November 30, 2016 / 8:40 PM / a year ago

Brazil cuts interest rate to 13.75 pct, as expected

BRASILIA, Nov 30 (Reuters) - Brazil’s central bank cut interest rates by 25 basis points on Wednesday as expected, continuing a moderate easing cycle despite a deepening recession that could drag into a third year.

In a unanimous vote, the bank’s monetary policy committee, known as Copom, decided to lower its benchmark Selic rate to 13.75 percent in its second straight cut after keeping borrowing costs unchanged for more than a year. (Reporting by Silvio Cascione and Alonso Soto; Editing by Steve Orlofsky)

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