In 2025, Brazil stood out in the global economy with monetary tightening going against the global trend and an interest rate well above the average of our peers. The Selic rose from 10.5% in 2024 to 15% in June 2025 and has remained at this level since then, without any clear signal from the Central Bank as to when we will start easing the current monetary restrictions. The real short-term interest rate is close to 10% and, even by our historical standards, we are experiencing the greatest monetary tightening, in terms of magnitude and duration, in the last 20 years. What justifies or differentiates Brazil from other countries?
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