Brazil Signals More Cuts After Reducing Rate to Record Low 8.5%


31/05/2012 06:31 AST  Bloomberg

Brazil cut its benchmark interest rate to a record low and signaled it will lower borrowing costs further as a fragile world economy contains inflation risks.

Policy makers led by bank President Alexandre Tombini voted unanimously to lower the Selic rate by a half-point to 8.5 percent last night, as forecast by 61 of 70 analysts surveyed by Bloomberg. Policy makers, in a statement, said that inflation risks are “limited” and that “fragility” abroad is having a “disinflationary” impact in Latin America’s biggest economy.

Brazil has cut borrowing costs by four percentage points since August, the most in the Group of 20, to try and revive growth. The monetary stimulus and efforts to prop up spending through tax cuts have yet to kick in as the economy unexpectedly contracted in March after shrinking in January and February.

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