MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

Central Bank of Brazil Governor Roberto Campos Neto said on Monday that his board is navigating a scenario of greater uncertainty, which is why it is so hard to provide solid forward guidance.

Campos repeated that the Committee of Monetary Policy (Copom) will assess data before making its decisions. "Uncertainty has increased. We have been trying to communicate in this way to navigate in this environment of greater uncertainty," he said at an event sponsored by Legend Investments. (See MNI INTERVIEW: Lower Inflation Could Hasten Copom Cuts-Werlang).

"If you want to provide visibility when you don't have it, you will give guidance and then will have to change the guidance."

Following a 50 basis-point cut in the Selic rate to 10.75% last month, Copom indicated it expected an additional cut of the same size at the next meeting in May.