DowntownForex

Brazil cuts key rate to record low of 9.25%

BY MarketWatch – Brazilian interest-rate policymakers late Wednesday cut the country’s benchmark interest rate by more than expected, to 9.25%. The cut of the Selic rate by 100 basis points surpasses expectations for a cut of 75 basis points, according to a poll of analysts conducted by Dow Jones Newswires. The reduction marks the fourth time this year that the rate has been cut, and it now stands at its lowest level since the Selic was established in 1999.

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