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Brazil official won't lower interest rates

Brazil official won't lower interest rates

Brazil's finance minister says the government will not lower interest rates as long as inflation threatens to come in higher than the established target.
Guido Mantega says that the country's benchmark lending rate will continue to rise until the government is assured that its original 4.5 percent inflation target will be met.
"Until this happens I do not think interest rates will be reduced," Mantega said Wednesday in a radio interview.
The benchmark rate is now 13 percent.
Brazil's statistics agency says annual inflation climbed to 6.4 percent in July as food prices continued pushing up costs across Brazil's rapidly growing economy.


Updated : 2021-04-23 16:13 GMT+08:00