Brazil raises benchmark interest rate to 12.5% on risk of inflation
July 22, 2011, 12:04 am TWN
SAO PAULO--Brazil's central bank has raised a key interest rate on worries of inflation. The nation's benchmark Selic rate is now at 12.5 percent. That's up from 12.25 percent, and is the fifth time in six months that the bank has boosted the rate.
The Brazil Central Bank says it made the decision by looking at the risks of inflation.