The government hopes to finalize the vote on the ICMS subsidy next week, a session of Congress is scheduled to analyze presidential vetoes, and the Copom will meet for the last time this year to decide on the Selic rate

BRAZIL POLITICS - Report 08 Dec 2023 by Murillo de Aragão and Cristiano Noronha

Next week, the government hopes to conclude the vote on provisional measure (MP) 1185/23, which deals with the ICMS subsidy. The rapporteur, Deputy Luiz Fernando Faria (PSD-MG), included the Interest on Own Capital (JCP) changes in the text. A session of the National Congress is also scheduled for Thursday morning, December 14, to analyze presidential vetoes. Several vetoes with a high level of risk for the government were included. It is also worth highlighting that the final meeting of the year of the Central Bank's Monetary Policy Committee to decide on the basic interest rate (Selic) will take place next week. The rate is currently at 12.25%, and the expectation is for a reduction to 11.75%.

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