Brazil central bank defies Lula, keeps interest rate unchanged

Brazil’s central bank kept its key interest rate unchanged Wednesday at 10.5 percent, ending a series of seven successive cuts since August last year.

The bank said its unanimous decision was informed by an “uncertain global outlook and a domestic outlook marked by resilience in economic activity, raising inflation projections” and requiring an approach of “more caution.” The central bank’s monetary policy committee initiated a cycle of gradual reductions last August, but Lula believes movement should be more pronounced.

Source: Loan Digest (loandigest.net)

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