MNI BRIEF: BCB Confident Rates Stay At 15% For Long - Minutes

The Central Bank of Brazil is beginning a "new stage" of monetary policy, in which it will keep its official Selic rate unchanged for a "very long period," minutes from its last meeting showed Tuesday.

"Following a firm interest rate hiking, the Committee opted to interrupt the cycle and to assess the accumulated impacts. Now that the scenario has unfolded as expected, the Committee begins a new stage in which it opts to keep the rate unchanged and to continue evaluating if, maintaining the current level for a very long period, such strategy will be enough to ensure the convergence of inflation to the target," the document stated.

The BCB decided to hold its official Selic rate last week at 15.00% for the second straight meeting.

At July's meeting, Copom wasn't completely sure whether maintaining rates at 15% would be sufficient without hiking further. (See MNI BCB WATCH: Copom Reiterates Higher For Longer Strategy)