The Copom released the following note to the public:
"The Copom considers that, at this moment, the risks for the inflation path remain limited. The Committee also notes that, up to now, given the fragility of the global economy, the contribution of the external sector has been disinflationary.
Therefore, continuing the adjustment process of monetary conditions, the Copom unanimously decided to reduce the Selic rate to 9 percent p.a., without bias.".
The April Copom Minutes will be released in Portuguese next Thursday, April 26.