Brazil holds interest rate at 13.75% after Lula win

Brazil's Central Bank held its benchmark Selic interest rate at 13.75 percent on Wednesday, ending a cycle of five consecutive cuts that began in March.

The decision came after leftist President Luiz Inacio Lula da Silva won re-election in an October 25 runoff against right-winger Flavio Bolsonaro.

The Central Bank's Monetary Policy Committee said it was maintaining a cautious stance while monitoring how domestic fiscal policy affects monetary policy and financial assets.

Lula has pledged more social measures during his fourth term. The Sao Paulo Stock Exchange has posted losses since his victory, while Brazil's real has weakened against the US dollar.

In recent years, Lula has pushed for a lower benchmark rate to stimulate Latin America's largest economy. He is ending his third non-consecutive term with record employment rates and inflation under control, although loss of purchasing power remains a concern for many Brazilians.