Brazil's central bank raised its key interest rate for the ninth straight time on Wednesday as Latin America's largest economy continues to be dragged down by rising inflation, now exacerbated by the war in Ukraine.
The bank's monetary policy committee raised its key Selic rate by 1 percent to 11.75 percent, as analysts had forecast, citing inflation that "continues to negatively surprise" policymakers.
As reported by Agence France-Presse, Brazil has carried out one of the most aggressive cycles of interest rate hikes in the world as it faces prices driven upward by the effects of the coronavirus pandemic and now Russia's invasion of Ukraine.
(CNA)
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