Brazil cuts interest rate to new low as virus rages

[BRASÍLIA] Brazil's central bank cut the benchmark interest rate on Wednesday to a new record low, seeking to help Latin America's biggest economy recover from the coronavirus pandemic.

The bank lowered the Selic rate by a quarter-point, to two per cent, and left the door open to one more "small" cut in an easing cycle that has steadily lowered it from 6.5 per cent in June 2019.

AFP