Brazil's Central Bank Intensifies Pace of Interest-Rate Increases

By Paulo Trevisani

Brazil's central bank raised rates for the third consecutive time Wednesday, now by a full percentage point, and said similar moves are likely in the next two meetings.

The BCB raised its benchmark Selic rate to 12.25% from 11.25%, in an effort to cool down prices in an overheated economy.

"The total magnitude of the tightening cycle will be determined by the firm commitment of reaching the inflation target and will depend on the inflation dynamics," the bank's monetary committee said.

Write to Paulo Trevisani at [e-mail]

(END) Dow Jones Newswires

12-11-24 1657ET