Central Bank of Brazil hikes rates following knife-edge election

Dilma Rousseff is the president of Brazil
Dilma Rousseff

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

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