Economic growth should accelerate in the following quarters, according to the minutes, helped in part by the freeing up of funds from a workers' pension fund, known as FGTS.

"Expected acceleration notwithstanding, the base case supposes that underlying economic growth, excluding temporary effects, will be gradual," the bank wrote.

On July 31, the bank's nine-member monetary policy committee, known as Copom, cut the benchmark interest rate 50 basis points to 6.0pc in a unanimous decision, as the bank seeks to breathe life into a sluggish economy and keep inflation from falling too far below target.

The minutes reaffirmed Copom's view that there is additional room for monetary adjustment, which it previously expressed when it decided to cut the benchmark rate.

According to the minutes, released before a global market rout on Monday fueled by a falling Chinese yuan currency, Copom sees the overall balance of risks evolving favorably.

However, the committee said "geopolitical risks" could end up hurting global growth.