Brazil Cuts Key Rate First Time Since 2012 in Economic Boost

Brazil’s central bank cut its benchmark interest rate on Wednesday for the first time in four years, giving a significant boost to President Michel Temer’s efforts to kickstart the country’s economy.

The central bank’s board led by President Ilan Goldfajn voted unanimously to cut the so-called Selic rate by a quarter-point to 14 percent, in line with 36 out of 59 analysts surveyed by Bloomberg. Two expected no change and the remainder predicted a 50 basis point cut.

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