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Interest rates  
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Review Of COPOM Meetings and Short-Term Interest Rates
Meeting Period TBC/ SELIC rate targets
% p.m.
(1)(6)		 TBAN
% p.m.
(2)(6)		 Actual SELIC rate
nº date bias % (3) % p.y. (4)
(1) From July/96 to March/99, the Copom (Monetary Policy Committee) set up the TBC rate (basic interest rate), which were elimination in March/99. Since then, Copom has been targeting the Selic rate (short-term interest rate) as main monetary instrument.
(2) The TBAN (Financial Assistance Rate) was set up in August 28, 1999 and eliminated in March/99. The TBC and TBAN established a financial assistance band system and were the main Central Bank operational benchmarks in the period.
(3) Cumulative interest rate for the period.
(4) Annual average interest rate.
(5) The TBC and TBAN set up in the 17th Copom meeting did not become effective.
(6) From January/98 onwards, interest rates were released in annualized terms.
 
Standards:
ex. - Extraordinary Meetings
d.b. - meeting in which the target for the Selic rate was set up with a downward bias.
u.b. - definition of an upward bias for the period.
bias - allowance given by the Copom to the Central Bank’s Governor to alter the Selic rate at any time in between regular meetings.
 138th 10/29/2008 10/30/2008 - 13.75
 137th 9/10/2008 9/11/2008 - 10/29/2008 13.75 1.79 13.66
 136th 7/23/2008 7/24/2008 - 9/10/2008 13.00 1.70 12.92
 135th 6/4/2008 6/5/2008 - 7/23/2008 12.25 1.61 12.17
 134th 4/16/2008 4/17/2008 - 6/4/2008 11.75 1.41 11.63
 133rd 3/5/2008 3/6/2008 - 4/16/2008 11.25 1.23 11.18
 132nd 1/23/2008 1/24/2008 - 3/5/2008 11.25 1.18 11.18
 131st 12/5/2007 12/6/2007 - 1/23/2008 11.25 1.40 11.18
 130th 10/17/2007 10/18/2007 - 12/5/2007 11.25 1.40 11.18
 129th 9/5/2007 9/6/2007 - 10/17/2007 11.25 1.18 11.18
 128th 7/18/2007 7/19/2007 - 9/5/2007 11.50 1.51 11.43
 127th 6/6/2007 6/7/2007 - 7/18/2007 12.00 1.31 11.93
 126th 4/18/2007 4/19/2007 - 6/6/2007 12.50 1.59 12.43
 125th 3/7/2007 3/8/2007 - 4/18/2007 12.75 1.38 12.68
 124th 1/24/2007 1/25/2007 - 3/7/2007 13.00 1.36 12.93
 123rd 11/29/2006 11/30/2006 - 1/24/2007 13.25 1.89 13.19
 122nd 10/18/2006 10/19/2006 - 11/29/2006 13.75 1.43 13.67
 121st 8/30/2006 8/31/2006 - 10/18/2006 14.25 1.75 14.17
 120th 7/19/2006 7/20/2006 - 8/30/2006 14.75 1.64 14.67
 119th 5/31/2006 6/1/2006 - 7/19/2006 15.25 1.92 15.18
 118th 4/19/2006 4/20/2006 - 5/31/2006 15.75 1.69 15.72
 117th 3/8/2006 3/9/2006 - 4/19/2006 16.50 1.77 16.50
 116th 1/18/2006 1/19/2006 - 3/8/2006 17.25 2.11 17.26
 115th 12/14/2005 12/15/2005 - 1/18/2006 18.00 1.66 18.00
 114th 11/23/2005 11/24/2005 - 12/14/2005 18.50 1.01 18.49
 113rd 10/19/2005 10/20/2005 - 11/23/2005 19.00 1.60 18.98
 112nd 9/14/2005 9/15/2005 - 10/19/2005 19.50 1.71 19.48
 111st 8/17/2005 8/18/2005 - 9/14/2005 19.75 1.37 19.74
 110th 7/20/2005 7/21/2005 - 8/17/2005 19.75 1.44 19.75
 109th 6/15/2005 6/16/2005 - 7/20/2005 19.75 1.80 19.73
 108th 5/18/2005 5/19/2005 - 6/15/2005 19.75 1.37 19.75
 107th 4/20/2005 4/22/2005 - 5/18/2005 19.50 1.35 19.51
 106th 3/16/2005 3/17/2005 - 4/21/2005 19.25 1.69 19.24
 105th 2/16/2005 2/17/2005 - 3/16/2005 18.75 1.37 18.75
 104th 1/19/2005 1/20/2005 - 2/16/2005 18.25 1.20 18.25
 103rd 12/15/2004 12/16/2004 - 1/19/2005 17.75 1.63 17.74
 102nd 11/17/2004 11/18/2004 - 12/15/2004 17.25 1.27 17.23
 101st 10/20/2004 10/21/2004 - 11/17/2004 16.75 1.11 16.71
 100th 9/15/2004 9/16/2004 - 10/20/2004 16.25 1.44 16.23
 99th 8/18/2004 8/19/2004 - 9/15/2004 16.00 1.12 15.90
 98th 7/21/2004 7/22/2004 - 8/18/2004 16.00 1.17 15.83
 97th 6/16/2004 6/17/2004 - 7/21/2004 16.00 1.46 15.79
 96th 5/19/2004 5/20/2004 - 6/16/2004 16.00 1.11 15.79
 95th 4/14/2004 4/15/2004 - 5/19/2004 16.00 1.41 15.80
 94th 3/17/2004 3/18/2004 - 4/14/2004 16.25 1.13 16.09
 93rd 2/18/2004 2/19/2004 - 3/17/2004 16.50 1.08 16.28
 92nd 1/21/2004 1/22/2004 - 2/18/2004 16.50 1.21 16.30
 91st 12/17/2003 12/18/2003 - 1/21/2004 16.50 1.39 16.32
 90th 11/19/2003 11/20/2003 - 12/17/2003 17.50 1.28 17.32
 89th 10/22/2003 10/23/2003 - 11/19/2003 19.00 1.38 18.84
 88th 9/17/2003 9/18/2003 - 10/22/2003 20.00 1.81 19.84
 87th 8/20/2003 8/21/2003 - 9/17/2003 22.00 1.58 21.84
 86th 7/23/2003 7/24/2003 - 8/20/2003 24.50 1.74 24.32
 85th 6/18/2003 6/19/2003 - 7/23/2003 26.00 2.21 25.74
 84th 5/21/2003 5/22/2003 - 6/18/2003 26.50 1.87 26.27
 83rd 4/23/2003 4/24/2003 - 5/21/2003 26.50 1.78 26.32
 82nd 3/19/2003 u.b. 3/20/2003 - 4/23/2003 26.50 2.16 26.32
 81st 2/19/2003 2/20/2003 - 3/19/2003 26.50 1.68 26.30
 80th 1/22/2003 1/23/2003 - 2/19/2003 25.50 1.81 25.36
 79th 12/18/2002 12/19/2002 - 1/22/2003 25.00 2.05 24.90
 78th 11/20/2002 11/21/2002 - 12/18/2002 22.00 1.58 21.90
 77th 10/23/2002 10/24/2002 - 11/20/2002 21.00 1.44 20.90
 76th ex. 10/14/2002 10/15/2002 - 10/23/2002 21.00 0.53 20.90
 75th 9/18/2002 9/19/2002 - 10/14/2002 18.00 1.18 17.90
 74th 8/21/2002 d.b. 8/22/2002 - 9/18/2002 18.00 1.31 17.87
 73rd 7/17/2002 7/18/2002 - 8/21/2002 18.00 1.64 17.86
 72nd 6/19/2002 d.b. 6/20/2002 - 7/17/2002 18.50 1.35 18.40
 71st 5/22/2002 5/23/2002 - 6/19/2002 18.50 1.26 18.07
 70th 4/17/2002 4/18/2002 - 5/22/2002 18.50 1.62 18.35
 69th 3/20/2002 3/21/2002 - 4/17/2002 18.50 1.28 18.45
 68th 2/20/2002 2/21/2002 - 3/20/2002 18.75 1.38 18.80
 67th 1/23/2002 1/24/2002 - 2/20/2002 19.00 1.25 19.05
 66th 12/19/2001 12/20/2001 - 1/23/2002 19.00 1.60 19.05
 65th 11/21/2001 11/22/2001 - 12/19/2001 19.00 1.39 19.05
 64th 10/17/2001 10/18/2001 - 11/21/2001 19.00 1.60 19.05
 63rd 9/19/2001 9/20/2001 - 10/17/2001 19.00 1.32 19.07
 62nd 8/22/2001 8/23/2001 - 9/19/2001 19.00 1.32 19.04
 61st 7/18/2001 7/19/2001 - 8/22/2001 19.00 1.74 18.96
 60th 6/20/2001 d.b. 6/21/2001 - 7/18/2001 18.25 1.34 18.31
 59th 5/23/2001 5/24/2001 - 6/20/2001 16.75 1.17 16.76
 58th 4/18/2001 4/19/2001 - 5/23/2001 16.25 1.45 16.30
 57th 3/21/2001 3/22/2001 - 4/18/2001 15.75 1.11 15.84
 56th 2/14/2001 2/15/2001 - 3/21/2001 15.25 1.30 15.20
 55th 1/17/2001 1/18/2001 - 2/14/2001 15.25 1.13 15.19
 54th 12/20/2000 12/21/2000 - 1/17/2001 15.75 1.05 15.76
 53rd 11/22/2000 11/23/2000 - 12/20/2000 16.50 1.21 16.38
 52nd 10/18/2000 10/19/2000 - 11/22/2000 16.50 1.41 16.56
 51st 9/20/2000 9/21/2000 - 10/18/2000 16.50 1.16 16.60
 50th 8/23/2000 8/24/2000 - 9/20/2000 16.50 1.16 16.54
 49th 7/19/2000 7/20/2000 - 8/23/2000 16.50 1.53 16.51
 48th used/d.b. 7/10/2000 - 7/19/2000 17.00 0.50 16.96
  6/20/2000 d.b. 6/21/2000 - 7/7/2000 17.50 0.76 17.34
 47th 5/24/2000 5/25/2000 - 6/20/2000 18.50 1.28 18.39
 46th 4/19/2000 4/20/2000 - 5/24/2000 18.50 1.57 18.55
 45th used/d.b. 3/29/2000 - 4/19/2000 18.50 1.09 18.60
  3/22/2000 d.b. 3/23/2000 - 3/28/2000 19.00 0.28 18.94
 44th 2/16/2000 2/17/2000 - 3/22/2000 19.00 1.59 18.88
 43rd 1/19/2000 1/20/2000 - 2/16/2000 19.00 1.45 18.87
 42nd 12/15/1999 12/16/1999 - 1/19/2000 19.00 1.74 19.00
 41st 11/10/1999 11/11/1999 - 12/15/1999 19.00 1.67 18.99
 40th 10/6/1999 d.b. 10/7/1999 - 11/10/1999 19.00 1.59 18.87
 39th 9/22/1999 9/23/1999 - 10/6/1999 19.00 0.69 19.01
 38th 9/1/1999 9/2/1999 - 9/22/1999 19.50 1.00 19.52
 37th 7/28/1999 7/29/1999 - 9/1/1999 19.50 1.78 19.51
 36th 6/23/1999 d.b. 6/24/1999 - 7/28/1999 21.00 1.90 20.88
 35th used/d.b. 6/9/1999 - 6/23/1999 22.00 0.87 21.92
  5/19/1999 d.b. 5/20/1999 - 6/8/1999 23.50 1.09 23.36
 34th used/d.b. 5/13/1999 - 5/19/1999 27.00 0.47 26.96
  used/d.b. 5/10/1999 - 5/12/1999 29.50 0.31 29.53
  used/d.b. 4/29/1999 - 5/7/1999 32.00 0.77 31.91
  4/14/1999 d.b. 4/15/1999 - 4/28/1999 34.00 1.05 33.92
 33rd used/d.b. 4/6/1999 - 4/14/1999 39.50 0.93 39.42
  used/d.b. 3/25/1999 - 4/5/1999 42.00 0.84 41.96
  3/4/1999 d.b. 3/5/1999 - 3/24/1999 45.00 2.08 44.95
 32nd 1/18/1999 1/19/1999 - 3/4/1999 25.00 41.00 3.98 37.34
 31st 12/16/1998 12/17/1998 - 1/18/1999 29.00 36.00 2.16 29.21
 30th 11/11/1998 11/12/1998 - 12/16/1998 19.00 42.25 3.02 34.93
 29th 10/7/1998 10/8/1998 - 11/11/1998 19.00 49.75 3.26 42.12
 28th ex. 9/10/1998 9/11/1998 - 10/7/1998 19.00 49.75 2.58 40.18
 27th 9/2/1998 9/3/1998 - 9/10/1998 19.00 29.75 0.45 25.49
 26th 7/29/1998 7/30/1998 - 9/2/1998 19.75 25.75 1.76 19.25
 25th 6/24/1998 6/25/1998 - 7/29/1998 21.00 28.00 1.86 20.45
 24th 5/20/1998 5/21/1998 - 6/24/1998 21.75 29.75 1.85 21.23
 23rd 4/15/1998 4/16/1998 - 5/20/1998 23.25 35.25 1.92 23.16
 22nd 3/4/1998 3/5/1998 - 4/15/1998 28.00 38.00 2.74 27.51
 21st 1/28/1998 1/29/1998 - 3/4/1998 34.50 42.00 2.72 34.20
 20th 12/17/1997 1/2/1998 - 1/28/1998 38.00 43.00 2.43 37.47
 19th 11/19/1997 12/1/1997 - 12/31/1997 2.90 3.15 2.97 39.87
 18th ex. 10/30/1997 10/31/1997 - 11/30/1997 3.05 3.23 3.18 45.67
 17th 10/22/1997 11/1/1997 - 11/30/1997 1.58 1.78 (5) (5)
 16th 9/17/1997 10/1/1997 - 10/30/1997 1.58 1.78 1.53 19.05
 15th 8/20/1997 9/1/1997 - 9/30/1997 1.58 1.78 1.59 19.81
 14th 7/23/1997 8/1/1997 - 8/31/1997 1.58 1.78 1.59 20.78
 13rd 6/18/1997 7/1/1997 - 7/31/1997 1.58 1.78 1.60 19.04
 12nd 5/21/1997 6/1/1997 - 6/30/1997 1.58 1.78 1.61 21.08
 11st 4/16/1997 5/1/1997 - 5/31/1997 1.58 1.78 1.58 21.91
 10th 3/19/1997