Brazil rates remain at 11.25%

The Central Bank of Brazil's rate-setting board on Wednesday voted unanimously to keep the benchmark Selic rate at 11.25%.

The hold, which was widely expected, is the third in a row following 18 consecutive cuts.

The board said it made the decision "taking into consideration the macroeconomic situation and the inflation outlook." The real rose against the dollar on the news.

Deutsche Bank predicts the central bank will leave rates at 11.25% until the second half of 2008, before renewing the c