The monetary policy committee of the Brazilian central bank has reduced the benchmark interest rate by 25 basis points to 6.5 percent, the lowest ever, as inflation remains tame, Reuters reports.

The news agency quotes the committee as saying in a written statement issued after its latest meeting: “Regarding the next meeting, at this time the committee views an additional moderate monetary easing as appropriate.”

The report says the committee will next meet in May.

“The committee judges that this additional stimulus mitigates the risk of delayed convergence of inflation toward the targets,” the committee says.

The official target for consumer price inflation this year is 3.6 percent, Reuters says.