SAO PAULO, Feb 18 (Reuters) - Central Bank Chairman Alexandre Tombini said Brazil’s decision to hold rates stable last month was a response to greater economic uncertainty globally in 2016 stemming from falling oil prices and slowing growth in China.
In an interview on Globo News TV, Tombini said Brazil was not the only country to respond to the growing economic volatility that picked up this year. Central banks in Japan and Europe also took a more cautious approach to monetary policy.
Brazil’s rate setting committee, known as the Copom, decided to leave the benchmark interest rate at 14.25 percent on Jan. 20, despite inflation surpassing 10 percent, which surprised markets that had been expecting rates to rise. (Reporting by Reese Ewing; Editing by Sandra Maler)