June 8, 2016 / 11:07 PM / 2 years ago

Brazil central bank leaves interest rate at 14.25 percent

BRASILIA, June 8 (Reuters) - Brazil’s central bank kept interest rates steady for the seventh straight time on Wednesday, leaving borrowing costs high to battle inflation despite a crippling recession.

In a unanimous vote, the bank’s monetary policy board, known as Copom, decided at its last meeting under the leadership of governor Alexandre Tombini to maintain the benchmark Selic rate at 14.25 percent, the highest in almost a decade.

The decision was widely expected by both market analysts and traders given persistently high inflation. (Reporting by Alonso Soto)

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