October 30, 2019 / 9:25 PM / in 7 months

Brazil central bank cuts rates by 50 bps to new low 5.00%

BRASILIA, Oct 30 (Reuters) - Brazil’s central bank cut its benchmark interest rate by 50 basis points as expected on Wednesday to a record low of 5.00%, the third such move in a row, intensifying the battle to boost growth and prevent inflation from falling further below target.

The decision by the bank’s nine-person rate-setting committee known as ‘Copom’ was unanimous and comes against a backdrop of subdued growth and inflation, which is falling far short of the central bank’s annual target. (Reporting by Jamie McGeever; Editing by Sandra Maler)

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