Brazilian Central Bank Survey: Economists Maintain Unchanged Forecasts for End-2026 Real Exchange Rate and GDP Growth

⑴ A survey by the Central Bank of Brazil shows that economists expect the Brazilian real to trade at 5.20 to the US dollar by the end of 2026, unchanged from previous forecasts; Brazil's GDP is expected to grow by 1.99% in 2026, also consistent with prior forecasts.⑵ The Selic benchmark interest rate at the end of 2026 is projected to be 14.00%, in line with previous expectations; the IPCA annual inflation rate for 2026 is forecast at 5.12%, compared to 5.15% previously; the IPCA annual inflation rate for 2027 is expected to be 4.22%, versus 4.20% in the previous projection.