Central Bank of Brazil raises rates for seventh time in a row

Cristo Redentor statue overlooking Rio de Janeiro

The Central Bank of Brazil raised its main interest rate by 50 basis points to 10.5% on Wednesday, sending a signal that it remains committed to combating inflation that last year exceeded the bank's 4.5% central target by nearly 150bp.

The rate rise was the bank's seventh in a row since last April, marking a 275bp  increase during the past nine months.

"Continuing the adjustment of the basic interest rate process, initiated in the April 2013 meeting, the Committee decided unanimously, at this m

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