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Brazilian Central Bank ignores Lula and warns it might keep interest rates high for a long time or even raise them

By Fernando Jasper

The Central Bank's Monetary Policy Committee (Copom) ignored pressure from President Luiz Inácio Lula da Silva (PT) and indicated that it might maintain the basic interest rate (Selic) at the current level - the highest in six years - for a "prolonged period," or even raise it.

"Considering the uncertainty surrounding its scenarios, the Committee remains vigilant, evaluating whether the strategy of maintaining the basic interest rate for a prolonged period will be able to ensure the convergence of inflation," says a statement published on Wednesday night (22) after maintaining the Subscribe to our Premium Membership Plan. Already Subscribed?

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