SÃO PAULO—Brazil’s central bank raised its benchmark interest rate as expected Wednesday, the 12th consecutive time, and said it would consider another rate increase at its next meeting in September.
The bank’s monetary policy committee, or Copom, raised the Selic lending rate by a half point to 13.75%, the highest level in more than five years. The bank said in a statement that uncertainty about the global and domestic scenarios requires “additional caution” regarding its next steps.