CMN Resolution No. 4831 - Sets the Inflation Target and Tolerance Interval for 2023

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on June 25, 2020, considering the provisions of Paragraph 2 of Article 1 of Decree No. 3,088 of June 21, 1999,

RESOLVES:

Article 1. For the year 2023, the inflation target is set at 3.25% (three and twenty-five hundredths percent), with a tolerance interval of minus 1.50 p.p. (one and a half percentage points) and plus 1.50 p.p. (one and a half percentage points).

Article 2. The Central Bank of Brazil shall effect the necessary modifications in its regulations and norms, aiming at the execution of the content contained in this Resolution.

Article 3. This Resolution enters into force on the date of its publication.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil