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Brazil central bank hikes rate to 12%

21 april 2011, 18:56
0
Photo courtesy of www.gulf-times.com
Photo courtesy of www.gulf-times.com
Photo ©www.goldalert.com
Photo ©www.goldalert.com
Brazil's central bank boosted its key interest rate to 12 percent Wednesday in a further effort to clamp down on inflation in the surging South American economy, AFP reports.

The quarter-point increase keeps the base rate at the highest in the G20 group of developed and emerging economies and was the third hike in as many meetings this year.

Even considering the inflation rate estimated at 6.2 percent, the real interest rate is among the world's highest as part of an aggressive effort to battle inflation.

In a statement, the central bank cited "risks of inflation" and an "uncertain pace of moderation" in economic activity in Brazil, which saw a stunning 7.5 percent growth pace in 2010.

The vote on the move was 5 to 2. Some analysts had been expecting an even bigger increase of half a percentage point.

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