil interest rate and economic outlook: BUENOS AIRES, July 31 (Reuters) - Brazil’s central bank is set to cut its key interest rate to a record low of 2.00% on Wednesday in a final 25 basis points move to cushion an economic collapse amid the worst COVID-19 upsurge in the world outside the United States, a Reuters poll showed. Six saw no change in the rate.

Brazil is amassing a record debt that has evoked memories of crises past in South America's largest economy, but some economists say rock-bottom interest rates and low … It was the largest rise in loans since September 2008, as lending to companies jumped 6.4 percent to BRL 1,5436 million vs (0.7 percent in February); and lending to households went up 0.3 percent to BRL 2,051 million (vs 0.6 percent in February). Brazilian inflation and interest rate expectations for next year have fallen to new lows, according to a central bank survey of economists published on … Central bank president Roberto Campos Neto recently struck an optimistic note, saying the economy had already started a “V-shaped” recovery on the back of strong fiscal and monetary measures adopted to deal with the emergency.

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