Brazil keeps rates steady, sees no room for cuts yet

July 20, 2016 9:30 PM

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Brazil keeps rates steady, sees no room for cuts yet

BRASILIA Brazil's central bank kept interest rates on hold for the eighth straight time on Wednesday as expected, in the first decision of a new board that believes its is too soon to cut rates despite a crippling recession.

The bank's nine-member board voted unanimously to leave its benchmark Selic rate BRCBMP=ECI at 14.25 percent, a nearly 10-year high. The rate has remained unchanged for a year.

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