(MENAFN) Brazil's central bank announced that it kept its benchmark interest rate at 7.25 percent, citing inflationary risks, prospects for economic recovery and global economic conditions, reported Xinhua News.
The bank said that keeping the rate at this low level will help control inflation, whose target was set at 4.5 percent between 2012 and 2014; nevertheless, it's expected to reach 5.4 percent in 2012.
To the end of next year, Brazil's benchmark interest rate is forecasted to stay unchanged, however, it would be lifted up to 7.75 percent in early 2014.
It is worth noting that last month, the Brazilian central bank slashed its interest rate for the 10th time since August 2011, to a record low of 7.25 percent.
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