Brazil's Meirelles promises lower rates

The president of Brazil's Central Bank, Henrique Meirelles, has said that the higher primary account surplus and the lower ratio between debt and GDP will mean lower interest rates in the medium term for Brazilians.

"The adjustments will ensure sustainable growth. Not just for 2005, but for many years. Growth has been strong this year and will continue in 2005," he said.

Meirelles noted that fiscal policy cannot substitute monetary policy, although both are essential for stability, reducing the