Brazil cuts rates by half a point

The Central Bank of Brazil lowered its benchmark lending rate by 50 basis points to 13.25 on Wednesday in the face of falling growth.

The monetary policy board, known as copom, was split five to three, with the minority favouring a quarter-point cut. After 12 cuts in a row, interest rates in Brazil are the lowest for 20 years.

Copom said the decision was made in the "light of the macroeconomic scenario and inflation prospects." While the former is causing some concern, the latter is in the cent