Brazil · Banco Central do Brasil

Brazil: selic target 13.75%

Banco Central do Brasil · Selic target

13.75%
−25 bpsfrom 14.00%

Copom cut the Selic target by 25 bps to 13.75%, effective 17 Sept 2026, its fifth cut in a row.

Effective
17 Sept 202620 days ago
Cycle
Easingsince Mar 2026
Moves in 12 months
55 cuts
Next decision
Not on our calendar yetBeing added
A year ago15.00%
5-year high15.00%
5-year low6.25%
2 official sources · release 59c6949350fb

How high it is

Higher than on 57% of days since 2000

Days at each level since 2000. Today’s level is in colour.

Where in the cycle

Easing, −125 bps so far

Eight earlier easing cycles ran a median −512 bps over 10 months.

Against the Fed

+975 bps above the Fed, narrower than on 54% of days since 2000

A year ago the gap was +1075 bps.

Among 7 central banks

The highest policy rate of the seven

Above the RBI, RBA, Fed, BoE, ECB and BoC.

What it means for a loan

On a R$ 300.000 loan over 20 years, this cut takes off about R$ 52 a month

R$
yrs
%

Defaults model a R$ 300.000 floating-rate loan. Change any field.

If the BCB’s −25 bps reaches your loan
−R$ 52a month
Monthly payment
R$ 3.199 → R$ 3.148
Or keep the monthly payment
14 fewer months
Interest over the loan
−R$ 12.365
Rate
11.50% → 11.25%
Standard amortisation on the balance left. Your lender’s spread and reset date decide when, and how much of this, you see.

How it reaches loans in Brazil

Floating credit and fixed income follow the Selic; mortgages less so

Floating-rate creditDirect
Priced off
Selic or CDI
Resets
Quickly
Overdrafts, floating loans and CDB yields move closely with the Selic.
Home loanLagged
Priced off
Often TR or IPCA plus a spread
Resets
Depends on the index
Many home loans follow other indices, so mortgage pass-through is weaker.
Your loan agreement’s benchmark and reset clause decide which applies.

Where this cycle stands

This easing cycle is −125 bps in. The eight before it ran a median −512 bps over 10 months.

This cycleEarlier easing cycles, by start yearMedian total

Every cycle since 2000

Eight tightening and nine easing cycles. Hover one to trace it.

Easing · latest−125 Mar 2026 to Sept 2026 · 5 moves
Tightening+450 Sept 2024 to Jun 2025 · 7 moves
Easing−325 Aug 2023 to May 2024 · 7 moves
Tightening+1175 Mar 2021 to Aug 2022 · 12 moves
Easing−1225 Oct 2016 to Aug 2020 · 21 moves
Tightening+700 Apr 2013 to Jul 2015 · 16 moves
Easing−525 Sept 2011 to Oct 2012 · 10 moves
Tightening+375 Apr 2010 to Jul 2011 · 8 moves
Easing−500 Jan 2009 to Jul 2009 · 5 moves
Tightening+250 Apr 2008 to Sept 2008 · 4 moves
Easing−850 Sept 2005 to Sept 2007 · 18 moves
Tightening+375 Sept 2004 to May 2005 · 9 moves
Easing−1050 Jun 2003 to Apr 2004 · 9 moves
Tightening+850 Oct 2002 to Feb 2003 · 5 moves
Easing−100 Feb 2002 to Jul 2002 · 3 moves
Tightening+375 Mar 2001 to Jul 2001 · 5 moves
Easing−375 Mar 2000 to Jan 2001 · 6 moves

Against the Fed

Brazil’s selic target sits 975 bps above the Fed’s upper bound: a narrower gap than on 54% of days since 2000, and the narrowest since May 2025.

Brazil minus United States, in bpsZero: the same rate
Gap today+975 bps7 Oct 2026
A year ago+1075 bps7 Oct 2025
Widest since 2000+2525 bpsFeb 2003
Narrowest since 2000+175 bpsAug 2020
Holding reais earns more than holding dollars, which supports the real; a narrowing gap removes some of that support. One input among many, not a forecast.

The record since 2000

150 moves since January 2000, from a high of 26.50% in Feb 2003 to a low of 2.00% in Aug 2020.

Selic targetHikeCut
Live shows the verified record. Announced and Decided preview the states this page goes through on decision day.

Every move

150 moves since Jan 2000. Votes and statements for the BCB are being added.

Cut to 13.75%−2517 Sept 2026 · fifth cut in a row
Cut to 14.00%−256 Aug 2026 · fourth cut in a row
Cut to 14.25%−2518 Jun 2026 · third cut in a row
Cut to 14.50%−2530 Apr 2026 · second cut in a row
Cut to 14.75%−2519 Mar 2026 · first cut since May 2024
Raised to 15.00%+2519 Jun 2025 · seventh hike in a row
Raised to 14.75%+508 May 2025 · sixth hike in a row
Raised to 14.25%+10020 Mar 2025 · fifth hike in a row
Raised to 13.25%+10030 Jan 2025 · fourth hike in a row
Raised to 12.25%+10012 Dec 2024 · third hike in a row
Raised to 11.25%+507 Nov 2024 · second hike in a row
Raised to 10.75%+2519 Sept 2024 · first hike since August 2022
Cut to 10.50%−259 May 2024 · seventh cut in a row
Cut to 10.75%−5021 Mar 2024 · sixth cut in a row
Cut to 11.25%−501 Feb 2024 · fifth cut in a row
Cut to 11.75%−5014 Dec 2023 · fourth cut in a row
Cut to 12.25%−502 Nov 2023 · third cut in a row
Cut to 12.75%−5021 Sept 2023 · second cut in a row
Cut to 13.25%−503 Aug 2023 · first cut since August 2020
Raised to 13.75%+504 Aug 2022 · twelfth hike in a row
Raised to 13.25%+5016 Jun 2022 · eleventh hike in a row
Raised to 12.75%+1005 May 2022 · tenth hike in a row
Raised to 11.75%+10017 Mar 2022 · ninth hike in a row
Raised to 10.75%+1503 Feb 2022 · eighth hike in a row
Raised to 9.25%+1509 Dec 2021 · seventh hike in a row
Raised to 7.75%+15028 Oct 2021 · sixth hike in a row
Raised to 6.25%+10023 Sept 2021 · fifth hike in a row
Raised to 5.25%+1005 Aug 2021 · fourth hike in a row
Raised to 4.25%+7517 Jun 2021 · third hike in a row
Raised to 3.50%+756 May 2021 · second hike in a row
Raised to 2.75%+7518 Mar 2021 · first hike since July 2015
Cut to 2.00%−256 Aug 2020 · cut number 21 in a row
Cut to 2.25%−7518 Jun 2020 · cut number 20 in a row
Cut to 3.00%−757 May 2020 · cut number 19 in a row
Cut to 3.75%−5019 Mar 2020 · cut number 18 in a row
Cut to 4.25%−256 Feb 2020 · cut number 17 in a row
Cut to 4.50%−5012 Dec 2019 · cut number 16 in a row
Cut to 5.00%−5031 Oct 2019 · cut number 15 in a row
Cut to 5.50%−5019 Sept 2019 · cut number 14 in a row
Cut to 6.00%−501 Aug 2019 · cut number 13 in a row
Cut to 6.50%−2522 Mar 2018 · twelfth cut in a row
Cut to 6.75%−258 Feb 2018 · eleventh cut in a row
Cut to 7.00%−507 Dec 2017 · tenth cut in a row
Cut to 7.50%−7526 Oct 2017 · ninth cut in a row
Cut to 8.25%−1008 Sept 2017 · eighth cut in a row
Cut to 9.25%−10027 Jul 2017 · seventh cut in a row
Cut to 10.25%−1001 Jun 2017 · sixth cut in a row
Cut to 11.25%−10013 Apr 2017 · fifth cut in a row
Cut to 12.25%−7523 Feb 2017 · fourth cut in a row
Cut to 13.00%−7512 Jan 2017 · third cut in a row
Cut to 13.75%−251 Dec 2016 · second cut in a row
Cut to 14.00%−2520 Oct 2016 · first cut since October 2012
Raised to 14.25%+5030 Jul 2015 · hike number 16 in a row
Raised to 13.75%+504 Jun 2015 · hike number 15 in a row
Raised to 13.25%+5030 Apr 2015 · hike number 14 in a row
Raised to 12.75%+505 Mar 2015 · hike number 13 in a row
Raised to 12.25%+5022 Jan 2015 · twelfth hike in a row
Raised to 11.75%+504 Dec 2014 · eleventh hike in a row
Raised to 11.25%+2530 Oct 2014 · tenth hike in a row
Raised to 11.00%+253 Apr 2014 · ninth hike in a row
Raised to 10.75%+2527 Feb 2014 · eighth hike in a row
Raised to 10.50%+5016 Jan 2014 · seventh hike in a row
Raised to 10.00%+5028 Nov 2013 · sixth hike in a row
Raised to 9.50%+5010 Oct 2013 · fifth hike in a row
Raised to 9.00%+5029 Aug 2013 · fourth hike in a row
Raised to 8.50%+5011 Jul 2013 · third hike in a row
Raised to 8.00%+5030 May 2013 · second hike in a row
Raised to 7.50%+2518 Apr 2013 · first hike since July 2011
Cut to 7.25%−2511 Oct 2012 · tenth cut in a row
Cut to 7.50%−5030 Aug 2012 · ninth cut in a row
Cut to 8.00%−5012 Jul 2012 · eighth cut in a row
Cut to 8.50%−5031 May 2012 · seventh cut in a row
Cut to 9.00%−7519 Apr 2012 · sixth cut in a row
Cut to 9.75%−758 Mar 2012 · fifth cut in a row
Cut to 10.50%−5019 Jan 2012 · fourth cut in a row
Cut to 11.00%−501 Dec 2011 · third cut in a row
Cut to 11.50%−5020 Oct 2011 · second cut in a row
Cut to 12.00%−501 Sept 2011 · first cut since July 2009
Raised to 12.50%+2521 Jul 2011 · eighth hike in a row
Raised to 12.25%+259 Jun 2011 · seventh hike in a row
Raised to 12.00%+2525 Apr 2011 · sixth hike in a row
Raised to 11.75%+503 Mar 2011 · fifth hike in a row
Raised to 11.25%+5020 Jan 2011 · fourth hike in a row
Raised to 10.75%+5022 Jul 2010 · third hike in a row
Raised to 10.25%+7510 Jun 2010 · second hike in a row
Raised to 9.50%+7529 Apr 2010 · first hike since September 2008
Cut to 8.75%−5023 Jul 2009 · fifth cut in a row
Cut to 9.25%−10012 Jun 2009 · fourth cut in a row
Cut to 10.25%−10030 Apr 2009 · third cut in a row
Cut to 11.25%−15012 Mar 2009 · second cut in a row
Cut to 12.75%−10022 Jan 2009 · first cut since September 2007
Raised to 13.75%+7511 Sept 2008 · fourth hike in a row
Raised to 13.00%+7524 Jul 2008 · third hike in a row
Raised to 12.25%+505 Jun 2008 · second hike in a row
Raised to 11.75%+5017 Apr 2008 · first hike since May 2005
Cut to 11.25%−256 Sept 2007 · cut number 18 in a row
Cut to 11.50%−5019 Jul 2007 · cut number 17 in a row
Cut to 12.00%−508 Jun 2007 · cut number 16 in a row
Cut to 12.50%−2519 Apr 2007 · cut number 15 in a row
Cut to 12.75%−258 Mar 2007 · cut number 14 in a row
Cut to 13.00%−2525 Jan 2007 · cut number 13 in a row
Cut to 13.25%−5030 Nov 2006 · twelfth cut in a row
Cut to 13.75%−5019 Oct 2006 · eleventh cut in a row
Cut to 14.25%−5031 Aug 2006 · tenth cut in a row
Cut to 14.75%−5020 Jul 2006 · ninth cut in a row
Cut to 15.25%−501 Jun 2006 · eighth cut in a row
Cut to 15.75%−7520 Apr 2006 · seventh cut in a row
Cut to 16.50%−759 Mar 2006 · sixth cut in a row
Cut to 17.25%−7519 Jan 2006 · fifth cut in a row
Cut to 18.00%−5015 Dec 2005 · fourth cut in a row
Cut to 18.50%−5024 Nov 2005 · third cut in a row
Cut to 19.00%−5020 Oct 2005 · second cut in a row
Cut to 19.50%−2515 Sept 2005 · first cut since April 2004
Raised to 19.75%+2519 May 2005 · ninth hike in a row
Raised to 19.50%+2521 Apr 2005 · eighth hike in a row
Raised to 19.25%+5017 Mar 2005 · seventh hike in a row
Raised to 18.75%+5017 Feb 2005 · sixth hike in a row
Raised to 18.25%+5020 Jan 2005 · fifth hike in a row
Raised to 17.75%+5016 Dec 2004 · fourth hike in a row
Raised to 17.25%+5018 Nov 2004 · third hike in a row
Raised to 16.75%+5021 Oct 2004 · second hike in a row
Raised to 16.25%+2516 Sept 2004 · first hike since February 2003
Cut to 16.00%−2515 Apr 2004 · ninth cut in a row
Cut to 16.25%−2518 Mar 2004 · eighth cut in a row
Cut to 16.50%−10018 Dec 2003 · seventh cut in a row
Cut to 17.50%−15020 Nov 2003 · sixth cut in a row
Cut to 19.00%−10023 Oct 2003 · fifth cut in a row
Cut to 20.00%−20018 Sept 2003 · fourth cut in a row
Cut to 22.00%−25021 Aug 2003 · third cut in a row
Cut to 24.50%−15024 Jul 2003 · second cut in a row
Cut to 26.00%−5020 Jun 2003 · first cut since July 2002
Raised to 26.50%+10020 Feb 2003 · fifth hike in a row
Raised to 25.50%+5023 Jan 2003 · fourth hike in a row
Raised to 25.00%+30019 Dec 2002 · third hike in a row
Raised to 22.00%+10021 Nov 2002 · second hike in a row
Raised to 21.00%+30015 Oct 2002 · first hike since July 2001
Cut to 18.00%−5018 Jul 2002 · third cut in a row
Cut to 18.50%−2521 Mar 2002 · second cut in a row
Cut to 18.75%−2521 Feb 2002 · first cut since January 2001
Raised to 19.00%+7519 Jul 2001 · fifth hike in a row
Raised to 18.25%+15021 Jun 2001 · fourth hike in a row
Raised to 16.75%+5024 May 2001 · third hike in a row
Raised to 16.25%+5019 Apr 2001 · second hike in a row
Raised to 15.75%+5022 Mar 2001 · first hike in this record
Cut to 15.25%−5018 Jan 2001 · sixth cut in a row
Cut to 15.75%−7521 Dec 2000 · fifth cut in a row
Cut to 16.50%−5020 Jul 2000 · fourth cut in a row
Cut to 17.00%−5010 Jul 2000 · third cut in a row
Cut to 17.50%−10021 Jun 2000 · second cut in a row
Cut to 18.50%−5029 Mar 2000 · first cut in this record

Among 7 central banks

World view

Brazil’s 13.75% is the highest of the seven, above India (5.50%).

Brazil