Brazil minutes show Copom fears long-term effects of weaker currency
The Central Bank of Brazil today released the minutes from the last meeting of its monetary policy committee, the Copom, showing that it is relatively unconcerned by a weaker currency, except in so far as it would feed into long-term inflation.
The minutes show the Copom felt that the exchange rate depreciation and volatility observed over recent quarters "call for a natural and expected correction in relative prices", and say that the "exchange rate depreciation is a source of inflationary
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