Brazilian central bank raises interest rate to 11.25 percent

14:40, January 20, 2011      

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Brazil's Central Bank Monetary Policy Committee (Copom) announced its decision Wednesday to raise its benchmark Selic interest rate by 0.5 percentage points, to 11.25 percent.

Copom said this decision was unanimously approved, in a bid to keep the country's inflation rate below the 4.5 percent target set for this year. In 2010, Brazil's inflation rate reached 5.91 percent, the highest in six years.

With the rise, Brazil maintains one of the highest benchmark interest rates and real interest rates in the world. Last year, the Selic rate was up by 2 percent, after it was cut to a record low.

According to the latest market surveys, economists expect another rise in the Selic rate in the coming months.

Source: Xinhua
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