SAO PAULO, June 25 Brazil's Monetary Policy Council, the nation's main economic policymaking body, decided on Wednesday to set the mid-point target for annual consumer price increases at 4.5 percent for 2016, with a leeway of plus or minus two percentage points.
The body, known in Brazil as CMN, is formed by the finance minister, the planning and budget minister and the president of the central bank. The inflation targets for 2014 and 2015 remained at 4.5 percent with a similar leeway.
In a separate decision, the CMN kept the TJLP rate , the benchmark lending rate for loans by state development bank BNDES, unchanged at 5 percent for the coming quarter. (Reporting by Guillermo Parra-Bernal and Tiago Pariz; Editing by Diane Craft)