The Brazil central bank cut interest rates to 12.75 from 13.75 percent to help spur the Brazil economy as the global economy slowdown continues to take hold of the BRIC economies according to AP.
The Brazil economic news puts Brazil’s interest rate at it lowest level since March of 2007 and forecasts expect the Brazil central bank to lower rates to 11.25 percent by 2010 in order to keep the Brazil economy growing.
While the decision to cuts rates was unanimous, three of the eight central bank committee members recommended only a 75 basic point reduction as opposed to the full point.
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