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Brazil's central bank: stronger pace of recovery hinges on reform implementation

The pace of economic recovery in Brazil will depend on the implementation of reforms among other factors, according to policy makers of the Banco Central do Brasil.

The members of the monetary council, or Copom, noted that an increase in productivity, greater efficiency, a more flexible labor market and an improved business environment were all important variables that could determine the level of growth in the economy.

"More robust levels (of GDP growth) will depend on the reduction of uncertainties related to the approval and implementation of reforms — mainly those of a fiscal nature — and adjustments the Brazilian economy needs," the regulator said on its monetary council meeting, published March 26.

In the same document, the regulator underscored that such an event would also be "fundamental" to the "sustainability" of the low inflation environment and to a reduction of the structural interest rate of the economy.

On March 20, the committee voted unanimously to hold the benchmark Selic interest rate at 6.50%, noting that the country's economy remains on a path of gradual recovery.