SELIC Interest rate (abbreviation for portuguese Sistema Especial de Liquidacao e Custodia) is one of the most common interest rates in Brazil. This rate is calculated as the weighted average interest rate on overnight interbank transactions secured by securities of the Brazilian Federal Government.
The SELIC rate is a key instrument of the Brazilian Central Bank in its monetary policy. As part of inflation targeting, the Monetary Policy Committee of the Central Bank of Brazil regularly sets a target for the SELIC rate, which serves as a target indicator for regulating inflation. To achieve the target, the Central Bank of Brazil uses open market operations.
In addition to targeting inflation the SELIC rate also acts as an important macroeconomic and statistical indicator when analyzing the state of the Brazilian economy.
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