The BNR will maintain the key interest rate at 6.5% in the last meeting of 2025, in the context of inflation rising close to 10%.

The BNR Board of Directors meets today for the eighth monetary policy meeting of 2025, being the last one this year. Analysts estimate that the central bank will keep the key interest rate at 6.5%, considering the economic uncertainties and rising inflation, which has reached nearly 10% due to tax increases and the liberalization of energy prices. During the meeting, BNR will also approve the quarterly inflation report, and changes to the year-end forecast are expected. Inflation has risen significantly, reaching 9.9% in August and 9.8% in October, compared to the previous year. In 2024, BNR has made only two rate cuts, from 7% to 6.5%.