BRASILIA, Dec 3 (Reuters) - Brazil’s central bank raised interest rates by 50 basis points to 11.75 percent on Wednesday, accelerating the pace of monetary tightening to battle high inflation and help President Dilma Rousseff regain the confidence of investors.
Only twenty of the 49 economists surveyed by Reuters last week expected the central bank to raise its benchmark Selic rate by 50 basis points. The rest predicted the central bank would maintain the recent pace of tightening and lift rates by 25 basis points.
The bank’s eight board members voted to hike rates by 50 basis points. (Reporting by Alonso Soto, editing by G Crosse)