Prime News: Brazil hikes interest rates to 14.25 pct to curb inflation

The central bank of Brazil raised interest rates from 13.75 to 14.25 as expected. This is to stifle inflationary risks from a sharp depreciation of the local currency.

Copom, bank’s monetary policy committee, decided to hike the benchmark Selic rate by 50 basis points for the sixth straight time.

The bank said that level of rates was needed for inflation to meet the target in late 2016.

The material has been provided by InstaForex Company –