May 30, 2012 / 11:13 PM / 6 years ago

Brazil cuts interest rate to record low 8.50 pct

BRASILIA, May 30 (Reuters) - Brazil’s central bank cut its benchmark interest rate on Wednesday to a new record low of 8.50 percent from 9 percent, in line with expectations as policymakers raced to shore up Latin America’s largest economy.

Thirty-eight out of 41 economists surveyed by Reuters predicted the bank would lower the so-called Selic rate by 50 basis points in its seventh consecutive rate cut. Two forecast a cut of 75 basis points and one a 25-basis-point reduction.

Wednesday’s decision was unanimous.

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