Bank President Alexandre Tombini stated that the programs have shown a positive result. The bank now has an inflation target of 4.5%, plus or minus two percentage points. Economists predict inflation will be 5.8% this year and 5.95% in 2014.

The iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) has increased 15.3% since the August low. [Brazil ETFs Rallying on Huge Trading Volume]

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Max Chen contributed to this article.