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Brazil Central Bank raises SELIC benchmark interest rate to double digits

RIO DE JANEIRO, BRAZIL - The 8th consecutive increase in the SELIC, in line with forecasts, comes as Latin America’s biggest economy struggles through a recession and persistently high inflation, according to the bank’s monetary policy committee (COPOM).

COPOM, which made the decision unanimously, hinted it would soon slow the tightening cycle, saying it “currently foresees a slowdown in the pace (of rate cuts) as the most adequate policy.”

Brazil has responded to pandemic-driven inflation with one of the most aggressive tightening cycles in the world, rapidly raising the benchmark interest rate from an all-time low of . . .

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