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Brazil: there is “no magic” to reduce interest rates, says Central Bank’s president

By Anderson Scardoelli

The president of the Central Bank (BC), Roberto Campos Neto, said the president of the Republic, Luiz Inácio Lula da Silva, has the right to speak about the current level of the basic interest rate in the country, the Selic.

However, he emphasized that the agency cannot be held responsible for Brazil's economic situation.

"[There is] no magic, no silver bullet," said Campos Neto concerning the reduction of the Selic by the Central Bank.

His speech was recorded on Tuesday, 25, during a public hearing in the Strategic Affairs Commission (CAE) of the Federal Senate . . .

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