The Monetary Policy Committee (Portuguese: Comitê de Política Monetária - Copom) is a department established by the Central Bank of Brazil on June 20, 1996, through Circular No.
3,088 on June 21, 1999, the Copom's decisions became aimed at fulfilling the inflation targets set by the National Monetary Council (Conselho Monetário Nacional - CMN).
According to the decree, if the targets are not achieved, the president of the Central Bank must disclose, in an Open Letter to the Minister of Finance, the reasons for non-compliance, as well as the measures to be adopted and the deadline for returning the inflation rate to the established limits.
[4] Copom's regular meetings are divided into two sessions: the first is reserved for technical presentations on the economic situation and the second is dedicated to deciding on the Selic rate target.
[3][4] On the second day of the meeting, besides the Copom members, the head of Depep participates with no voting rights and gives a technical presentation containing a prospective assessment of inflation.
Afterwards, the Copom members, based on an assessment of the macroeconomic scenario and the main associated risks, decide on the Selic rate target by a simple majority vote.