Brazil hails economic improvements
Brazil's economy is headed in the "right direction", according to the president of the country's central bank.
Henrique Meirelles is quoted by the Reuters news agency as saying that the bank is upbeat about the country's economic prospects, although it is remaining vigilant over inflationary pressures.
He added that the inflationary outlook for 2007 is benign, with interest rates expected to reflect the wider macroeconomic background.
"The level of interest rates ... is one which is consistent with the improvement of the macroeconomic situation of the country," he explained.
Last week the central bank revealed that interest rates may be cut further, with inflation levels remaining below target.
Earlier this month, the bank cut interest rates by a quarter point for the 14th time in succession to its current level of 12.75%.
The monetary organisation revealed that it intends to loosen the economy with a policy of "parsimony" - a phrase used before by the bank on several previous occasions, Reuters reported.
< Back to latest news