Latinnews Daily - 21 August 2003

The central bank's monetary policy committee, Copom, surprised everybody yesterday by cutting the benchmark Selic interest rate by 2.5 percentage points, to 22%. The markets had expected a 1.5 point cut. Copom said that it was making the change (and its biggest cut since June 1999) because inflation was coming back down to its target levels. 

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