RIO DE JANEIRO, BRAZIL - Brazil's central bank cut its benchmark interest rate from 6.5 to six percent on Wednesday, July 31st, -- the lowest rate since 1986.
The lower rate came amid an economic slowdown that has been more notable than expected, and a government push for social security reforms, which are currently in the process of congressional approval.
The reduction from 6.5 percent was the central bank's first rate cut since March 2018, following significant progress on domestic fiscal reforms and looser monetary policy abroad, including the U.S. Federal Reserve's rate cut earlier in . . .