The Central Bank of Brazil governor, Roberto Campos Neto, signalled over the weekend interest rates at 12.75% should be enough to bring inflation down to the target.
The key Selic rate currently stands at 11.75%. The Brazilian central bank has implemented the sharpest policy tightening of any major economy over the last year. During this period, it has increased interest rates by 975 basis points.
Nonetheless, real interest rates are barely positive. In February, inflation increased year on
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