Oil, minimum wage hike led to Brazilian rate hold

Despite a slowdown in inflation in recent months, concerns about the impact of a hike in the minimum salary and volatile oil prices led Brazil's central bank to keep its key interbank interest rate steady, according to minutes of last week's monetary policy meeting released Thursday.

In a widely expected move, the central bank committee, known as Copom, last week kept its key interbank rate at 16.5% with a neutral bias.

The bank said that following the "favourable" trend of inflation, it has re

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