Brazil's President Lula Criticizes Central Bank's Interest Rate Decision

Brazilian President Luiz Inacio Lula da Silva criticized the central bank's decision to maintain the Selic benchmark interest rate at 10.50%. Lula labeled the unchanged interest rate as a 'shame' and reiterated his belief that the current borrowing costs are excessively high.

Brazilian President Luiz Inacio Lula da Silva said on Thursday it was "a shame" that the country's central bank decided to keep interest rates unchanged this week, renewing his criticism of the bank for what he sees as excessively high borrowing costs.

The South American country's central bank interrupted a monetary easing cycle on Wednesday by holding the Selic benchmark interest rate at 10.50% in a unanimous decision of its monetary policy committee.

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