Brazil: central bank policy rate

Last updated: Oct 9, 2026 11:15 UTC

Policy rate13.75%Oct 6, 2026

For information only. Figures are reproduced from the cited sources, may be delayed or contain errors, and are not advice of any kind. Always check the original source. This is not investment advice. Translations on this site are not official BIS translations.

SinceSep 17, 2026cut -25 bp

1 year ago15.00%

Last 2 years (daily values)

Policy rate since 2000 (month-end values)

All changes since 2000

Date	From	To	Change
Sep 17, 2026	14.00%	13.75%	cut -25 bp
Aug 6, 2026	14.25%	14.00%	cut -25 bp
Jun 18, 2026	14.50%	14.25%	cut -25 bp
Apr 30, 2026	14.75%	14.50%	cut -25 bp
Mar 19, 2026	15.00%	14.75%	cut -25 bp
Jun 19, 2025	14.75%	15.00%	hike +25 bp
May 8, 2025	14.25%	14.75%	hike +50 bp
Mar 20, 2025	13.25%	14.25%	hike +100 bp
Jan 30, 2025	12.25%	13.25%	hike +100 bp
Dec 12, 2024	11.25%	12.25%	hike +100 bp
Nov 7, 2024	10.75%	11.25%	hike +50 bp
Sep 19, 2024	10.50%	10.75%	hike +25 bp
May 9, 2024	10.75%	10.50%	cut -25 bp
Mar 21, 2024	11.25%	10.75%	cut -50 bp
Feb 1, 2024	11.75%	11.25%	cut -50 bp
Dec 14, 2023	12.25%	11.75%	cut -50 bp
Nov 2, 2023	12.75%	12.25%	cut -50 bp
Sep 21, 2023	13.25%	12.75%	cut -50 bp
Aug 3, 2023	13.75%	13.25%	cut -50 bp
Aug 4, 2022	13.25%	13.75%	hike +50 bp
Jun 16, 2022	12.75%	13.25%	hike +50 bp
May 5, 2022	11.75%	12.75%	hike +100 bp
Mar 17, 2022	10.75%	11.75%	hike +100 bp
Feb 3, 2022	9.25%	10.75%	hike +150 bp
Dec 9, 2021	7.75%	9.25%	hike +150 bp
Oct 28, 2021	6.25%	7.75%	hike +150 bp
Sep 23, 2021	5.25%	6.25%	hike +100 bp
Aug 5, 2021	4.25%	5.25%	hike +100 bp
Jun 17, 2021	3.50%	4.25%	hike +75 bp
May 6, 2021	2.75%	3.50%	hike +75 bp
Mar 18, 2021	2.00%	2.75%	hike +75 bp
Aug 6, 2020	2.25%	2.00%	cut -25 bp
Jun 18, 2020	3.00%	2.25%	cut -75 bp
May 7, 2020	3.75%	3.00%	cut -75 bp
Mar 19, 2020	4.25%	3.75%	cut -50 bp
Feb 6, 2020	4.50%	4.25%	cut -25 bp
Dec 12, 2019	5.00%	4.50%	cut -50 bp
Oct 31, 2019	5.50%	5.00%	cut -50 bp
Sep 19, 2019	6.00%	5.50%	cut -50 bp
Aug 1, 2019	6.50%	6.00%	cut -50 bp
Mar 22, 2018	6.75%	6.50%	cut -25 bp
Feb 8, 2018	7.00%	6.75%	cut -25 bp
Dec 7, 2017	7.50%	7.00%	cut -50 bp
Oct 26, 2017	8.25%	7.50%	cut -75 bp
Sep 8, 2017	9.25%	8.25%	cut -100 bp
Jul 27, 2017	10.25%	9.25%	cut -100 bp
Jun 1, 2017	11.25%	10.25%	cut -100 bp
Apr 13, 2017	12.25%	11.25%	cut -100 bp
Feb 23, 2017	13.00%	12.25%	cut -75 bp
Jan 12, 2017	13.75%	13.00%	cut -75 bp
Dec 1, 2016	14.00%	13.75%	cut -25 bp
Oct 20, 2016	14.25%	14.00%	cut -25 bp
Jul 30, 2015	13.75%	14.25%	hike +50 bp
Jun 4, 2015	13.25%	13.75%	hike +50 bp
Apr 30, 2015	12.75%	13.25%	hike +50 bp
Mar 5, 2015	12.25%	12.75%	hike +50 bp
Jan 22, 2015	11.75%	12.25%	hike +50 bp
Dec 4, 2014	11.25%	11.75%	hike +50 bp
Oct 30, 2014	11.00%	11.25%	hike +25 bp
Apr 3, 2014	10.75%	11.00%	hike +25 bp
Feb 27, 2014	10.50%	10.75%	hike +25 bp
Jan 16, 2014	10.00%	10.50%	hike +50 bp
Nov 28, 2013	9.50%	10.00%	hike +50 bp
Oct 10, 2013	9.00%	9.50%	hike +50 bp
Aug 29, 2013	8.50%	9.00%	hike +50 bp
Jul 11, 2013	8.00%	8.50%	hike +50 bp
May 30, 2013	7.50%	8.00%	hike +50 bp
Apr 18, 2013	7.25%	7.50%	hike +25 bp
Oct 11, 2012	7.50%	7.25%	cut -25 bp
Aug 30, 2012	8.00%	7.50%	cut -50 bp
Jul 12, 2012	8.50%	8.00%	cut -50 bp
May 31, 2012	9.00%	8.50%	cut -50 bp
Apr 19, 2012	9.75%	9.00%	cut -75 bp
Mar 8, 2012	10.50%	9.75%	cut -75 bp
Jan 19, 2012	11.00%	10.50%	cut -50 bp
Dec 1, 2011	11.50%	11.00%	cut -50 bp
Oct 20, 2011	12.00%	11.50%	cut -50 bp
Sep 1, 2011	12.50%	12.00%	cut -50 bp
Jul 21, 2011	12.25%	12.50%	hike +25 bp
Jun 9, 2011	12.00%	12.25%	hike +25 bp
Apr 25, 2011	11.75%	12.00%	hike +25 bp
Mar 3, 2011	11.25%	11.75%	hike +50 bp
Jan 20, 2011	10.75%	11.25%	hike +50 bp
Jul 22, 2010	10.25%	10.75%	hike +50 bp
Jun 10, 2010	9.50%	10.25%	hike +75 bp
Apr 29, 2010	8.75%	9.50%	hike +75 bp
Jul 23, 2009	9.25%	8.75%	cut -50 bp
Jun 12, 2009	10.25%	9.25%	cut -100 bp
Apr 30, 2009	11.25%	10.25%	cut -100 bp
Mar 12, 2009	12.75%	11.25%	cut -150 bp
Jan 22, 2009	13.75%	12.75%	cut -100 bp
Sep 11, 2008	13.00%	13.75%	hike +75 bp
Jul 24, 2008	12.25%	13.00%	hike +75 bp
Jun 5, 2008	11.75%	12.25%	hike +50 bp
Apr 17, 2008	11.25%	11.75%	hike +50 bp
Sep 6, 2007	11.50%	11.25%	cut -25 bp
Jul 19, 2007	12.00%	11.50%	cut -50 bp
Jun 8, 2007	12.50%	12.00%	cut -50 bp
Apr 19, 2007	12.75%	12.50%	cut -25 bp
Mar 8, 2007	13.00%	12.75%	cut -25 bp
Jan 25, 2007	13.25%	13.00%	cut -25 bp
Nov 30, 2006	13.75%	13.25%	cut -50 bp
Oct 19, 2006	14.25%	13.75%	cut -50 bp
Aug 31, 2006	14.75%	14.25%	cut -50 bp
Jul 20, 2006	15.25%	14.75%	cut -50 bp
Jun 1, 2006	15.75%	15.25%	cut -50 bp
Apr 19, 2006	16.50%	15.75%	cut -75 bp
Mar 9, 2006	17.25%	16.50%	cut -75 bp
Jan 19, 2006	18.00%	17.25%	cut -75 bp
Dec 15, 2005	18.50%	18.00%	cut -50 bp
Nov 24, 2005	19.00%	18.50%	cut -50 bp
Oct 20, 2005	19.50%	19.00%	cut -50 bp
Sep 15, 2005	19.75%	19.50%	cut -25 bp
May 19, 2005	19.50%	19.75%	hike +25 bp
Apr 21, 2005	19.25%	19.50%	hike +25 bp
Mar 17, 2005	18.75%	19.25%	hike +50 bp
Feb 17, 2005	18.25%	18.75%	hike +50 bp
Jan 20, 2005	17.75%	18.25%	hike +50 bp
Dec 16, 2004	17.25%	17.75%	hike +50 bp
Nov 18, 2004	16.75%	17.25%	hike +50 bp
Oct 21, 2004	16.25%	16.75%	hike +50 bp
Sep 16, 2004	16.00%	16.25%	hike +25 bp
Apr 15, 2004	16.25%	16.00%	cut -25 bp
Mar 18, 2004	16.50%	16.25%	cut -25 bp
Dec 18, 2003	17.50%	16.50%	cut -100 bp
Nov 20, 2003	19.00%	17.50%	cut -150 bp
Oct 23, 2003	20.00%	19.00%	cut -100 bp
Sep 18, 2003	22.00%	20.00%	cut -200 bp
Aug 21, 2003	24.50%	22.00%	cut -250 bp
Jul 24, 2003	26.00%	24.50%	cut -150 bp
Jun 20, 2003	26.50%	26.00%	cut -50 bp
Feb 20, 2003	25.50%	26.50%	hike +100 bp
Jan 23, 2003	25.00%	25.50%	hike +50 bp
Dec 19, 2002	22.00%	25.00%	hike +300 bp
Nov 21, 2002	21.00%	22.00%	hike +100 bp
Oct 15, 2002	18.00%	21.00%	hike +300 bp
Jul 18, 2002	18.50%	18.00%	cut -50 bp
Mar 21, 2002	18.75%	18.50%	cut -25 bp
Feb 21, 2002	19.00%	18.75%	cut -25 bp
Jul 18, 2001	18.25%	19.00%	hike +75 bp
Jun 21, 2001	16.75%	18.25%	hike +150 bp
May 24, 2001	16.25%	16.75%	hike +50 bp
Apr 19, 2001	15.75%	16.25%	hike +50 bp
Mar 22, 2001	15.25%	15.75%	hike +50 bp
Jan 18, 2001	15.75%	15.25%	cut -50 bp
Dec 21, 2000	16.50%	15.75%	cut -75 bp
Jul 20, 2000	17.00%	16.50%	cut -50 bp
Jul 10, 2000	17.50%	17.00%	cut -50 bp
Jun 21, 2000	18.50%	17.50%	cut -100 bp
Mar 29, 2000	19.00%	18.50%	cut -50 bp

Which rate is shown (BIS notes, in English)

From 5 Mar 1999 onwards Central Bank target, money market (SELIC) overnight rate; from 1 Jul 1996 to 4 Mar 1999: Central Bank official rediscount rate; from 4 Jun 1986 to 30 Jun 1996: official market intervention rate, representative rate.

This rate can be considered the official policy rate as from 5 Mar 1999. From Jul 1996 to 4 Mar 1999, the TBC rate (basic interest rate) was used; from Mar 1999 onwards, the TARGET for the SELIC rate was used, which defines a threshold for the open market operations. The SELIC rate is a daily interest rate for overnight interbank loans collateralised by government bonds (overnight federal funds) registered and traded at the SELIC (Sistema Especial de Liquidação e Custódia - Special System for Settlement and Custody).

Changes by year

Method

We download the BIS daily policy-rate series (WS_CBPOL). A change is recorded on the first day the published value differs from the previous day's value. Series that ended (for example euro area members before joining the euro) are not listed. bp = basis points (0.01 percentage point).

About this page

The policy rate of Brazil is 13.75% (BIS data as of Oct 6, 2026).