Brazil cuts basic interest rate to record low
July 12th, 2012 - 1:45 pm ICT by IANSRio de Janeiro, July 12 (IANS) Brazil’s central bank cut its benchmark Selic interest rate Wednesday by half a percentage point to a record low of 8 percent in the eighth consecutive rate cut this year.
The country is currently running a low risk of inflation, allowing for room for more rate easing, said the Monetary Policy Committee of Brazil, which has cut the basic interest rate by 3 percentage points since the beginning of the year, reported Xinhua.
The reduction came as expected by the market and at a time when the government is struggling to revive the country’s flagging economy.
Brazil’s industrial output fell 1.8 percent last year, prompting expectations of a further cut of 0.75 percentage points.
The government has rolled out favourable policies, including lower taxes, cheaper credit and rate cuts to stimulate the domestic economy.
- Brazil's central bank cautious over fresh interest cut - Jul 20, 2012
- Brazil cuts interest rate - Oct 20, 2011
- RBI keeps key rates unchanged, cuts SLR by 1 percent (Roundup) - Jul 31, 2012
- RBI keeps key rates unchanged as inflation outlook worsens (Lead) - Jul 31, 2012
- RBI expected to cut key lending rates to spur growth - Jun 17, 2012
- Sensex rises 89 points (Lead) - Apr 18, 2012
- Brazil's jobless rate hits nine-year low - Dec 23, 2011
- India's central bank cuts rates to push growth (Lead) - Apr 17, 2012
- Shifting focus to growth, RBI infuses Rs.320 bn into system (Roundup) - Jan 24, 2012
- India Inc welcomes rate cut - Apr 17, 2012
- Sensex loses 722 points; slumps to two-year low (Weekly market review) - Dec 17, 2011
- Fitch reduces Brazil's GDP growth projection - Dec 13, 2011
- Sensex ends 133 points higher on hopes of rate cuts - Apr 12, 2012
- China's GDP to grow by 8.8 percent in 2012 - Jan 03, 2012
- IMF hails China's monetary adjustment - Jun 09, 2012
Tags: brazil, domestic economy, flagging economy, inflation, interest rate, lower taxes, Monetary Policy Committee, percentage point, percentage points, rio de janeiro, risk, s central, s industrial, xinhua