• Central bank president sends letter to finance minister
  • Brazil in 2015 missed target range for 1st time since 2004

Brazil’s central bank President Alexandre Tombini reaffirmed that policy makers will bring inflation to 4.5 percent by the end of 2017, after exceeding the target range for the first time since 2004.

Tombini wrote an open letter to Finance Minister Nelson Barbosa on Friday, after the national statistics agency reported that annual inflation closed 2015 at 10.67 percent. The central bank by law has to send the letter when year-end inflation misses the target range, which is 2.5 percent to 6.5 percent.

"The central bank will adopt the measures needed to meet the target," Tombini wrote.

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