Brazil central bank holds key interest rate despite government pressure

Two hundred and one hundred reais notes are displayed, May 26, 2021. (Photo: CFP)

Brazil's central bank maintained its key interest rate unchanged on Wednesday for the fifth time in a row, despite pressure from the government to lower it.

In September, the bank's monetary policy committee ended a run of 12 consecutive hikes, leaving the benchmark Selic rate at 13.75 percent.