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Brazil raises interest rate to 3.5% to curb inflation

RIO DE JANEIRO, BRAZIL - Brazil's Central Bank (BC) on Wednesday raised the basic interest rate by 0.75 percentage points to 3.5% per annum, the second consecutive rate hike aimed at containing rising inflation.

The Central Bank's Monetary Policy Committee (Copom) unanimously raised the so-called Selic rate from 2.75% to 3.5%, a decision that was expected by the market due to growing inflationary pressure.

Brazil raised rates in March for the first time in six years, from their minimum of 2 % to 2.75 %, despite the economic crisis and the uncertainty generated by the . . .

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