Brazil’s monetary policy committee raised its policy rate by 75 basis points on March 17, saying there was a risk inflation would rise above target.
This was the first policy rate increase in Brazil since 2015, making it the first G20 economy to tighten financing conditions in 2021. The MPC unanimously voted to increase the key Selic rate to 2.75% from the record low 2% it implemented in response to the Covid-19 crisis.
The monetary policy committee signalled it was ready to make “another
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