Selic today
The Selic target has been 13.75% a year since September 17, 2026. The next Copom decision comes out on November 4, 2026, from 6:30 p.m. Brasília time. The market expects 13.25% at the end of 2026 (Focus survey of Oct 19, 2026).
Data as of October 20, 2026, after the Central Bank release.
Selic target, last 12 months
What the market expects
- End of 2026
- 13.25%
- End of 2027
- 12.00%
- End of 2028
- 10.50%
Median forecast of about 140 institutions in the Focus survey, published on Mondays.
Latest Copom decisions
| Decision | Meeting | Selic | Change |
|---|---|---|---|
| Sep 16, 2026 | #281 | 13.75% | cut of 0.25 |
| Aug 5, 2026 | #280 | 14.00% | cut of 0.25 |
| Jun 17, 2026 | #279 | 14.25% | cut of 0.25 |
| Apr 29, 2026 | #278 | 14.50% | cut of 0.25 |
| Mar 18, 2026 | #277 | 14.75% | cut of 0.25 |
| Jan 28, 2026 | #276 | 15.00% | held |
| Dec 10, 2025 | #275 | 15.00% | held |
| Nov 5, 2025 | #274 | 15.00% | held |
Questions
What is the Selic?
Brazil's benchmark interest rate, set by the Central Bank's Copom eight times a year. It drives the CDI, CDBs, Tesouro Selic and the cost of credit.
When is the next Copom meeting?
The next decision is on November 4, 2026, in 14 days. The statement comes out from 6:30 p.m.
Will the Selic fall?
No one knows for sure. The Focus median of Oct 19, 2026 points to 13.25% at the end of 2026.