The Brazilian central bank has reduced its main interest rate by 50 basis points to 7 percent, the lowest yet, Reuters reports.

The news agency says the nine-member monetary policy committee of the bank announced that it could make another small cut at its next meeting, in February.

“Going forward, the committee judges that the current stage of the cycle recommends caution in conducting monetary policy,” the report quotes the committee as saying.

Brazil has reduced its main interest rate by a cumulative 725 basis points since October 2016 to help the Brazilian economy rebound from its deepest recession for decades, Reuters says.

The annual rate of economic growth was 1.4 percent in the third quarter of this year, official figures indicate.