The bank's monetary policy committee, known as Copom, voted by a vote of 5 to 2 to raise the so-called Selic rate by 25 basis points, following two rate hikes of 50 basis points each earlier this year.

Eleven of 26 analysts in a Reuters survey predicted the bank would lift the Selic by 25 basis points. Fourteen expected a steeper rate hike of 50 basis points, while one bet there would be no change at all.