Street vendors sell their goods at a closed commerce area in Rio de Janeiro's downtown. The central bank chief acknowledged the importance of direct transfers to millions of Brazil's poorest people in preventing an even steeper economic slump.
Campos Neto acknowledged the importance of direct transfers to millions of Brazil's poorest people in preventing an even steeper economic slump, but said those and other emergency measures expire on Dec 31 and should not be extended.Brazil's economy shrank by a record 9.7% in the second quarter, with household spending tumbling 12.5%.
Campos Neto repeated his view that any room for further cuts to the benchmark Selic interest rate, currently at a record-low 2%, was"small."
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