Brazil's central bank has left interest rates at a near 10-year high in a bid to ease inflation in what could be the current board's last decision ahead of a likely change in government.
The bank's board, known as Copom, unanimously voted to keep its benchmark Selic interest rate at 14.25 per cent for the sixth straight time as widely expected by economists and traders. At its last meeting, two of the eight members of the bank's board voted to raise rates by 50 basis points.
A recent slowdown in inflation had raised pressure on the central bank to cut some of the world's highest interest rates to ease the pain from what is the country's worst recession in a century.
Still, the bank signalled rate cuts are not imminent.
"High twelve-month inflation and inflation expectations far from the official targets do not offer room for easing monetary policy," the bank said in its decision statement.
The bank completely changed its statement when compared to that of its previous meeting, saying it has had some progress in controlling inflation.
