Brazil lifts SELIC benchmark rate with a 75 basis point hike

The rate-setting committee Copom said its decision to raise the benchmark rate from a record-low 2.00% to 2.75% was unanimous, and signaled a hike of the same size at its next meeting.

RIO DE JANEIRO, BRAZIL - Brazil’s central bank on Wednesday, March 17th, delivered its first interest rate hike in nearly six years with a 75 basis point hike to 2.75% as expected by some traders and flagged a similar increase in May to fight inflation even as the economy reels during the pandemic.

The decision to raise borrowing costs comes at a fragile moment, as a deadly second wave of the COVID-19 pandemic is . . .

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