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Brazil raises interest rate to 10.75%

07-22-2010 13:45 BJT

BRASILIA, July 21 (Xinhua) -- Brazil's Central Bank raised on Wednesday the Selic basic interest rate from 10.25 to 10.75 percent, the third consecutive increase this year.

The Central Bank said in a statement that the decision was approved unanimously by members of the Monetary Policy Committee (Copom).

"Considering the process of reducing risk to the inflationary scenario, which is due to recent developments in domestic and external factors, the committee understands that this decision will contribute to enhancing that process," said the committee.

As the two previous hikes had been 0.75 percentage point, the reduction to 0.5 percentage point may indicate that monetary tightening may be closer to the end this year, analysts said.

Before the Copom meeting, financial market had forecast that the increase in Selic rate would remain in coming months, amounting to 11.75 percent by the end of 2010 and to 12 percent at the beginning of 2011.

Editor:Jin Lin |Source: Xinhua

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