Brazil holds interest rate steady amid recession

Recession-hit Brazil's central bank left the key interest rate untouched despite rising inflation, opting against an increase that could put a further brake on the world's seventh-biggest economyRecession-hit Brazil’s central bank left the key interest rate untouched Wednesday despite rising inflation, opting against an increase that could put a further brake on the world’s seventh-biggest economy. It said central bank chief Alexandre Tombini and five other members of the monetary policy committee had voted to hold the rate steady, while two voted to increase it. Battered by economic and political turbulence as it prepares to host this year’s Olympic Games, Brazil recorded its highest inflation rate in 13 years at the close of 2015, at 10.67 percent — well above the central bank’s target ceiling of 6.5 percent.

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