TEXT-Brazil central bank statement on interest rates

BRASILIA, Sept 1 (Reuters) - Brazil's central bank held its benchmark lending rate BRCBMP=ECI at 10.75 percent on Wednesday, ending a tightening cycle begun in April from a record-low 8.75 percent.

The bank's monetary policy committee, known as Copom, voted unanimously to hold the Selic rate. [ID:nSAQ002471]

Following is the text of the statement issued by the Copom after its two-day monetary policy meeting:

"The Copom unanimously voted to hold the Selic rate at 10.75 percent per annum, without bias. While it does not expect the inflation rate registered in recent months to be maintained in the near future, the Copom sees the continued reduction of risks for the inflation outlook that has taken shape since its penultimate meeting. In this context, the Committee believes that, at this moment, holding the base interest rate at the level established in July will help ensure the convergence of inflation toward the target." (Compiled by Todd Benson)