January 11, 2017 / 8:39 PM / 6 months ago

Brazil surprises with aggressive rate cut to rescue economy

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BRASILIA, Jan 11 (Reuters) - Brazil's central bank cut interest rates by 75 basis points on Wednesday, surprising markets with a more aggressive rate cut in an effort to pull the once-booming economy out of its worst recession ever.

In a unanimous vote, the bank's monetary policy committee, known as Copom, decided to lower its benchmark Selic rate to 13.00 percent - its lowest in nearly two years - after two straight cuts of 25 basis points each. (Reporting by Alonso Soto and Silvio Cascione; Editing by Peter Cooney)

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