The Copom reduced the Selic by 0.25 percentage points, the Senate approved the new DPVAT, and Congress will analyze two bills to direct resources to Rio Grande do Sul

BRAZIL POLITICS - Report 09 May 2024 by Murillo de Aragão and Cristiano Noronha

Yesterday, the Central Bank's Monetary Policy Committee (Copom) reduced the basic interest rate (Selic) by 0.25 percentage points, interrupting a cycle of six consecutive cuts of 0.50 pp. The Selic fell from 10.75% to 10.50% per year. The Senate approved the new mandatory insurance policy for vehicles, similar to the old Personal Injury by Land Motor Vehicles (DPVAT). There were 41 votes in favor—the minimum necessary for this type of proposition—and 28 against. Today, Congress will analyze two bills with provisions that change budgetary rules to allow resources to be directed to Rio Grande do Sul (RS).

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