The Brazilian Central Bank's Monetary Policy Committee (Copom) on Wednesday kept the Selic basic interest rate unchanged at 6.5 percent, in line with financial market expectations.

This marks the fifth consecutive decision by Copom to maintain the rate at its current level.

Wednesday's meeting was the first since the election of Jair Bolsonaro on Oct. 28 as Brazil's next president.

Copom is going to hold one more meeting in December and is expected to maintain the current rate.

Analysts forecast that the rate will be gradually increased in 2019 until it reaches an annual rate of 8 percent.

Among the risks noted by Copom were the uncertainties in the country's economic reforms and the exteral economic environment.

The central bank emphasized the importance of approving reforms in order to keep inflation low.

"The committee emphasizes that continuity in the reform process and necessary adjustments in the Brazilian economy are essential for maintaining inflation low in the medium and long term," it said.