Brazil’s annual basic interest rate cut to record low
RIO DE JANEIRO, May 6 (Xinhua) — The Monetary Policy Committee of Brazil’s central bank (Copom) announced Wednesday its decision to cut the annual basic interest rate (Selic) from 3.75 to 3.0 percent, the lowest since the country adopted an inflation-targeting framework in 1999.
This has been the seventh consecutive rate cut by the central bank since July last year. The latest cut was made due to the harsh effects of the COVID-19 pandemic on the Brazilian economy.
Via Xinhua Net