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Known as Copom, it is the Monetary Policy Committee, which consists of eight members of the Central Bank Board of Directors.
These meetings always last two days and are divided in two stages, one made on a Tuesday and the other on a Wednesday.
Therefore, if the governments decreases the Selic rate, consequently the banks have to decrease their rates too, and the other way round.
The great difference between Selic rate and the rates of the banks is explained by the financial institutions as the value of the risks involving clients not paying, as well as the tax collection.
Originally based on material contained in the "Put Your Best Foot Forward" series of books by Mary Murray Bosrock.
This position is restricted to current residents of Norway.
These operations have government securities as guarantee.
Selic is the rate based on which private and public banks calculate their own interest rates.
If, however, there is a vibrant economy and the inflation is increasing, the government raises Selic, the loans become more expensive and people's consumption decreases, avoiding that prices increase.Without money, companies stop investing and neither the production increases, nor the technology is developed.Also, with a high interest rate in the country, foreign investors start buying Brazilians Reais to be able to invest in Brazil, and this currency is appreciated against the dollar, making the foreign products less expensive.The Selic rate changes every day, but in practice, its average is always a number next to the target established.Every 45 days, this target is redefined in meetings with the government and the Comitê de Política Monetária.