Brazilian MPC says inflation will converge to target within two years
Central bank estimate based on keeping key interest rate at 11%
The Central Bank of Brazil's monetary policy committee believes inflation, though still high, will converge to the target in 2016.
According to the minutes of the committee's last meeting, on September 2–3, "the inflation projection for 2014 decreased when compared to the values considered in the previous meeting, but remained above the 4.5% target". Annual CPI inflation remained at 6.5% in August.
These projections are based on the exchange rate staying at 2.25 Brazilian real to the dollar, and
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