The Brazilian Central Bank on Wednesday, in a unanimous vote, held the nation’s base interest rate steady at 14.25 percent. It was the seventh straight hold vote by the bank. Brazil is still suffering from inflation at nearly 10 percent. According to most economists, the Central Bank will only begin reducing the base rate when inflation shows signs of a significant decline. Wednesday’s was the last Central Bank meeting under the presidency of Alexandre Tombini. Tombini’s replacement, Banco Itau economist Ilan Goldfajn, was confirmed by the Senate earlier this week. He will take office in the coming days.
Link to Central Bank release.