LatinNews Daily - 22 September 2022

In brief: Brazil’s central bank opts not to raise interest rates

*Brazil’s central bank (BCB) has decided to keep the country’s benchmark interest rate unchanged, at 13.75%, after 12 consecutive rate hikes. Seven of the nine members of the Comitê de Política Monetária (Copom), BCB’s rate-setting committee, voted to keep the rate at 13.75% while two supported a 25 basis point increase, to 14%. In a statement, BCB highlighted that, despite the pause in the monetary tightening cycle, it will remain “vigilant” to ensure that Brazil’s inflation approaches its target of 3.5% +/- 1.5 for 2022. It also claimed that its decision to keep the rate at 13.75% does not “compromise the objective of ensuring price stability” but can help to stabilise the economy and boost employment. Annual inflation stood at 8.73% in Brazil in August, down on the 10.07% annual rate registered in July.

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