Brazil: central bank raises rates to 7.75, the highest since 2002

BRAZIL, OCTOBER 27 – Brazil’s central bank raised its benchmark interest rate by 150 basis points, to 7.75%, the largest increase since 2002, in an effort to halt the inflation rush. The increase, in line with analysts’ expectations, is the sixth in a row for Latin America’s largest economy, whose recovery from the pandemic is taking a hit due to the surge in prices. It was unanimously agreed by nine members of the bank’s monetary policy committee, who said in a statement that an increase “of the same size” could emerge from the next meeting in early December. (HANDLE).

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