September 18, 2019 / 9:17 PM / a month ago

Brazil central bank cuts key rate to record low 5.50% as expected

BRASILIA, Sept 18 (Reuters) - The Brazilian central bank cut its benchmark interest rate by 50 basis points to a new record low of 5.50% as expected on Wednesday, its latest attempt to inject life into a sluggish economy and steer inflation back up towards target.

The decision by the bank’s nine-person rate-setting committee known as ‘Copom’ was unanimous, and is the second such reduction under the presidency of former trader Roberto Campos Neto following an aggressive first move in July. (Reporting by Jamie McGeever)

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