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Economy & Business - May 2005
Central bank slashes at inflation again
The central bank's monetary committee (Copom) decided unanimously to increase the basic interest-rate (Selic) for the ninth consecutive month on 18 May. The Selic was raised 0.25 percentage points to 19.75% annually, its highest level since September 2003. The move drew the usual squeals of horror from businessmen and trade unionists. This time they may not be crying wolf.
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