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Banco Central do Brasil increases Selic rate by 50 bps to 14¼%
By Wendy Van Sickle
Columbus, Ohio, July 30 – Banco Central do Brasil’s Monetary Policy Committee (Copom) unanimously decided to increase the Selic rate by 50 basis points to 14¼%, according to a news release from the bank.
The bank said the higher borrowing costs were needed for inflation to meet its target at the end of 2016.
Copom increased the rate to 13¾ from 13¼ in June, to 13¼ from 12¾% in May, to 12¾% from 12¼% in March, to 12¼% from 11¾% in January and to 11¾% from 11¼% in December 2014.
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