The Central Bank of Brazil (CBB) on Wednesday raised its benchmark interest rate to the highest level since 2011, after Sunday's re-election of president Dilma Rousseff pushed the real to its lowest point in nearly a decade.
The monetary policy committee raised the Selic rate by 25 basis points to 11.25% in a surprise decision that saw three out of eight members dissent. Alexandre Tombini, the central bank president, voted with the majority.
The CBB thereby resumed a tightening cycle that has se
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