Brazil policy rate holds at 13.75% in October 2026

Brazil's central bank policy rate stood at 13.75% in October 2026, according to the Bank for International Settlements (BIS). The rate was also 13.75% in September 2026. Housing Market Group's calculation from BIS figures shows a change of 0 percentage points between September and October 2026, so the benchmark rate held steady over the latest month.

The October 2026 reading follows a period of gradual reductions during the middle of the year. BIS figures put the rate at 14.25% in both June 2026 and July 2026. It then eased to 14.0% in August 2026 before reaching 13.75% in September 2026, the level it kept in October 2026. The latest figure therefore sits below the readings recorded in June, July and August 2026.

The annual comparison shows a larger move. In October 2025, Brazil's policy rate was 15.0%, according to the BIS. Housing Market Group's calculation from BIS figures shows that the rate fell by 1.25 percentage points between October 2025 and October 2026. For households and developers, the policy rate is one of the reference points that shape borrowing conditions, and the October 2026 level is lower than it was a year earlier.

Set against other economies in this comparison, Brazil's rate remains high in absolute terms while moving in a different direction from most of them. The Reserve Bank of Australia's policy rate was 4.6% in October 2026, a rise of 1 percentage point on October 2025, according to HMG's calculation. The Bank of Canada's rate was 2.5% in October 2026, up 0.25 percentage points over the same period. The Deutsche Bundesbank reported a rate of 2.5% for Germany in October 2026, an increase of 0.5 percentage points on a year earlier, and the Banco de España also reported 2.5% for Spain, likewise up 0.5 percentage points. The Bank of England's rate stood at 3.75% in October 2026, down 0.25 percentage points from October 2025. Bank Indonesia's policy rate was 5.75% in October 2026.

Ranking the annual change across the 6 countries with year-on-year data in this comparison, Housing Market Group places Brazil 6 of 6 for October 2026, meaning it recorded the largest fall. The United Kingdom was the only other country in that group where the rate was lower than in October 2025, and its decline of 0.25 percentage points was smaller than Brazil's 1.25 percentage points. Australia, Canada, Germany and Spain all recorded increases over the year.

These figures describe the national benchmark rate only. They show a rate that was unchanged in the latest month, lower than mid-2026 and lower than in October 2025, while remaining well above the levels reported for the other economies listed here in October 2026.