The Sistema Especial de Liquidação e Custodia (SELIC) ''(Special System for Settlement and Custody)'' is the Brazilian Central Bank's system for performing open market operations in execution of

monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...

. The SELIC rate is the Bank's

overnight rate The overnight rate is generally the interest rate that large banks use to borrow and lend from one another in the overnight market. In some countries (the United States, for example), the overnight rate may be the rate targeted by the central bank ...

References

Banking in Brazil Monetary policy {{Brazil-econ-stub