Inflation behind first Brazil hold in two years

Fears that economic growth could lead to inflation were behind the Central Bank of Brazil's decision to hold rates for the first time since July 2005 earlier this month, minutes published on Thursday reveal.

The central bank had cut rates in each of its previous 18 meetings. Brazil's benchmark Selic rate is now 11.25% - a record low.

The central bank said the decision to hold the rate was made because of the prospect of strong growth and the unpredictable impact of previous rate cuts.

"This

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