March 21, 2017 / 4:56 PM / a year ago

Brazil recovery still on track for this quarter, chief says

BRASILIA, March 21 (Reuters) - Brazil’s economic recovery from its deepest-ever recession is still likely to begin this quarter despite a larger-than-expected contraction at the end of last year, the head of the central bank said on Tuesday.

Speaking at an event in Brasília, central bank chief Ilan Goldfajn said that lower interest rates should contribute to restoring economic growth as the government advances with an ambitious reform agenda.

The bank cut the benchmark Selic rate by 75 basis points to 12.25 percent at its last monetary policy meeting in February. (Reporting by Leonardo Goy; Writing by Bruno Federowski; Editing by Daniel Flynn)

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