Brazilian central bank cuts rates to record low

The Central Bank of Brazil

The Central Bank of Brazil’s monetary policy committee voted unanimously to cut its policy rate to its lowest-ever level on June 17.  

The committee lowered the Selic rate by 75 basis points to 2.25%, after cutting the rate by 75 basis points at its previous meeting. The monetary policy committee says in a statement there may be a limited timeframe to use further monetary policy cuts to buffer the economy, which has been badly affected by the coronavirus pandemic. 

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