Brazil raises rates for second month in a row

Brazil's central bank raised interest rates on Wednesday 20 October for the second consecutive month amid concerns about high oil prices and growing domestic demand.

Following its monthly meeting, the central bank's monetary policy committee announced that it had raised the reference Selic rate half a percentage point to 16.75 per cent. The committee set no bias for future monetary policy.

In a brief statement, the monetary policy committee said that its members unanimously decided on the 50 basis

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