Brazil steps up rate cuts to boost economic recovery

Brazil slashed interest rates to their lowest in over two years on Wednesday, accelerating the pace of its rate-cutting cycle to revive an economy still reeling from its deepest recession ever.

In a unanimous vote, the central bank’s 9-member monetary policy committee, known as Copom, decided to lower its benchmark Selic rate by 100 basis points to 11.25 percent. That marked the biggest reduction since June of 2009 and followed cuts at the last four meetings.

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