Tombini Says Brazil to Keep Changing Rates as Crisis Demands

Brazil will continue to adjust monetary policy to take into account the impact that the global economic crisis is having on its economy, central bank president Alexandre Tombini said.

Tombini did not indicate in which direction the central bank would adjust the benchmark Selic rate, which it cut last month by 50 basis points after a series of five increases. Future interest rate decisions will be geared toward slowing inflation to the bank’s 4.5 percent target by the end of 2012, he said in a speech in Sao Paulo.