By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – In a surprising move Brazil’s Central Bank (CB) Copom (Monetary Policy Committee) increased the Selic (benchmark interest rate) by 25 basis points to 11.25 percent on Wednesday afternoon, taking the rate to its highest level since November 2011. The last time the Copom increased the Selic was in April of 2014.

“For the Committee, the intensification of relative price adjustments in the economy has turned the balance of risks for Subscribe to our Premium Membership Plan. Already Subscribed? Login Here