Brazil rates will only fall after energy crisis

BRAZIL - The government will only be able to cut interest rates when energy supplies return to normal, which will probably only be in the second quarter of 2002, said former Central Bank chairman Carlos Geraldo Langoni on 21 August.

He explained that Brazil will only be able to cut rates and resume economic growth with a lower risk rate and added that he expects the Central Bank monetary policy council (Copom) to keep rates unchanged at its next meeting.

(Subsequently rates were left unchanged.

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