LatinNews Daily - 22 June 2022

In brief: Brazil set for long period of high interest rates

* Brazil’s central bank (BCB) has indicated that it is likely to continue raising the benchmark interest rate, which currently stands at 13.25%. A BCB statement predicted that “only the prospect of maintaining [high] interest rates for a sufficiently long period of time will bring inflation down towards its target rate” of 3.5% +/-1.5. Annual inflation stood at 11.73% in May, with the BCB’s latest projections predicting that Brazil will close 2022 with inflation of 8.5%, which will then fall to 4.7% in 2023.

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