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Brazil maintains annual basic interest rate at 14.25 percent

Xinhua, October 22, 2015 Adjust font size:

The Brazilian Central Bank' s Monetary Policy Committee (Copom) announced on Wednesday night their decision to maintain the country' s key interest rate at 14.25 percent.

The rate that has had seven consecutive rises is now at the highest level registered since mid-2006.

The decision was already expected by the market. In its previous meeting in September, the committee had indicated that the rate would be kept for some time.

The committee' s decision was unanimous and reflected a wish to curb the inflation rate below the target of 6.5 percent set for 2015.

However, the inflation rate is expected to surpass the target this year as the accumulated inflation rate in the first nine months of 2015 has reached 7.64 percent.

"The committee understands that maintaining the Selic rate at this level for a sufficiently long period is necessary for the inflation rate to converge to the target," Copom said. Endi