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Brazil’s Central Bank interest rate hikes likely to slow down

RIO DE JANEIRO, BRAZIL - Hikes to Brazil’s benchmark interest rate are likely to see a slowdown, based on the last Monetary Policy Council (COPOM) meeting’s minutes, released yesterday, February 8. However, projections may be reviewed in an attempt to pull inflation closer towards the target.

Last week, the COPOM raised the SELIC rate from 9.25% to 10.75% a year, noting higher inflation in foods, fuels, and energy. It was the first time that the SELIC reached two-digits since July 2017 — when the rate hit 10.25% a year.

“Regarding its next steps, the Committee believes . . .

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