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The latest rise has taken the key rate to the highest level since March 2012.
The rises come as Brazil has been trying to rein in inflation. Consumer prices in the country rose by 5.8% in October from a year earlier, above policymakers' 4.5% target.
Prices have been rising in part due to the fall in the Brazilian currency.
The Brazilian real has fallen nearly 20% against the US dollar since May this year.
The decline has been blamed on an outflow of capital triggered by speculation that the US Federal Reserve will taper its stimulus policy, leading to a stronger dollar.
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