Brazil's central bank on Wednesday held its benchmark interest rate at 14.25 percent for a seventh consecutive time, amid the worst recession in decades and political instability. 

The bank, which makes rate decisions eight times a year, has held its key Selic rate steady since the last of seven consecutive hikes in July 2015.

Despite the flailing economy -- with a 3.8 percent shrink in GDP last year forecast to persist through 2016 -- the latest consensus of 100 economists and analysts in a weekly survey by the Central Bank's Focus magazine was for no change in the key rate.