Brazil cuts to record low to boost sluggish growth

The Central Bank of Brazil cut its core interest rate, Selic, by 150 basis points on Wednesday after data out Tuesday indicated Brazil was much more vulnerable to the global economic crisis than previously assumed.

Copom, the central bank's monetary policy committee voted unanimously to cut Selic, the target overnight rate, to 11.25% - the lowest since it was created in 1999. It is the second time this year that the central bank cut its rate is the biggest single rate cut since November 2003.

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