Brazil central bank keeps rate unchanged despite Lula's government complaints, "the highest in the world"

Brazil central bank keeps rate unchanged despite Lula's government complaints, “the highest in the world”

Thursday, March 23rd 2023 - 10:45 UTC

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The Brazilian Central kept interest rates unchanged for the fifth consecutive policy meeting on Wednesday, increasing concern and criticism from the government of president Lula da Silva. The bank's rate-setting committee, Copom, maintained its Selic benchmark interest rate at 13.75%. The decision, which defied intense pressure from the government of Lula da Silva, matched the expectations of analysts. Read full article

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FortHay
Seems to me, a modest amount invested in a Brazilian savings account (poupança) could be a hedge against the deteriorating currency. ( https://www1.folha.uol.com.br/mercado/2023/03/saiba-quanto-rendem-r-1000-na-poupanca-cdb-e-tesouro-com-a-selic-a-1375.shtml ) This obviously does not aid poor people who do not have such funds to set aside, but middle class and better households can benefit. Once again, this highlights the inherent problems for a society with such severe income disparity and a large underclass living hand to mouth.
Mar 23rd, 2023 - 03:04 pm - Link - Report abuse 0
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