Brazil central bank slows pace of interest rate cuts

Differing views: A file photo of Campos Neto. The head of Brazil’s central bank is facing some criticism for not loosening monetary policy fast enough. — Reuters

Brasília: Brazil’s central bank cut its interest rate by a quarter-point, slowing its easing pace in a split vote that exposed rifts between members nominated by President Luiz Inacio Lula da Silva and more hawkish directors.

Policymakers led by Roberto Campos Neto lowered the benchmark Selic to 10.5% late on Wednesday as expected by most analysts surveyed by Bloomberg.