
Brazilian MPC holds rates despite pressure

The Central Bank of Brazil’s (BCB) board decided to hold its Selic policy rate at 13.75% at its March 22 monetary policy meeting.
The board has held rates since last September, despite persistent criticism from Brazil’s president.
Year-on-year headline inflation has fallen sharply since last June, from 11.9% that month to 5.6% in February. However, inflation has decelerated much more slowly in recent months, falling to 5.9% in November.
The BCB’s inflation target for 2023 is 3.25%, with a 1.5
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