Brazil central bank is likely to keep its base Selic interest rate on hold at 15.% on July 30, keeping its tightest monetary stance.

Brazil's inflation remained well above the central bank's target range in its mid-July reading, official data showed on Friday, as policymakers gather next week for a meeting at which they are widely expected to hold interest rates at a two-decade high.

Brazil’s Central Bank interrupts the cycle of Selic rate increases after seven hikes. The decision was influenced by falling inflation and signs of an economic slowdown.

Brazil's central bank held its benchmark interest rate steady on Wednesday, pausing an aggressive tightening cycle after seven consecutive hikes as widely expected after a signal last month that it would hold rates for a "very prolonged" period.

Brazil's Central Bank on Wednesday held its benchmark interest rate steady at 15 percent, citing "uncertainty" as the United States announced punishing tariffs on the South American economic powerhouse.