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Economists polled by the Brazilian central bank trimmed their estimates for the country's benchmark interest rate (Selic) to 6.50% at the end of 2018, after ten weeks at 6.75%. Meanwhile, the forecast for the average rate in 2018 was cut to 6.53%, after eleven weeks at 6.75%.

For 2019, however, estimates remained at 8.00% for the eighth week, while the forecast for the average rate next year remained at 7.75%.

Last month, the Brazilian central bank's Monetary Policy Committee (Copom) cut the country's benchmark interest rate to 6.75% - a record low - from 7.00%, in line with market expectations.

The Brazilian Central Bank also indicated that it might interrupt the current easing cycle in this month's meeting, but market players now expect a 25 basis points cut.