Brazil central bank raises interest rates to 21%

BRAZIL - Brazil's central bank yesterday sought to stave off a growing financial crisis by raising overnight interest rates by 3 percentage points to 21 per cent. The increase followed renewed pressure on the Real, the country's currency, before a likely leftwing victory in this month's presidential election.

The interest rate increase was the first for 15 months. It was announced following the first extraordinary meeting of the bank's monetary policy committee since Arminio Fraga took over as

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