Brazil cuts benchmark rate in surprise move


The Central Bank of Brazil on Wednesday unexpectedly cut its benchmark interest rate to 12%.

The drop from 12.5% came after the Monetary Policy Committee had re-evaluated the international scenario. Five committee members voted for the cut after concluding there had been a "substantial deterioration".

With a continued slowdown evident in several major economies, the committee said it feared the consequences could be felt in Brazil through "various channels".

A reduction of trade, moderation of

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