The monetary policy committee of the Central Bank of Brazil on August 29 voted unanimously to cut the benchmark Selic rate by 50 basis points to 7.5%, but suggested that care should be taken before further cuts are made.
The central bank noted the lagged effects of previous cuts were likely to feed through to the economy in the coming year. The cuts represent the ninth time that interest rates have been lowered in the space of a year, from a peak of 12.5% in July 2011.
Michael Henderson, a Latin
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