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Brazil’s benchmark Selic interest rate is set to reach its neutral level next year, a central bank director said on Thursday, adding that policymakers’ baseline scenario is for a Selic of 3% in real terms, or 6%-6.5% in nominal terms.
In one of the first times a policymaker has offered specific estimates of the so-called neutral rate, economic policy director Fabio Kanczuk said current information and forecasts suggest it would be “very weird” for the Selic to reach its neutral level this year.
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