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LatinNews Daily - 21 August 2024

In brief: Brazil’s central bank chief downplays rate hike speculation

*The president of Brazil’s central bank (BCB), Roberto Campos Neto, has been cited in the press as downplaying speculation that the BCB might raise the country’s benchmark interest rate (Selic) in September. These media speculations have been building in recent weeks after the BCB’s monetary policy director Gabriel Galípolo made comments on several occasions suggesting that rate hikes were on the table. In an interview with national daily O Globo yesterday, Campos Neto did not contradict Galípolo’s suggestion that the Selic could be raised if needed, but he also said that he “did not remember” mentioning a potential rate hike during the most recent meeting of the BCB’s monetary policy committee (Copom) at the end of July. At an event yesterday held by Brazilian investment bank BTG Pactual, Campos Neto repeated that the BCB would do whatever it takes to keep inflation in check and that rate hikes were a possibility, but he also highlighted the need for caution and warned against paying “so much attention to this short-term noise” about interest rates.

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