Brazil hikes interest rates to 16.25%

Brazil's central bank interest rate setting Copom committee increased interest rates on Wednesday 15 Sepember for the first time since February 2003, saying that it hoped to rein in inflation without disrupting the country's economic recovery.

In a move that had been widely expected, the bank's Copom monetary policy committee raised its benchmark lending rate by a quarter of a percentage point to 16.25 percent a year. All eight members of the committee voted for a rate increase, with three arg

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