Brazil continues to hold rates despite president’s objections
Former governor says president’s speech reduced chance of bank loosening policy
The Central Bank of Brazil’s (BCB) board held its policy rate at 13.75% for the fourth consecutive meeting on February 1.
The board voted unanimously to keep rates unchanged despite complaints from Brazil’s president that its policies are too contractionary.
Brazil was the first major Latin American country to end its cycle of rate rises last September. The central bank raised the benchmark Selic rate from 2% in early 2021 to its current rate over 18 months.
The BCB has enjoyed considerable
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