Copom shows rate held to stall inflation

Brazils central bank decided to freeze its Selic base rate at 16% at its last Monetary Policy Committee (Copom) meeting in order to prevent short-term volatility from affecting inflation, minutes from the meeting showed.

According to minutes released on Thursday 27 May, the Copom decided by six to three to freeze Selic at its May 18-19 meeting.

The minutes also revealed that uncertain foreign developments were behind its caution rather than internal Brazilian factors.

The three Copom members who

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