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BRASILIA, Oct 21 (Reuters) - The Brazilian central bank kept interest rates on hold at 14.25 percent as expected on Wednesday, in a bet that further monetary tightening will not be needed to rein in surging inflation in an economy already immersed in recession.
In a unanimous vote, the central bank's monetary policy committee, known as Copom, kept its benchmark Selic rate at a level that represents a nine-year high and is still the highest among the world's top 10 economies.
The decision to stand pat on rates matches the expectation of an overwhelming majority of economists. (Reporting by Alonso Soto; Editing by Christian Plumb)