Brazil’s Galipolo reiterates current pace of rate cuts is appropriate

SAO PAULO (Reuters) – Brazil’s central bank director Gabriel Galipolo said on Tuesday the country’s current pace of interest rate cuts is appropriate as it allows policymakers to adjust the level of monetary contraction while also analyzing how multiple scenarios unfold.

Galipolo said foreign exchange rates and oil prices have trended well recently but flagged caution is still needed as the international scenario remains unclear.

Brazil has been cutting rates at a pace of 50 basis points per meeting since August.

(Reporting by Gabriel Araujo; Editing by Steven Grattan)