Brazil's interest rate increase wins IMF support

The IMF praised Brazil's central banks decision to increase interest rates saying that the move will help control inflation.

Source: Reuters

The International Monetary Fund on Thursday praised the Brazilian Central Bank's move to raise its benchmark interest rate in an effort to control inflation.

"It is a needed and very fitting measure to contain inflation," Jorge Marquez-Ruarte, leader of the fund's team that is in the country on a regular quarterly review of a $30.4 billion loan package to L