Central Bank slashes interest rates in response to Covid-19

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The Brazilian Central Bank has just announced a 50 base-point cut to the country’s benchmark interest rate Selic, slashing it to a new record low of 3.75 percent. The decision was made according to the market’s expectations. 

The decision comes after the monetary authority said it was monitoring the impacts of Covid-19 outbreaks in the economy and follows other major central banks, such as the U.S. Federal Reserve, which has already slashed the country’s interest rates twice.