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Brazil’s Central Bank raises base rates to 11.75% p.a.

RIO DE JANEIRO, BRAZIL - Amid the impact of the war in Ukraine on the global economy, the Central Bank (CB) has further tightened its monetary policy belt. The Monetary Policy Committee (Copom) unanimously increased the Selic rate, the economy's prime rate, from 10.75% to 11.75% per annum. The decision was expected by financial analysts.

In a communiqué, the central bank said that caution is needed in the current situation. Copom indicated that the next hike will also be by 1 percentage point, but that it may review the pace of monetary tightening as needed.

"For the next . . .

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