Brazil's central bank plans to cut its key interest rate in early 2024

Brazil's benchmark interest rate will be cut twice by 0.5 percentage points early next year, the country's authorities said. This is reported by Xinhua News Agency, a partner of TV BRICS.

"The next two meetings of the Monetary Policy Committee are an opportunity to achieve the least cost," said Brazilian Central Bank President Roberto Campos Neto, who delivered the quarterly inflation report at a news conference.

After four consecutive cuts, the rate now stands at 11.75 per cent a year. This means that the target rate will fall to 10.75 per cent by March 2024.

In its quarterly report, the central bank projected inflation to fall from 5 per cent to 4.6 per cent. The target rate will be 3.25 per cent with a tolerance of 1.5 percentage points.

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