Brazil's Senate head renews call for lower interest rates

Brazil's Senate President said on Monday the country must find a way for interest rates to be gradually lowered, adding that the central bank must take both technical and political criteria into account when making rate decisions.

Rodrigo Pacheco said the benchmark rate standing at a six-year high of 13.75% has been hurting President Luiz Inacio Lula da Silva's government and praised a new fiscal framework proposed by his administration.

"We have everything in place for interest rates to be lowered," Pacheco told a seminar hosted by newspaper Folha de S.Paulo, adding it was not reasonable for the central bank to ask for more economic reforms to kick-off rate cuts.