Contributed by NAMPA / AFP.
URGENT Brazil keeps interest rate at 6.5 pct in surprise move
Brasília, May 16, 2018 (AFP) - Brazil's Central Bank ended a run of 12 consecutive interest rate cuts, keeping the key Selic rate at 6.5 percent Wednesday in a decision that surprised the market.
Analysts had broadly expected one more cut to 6.25 percent. The decision reflected what the bank's committee said was "volatility" at a time of weak recovery from Brazil's worst recession on record.