Brazil's central bank cut its Selic rate by 50bp, as expected

<p>Banco Central do Brasil says it'll cut by another 50bp at its next meeting also. </p><p>***</p><p>The "SELIC" rate, which stands for "Sistema Especial de Liquidação e de Custódia" (Special System for Settlement and Custody), is the Brazilian central bank's (Banco Central do Brasil) overnight lending rate. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.