Following is a translation of the statement by Brazil’s central bank on its interest rate decision today.
“Giving continuity to the adjustment process of monetary conditions, the Copom decided, unanimously, to reduce the Selic rate to 11 percent a year, without a bias. The Copom understands that, by timely mitigating the effects coming from a more restrictive global environment, a moderate adjustment in the level of the basic rate is consistent with the scenario of inflation converging to the target in 2012.”
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