Brazil's central bank cuts interest rate

Sao Paulo - Brazil's central bank on Wednesday evening cut its Selic benchmark interest rate for a third time to 10.25 per cent from 11.25 per cent, in an attempt to boost growth.

The Banco Central had last month cut its rate by 150 basis points and in January lowered it by 100 basis points. A basis point is equal to 0.01 percentage points.

The Selic determines the rate at which commercial banks borrow and influences the rate they offer to consumers.

In the beginning of the year the Selic was at 13.75 per cent. (dpa)

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