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LatinNews Daily - 18 March 2021

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In brief: Brazil’s central bank hikes up interest rates

* The monetary policy committee (Copom) in Brazil’s central bank (BCB) has raised the benchmark interest rate (Selic) by 75 basis points to 2.75%. The Selic had been at an all-time low 2% since last August, and this is the first rate hike in almost six years as the Copom reacts to inflationary pressures. The hike was more aggressive than expected, taking analysts who had expected a 50 basis-point increase by surprise. The Copom has indicated that it could raise rates by a further 75 basis points when it next meets in May.