June 23, 2020 / 11:36 AM / 19 days ago

Brazil cenbank minutes show little scope for further rate cuts

BRASILIA, June 23 (Reuters) - Brazil’s central bank has little room to cut interest rates below the current record low of 2.25%, a level “close” to the point from which further reductions could fuel financial market instability, according to meeting minutes released on Tuesday.

The minutes of the June 16-17 meeting of the rate-setting committee, known as Copom, also showed that policymakers believe the worst of the economic downturn was in April, but that the recovery in May and June was shallow.

Reporting by Jamie McGeever; Editing by Andrew Heavens

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