Brazil's central bank kept interest rates on hold on Wednesday as widely expected, opting to avoid inflicting more harm on an economy mired in its worst recession in decades despite a surge in inflation. In a split vote, the bank's monetary policy committee, Copom, kept its benchmark Selic rate at 14.25% for the fifth straight time.
Recession-hit Brazil's central bank in a divided vote left the key interest rate untouched on Wednesday despite rising inflation, opting against an increase that could put a further brake on the world's seventh-biggest economy.
Brazil's central bank kept interest rates on hold for the third straight meeting on Wednesday in a split vote that shows policymakers are uneasy about inflation, a worsening recession which might lead to a raise in rates early in 2016.
Brazil's central bank kept interest rates on hold on Wednesday, for a second straight month despite a jump in inflation expectations. The decision not to raise rates will give a breather to President Dilma Rousseff, who is fighting for her political survival amid the country's worst economic and political crisis in 25 years.
Brazil's central bank halted one of the world's boldest rate-hiking cycles on Wednesday, taking pressure off an economy struggling with recession even amid concerns that a looming budget crisis could stoke inflation.
Brazil raised interest rates to the highest levels in more than six years on Wednesday, extending a tightening campaign and leaving the door open for more hikes despite concerns that steep borrowing costs could deepen an expected economic recession.
As was anticipated and in line with the current anti-inflation policy, Brazil's central bank on Wednesday evening announced the increase of the basic Selic interest rate another 50 points to 13.25% from 12.75%. The decision from the nine-member Monetary Committee was unanimous, according to the official release.
Brazil’s central bank raised its benchmark interest rate to 12.75% Wednesday, the highest level since 2009, as it struggles to get price increases under control amid sluggish economic growth and deepening political turmoil.
Brazil's central bank raised interest rates to a more than three-year high on Wednesday, maintaining an aggressive pace of monetary tightening to contain high inflation, help the economy back on its tracks and win investors disillusioned with the once-booming economy.
The currency closed at R$ 2.76 per US$ 1 dollar. Domestic politics, international oil prices, US Fed measures and Russian ruble drop to blame.