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Updated Friday, April 22, 2011 11:12 am TWN, AFP

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Brazilian central bank hikes key interest rate to 12 percent

BRASILIA -- Brazil's central bank boosted its key interest rate to 12 percent Wednesday in a further effort to clamp down on inflation in the surging South American economy. The quarter-point increase keeps the base rate at the highest in the G-20 group of developed and emerging economies and was the third hike in as many meetings this year.

Even considering the inflation rate estimated at 6.2 percent, the real interest rate is among the world's highest as part of an aggressive effort to battle inflation.

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