The Brazilian Central Bank on Wednesday slashed its base interest rate for the sixth time in a row, citing economic dislocations from the spreading coronavirus. The bank cut a half percentage point from the rate, leaving it at a record low of 3.75%. The bank’s monetary policy board voted unanimously for the reduction. In ordering the cut, the bank cited a massive slowdown in the global economy due to the coronavirus. On the other side of the ledger, the bank noted that Brazilian inflation continues largely under control, making another rate cut a prudent and necessary measure.
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