RIO DE JANEIRO, Feb. 7 (Xinhua) -- The Brazilian Central Bank's Monetary Policy Committee (COPOM) on Wednesday announced its decision to cut the country's annual basic interest rate Selic from seven to 6.75 percent, the lowest level since 1986.

It was the 11th consecutive cut in the Selic rate. However, it will likely be the last one. In a statement, the committee said given the current economic scenario, the best choice would be to end the Selic rate's reduction cycle.

"For the next meeting, in case the basic scenario evolves as expected, the committee sees at this point that it would be most proper to interrupt the process of monetary flexibilization," the COPOM said.

However, if the economic scenario changes, that would lead to further reductions in the Selic rate, the committee warned. Several factors will be analyzed by the committee in order to decide whether to make another cut in the Selic rate in their next meeting, which will be held in six weeks, including the upcoming vote on the social security reform.

Shortly after the COPOM's announcement, some of Brazil's main banks announced that they will be cutting the interest rates charged on loans to citizens and corporations.