The monetary policy committee said the decision was unanimous and more cuts are expected by the market.
The industrial activity index declined for the 12th consecutive month in January.
Jorge Luz and his son, Bruno Luz, are being investigated for corruption, money laundering and foreign exchange-related crimes in connection with the so-called Lava Jato corruption scheme.
The Caribbean Development Bank and the Inter-American Development Bank presently collaborate on a number of initiatives, including renewable energy and private sector development for micro, small and medium-sized enterprises, said IDB in a press release.
The central bank said it will provide foreign exchange hedges for up to US$20bn in order to provide more stability for the local currency vis-à-vis the US dollar.
The mid-February inflation proxy was 0.54%, the lowest level of the month since 2012.