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08 Mar 2012

Brazilian Bank cuts interests to 9,75%

Rates reach lowest level in Dilma's government

The Brazilian Central Bank decided to cut the basic interest rates in 0,75 points, to 9,75% per year. It is the first time in almost two years that the index reaches a single digit mark. The last time the interest rates were around 9% was in April 2010, when it reached 9,5%. This has been the fifth straight cut on the country's rates. The reductions started in August 2010, when the indicator was downscaled from 12,5 to 12%. Five members voted in favor of the 0,75% cut and the other two wanted a reduction of 0,5%.