Brazil hikes rates to permit future cuts

Governor of Brazil's central bank, Armenio Fraga said on Thursday 22 March that the country's first benchmark interest rate hike in two years should not be seen as a permanent move and that it should allow "more (interest rate) cuts in the future."

The Central Bank took markets by surprise late Wednesday by hiking the key Selic interest rate to 15.75 percent from 15.25 percent - marking the first monetary tightening since March 1999. "This increase should not be seen as permanent nor as a ret

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