Brazil central bank sees '02 inflation over 5 pct

BRAZIL - Brazil's central bank projected inflation this year of "slightly above" 5 percent, according to minutes of its rate-setting meeting last week released Wednesday.

The minutes said deterioration in Brazil's credit-worthiness in the eyes of investors, depreciation of the real currency and the proximity of inflation to its target for this year prompted the bank to hold rates unchanged.

The benchmark Selic interest rate was left at 18.5 percent at the May 21-22 meeting of the bank's rate

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