Brazil’s Lula attributes key interest rate of 11.25% to cenbank chief’s “stubbornness”

SAO PAULO (Reuters) – Brazil’s President Luiz Inacio Lula da Silva said on Monday that there is no explanation for keeping the country’s benchmark interest rate at the current 11.25% level apart from the “stubbornness” of central bank president Roberto Campos Neto.

In an interview with local TV channel SBT, Lula also said Campos Neto is contributing to a delay of Brazil’s economic growth.

(Reporting by Maria Carolina Marcello in Brasilia; Additional reporting and writing by Andre Romani in Sao Paulo; Editing by Brendan O’Boyle)