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Brazil’s Central Bank Holds Interest Rate at Record Low Ahead of Elections

By Nelson Belen, Contributing Reporter

RIO DE JANEIRO, BRAZIL - In its last meeting before the highly anticipated October general election, Brazilian Central Bank’s Monetary Policy Committee (Copom) announced on Wednesday (September 19th) it had decided to maintain its key rate (SELIC) at an all-time low of 6.50 percent.

The record low rate is considered a necessary stimulus for a country in the midst of a deep and lingering recession.

With Wednesday's announcement, the bank’s nine-member board, led by President Ilan Goldfajn, has left the benchmark SELIC unchanged for four consecutive monetary policy

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