(Updates with vote from the Commission to the second paragraph, of Council statement in the fourth paragraph).
April 20 (Bloomberg)--the Central Bank of the Brazil slowed the pace of increase in the rates on a less unanimous vote, stating that they need to implement the policy of adjustment "for a long enough period" bring inflation to target next year.The policy led by the Central Bank Chairman Alexandre Tombini, voted 5-2 to increase rates in short by a quarter point to 12 percent of 11.75%, as expected by 15 of 58 analysts surveyed by Bloomberg. Forty and one of the analysts provide a that two and a half point increase predicted a break. The Bank said that two members of the jury have voted for a half-point increase.The increase in the rate is less than 0.5 percentage point increases the Bank implemented at its meetings of January and March. Policy makers bet a combination of higher borrowing costs, borders on loan consumption and Government spending cuts will be enough to keep inflation at its target in 2012, according to the quarterly report of the Central Bank inflationpublished March 30 because of the "balance of the risks of inflation" and "uncertain moderation of domestic activity"decision makers"the implementation of adjustment in monetary conditions for a sufficiently long period is the most appropriate strategy to ensure the convergence of inflation to the target in 2012" said in their statement they see"according to their statement that accompanied their decision."6.4% Appreciation of currency of the Brazil against the dollar in the month could be decisive to convince decision makers to increase the cost of borrowing by 25 points from base rather than 50, said Gustavo Rangel, Chief Economist at the Brazil for the ING New York financial markets. "The Central Bank has better prospects for inflation than does the market," Rangel said, speaking by telephone before the rate decision. " "It is clear to everyone that Exchange is a big thing here." That clearly adds to this more benign evaluation of inflation. "Consumer prices increased by 6.44% in the year through mid-April, close to the upper-range target of the Central Bank of 4.5 per cent, more or less 2 percentage points.SurveyEconomists interviewed by the Central Bank inflation expected this 6.29% rise in consumer prices this year and 5% in 2012, according to a survey from April 15. The Central Bank itself expects this consumer prices to rise 5.6% this year and 4.6% in 2012, according to its so-called reference scenario, which assumes an interest rate of 11.75%."The fact Central Bank bet that a large part of this year's inflation accelerated fade as a shock to supply caused by rising prices of products back, said Pedro Tuesta, Economist for Latin America at 4Cast Inc." they believe that they must rush to bring down inflationthey can wait until 2012, "Tuesta said, speaking by telephone from Washington before the announcement of the decision of rates." "They feel that the macro-prudential measures will do the work." They feel that they is no need to hike more. "Food and beverage prices increased 2.15% in the first three months of 2011, after that increase of 10.4% in 2010, according to data collected by the Central Bank.6.3% Tuesta forecasts inflation this year and 5.2% in 2012.Not TolerantFinance Minister Guido Mantega, stated on April 18 that the Brazil is "patient" or "tolerant" faster than inflation, and that the measures already taken will be effective after a period of latency.Government of the President Dilma Rousseff cut reais 50.7 billion ($32.4 billion) of its budget for 2011, to help curb inflationary pressure. In December, the Central Bank raised the reserve requirements of banks to slow credit growth, and this month at the Ministry of Finance has doubled to 3 percent the so-called IOF tax on the consumer credit.Total outstanding credit in the economy of the Brazil increased by 21% from a year earlier in February, 1.74 reais trillion. Legislators said Tombini 22 March that the growth in the consumption of more than 15% credit must be watched "very carefully" to avoid "excessive risk."The Central Bank credit growth forecasts by 13% in 2011, Tulio Maciel, head of the Department of economic research of the Bank, acting, said retail SalesRetail sales for March 29 unexpectedly fell 0.4% in February, an increase of 1.1 percent revised in January. Tombini stated on 22 March that the retail sector is "the best expression of the current state of the economy".The performance of the interest rate maturing in May 2011 term is passed five basis points to 11.92%. The real gained 0.6 per cent to 1.5662 per dollar, its high close since August 4, 2008. The real month gain is the third best among currencies traded 16 - the most monitored by Bloomberg after New Zealand and Australian dollars.The Central Bank of the Chile raised its interest rate of reference for the 10th time in 11 months at its policy meeting on April 12. Central Bank of the Peru raised borrowing costs a quarter point to 4 percent in April, his ninth increase in 12 meetings. Colombia raised its reference interest rate 0.25 point for a second straight month in March at 3.5%.-Editors: Richard Jarvie, Robert Jameson
To contact the reporter on this story: Matthew Bristow in Brasilia to the mbristow5@bloomberg.net
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