Central Bank of Brazil hike 'signals end' to year-long tightening cycle

Cristo Redentor statue overlooking Rio de Janeiro

The Central Bank of Brazil (CBB) raised its benchmark interest rate for the eighth consecutive time yesterday in a move that according to analysts signals an end to an 11-month tightening cycle – and risks damaging the bank's credibility on inflation.

The CBB increased the Selic rate by 25 basis points to 10.75%, less than in previous months, following GDP forecasts showing the Brazilian economy on the edge of recession. Those were, however, partly upended today by the release of official figure

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