Brazil's Copom raises Selic rate to 11.25%

The Monetary Policy Committee (Copom) of Brazil's Central Bank (BCB) Wednesday agreed unanimously to increase the economy's basic interest rate known as Selic by 0.5%age points to 11.25% per year, Agencia Brasil reported. The move was expected within financial circles given the recent rise in the exchange rate between the local real and the US dollar which provided for an inflationary context.