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As mentioned before, this decreases the number of loans, people's consumption and the prices of the products.The problem is that it also makes it harder for companies to get loans, since they are more expensive for them as well.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.These operations have government securities as guarantee.Selic is the rate based on which private and public banks calculate their own interest rates.The Selic rate changes every day, but in practice, its average is always a number next to the target established.
Increasing Selic is not the end of the world; it is a measure that has to be accompanied by other steps in order to maintain a balance in the economy.
Even though a lot of people have already heard about Selic, most of them don't know exactly what is it and how it affects their lives. Selic is the abbreviation for Sistema Especial de Liquidação e de Custódia and is known abroad as Special System for Settlement and Custody.
Also known as Taxa Selic, or Selic tax, it is the basic interest tax defined by the government. In a more complex explanation, Selic is the interest rate tax for loans between banks in operations that last only for one day and are also called "overnight".
The complete history of Selic rates can be found in Central Bank's website.
The People Brazilians are friendly and free-spirited, with an incredible zest for life. Predominantly Roman Catholic (73%), families are large and often include extended family members.
Without money, companies stop investing and neither the production increases, nor the technology is developed.