Brazil’s Central Bank prepares to raise benchmark interest rate, targeting inflation

Brazil's Central Bank is prepared to raise its benchmark interest rate again on Wednesday by 1 percentage point, to 6.25%, in an attempt to contain rising inflation, analysts and financial institutions expect.

RIO DE JANEIRO, BRAZIL - This will be the 5th consecutive time this year that the monetary authority will raise the SELIC rate, now at 5.25% since the last meeting in August, when the bank raised interest rates by 1 percentage point after several lower hikes.

The decision, to be announced after the next Monetary Policy Committee (COPOM) meeting, was anticipated by the institution at the time, when it projected "another adjustment of the same magnitude" for its next meeting.

Some 100 consulting firms and financial institutions surveyed expect the COPOM to confirm its position and raise the benchmark rate . . .

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