All but one of 38 economists polled by Reuters had forecast the bank would stand pat. "The temporary halt in the transportation sector in May makes it more difficult to assess the recent evolution of economic activity," the bank said in its policy statement. "April data suggest more consistent activity relative to previous months. Indicators for May - and possibly June -, however, are likely to reflect the effects of the aforementioned halt."
The Brazilian real slumped in recent weeks as concerns over an unpredictable October election and the erratic policy response to striking truckers accentuated a selloff in global emerging markets. Despite higher import prices due to the weaker currency, policymakers have repeatedly stressed that foreign exchange moves would drive monetary policy only if they affected inflation more broadly or expectations for price hikes.