July 20, 2016 / 9:17 PM / in 2 years

Brazil's central bank keeps rates steady as expected

BRASILIA/SAO PAULO, July 20 (Reuters) - Brazil’s central bank kept interest rates on hold for the eighth straight time on Wednesday as expected, in the first decision of a new board that has vowed to battle high inflation despite a deep recession.

The bank’s nine-member board voted unanimously to leave its benchmark Selic rate at 14.25 percent, a nearly 10-year high.

An overwhelming majority of analysts and traders expected the bank to keep the Selic unchanged, extending its longest period of stability since the country adopted an inflation-target regime in 1999.

In its decision statement, the bank reiterated that it sees no room to cut rates. (Reporting by Alonso Soto and Brad Haynes; Editing by Daniel Flynn)

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