BRASILIA, Sept. 25 -- The Brazilian Central Bank's Monetary Policy Committee (Copom) said at its meeting last week that the uncertainty in the current situation demands "greater flexibility" in setting its benchmark Selic interest rate, showed minutes released on Tuesday.

In the minutes of the meeting held on Sept. 18-19, Copom said it debated the "advisability of signaling" the future evaluation of monetary policy. However, the members said it was better to avoid forecasting the path of the basic interest rate.

"All members considered that the level of uncertainty of the current environment creates a need for greater flexibility to conduct monetary policy, which recommends refraining from providing indications on the next steps," Copom said.

Last week, Copom unanimously decided to keep the Selic rate at 6.5 percent annually for the fourth consecutive time. The rate remains at its lowest level since the beginning of the Central Bank's historical series in 1986.

In setting the rates, Copom reiterated the commitment to keeping inflation at the official goal, according to the minutes.

"This requires the flexibility to gradually adjust the conduct of monetary policy when and if needed. This ability to respond to different circumstances contributes to the maintenance of the environment with anchored expectations, which is fundamental to ensure that the achievement of low inflation persists, even in the face of adverse shocks," it said.

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