Brazil's central bank said that its inflation projections remain at values consistent with the strategy of reaching a level around the target over the relevant horizon, according to minutes from its last policy meeting on Tuesday.

In the minutes of the meeting held between Oct 25-26, when the rate-setting committee known as Copom kept the benchmark rate at 13.75%, policymakers stressed that "risks remain high, requiring continuous monitoring and serenity." (Reporting by Marcela Ayres; Editing by Steven Grattan)