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Weekly Report - 16 January 2014 (WR-14-02)

BRAZIL: Central bank raises interest rates to 10.5%

For the seventh consecutive time, the central bank’s monetary policy committee (Copom) decided to raise interest rates on 15 January, taking the benchmark Selic up to 10.5% from 10% The unanimous decision means that the Selic is the highest it’s been since January 2012. According to the central bank president, Alexandre Tombini, inflation is “slightly above” target. “The persistence of inflation is due, in large part, to the devaluation in the currency over the past few weeks, costs from the labour market and recent pressure from the transport sector,” he said.

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