Brazil Cuts Benchmark Lending Rate

Brazil’s Central Bank has cut its benchmark lending rate by three-quarters of a percentage point, from 16.50% to 15.75%, its lowest level in five years. The move to cut rates is aimed at boosting economic growth and is possible because of the stable inflationary environment. The new finance minister, Guido Mantega indicated that he wanted to see “more civilized interest rates” for the country when he took office last month.