August 1, 2018 / 9:19 PM / 3 months ago

Brazil keeps rates at record-low 6.5 pct as strike slows recovery

BRASILIA, Aug 1 (Reuters) - Brazil’s central bank kept interest rates at an all-time low on Wednesday, as largely expected, saying a recent truckers’ strike is likely to drive a slower-than-expected economic recovery while only temporarily boosting inflation.

The bank’s nine-member monetary policy committee, known as Copom, kept the benchmark Selic rate at 6.50 percent for a third straight meeting, after cutting it by 775 basis points since October 2016. All 40 economists polled by Reuters expected the bank to stand pat. (Reporting by Bruno Federowski and Marcela Ayres Editing by James Dalgleish)

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