MNI BRIEF: BCB Not Satisfied With Inflation Yet - Galipolo

Central Bank of Brazil Governor Gabriel Galipolo said Monday that the board will do whatever is needed to bring inflation to the 3% target and that it is not satisfied yet, which is why it is keeping the interest rate at a restrictive level.

"BCB will do whatever is necessary to fulfil its mandate, as we did now by placing the interest rate at a restrictive level, and remaining at that level to induce and produce the convergence of inflation to the target," he said at an event sponsored by Febraban in Sao Paulo.

"And we are still unsatisfied, because we are still not where we would like to be, so that is why we remain at a restrictive level," he added, after several better-than-expected inflation data and improvements in expectations.

The BCB held its official Selic rate at 15.00% this month. (See MNI BCB WATCH: Keeping 15.00% Rate For Longer Will Be Enough)