Brazil’s Central Bank has lowered the benchmark interest rate to its lowest level in 20 years as it moves to spur growth. The Bank cut the overnight interbank (Selic) rate 50 basis points from 15.25% to 14.75% reflecting the current benign inflationary environment. Last month, inflation fell to a seven-year low of 4%. This is the ninth consecutive reduction in the rates since September and the low rates have prompted a boom in consumer lending as Brazilians begin to tap accessible financing.
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