Brazil’s central bank holds rates and warns of fiscal problems

Central Bank of Brazil

Brazil’s central bank kept rates unchanged on October 27, in its last monetary policy decision before the end of the presidential election on October 30.

The monetary policy committee’s (MPC) unanimous decision kept the Selic rate at 13.75%, in the second consecutive meeting in which it kept rates unchanged. From March 2021 to August 2022, the central bank gradually increased rates from its record low of 2%.

The leftist candidate Luiz Inácio Lula da Silva beat the incumbent right-wing

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