12 Jul 2012
Brazil cuts interest rate to record low
For the first time Selic reaches 8%
Brazil's Central Bank cut its benchmark Selic interest rate on Wednesday by half a percentage point, to a record low of 8 percent. It was the eight consecutive rate cut this year. The Brazilian Monetary Policy Committee justified the measure by stating that the country is currently running a low risk of inflation, what has allowed another reduction. The cut was already expected by the market.