Brazil's Copom holds rate at 16.5%

The Banco Do Brasil's monetary policy committee (Copom) announced Wednesday it was holding its Selic interest rate steady at 16.5%.

This is the second month in a row that Copom has held the Selic unchanged, breaking consecutive cuts from the 26.5% rate in June.

The decision was unanimous. Minutes of the January Copom meeting were very cautious in their tone and the latest prices data showed inflation above market expectations.

The minutes of the February Copom meeting are due be released on Febr