Brazil’s central bank continues sharp policy tightening
MPC increases key Selic rate by 100bp to 11.75%, as inflation reached 10.5% in February
The Central Bank of Brazil continued the sharp monetary policy tightening it started last year, increasing interest rates by 100 basis points to 11.75% on March 16.
The central bank’s monetary policy committee (MPC) unanimously voted on the decision. It started increasing the key Selic rate in March 2021, from its level of just 2%, in a bid to tame above-target inflation.
Nonetheless, despite this rapid adjustment, inflation remains well over the target. In February, prices increased year on
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