Brazil Cuts Interest Rates to Lowest Level in 31 Years

The benchmark interest rate controls inflation, which in 2017 is expected to fall below the 4.5 percent target.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Brazil’s Central Bank (BC) lowered the country’s benchmark interest rate (SELIC) on Wednesday by 0.5 percentage points, to seven percent per year, the lowest level since 1986. This is the tenth consecutive time the Bank’s Monetary Policy Committee (Copom) has lowered the SELIC.

“The Committee believes that the basic scenario for inflation has, to a large extent, evolved as expected," stated the COPOM after . . .

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