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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.