By Sarah de Sainte Croix, Senior Contributing Reporter
RIO DE JANEIRO, BRAZIL – The Brazilian Central Bank’s Monetary Policy Committee (Copom), have started the new month by reducing Brazil’s basic interest rate, (known as the Selic), for the first time in over a year. They announced the 0.5 percent drop – from 12.5 percent to 12 percent – on Wednesday, at the close of their most recent meeting.
The decrease marks a turning point for Brazil’s growing economy, which has seen the Selic steadily rise since April 2010. Prior to this, interest rates had been in decline since . . .