Central Bank of Brazil raised the key rate to 4.25% per annum

The corresponding statement was published on the official website of the regulator.

“Considering the baseline scenario, the balance of risks and a wide range of available information ... unanimously decided to raise the base interest rate by 0.75 percentage points, to 4.25% per annum,” the Central Bank said in a statement.

According to the text of the document, in the future, monetary policy "may be adjusted to ensure compliance with the inflation target."

In Brazil, in the context of the coronavirus pandemic, the economic situation has deteriorated sharply - according to IMF forecasts, the country's GDP may immediately fall by 5.3% at the end of the year.