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Brazil central bank raises rates more than expected

Brazil central bank raises rates more than expected

· 03/17/2021 17:55
Brazil central bank raises rates more than expected

- Brazil's central bank raised interest rates on Wednesday for the first time in nearly six years, delivering a larger-than-expected increase of 75 basis points to 2.75% as it battles against rising inflation, deepening fiscal uncertainty and a weaker exchange rate.

The bank's rate-setting committee, known as 'Copom', said its decision was unanimous and that inflation running above target justified the move. All but one of the 30 economists polled by Reuters had expected a decision raising rates by half a percentage point to 2.50%. nL8N2LA568


(Reporting by Jamie McGeever
Editing by Brad Haynes)

((brad.c.haynes@tr.com; +55 11 5644 7725; Reuters Messaging: brad.c.haynes.thomsonreuters.com@reuters.net))