Brazil's Central Bank announced on Wednesday a decision to cut the country's basic annual interest rate (Selic) from 9.25 percent to 8.75 percent.

It is the lowest Selic rate Brazil has ever registered. Since the beginning of this year, the rate has undergone five consecutive cuts, which slashed it by five percentage points.

The bank said in a statement that the decision was unanimously made by the Central Bank Monetary Policy Committee (Copom).

Experts said the cut will be the last one this year, and the Copom will maintain the Selic rate at 8.75 percent at the three meetings yet to be held later this year.

With the cut, Brazil's real annual interest rate (interest rate minus inflation rate) has dropped to 4.4 percent, which is still among the highest in the world's nations.

(Xinhua News Agency July 23, 2009)