Brazil’s central bank cuts rates to lowest level on record

The Central Bank of Brazil
Photo: Central Bank of Brazil

Brazil’s central bank reduced its policy rate to the lowest ever level on record, it announced on July 31.

The monetary policy committee (MPC) decided unanimously to implement the first rate cut since March 2018, reducing the Selic rate by 50 basis points to 6%. It cited loosening monetary policy in “major economies” and falling inflationary pressures in Brazil as key reasons for the rate cut.

The decision took place on the same day as the Federal Reserve announced its first rate cut since

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