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Brazil maintains annual basic interest rate at 14.25 percent

Xinhua, April 28, 2016 Adjust font size:

The Brazilian Central Bank's Monetary Policy Committee unanimously decided on Wednesday to keep the annual basic interest rate unchanged at 14.25 percent.

It is the sixth consecutive time the committee has kept the basic rate at the same level, the highest in almost a decade. The last time the rate was raised was in July 2015.

In a brief statement released after the meeting, the committee said that the decision aims to help bring inflation down.

"The committee considers that the elevated level of the inflation rate in the last 12 months and the perspectives for the inflation, still distant from the targets, do not allow for flexibility of the economic policy," said the statement.

The accumulated inflation rate from April 2015 to March 2016 was 9.39 percent, much higher than the target of 4.5 percent for 2016.

Inflation in 2015 reached 10.67 percent, the highest since 2002. Endi