The measures will not have an impact on economic growth, a central bank official said. The official asked not to be named due to internal regulation. The measures will take effect in coming weeks.

As part of the measures the bank will cut the cost of its liquidity line for one day to the Selic rate plus 1 percent, from the Selic over 6 percent. The rate for operations of up to 15 days will be lowered to the Selic plus 2 percent, from Selic plus 4 percent.

Earlier this week, the central bank announced a program to reduce regulation costs for banks under its supervision.

The bank also announced a reduction in the financial costs for institutions that fail to comply with reserve requirements -- or the amount of deposits banks have to hold in the central bank as reserves.

The new regulations will also simplify and unify rules of compliance on reserves requirements for demand deposits.