September 19, 2018 / 9:16 PM / 2 months ago

Brazil holds rates at record low despite currency plunge

BRASILIA, Sept 19 (Reuters) - The Brazilian central bank on Wednesday held interest rates at an all-time low despite a currency selloff, as widely expected, but said it could “gradually” raise them in the future if the outlook for inflation worsens.

The bank’s nine-member monetary policy committee, known as Copom, kept the benchmark Selic rate at 6.50 percent for a fourth straight meeting, the last before a pivotal presidential vote in October. All but one of 40 economists polled by Reuters had expected the bank to stand pat. (Reporting by Bruno Federowski and Marcela Ayres; Writing by Bruno Federowski; Editing by Christian Plumb)

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