March 16, 2020 / 11:34 AM / 16 days ago

UBS calls for 'immediate' 100 bps Brazil rate cut to 3.25%

BRASILIA, March 16 (Reuters) - Economists at Swiss investment bank UBS on Monday called for an “immediate” 100 basis point cut in Brazil’s benchmark Selic interest rate to 3.25% and further measures to ensure ample market liquidity, such as lower reserve requirement ratios.

The central bank’s rate-setting committee known as ‘Copom’ is scheduled to meet on March 17-18, but in light of the U.S. Federal Reserve’s emergency action on Sunday and the rapidly deteriorating global economic outlook, UBS said there is no reason for Copom to wait. (Reporting by Jamie McGeever, editing yb Lousie Heavens)

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