Brazil’s central bank raised its main interest rate for the fifth time this year and said it expects to raise the rate by the same amount at its next meeting as “the balance of risks indicate it appropriate to advance the process of monetary tightening further into the restrictive territory.”
The Central Bank of Brazil (BCB) raised its Selic rate by 1.0 percentage points for the second month in a row to 6.25 percent and has now raised the rate 4.25 percentage points this year following earlier rate hikes in March, May, June and August.
BCP’s monetary policy committee, or Copom, is next scheduled to meet on Oct. 26.