The Brazilian government's Monetary Policy Committee Wednesday announced an increase of the country's annual basic interest rate from 12.25 percent to 12.75 percent.
The increase, the second this year, was unanimously approved by the Committee members.
Brazil decided to raise its annual interest rate by a half-percentage point from 11.75 percent to 12.25 percent in April in its first interest rate rise in three years.
The move was aimed at halting price inflation in the South American country. According to local reports, three more interest rate rises are expected for this year, which would bring the rate to 13.75 percent by the end of 2008.
Source: Xinhua
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