Brazil holds interest rates steady in surprise move, cites EM rout

Brazil holds interest rates steady in surprise move, cites EM rout

Chamber Articles Category: Economic News Post Date: 05/17/18 Source: Financial Times By: Andres Schipani and Pan Kwan Yuk
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Brazil’s central bank unexpectedly left its key interest rate unchanged on Wednesday, with policymakers citing the recent sell-off in emerging markets assets for the move.

The bank held its benchmark Selic rate at a record low of 6.5 per cent, confounding the market which had widely expected it to lower rates once again following a string of a dozen consecutive cuts.
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