Brazilian central bank hikes rates as inflation rises

Banco Central do Brasil

The Central Bank of Brazil’s board increased the key Selic rate by 75 basis points to 3.5% after its monetary policy meeting on May 5.

The central bank board said it was likely to follow its unanimous decision with another raise at its next meeting, scheduled for June 16. The monetary policy statement said the board foresaw “another adjustment of the same magnitude in the degree of monetary stimulus”.

However, the central bank adds for the first time “the committee emphasises that there is no

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