Reuters: US Dollar Report: Brazil says key rate, spreads should keep falling

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Brazil says key rate, spreads should keep falling May 4th 2012, 15:41 SAO PAULO | Fri May 4, 2012 11:41am EDT SAO PAULO May 4 (Reuters) - Brazil's benchmark Selic interest rate needs to continue falling in order to reduce interest rate spreads in the banking system, Finance Minister Guido Mantega told reporters on Friday. President Dilma Rousseff's government has made a priority of reducing Brazil's bank spreads, or the difference between what they pay out in interest to depositors and what they charge in interest on loans, which are among the world's highest. Mantega added that the Selic rate, which is controlled by Brazil's central bank, would only continue to fall if inflation is totally under control.

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