Brazil Policy Rate

## What this measures

The Banco Central do Brasil's policy rate (Selic target rate), end of month, as compiled by the BIS.

## Why it matters

It sets the cost of borrowing in the economy and signals how the central bank reads inflation.

## How to read it

It was 14% in August 2026, down from 15% a year earlier. Read from 1999, when Brazil adopted inflation targeting: the series starts in 1986 and its hyperinflation years run into the hundreds of thousands of percent. Compare with consumer price inflation (bis.cpi_yoy.bra): a policy rate well above inflation is a tight stance.

## What it does not say

It does not show market rates or how much credit actually costs borrowers.

## Source

Bank for International Settlements, Central bank policy rates, series `WS_CBPOL/M.BR` (stats.bis.org). Palanor reads the full series every day. Source: BIS. Used under the BIS terms for statistics: reuse is unrestricted with the BIS cited as the source, and the statistics carry no additional charge in Palanor.