Brazil holds interest rate, citing ‘resilient’ inflation

BRAZIL’S central bank held its key interest rate steady for the sixth straight time yesterday, despite pressure from President Luiz Inacio Lula da Silva for a rate cut to kick-start Latin America’s biggest economy.

Citing “resilient” inflation and an “external environment that remains adverse,” the bank’s monetary policy committee said it had decided to leave the benchmark Selic rate at 13.75%.