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Financial News: Brazil Central Bank Raises Rate By 50 Bps;

Brazil Central Bank Raises Rate By 50 Bps; Signals Another Hike In August

06/16/2022 - 03:13:00 (RTTNews)

(RTTNews) - Brazil's central bank raised its key interest rate by a half percentage point and signaled another tightening in August, which would possibly be the last in the current cycle.

The monetary policy committee, known as Copom, unanimously decided to increase the Selic rate by 50 basis points to 13.25 percent. This was the highest rate since early 2017. The bank has raised its benchmark rate by 11.25 percentage points since March 2021.

"For its next meeting, the Committee foresees a new adjustment, of the same or lower magnitude," the bank said.

The committee stressed that additional caution is required in its actions given the growing uncertainty of the current scenario, coupled with the advanced stage of the current policy cycle as its impacts are yet to be observed.

"The Copom emphasizes that its future policy steps could be adjusted to ensure the convergence of inflation towards its targets and will depend on the evolution of economic activity, the balance of risks, and inflation expectations and projections for the relevant horizon for monetary policy," the bank said.

In May, inflation slowed to 11.7 percent from 12.1 percent in April. Nonetheless, inflation continued to remain well above the upper end of the target range.

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