Brazilian central bank raises rates and promises further hikes

The Central Bank of Brazil

The Brazilian central bank raised its policy rate for the fifth consecutive time and signalled it would tighten rates further as inflation continued to rise.

The Central Bank of Brazil’s Copom committee voted unanimously to raise the Selic rate by 100 basis points to 6.25% on September 22. “For the next meeting, the Committee foresees another adjustment of the same magnitude,” the central bank said in a statement.

Brazil’s year-on-year inflation reached 9.68% in August, well above the central

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